Can you explain the three terminologies - branding, brand and marketing for MFDs?
Branding is a process that helps create a brand, which is nothing but the perception that clients hold in their minds about a particular product/service. On the other hand, marketing is a broader term that refers to a set of promotional activities for creating brand awareness.
Let us do a small exercise to understand these better:
Mentally name a few shampoo brands…
Now, name a few toothpaste brands…
Finally, name a few mobile brands…
In all probabilities, you might have easily named five names under each category. The human mind often struggles to go beyond five. The companies that you named have created a dominant presence in your mind. This is the power of a brand. Branding is the exercise done to stay in the top-five list of clients. Your brand should be powerful enough to feature in this list.
Let’s do another exercise. If you are asked to personify mint toothpaste, what in your view will be its age?
In all likelihood, you might have assumed mint toothpaste to be in its 20s. Well, there’s no hard and fast rule as such that only young people use mint toothpaste but their advertisements are largely directed towards youngsters. A brand is an impression that is created in the human mind.
And lastly, the set of activities that help in gaining a market share is marketing.
What are cost effective ways of branding for MFDs?
Firstly, MFDs must find answers to these questions - Who am I? What am I? For whom am I there? Why am I there for them?
Here’s an example, Dettol which has become a synonym for antiseptic, offers a range of products like soaps, body wash, kitchen gel, shaving cream, etc. However, it has positioned itself as an antiseptic and is sure to be the first name in your mind in this category. Likewise, MFDs must identify their unique proposition rather than being Jack of all trades and master of none.
Let me cite an example of why it is important to answer these. Once, a business person thought clients come to him due to excellent service and timely delivery. But in reality, clients chose to transact with him as he was charging the least. Mismatches like these fail to create synergies, which in turn fail to create a brand.
This brings us to the next important thing i.e. dressing. MFDs must refrain from simply following a fad and dress to their comfort. Creating a brand takes years and changing the dressing style randomly could dilute it.
Branding can be created through these simple ways without having to spend any funds.
How can MFDs create their brand without spending much?
Creating a brand doesn’t necessarily need any funding. Following the two simple steps that I shared can go a long way. It doesn’t require any specific exercises but only requires being oneself. Additionally, MFDs must be mindful of their professional collaborations, articles they write, events they attend, etc.
What are some marketing strategies that can aid business growth?
Marketing activities continuously evolve and different mediums like social media platforms, podcasts, events, television appearances, etc exist which MFDS may use as per their skills and comfort. Writing books/columns in English or regional languages can also be considered.
Many online platforms have been spending lot of money in branding activities. In such a scenario, how can MFDs position themselves before their existing and prospective clients?
Answering the four questions earlier mentioned will help MFDs decide their positioning. They need not compete with other online platforms as their positioning may differ from that of direct platforms. To make this clearer, let’s get back to our previous example where Dettol exclusively positioned itself as an antiseptic and may thus not consider competing directly with brands positioned in the dishwashing category.
Social media today is predominantly used for professional as well as personal networking. How can MFDs ensure their social media presence is in line with their personal brand?
The mode chosen for networking must match the convenience of the target audience. Social media presence may not be relevant for a 70-year-old as it is relevant for a teenager. MFDs must be watchful of their posts and pages they follow. Just like strategic collaborations in the real world, partnership in the virtual world also plays a vital role in brand image.
Secondly, it is advisable to maintain separate accounts on social media platforms to avoid mixing up personal and professional networking.
There are various social media platforms available. It may at times become taxing to upload unique posts on each platform at regular intervals but at the same time, it is important to keep the audience engaged. What would you like to advise here?
Yes, it is important to keep clients engaged. This can get demanding at times and may leave you no choice but to be on your toes. If managing this along with other professional commitments becomes challenging, MFDs must explore outsourcing it. When you outsource, you avail professional services without adding to fixed salary expenses. This is what makes outsourcing more viable than hiring. It will also free you some time for concentrating on business acquisition.
How can MFDs use digital marketing to increase their brand visibility? What kind of investment and expertise are required?
Digital marketing activities require skills, acumen and sophisticated software which may cause deep cuts in your pockets. Here again, it is feasible to outsource for reasons already explained. Further, a skilled agency/resource handling these activities can help in creating a more focused reach.
Can you share some tips on time and monetary investments for creating brand and doing marketing activities?
Well, this is an individual MFD’s choice as to how much he/she wants to invest. Also, talking about strategic alliances, it is up to them to decide the terms. Some may prefer barter collaborations while others may want to identify monetary terms.
I understand that it is tricky to maintain a balance between client acquisition, client servicing and promotional activities but it is important to do all. It may happen that one is prioritised at the cost of another. MFDs must remember that brand creation is a prolonged process that should be backed by continuous marketing activities.
