Branding within budget

In case of branding, budget is a big factor at the context of Bangladesh. Many companies want to do it’s branding within a conservative budget. It is often seen that in the initial stage there is reluctance towards branding but later on when you start to enjoy the benefits of it, the budget continues to increase gradually. Suppose you started working for such a company, in my opinion the first thing you need to do is analyze the brand’s position and come up with an appropriate blueprint judging  brand’s current status, brand value and sales performance. You can learn through the help of professionals who used to work with the brand and continuing at present to understand the pulse of the brand’s position in the market, or you can prepare a detailed plan yourself with feedback from various circles and information from experienced employees and competitors of that particular industry – which will give you the means to move forward. Let’s take a look at what kind of action you can actually take.

First of all, you can choose two associates, it may be from the organization itself or if there is an opportunity, it may be a new recruitment. You have to separate them in two ways. Either one will see the planning; One will see execution or one will do mass level marketing and the other will do direct level marketing. Also the context may be that one will look at traditional marketing and the other will look at digital marketing. If this is not the case, I assume you only have a graphics designer to assist you, you can hire a coordinator, analyst or visual merchandiser from the Extended Sales Team to be part of your team work. Now let’s discuss that you may not have a helping hand, you choose a new type of agency where your latent purpose will be to grow your own brand as well as the agency. Or if the situation is such that there is no option for all these things, then all that has to be done is to choose the vendors who have the ability to give you a fair amount of support outside of production if you give a brief.

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Now let’s talk about what kind of content you will use in the media to brand within the budget. First of all, if it is a consumer centric brand, the biggest challenge is to assume that if you stay within the budget, you have to compromise on expensive communication channels like TV, radio, newspapers and billboards. It will be very difficult to have a constant presence on those platforms. In that case you may focus on different scope for product diversification and distributor schemes, the whole focus will be on different distribution campaigns, lifting, showroom presence, smart collateral and incentive centered approaches. Selective Paper Ad, Smart Content can be promoted on Facebook and YouTube, as well as effective trade marketing and operational e-commerce website can be your most effective tool in this regard.

Above all, adding to it employee branding can be another effective way for you. Spending in this sectors is quite budget friendly and it encourages the overall awareness of the brand among the employee which you cannot bring spending a lot in other mediums. Some creative gift items can be a way of effective branding. Even some CEO and Top management appreciate other company’s creative gift items. It boosts branding and improve relationships.

Branding

Last but not least, if you want to do branding within budget you need to understand the trend of future branding. In today’s world, even a smart approach like Facebook’s emotional content or virtual reality can give you tremendous mileage. The triumph of smart work over hard work is now everywhere. What I want to mention at the end of the topic is that since branding is entirely cost-oriented, spending a little wisely will always give you more advantage as well as it will give you leverage on spending in other areas which is vital for the organization. You can always perform within the budget to let these brands prosper and bring more success. A Marketer uses his trumpcards through wisdom and with an attitude of owning the brand- this has always been the expectation of entrepreneurs and brand leaders.

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Salehin Chowdhury

Salehin Chowdhury is an expert on Global Brand Communications. He has exposure to branding local products and services and has versatile experience on all segments of ATL and BTL Communications, along with B2B and B2C background in terms of Product, Service and Social Branding. Salehin has specialised skills on Startup Ventures Brand Formulation with cost-effectiveness and high integrity. Throughout his career, he has an enriched experience on Brand Communication and Marketing and worked with Brands like OTOBI, RUNNER, The City Bank Limited, Premier Bank, BanglaCAT, Abdul Monem Limited, Bengal Foundation, Jamuna Group, Lubnan Trade Consortium, Canadian University of Bangladesh etc. Currently, he is a Research fellow doing his MPhil in the topic "Globalization strategies of Local brands" at Bangladesh University of Professionals (BUP).
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