If you have been keeping an eye on the financial news, you must be knowing that the Indian economy is currently booming at a remarkable rate. It has recently overtaken the United Kingdom to become the fifth-largest economy in the world. As per the latest news reports, India is a 3.5 trillion dollar economy today (Souce: Livemint). India becoming one of the largest consumer markets in the world is the reason why many big brands in various sectors have already established a presence in the Indian markets. Those who have not, are actively in the process of moving in and trying to achieve a dominant position in their respective market. The allure of a tremendous customer base with increasing spending capacity is something no business would ignore.

With so many companies competing for the same customer base, the obvious question is - who wins? One of the obvious answers is - the one who is perceived most favourably by the customers. This is where the brand image for a business comes into play. This is one area where MSMEs can compete with their bigger-sized competitors by establishing a distinct brand image. This allows them to distinguish themselves from the competition and create a set of loyal customers. Since MSMEs do not have a large pool of resources to fall back on, a unique brand image is the trump card that they can play to acquire and retain a steady customer base. To realise how important a distinct brand image can be, think of a luxury car brand. More often than not, you thought of Mercedes, BMW or even an Audi. That is how strong a brand-image association can be.

These are the steps to be undertaken when building your brand image:

1. Define your brand vision and goals clearly so as to appeal to your target audience.

2. Create appealing logos, marketing materials etc. and create a uniform, engaging visual design.

3. Quality and consistency in your product/service offerings are vital and should be established and maintained.

4. Focus on a great user experience, especially when you acquire a customer and at the post-sales stage.

5. Create an engaging online presence for your brand on relevant social media platforms and other online channels.

For MSMEs, a distinct brand image serves the following purposes:

1. It serves as a differentiator for the brand, setting it apart from the competition.

2. It boosts brand recognition and recall, thus making you the go-to choice for those who are looking for your product/service.

3. It helps you attract and retain target customers in the short, medium and longer runs.

4. It lets you create trust and credibility among the customer base, thus enormously increasing the chances of long-lasting business success.

In a nutshell, creating a distinct brand image is important for MSMEs as it helps them establish a strong presence in the market and foster long-term relationships with their target audience. Building a brand image can take time and consistent efforts but it provides significant long-term benefits to the brands. Hence, it is important for MSMEs to align their brand messaging with their brand vision and goals.

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