Apparel Online Bangladesh Magazine November Issue 2018 | Page 14

LEAD STORY THE LATEST NEWS HAVE YOUR SAY For the latest news on apparel and textile, make sure that you visit https://apparelresources.com/top-news/ Write to Apparel Resources, B-32, South Extension-1, New Delhi (110049), India or email: [email protected] Branding Bangladesh Target next for the Industry l Still considered a low-cost manufacturing destination, garment makers feel it’s time the country goes for an image makeover and brands itself as a matured sourcing hub H as it ever happened that you choose a particular product over others due to certain traits that are unique to it? The very process of naming, terming, designing, symbolising, or any other feature that identifies one’s goods/services as distinct from those of others is what branding is all about. It is in fact an endeavour to give a meaning to specific entities, products or services by creating and shaping a brand in the consumers’ minds to help them identify the products/ services, and give them a reason to choose these products/services over those of the competitors. Evolving on the similar lines is the concept of nation branding, as part of which countries aim to improve their standing, image and reputation to garner economic value and profitability. Talk of Mercedes, Audi or a BMW and the very name that comes to our mind is that of Germany, a country renowned for its motor industry, which again in more ways than one influences the country’s economy. A classic example in case is perhaps the tiny island nation of Singapore, which has transformed itself from a small fishing village into one of the world’s finest seaports as well as a major tourist and business hub, thanks to branding. However, when it comes to Bangladesh, the vibrant readymade garment sector of the country – the second biggest apparel exporter globally and the biggest foreign currency earner that not only provides employment to lakhs of people but is also the principal driver of the country’s economy – seems to be somewhat lacking in creating a distinctive identity for itself. In a nutshell, the brand image of a country holds the key to its performance and positioning in the global market; hence it is for no reason that when it comes to products like denim or a formal shirt, the very tag of ‘Made in Turkey’ or ‘Made in India’ steals the deal for the respective countries by influencing a buyers’ decision. What is branding? As per Business Dictionary, ‘branding’ is the process involved in creating a unique name and image for a product in the consumers’ mind, mainly through advertising campaigns with a consistent theme. Branding aims to establish a significant and differentiated presence in the market that attracts and retains loyal customers; while as per American Marketing Association, a brand is a name, term, design, symbol, or any other feature that identifies one seller’s goods or service as distinct from those of other sellers. Keeping the same in consideration, one can think of a brand as an idea or image people have in mind when thinking about specific products, services and activities of a company, both in a practical and emotional way. It is therefore not just the physical features that create a brand but also the feelings that consumers develop towards the company or its products. What is nation branding? ‘Nation branding’ has become a popular yet contested field of research and practice with diverse opinion on this issue depending on people’s varying perspectives on the topic. Perhaps the most telling description of nation branding from a technical-economic perspective comes from Simon Anholt, considered the most prolific author on the subject. In his view, nation branding is really just a metaphor for how effectively countries compete with each other for favourable perception, be it with regard to exports, governance, tourism, investment and immigration, culture and heritage, or people. Importance of Branding Branding is very critical to any business because of the overall impact it makes. Branding can change how people perceive a brand, and drive new business and increase brand awareness. Branding thus helps in getting recognition, increasing business value, generating new clientele and creating trust within the marketplace. Atiqul Islam, former President of BGMEA and MD of Islam Garments 14 Apparel Online Bangladesh | November 2018 | www.apparelresources.com