- Financial Express
"How MSMEs can go beyond branding to emotionally connect with consumers through ‘lovemark’"
Ease of Doing Business for MSM Es: In a country with 63 million micro, small and medium enterprises (MSMEs), consumers remain flooded with choices between a multitude of commodities with no unique differentiation and sold in common price buckets. This makes it difficult for businesses to retain customers. MSMEs can solve this problem by going beyond branding and creating a love mark for their brand, according to Dr. Rajendra Prasad Sharma, Professor of Marketing, Indian Institute of Foreign Trade (IIFT).In a masterclass session on “How Creating a Lovemark for Your MSME Products Cost Less Than Traditional Branding” at FE MSME Business Conclave last week, Sharma emphasized the importance of love marks in the Indian market as consumers are unable to connect with brands emotionally. This arises due to a lack of differentiation in the value proposition of the commodities sold.