Eggfirst can help SMEs formulate branding strategy | SupportBiz

Sales and Marketing

Eggfirst can help SMEs formulate branding strategy

 
An MBA and engineer by qualification, Ravikant Banka is the founder and CEO of Eggfirst, an ad agency based in Mumbai. Banka brings with him global experience in the domains of marketing and strategy formation. Talking to SupportBiz, Banka shared insights on industry trends in the marketing and branding domain. Edited excerpts:

How did you go about naming your company?

Marketing and advertising is all about taking timely action with conviction. But the main element is all about taking a leap forward. So, when we were planning to start this venture, I decided to name this consultancy Eggfirst as it signifies the nature of the demand in this business.

For SMEs, what holds the key to initiating  successful marketing strategies?

Creating a delicate balance of cost and value is very important.  Cost effective mediums for marketing are now becoming very popular among SMEs, for example, digital marketing has become a great option for SMEs. Digital marketing is seriously being considered by SMEs.

With regards to branding what is the most crucial thing that a SME must understand?

Branding is a very important segment. It is all about how your customers look at your business. For SMEs it is a highly sensitive issue given that they have to make their businesses’ brand as impactful as possible. Investment is needed in this area like any other business area. Today, industry is becoming globalised; the government is incentivising SMEs. In such a scenario, it will become very critical to highlight the uniqueness of a business by building the brand.

What are the trends in this segment?

There is a great amount of interest towards the digital medium. Since digital marketing and branding requires relatively much lesser money as compared to conventional forms of advertising and marketing, the former  is extremely appealing to SMEs.

Another strong market trend says that the SMEs are becoming extremely sensitive towards the value of branding. SMEs have also understood the importance of visibility of their brand. Even if one runs a hard core manufacturing company in the engineering segment; the company has to focus on customer expectations. It is important for SMEs in the manufacturing segment to engage with their customers and potential customers in order to generate business. Marketing and branding can help them in a big way.

How is the entrepreneur’s mindset evolving in adopting cost effective marketing tools?

It is a mix. Sometimes, entrepreneurs focus a lot on intangible results and it become a challenge for them to sustain their brand building exercise. However, we also have witnessed great visionary entrepreneurs who have clarity on their plans and understand their firm’s marketing and branding needs very well.

Please share your experience in incepting Eggfirst?

We started in 2004, as small self-funded company and we have been growing tremendously. We have been growing organically. Over the past three years, we have registered a CAGR of 45 percent and we will continue to grow this way for the next few years.

We have served both large and small-sized businesses, including DBS Bank, TCS, Aditya Birla, Raymond’s, Capricorn Logistics, Haridarshan, Usher Agro and several others.

Which are the key target verticals for your business?

Retail, FMCG, the services sector, logistics, banking and IT are some of the areas where we have aggressively worked.