Branding Bangladesh | Challenges vs Opportunity for Any Businesses
Despite huge potentials and impressive success in many sectors in recent decades, Bangladesh became emerging market leaders in the south Asian countries. It didn't happen overnight, Bangladesh has to face a lot of international critics, notwithstanding its numerous failures, its overall image in the outside world remains largely negative. Now it's roaring in many different sectors.
'Branding Bangladesh' is playing a critical role in boosting trade, increasing foreign investment, eventually fostering economic growth in the global market. Brand practitioners has no doubt that without a proper 'country brand' strategy we'll have to face lot of problems in the global market.
Most Common Problems or Challenges Bangladeshi Businesses faces
- Not knowing how to market.
- A very poor knowledge about market segmentation.
- Nonfunctional commercial department.
- Undefined brand identity.
- Amateur pricing.
- Disqualified sales strategy (production, marketing and sales departments are not aligned)
- Poor online presence.
- A bad social media presence.
- Underestimating the power of digital presence.
Opportunity for New Businesses in Bangladesh
Bangladesh offers a vibrant market for emerging businesses to establish their brands. With a growing middle class and increasing internet penetration, the country presents a fertile ground for innovative marketing strategies. New businesses can capitalize on social media platforms, local festivals, and community events to build brand recognition. Partnerships with established influencers and collaborations with local artisans can also provide a unique edge. Additionally, embracing sustainable practices resonates with the environmentally conscious Bangladeshi youth, enhancing brand appeal. By focusing on authenticity and cultural relevance, new businesses can create meaningful connections with their audience, fostering long-term brand loyalty.
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