About Bangladesh Brand Forum
It recent years, it has become more and more evident that the brand – whether in the corporate, service, product or not-for-profit sector – is the most important asset for any organization. It is estimated that one third of the world’s wealth can be accounted for by brands.
Despite its perceived significance in the global corporate world, Bangladeshi companies are yet to fully realize the benefits of the wielding brand power. Most products in Bangladesh are in unbranded and highly price sensitive. In contrast, a brand mindset always focuses on offering more value and not on price only; it is all about standing for something unique in the minds of the consumer. In this light, Bangladesh Brand Forum (BBF) envisions: “Transforming Bangladesh through applying Branding Ethos among local corporate”.
When these local corporations are driven by branding ethos 3 major shifts take place:
1. Long Term Focus: A long-term focus adds new dimensions (e.g. social responsibility, environmental concern) to the way business is driven
2. Value Creation: Through constant focus on value creation, corporations begin to appreciate creativity, innovation & other intangibles
3. Focus on Delivery: Corporations begin to realize that delivering and often exceeding the promise is more important than the promise itself
With the WTO regime and the reshaping of the global economic order to address the ever dynamic ultra-competitive world, only a truly robust economy can transform a developing nation like Bangladesh, which to a large extent is driven by local corporates. It is evident that this transformation that Bangladesh requires cannot take place through mere government intervention or the sole effort of the private sector. Rather it requires multi-dimensional initiatives by all parties, facilitated by government support. In addition, the effort must entail multifaceted activities that are essential to foster both a smooth transition towards sustainable growth under stiff competition and to enhance the image of country as well. Some key areas that require attention are in this light include:
- Focus on knowledge, creativity and innovation
- Appreciation of quality of standards, employee enrichment, and corporate professionalism
- Appreciation of intangibles resulting in societal empowerment and strengthening of national identity
- Integrating economic, social, technological, and political vision to focus on sustainability and growth