Think Content's first-ever flagship initiative, Northern University of Bangladesh presents Bangladesh Brand Summit 2020, in association with The Daily Star, Samakal, and Channel i Online began its second day today as the participants heard from Harish Agarwal, the Managing Partner of EY Bangladesh and Kolkata, who conducted a keynote session on "The Vital Role of Data in Building Brands."
Successful branding is connected to the concept of proper data analysis. It's crucial to know how to portray your brand amongst the consumers. Thus, we need to be aware of some critical components of business infrastructure that revolve around data.
Agarwal stated, "Digital renovation is very crucial, especially in the everyday sectors that the consumers interact with." He also mentioned five factors that drive the customers to insist upon specific brands, such as awareness, relevant differentiation, value, accessibility, emotional connection.
The audience asked the speaker how the idea of protecting data came to be. Agarwal mentioned that it is all about proper data management and knowing how to implement specific data in specific infrastructure segments.
We also got to know about how a business designs a data-driven branding programme. This concept's essential feature is having awareness and relevant differentiation, which leads to a better value proposition and easy accessibility. Thus, it connects the consumer's buying behaviour to the interpretation of data. In short, value-added data can make any brand stand or fall, depending on how the organisation manages the relevant data in its platform.
"Data is the new brand," stated Agarwal. He concluded the session by saying that the successful implementation of data analytics creates a better and sustainable brand image.