In a world that changes with the blink of an eye, human habits, lifestyles, and ideologies also change accordingly. His/her taste is changing. He/she is always on the lookout for something new, whether it is something he/she uses in everyday life, something to eat or something to experience.
Such a situation is a big challenge for brands. If it cannot sense the changing trend and don’t change its products based on it or delay the process; by then, one can see couple of new or existing brands have captured their market share
RESEARCH SAYS THAT TODAY’S CONSUMER KNOWINGLY OR UNKNOWINGLY RECEIVES AROUND 5000 MARKETING / BRAND MESSAGES A DAY. AS SOON AS YOU WAKE UP IN THE MORNING, YOU CAN SEE 10-15 BRANDS IN 10-15 MINUTES.
It is assumed that brands like tea, newspaper, toothpaste etc. have brand loyalty. But in today’s world this is an assumption. Because today’s consumer is adventurous, he/she is interested in trying new things. Not only is he/she satisfied with vanilla or chocolate flavours, but he/she also will be waiting for new flavours to experience as and when they get an opportunity.
It is said that “Necessity is the Mother of All Invention”. In this rapidly changing era, brands are constantly bringing new services, products. There was a time we used to cut nails at home, but today there are service providers from nail shaping and nail art to head and hair spa. Eating out or having dinner at restaurant was an occasional affair during festivals or special days; but today even the breakfast is served in front of you at your convenience by ordering from the mobile app.
As we have seen that on the one hand the consumer has an appetite for new experiences, on the other hand the brands satisfy that appetite in different ways. The immediate solution is found in such a time, but if the brand is to survive in the long run, stay top of the mind and build brand loyalty, the following points need to be considered:
- Make necessary changes in the existing products with the time and trend
- Most of the time product offerings are the same. What you are offering today, chances are that the same thing will be offered by your competitor tomorrow. Therefore, work out a value-based propositions above product-based proposition, this will instill love and respect for your brand in the heart and mind of the consumer
- Along with brand loyalty, consumer engagement has become very necessary for a brand these days. Brand will have to deliver the brand message wherever the consumer goes. Then maybe my brand will come in the consumer’s consideration set
- Today’s consumer is multi-faceted; He/she works sincerely in the office during the day, goes to pubs and parties in the evenings and spends time with family on weekends. Are we approaching our target audience the way they live it (in a multi-faceted way)! Our products / services must be tailored to suit him/her
- It is not wrong for the brands to provide what the consumer needs today, or other brands provide. But today it is necessary for the brands to identify the future, establish new trends and emerge as an innovator and thought-leader
- Most brands today are busy targeting youth. At the same time, we should identify new segments (Psychographically, Demographically and Geographically) and focus on targeting them
- Most importantly, today when consumers are leading us for change, are we adapting our brand communication / advertising accordingly? With that in mind, our communication should be developed by understanding his/her habits, hobbies, likes and dislikes
In such a constantly changing environment / time, the brands need to be vigilant. Because on the one hand there is a challenge to sustain in the market and on the other hand there is an opportunity to capture a new market and mind share by constantly adding something new in the brand. So, in this changing world brand that can overcome this situation not only plays in the market for a longer period of time but also establishes itself in the market as a successful and aspirational brand.
Some parts of this article are excerpts from the book “BRAND BANSHE, BUSINESS VADHASHE”, written by Sameer Joshi, Founding Partner – Sam & Andy.