Brand custodians at Goafest 2023 reveal the hard truth of brand love suffering through the adversity caused by short-term sales and counsel advertising professionals to strengthen the connection between brands and their consumers.
Marketing strategies with an objective to turn the target audience into brand-loyal customers, who don't just consume your brand, but love it, and advocate it, are falling short owing to external factors, the experts dissect this distant love affair and discuss solutions to make this marriage work.
The Experts
- Hemant Malik, Divisional Chief Executive, ITC - Foods Business
- Rohit Kapoor, Chief Executive Officer, Swiggy
- Prabha Narasimhan, MD & CEO, Colgate - Palmolive India
The Distant Love Affair
Hemant Malik, Divisional Chief Executive, ITC - Foods Business, points out that marketing has changed, the definition of love has changed, and the relationship itself has changed. "Instead of calling it brand love, I'd like to call it brand situationship".
He further elaborates on the need to find mechanisms for people to be able to increase experiences and therefore sometimes it's called a short-term sale. "I don't I think it's not wrong, because every sale is the same. And money counts the same and smells the same isn't it doesn't matter whether it's the coming out and brand love or short-term sales".
The differentiator between the loved brands from the not loved brands is brand-building. The degree of consumer affinity has not changed much."It still goes back to does my product deliver to the promised benefit? Do I do it consistently to the point that it always was making do I deliver value on my pricing?".
Rohit Kapoor, Chief Executive Officer, Swiggy reckons brand love in the context of premiumization is playing a key role in revenue growth. He further explains out of all the products that consumers buy, their perception of a brand being worth paying the price or not paying the price, is critically what is brand love and brand affinity.
The Brand-Agency Relationship
Experts outline that various people working on different touchpoints to culminate a campaign require clarity on what the brand stands for, so the fragmentation of touchpoints does not dilute or alter teh messaging. "That's where agencies need to evolve to be able to understand the brand and what isn't part of the brand".
This also calls for constant change on all sides of the spectrum, as the industry is constantly evolving, and the number of changes in the last three years itself has been heaps of alterations. There is a need for agency partners to be experts with cutting-edge solutions.
Prabha Narasimhan, MD & CEO, Colgate - Palmolive India, states, "To understand the brand and the heart of the brand is something the agencies need to be cautious about". She says this is the most important factor in staying relevant.
Key Takeaways
Hemant Malik
Gut is all about experience and the ability to make mistakes. It always remains a constant.
Rohit Kapoor
CEOs have become distant from creative guys. Today everybody has the license to be creative. I don't think creatives should come from one place.
Prabha Narashimhan
Consistency is the key, have to have a product that delivers, whether you're a new brand or old.
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