Consumers Have Evolved, Yet The DNA Remains The Same: Experts

As markets become fiercely competitive, the biggest challenge for brands in the marketplace is to stay relevant to build a legacy which translates into revenue. The biggest roadblock in conquering this uncharted territory is not being able to correctly analyse the needs and motives of the consumers behind their purchase decisions. As consumers evolve to become more aware, the necessities or the core values remain the same. 

Zoher Kapuswala, Marketing Head for the Indian Subcontinent (Tic Tac, Nutella and Ferrero Rocher), Ferrero India states, “Indian consumers are evolving on a hyperactivation mode as they are now being more empowered and aware. Some amount of mindset is being carried over. The cost-conscious values continue to remain. Consumers want a quick commerce player to deliver in 10 minutes but still, they want it at a discount. So, commanding a premium over service becomes more and more difficult in the Indian context.”

Nowadays, there is a whole new concept of humanisation of brands wherein they are not put on a pedestal. Instead, they are treated like humans who do good things and not-so-great things. The experts delved deeper and explored ways to build and sustain brands keeping the criticism angle in consideration.

“We have moved away from broadcast to conversations. Now, brands add value if they can converse and talk with the consumers. This does not mean that the person has to tweet for the brand, but he can understand the brand well and is able to carry and live with the brand. The moment you move to experience point of view, that is where the value and premium is,” says Rahul Talwar, chief marketing officer, Max Life Insurance.

Keeping Consumers First

As the competition in the market rises to unprecedented heights, brands have revamped their age-old strategies of keeping their interest first. In an attempt to increase their visibility to ensure better brand awareness, they have started by keeping the consumers first. 

A case-in-point is UltraTech Cement which despite being a business-to-business (B2B), has successfully managed to engage in the B2C segment. “It’s a fiercely competitive market. We have taken a step back on keeping the product at the forefront, instead of keeping the consumers at the front. This is a slightly complicated purchase as here you are talking to the consumer with a network of influencers. Earlier, homes used to be built as a retirement project but now the homes are being built by people who have an average age of around 30 to 35. The biggest piece that is there in terms of supporting the jobs to be done from a consumer’s point of view is helping him not to make expensive mistakes in an irreversible process,” states Ajay Dang, president and head of marketing, UltraTech Cement.

Highlighting the importance of being authentic when dealing with consumers, Sai Narayan, CMO, PolicyBazaar mentions, “Authenticity in today’s world has become paramount. Earlier, even with less authenticity, the communication could get away because the consumers did not have the information overload to check and find out about it. But, now the consumers are themselves creators, so it’s impossible for you to not be authentic.”

Vishal Talwar, Director, IMT Ghaziabad also points out the steps crucial for having an attachment with the consumers. He shares, “What is common in most of the businesses is the knowledge and information exchange which then has a linkage with trust and confidence in the brand, and in the process, there is attachment and engagement with the consumers."

*The experts were present at the BW Festival of Marketing 2024

Kishan Singh

BW Reporters The author is a trainee content writer with BW Businessworld