Goafest Day 1: Experts Share Ways To Boost Brand Love
According to industry experts, brand love is essential to building strong emotional relationships with customers, fostering customer loyalty, and increasing engagement, all of which lead to sustainable business success in a world where businesses are vying for consumers' attention.
At a Knowledge session on Day 1 of Goafest 2023, Prabha Narasimhan, MD & CEO, Colgate-Palmolive India, stressed the necessity for companies to constantly deliver on their promises. At a session titled "Brand Love Suffering At The Altar Of Short Term Sale," she was the featured speaker.
When asked about the "toolkit" required for developing brand loyalty or preference, Narasimhan said, " The first part is that you need to have a product that delivers. If you make a promise to consumers, you need to deliver on that promise. The second key aspect is that there needs to be consistency in what the brand offers. For instance, if a brand promises value it must deliver value. If the brand promises cutting edge science, then the consumers are expecting the brand to deliver on cutting edge science even if the science may evolve.”
She further added that in a fractured world, brands must also concentrate on effectively communicating their proposition to attract the attention of their consumers. As Narasimhan pointed out, “That’s the part I think that is really difficult because you can create the communication but you have to cut through a humongous amount of noise and degree of scepticism and cynicism.”
Hemant Malik, Divisional Chief Executive of ITC's Foods Business, also made the point that gathering consumer feedback is crucial for boosting brand equity today. Malik states, “Consumer insights have become more important. Brands need to focus on insights related to consumer shopping behaviour, need states of consumers as well as the different kinds of consumer cohorts you cater to. Today, brands have that kind of access to consumer feedback.”
Rohit Kapoor, CEO, Food Marketplace, Swiggy stressed the need for brands to have clarity on what they stand for. “We at Swiggy, for instance, stand for delivering unparalleled convenience to our consumers. Brands also need to be extremely agile to connect with the consumers at the right time and stay relevant,” he added.
On the same note, Malik said, “It's a great time for marketers today. We are all enabled because we are able to make decisions with utmost clarity. However, while data helps you, it also makes you vulnerable.”
The panellists also addressed technological advancements and their impact on the ecosystem while certifying that the principles of "brand love" had not altered.
