Samajika: The Media Conclave
Theme: Creating Brand resonance in Volatile and competitive market
What is the purpose of building a brand? The answer is simple: to create a deep connection with customers and create a resonance where customers come back looking for the brand every time, they need a product in the category. Building a brand resonance cannot be done by a marketer in isolation but requires the customer to be involved. Brand resonance is influenced by brand salience, performance, images, judgments, and sentiments. During its ban, Maggi's "We miss you too" campaign helped create a strong resonance among the customers, making themselves a market leader after the ban got lifted. But do all the brands enjoy this loyalty? The answer is a big no. Spotify, a success story in the west, could not succeed in the highly competitive markets of South Asia. Companies spend a lot on customer acquisitions like referral discounts but have low customer retention. How well a consumer knows the brand and how it resonates with them emotionally ultimately determines whether or not a consumer remains loyal to that brand. Customers take advantage of corporate discounts or incentives, only to forget about or cancel their previous accounts. Furthermore, consumer identities are complex, and "truth" is increasingly subjective, and they are defining brands quicker than businesses can articulate themselves. So, what can companies do to generate brand resonance with consumers?