Tasneem Limbdiwala and Qashish Chopra
In times of recession there is also time for opportunities. Keeping with the theme of the conclave, Vineet Taneja, Head of Marketing Nokia and Shailesh Rao, MD (Sales & Ops), Google spoke on the various strategies that the brands should use in their favour to bounce back during these trouble times.
On the strategy, Taneja presented the ways to manage brands with innovation which explored new interesting ways of their selling points. He stated, “Presenting Nokia as a brand is very interesting. We sell the concept to do more with the brand. We have gone beyond to do more than Voice and SMS and have therefore innovated with image, music and style.”
Taking crisis that Nokia as a brand has faced, Taneja presented examples of a strong competitor launched in 2006 and another case of the battery heating up. But despite that, Taneja informs that the brand bounced back.
According to Rao, “The market is declining and the consumers are getting into a cacoon. The recession has made consumers anxious and have lost control. They want control back along with reliability.” He added, “The consumer was the king and now he is God.”
With regards to recession he stated, “70 percent of consumers believe that if a brand reduces prices of their products during recession, it is a weak brand. 64 percent believe that if the price of the product is constant, it adds value.”
For advertisers, Rao adviced them to build on efficiency, operate to acquire, lead with experimentation and design for engagement.
Taneja concluded by saying, “Crisis is too good an opportunity to miss; the key mantra is to strengthen your brand.”