Behaviour and attitude when it comes to brand consumption are shifting drastically, leading to both opportunities and challenges for companies.
At FICCI ‘Massmerize 2017’ held last week in New Delhi, one of the sessions was based on 'Consumer loyalty: Driven by price or preference?' The session was moderated by Bejon Kumar Mishra, Founder Partner for Safe Medicines India/ Consumer Online Foundation.
Bejon Kumar asked the panel members how they sustain competition and what makes their brand amongst the top in the country.
Rajesh Jain, Managing Director & CEO, Lacoste India, said, “Customer service is emerging, they do not mind on spending those products which makes them feel good, there are many like-minded brands in the country which offer a similar kind of product, range and quality and it becomes imperative that among all these things you have to create a differentiation for your brand."
“Loyalty is an important factor for any business as it leads to attention, on one side there is price, preference, customer service, product feature but the most important thing in a consumer business is the brand. Brand is something that makes your presence in the market in front of customers,” said Abhishek Ganguly, Managing Director, Puma.
Oliver Mirza, Managing Director & CEO of Dr. Oetker India, spoke on why price is an important factor for consumers. “Loyalty is driven by price and preference both, a company should always focus on the affordability of the consumer, not how much we can take from the consumer”.
India is a country where manufacturers put the price but in the rest of the world the retailer does it, concluded Mirza.
Aseem Soni, CEO, Modern Foods, said, “The whole trend of marketing is emerging and a brand should have a strong image and be well differentiated from others, which offers sustainability and innovation.”
The industry has been quite reactive to adjusting its offerings and prices as per the competition; it is crucial to strike a balance between all aspects that can help provide product satisfaction, convenience and comfort. Eventually this can lead companies to a greater share of the consumers’ wallet, according to Soni.