India Brand Conclave: Consumers more empowered today than ever: Vaishali Banerjee

Vaishali Banerjee, MD, Platinum Guild India Pvt Ltd, spoke about the journey of Platinum Guild India and maintaining relevance with the emergence of technology & the young consumers

e4m by exchange4media Staff
Updated: Nov 30, 2019 12:37 PM
Viashali Banerjee at India Brand Conclave

The exchange4media India Brand Conclave 2019 saw various dignitaries from the marketing fraternity under one roof and one of the intriguing sessions was delivered by Vaishali Banerjee, MD, Platinum Guild India Pvt Ltd on – ‘Maintaining Brand Relevance in a Fast-Paced World’.

Banerjee talked about the journey of Platinum Guild India and maintaining relevance with the emergence of technology and the young consumers.

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She kickstarted her session saying: “Change is the new norm”. Banerjee said that technologies have completely transformed businesses and now in the age of multi-layered digital ecosystem we need to find new ways to run our businesses in the backdrop of uncertainties and a slowdown.

“Consumers are more empowered today than ever before and they are demanding. They want more and new, and that too at a really fast pace,” Banerjee highlighted.

The jewellery industry is going through an age of disruption which are guided by two key disruptions. The first kind is the advent of a modern retail format, which has grown from 4 per cent to 45 per cent in over a decade. The second is the dominant young democrats who want to spend and expand experience of now. Due to easier access to technology and education, opportunities have become more democratic, she said.

The MD talked about how young consumers were looking to establish their personal greatness but they want to do it on their own. “Also, women are being raised as equals. So, how are brands responding to these changed ideologies. Brands are resorting to two different marketing strategies. The first one is the short-term strategy where abundant of discounts and promotions happen which give immediate results. The second is the much longer approach by reinventing themselves to adjust to the changes. Jewellery industry has adopted the short-term marketing strategy,” she said.

Talking at the India Brand Conclave, Banerjee highlighted the fact that Platinum is working with market disruptor to build relevance as Platinum believes that it needs to stand out, not just by being both personally relevant and emotionally significant to people.

“To build relevance, we created Platinum memory,” said Banerjee. She further said that this memory has been anchored in the metal value of being rare and precious.

“Equality, Neutrality, Empathy and Courage of character are the values relevant to our young consumers today,” said Banerjee. These values are embedded across brand expressions through insightful storytelling for the target audience.

Brand communication has very high recall and resonance with the core target group and this is achieved by the fact that platinum is not a usual jewellery but a commodity. She stated, “Platinum is not a commodity unlike Gold. It needs to stand out, not just by being different, but by being both personally relevant and emotionally significant to people.”

The key takeways out of Banerjee’s session were to “stay authentic as it is not the need, it is the demand”. “You got to be relentless in the pursuit of relevance and foster holistic differentiation to build a tribe of brand evangelists,” she said while signing off.

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