India Brand Conclave: Purpose brands is where the future lies: Sabyasachi Mitter, Fulcro
At e4m Indian Brand Conclave 2019, Sabyasachi Mitter, Founder & MD, Fulcro spoke about how potent brands behave
Great brands no longer market to the customers, they behave in a community with authenticity and personality. Then and only then, do like-minded people seek them and buy them".
The third session at exchange4media' s the third edition Indian Brand Conclave 2019 was on how potent brands behave.
To talk about this session, Sabyasachi Mitter, Founder and MD, Fulcro started off with a question: "How do brands actually talk to consumers today?"
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As we see more startups come in, we will see that there is a completely different way in which brands are communicating with consumers. Mitter categorised brands into two segments- purchase/ product brands and purpose brands.
Mitter further spoke bout six principles. Firstly- Purchase brands talk about their product differentiation, whereas purpose brands talk about their values and beliefs. "A product brand tries to position the product in your mind but a purpose brand tries to position themselves in your life," said Mitter. Mitter cited Apple as an example of a purpose brand.
Another principle he mentioned was purchase brands focus their product, purpose brands focus on their persona, every single persona a brand example comes to mind.
Mitter gave an example of Cyber Truck which he calls a brand of personality. "10 billion dollars in pre-sale and not a single advertisement. 200,000 cyber trucks booked and no even made a commercial on it".
Purchase brands focus on creating demand to buy the product, whereas purpose brands focus on creating more demand for the use of their product.
"Let's look at an example of the brand Sephora compared to MAC. MAC shops are all about products and people trying to give you makeup and trying to make them buy that product. Sephora is about helping you to get better looks and a variety of looks. They have digital tools, interactive mirrors, they don't try to sell the product because once they've sold the idea that every day you will look different you will buy different products to get those looks. They don't sell products, they sell looks," he explained.
Purchase brands emphasise promotion, purpose brands emphasise advocacy, and the biggest example is Starbucks. "People go to Starbucks not to have a coffee, but to socialise and interact."
Mitter further elaborated that purchase brands worry about what they say to customers; purpose brands worry about what customers say to each other.
The last principle he mentioned was that purchase brands try to shape what people think about the brand along the path to purchase, purpose brands influence how people experience the brand at every touchpoint, such as Apple, which is all about the experience.
Mitter concluded the session and leaves brand with all with one question, "Are you a product brand or a purpose brand? And if you are an old legacy brand can you become a purpose brand?" He said, "the purpose brand is where the future lies."For more updates, be socially connected with us on
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