Feature | Brand Innovations ' now the need of the hour

Innovations to a brand are crucial especially in today's scenario where the competition is cut throat. Therefore to stand apart from the overcrowded market, one has to draw attention to themselves by doing ordinary things in extraordinary manner. Recently we have seen a splurge of innovations from various brands. From this it is evident that marketers are cautious of this fact and are doing everything to keep their customers hooked on. Customers have keen eyes and to please them is no easy task. Adgully gets into a conversation with a few brands custodians to know their take on this and how they are dealing with innovations.

Subrat Pani, EVP & Business Head - Cards, Kotak Mahindra Bank Ltd., said, "The whole world is changing, so it is how relevant you stay with this change. Brand is about creating the new freshness. Innovation is essential to drive this newness. Innovation is not an option but a way of life"

Innovations have definitely become a way of life with the changing lifestyles and increasing income. Innovations are necessary to grab eye balls and to garner attention to one's brand. You need to do something unique and different to ensure this.

A senior official from Lowe Lintas furhter said, "Innovations are extremely important and the fact that they are that much rare adds to its importance. Innovations contribute to a better experience and experiences are what drive loyalty."

He also said, "It is crucial that the innovations must be relevant given the fact that it is an extremely competitive market. It gives you differentiation and I think that's what is important in today's market."

Being relevant is a clear objective for all marketers as otherwise; customers will not connect with the brand or truly understand what the brand stands for. Brands like Tata Tea to Lenovo to Nike to Gillette have done innovations which are engaging and memorable. Engagement is another key word marketers are focusing upon today. Only if you involve your customer in whatever innovation you do as a marketer will the customer have a better brand recall.

Pani further discussed about the Indian economy and said, "The interesting thing about the Indian economy is that in the next two decades it is going to move to a developed market. There is a lot of intense marketing warfare going on. The opportunities are here in all sectors which will all mature soon. The setbacks are a part of learning because it is an evolution process. I feel bullish about the adoption rates of Indian consumers, they are willingly to take risks and try new things. "

Whereas Kelly Hlavinka, Partner, COLLOQUY is of the opinion that, "If consumers decide when and where they want to be engaged with companies, as marketers we should be ready to pull and not push customers. Otherwise consumers will just shut us out. They are going to chose who they want to do business with on their own terms"

Indian customers have become more aggressive and cautious as their buying habits have got more fragmented. This is something the marketers are trying to tackle.

At Kotak, there have been several brand innovations. "We were coming to the market as the 22nd player, so innovation wasn't an option but an imperative. Our cards are different and we looked at everything from a fresh angle. Our cards are a vertical plastic and looks like a business card. We created rewards programme. These are the things that have worked and been accepted very well," added Pani.

The market scenario is brimming with opportunities and potential. "The economic opportunities are clear. The new Indian consumer that have now more money to spend, are still fragmenting their purchase, and we need to identify these customers. I expect this market to be more nimble when compared to other markets," said Hlavinka.

Innovations is to brand as oxygen is to life, brands cannot do without it. Brands must engage in more interactive innovations where the customers are engaged at a personal level. | By Janees Antoo [janees(at)adgully.com]