Presentation on theme: "Consumer Psyche Today the middle class has truly emerged in India. The ever discerning consumer has very specific product requirements."— Presentation transcript:
Consumer Psyche Today the middle class has truly emerged in India. The ever discerning consumer has very specific product requirements. Their mindset is constantly evolving, with emerging needs & lifestyle. Are well travelled, aware and quality-conscious. Do not want to hear the virtues of a brand, they are interested in specifics Are ready to pay a certain premium for a certain value he believes he will get. Not price sensitive today. They want quality products and the latest technology & are not willing to compromise.
Consumer Psyche (cont’d) 21st century Indian woman is radically different from the generation that preceded her. Ready to take on challenges and be independent. Stands for innate confidence, style and taste, Extremely aware of all products available to her today.
Commodity to Brand Challenge for any new brand is to establish itself in a cluttered environment and amongst brands that are well entrenched in the consumer’s mind. To be a brand, one has to focus on a clearly defined target consumer and be loyal. The merchandise offer and brand experience have to be tailored to suit the specific aspirational needs of this TG To create an emotional connect
India I find India in a perpetual organized chaos…..but incredibly things get done amongst the craziness World compressed in a country More languages, caste, creed, need etc. than any other country in the world No two people, area – even within a suburb are the same Consumers Diverse Demanding Intelligent Value vs Luxury
Commodity to Brand - Examples Travel Examples TGIW 747 Duniya Dekho Auction Lifestyle Luxury Retail India
TGIW – Thank God it’s Wednesday Objective – Create a relationship & break the corporate barriers for Cox & Kings – Business Travel Audiences – Banks, Financial Institution Method – Sponsor a evening, invite relevant audience, interact without hard sell. Result – The follow-up was warm
747 & Travelcard Objective – Tap a consumer channel with innovative means to break the mind set for Outbound Travel of Cox & Kings Audience – The Upper Middle class who had embraced cell phones, had money, needed to spend Method – Offer a never heard of deal for a foreign holiday – Singapore 2n/3d for 16999/- Offer 24/7 travel services Result – 50% jump in turnover & repeat business
Duniya Dekho Objective – create a tag line to nullify the name (British perception) & appeal to a different segment of consumers – Cox & Kings Audience – Mass – middle class; first time travelers Method – Name change, communication, referral Result – Jump to the nos 2 position in Outbound
Auction Objective – Achieve Mass appeal; CSR & connect with different segment of consumers – Traveljini.com & Resnet Audience – merge the online & offline community Method – Multi city online & offline auction Result – Substantial amount contributed to CRY & other charities; visitors to website doubled
Bollywood & Lifestyle Objective – Establish a quick connect between jewellery (largely commodity driven) into a Brand- Gitanjali (D’damas; Asmi; Nakshatra) Audience – Upper Middle class with aspirations Method – Brand Ambassadors; In Movie Placements; TV shows Result – Immediate connect, expansion & reach that translated into increase in turnover
Relationship & Lifestyle Objective “Differentiate Damas” by offering unparallel delightful Experience with an element of surprise – “RED CARPET” Audience – Visitors to Malls; Stores; database of adjacencies Method – Experience The Difference with the Positioning as “You Are The Celebrity” Result – 100% increase in footfalls
Emotions & Lifestyle Objective – Appeal to the Indian emotions Audience – Middle class Method – Birth date & Anniversary date offer for matching discount Result – 300% jump in Sales across stores
Take away Demography shall be obsolete by 2009 end. Gender, marital status, family composition, work status, become complex because of new emerging lifestyle patterns. Target thru behavioral segmentation, and emotions rather than old methods. World is my hometown. No longer limited to one city, country or place, the whole world is your stage & opportunities are endless.
Take away (cont’d) Borders diminish & distances become a thing of past. Marketers need to understand this. First listen then sell Click the refresh button from time to time Consumer Psyche is all about making decisions with imperfect area & incomplete information