By IANS,
Bangalore : The ubiquitous customer and his/her role in driving business growth occupied the centre-stage at the fifth Brand Summit 2010 here Friday.
Godrej group chairman Adi Godrej, who delivered the inaugural address, highlighted the importance of emotional connect with the customer for brand building through authentic delivery of value.
“Emotional connect with the customer complements and enhances brand of a product and its company. If the principle of business is to create a customer, then only through an authentic product can a brand express, sustain and maintain leadership,” Godrej told about 300 delegates from India Inc representing various product and service firms.
Quoting noted management guru Peter Drucker that the purpose of a business is to create a customer, Godrej said with customers better informed, more demanding and less forgiving, companies have to focus more on positive disposition towards them with greater passion for preferring the offering.
“As marketing clairvoyance is a myth, companies must strive ahead of the curve at a time when continuity is an aberration and not the norm,” Godrej said referring to the two-day summit theme: “Marketing Disruption: How will brands woo consumers in the age of discontinuity,” organised by the Confederation of Indian Industry (CII).
Referring to the re-branding exercise his company too in 2006 to rejuvenate the reputed ‘Godrej’ brand, the chairman said the strategy paid-off with clear insights into the minds of consumers and the equity of the brand.
“Our brand, which signified quality and trust, was integrally linked to older generations of Indians who grew up with Godrej cupboards, secured their homes with Godrej locks and trusted their Godrej refrigerators. The challenge we faced then was to make our brand more relevant to a younger and more vibrant India, while retaining the glory of our legacy,” Godrej noted.
Advising marketing managers to invest in research and data collection, Godrej said data would give a clear understanding of how various elements of the marketing mix could be optimised to deliver superior customer equity.
“Creating customer equity is not a static process. Customers are constantly in a state of flux, as they interact with the varied touch points in the environment around them. Their preferences are shaped by newer experiences, greater accessibility, rising incomes and changing environment,” Godrej pointed out and cited the success of Amazon.com, Google and South West Airlines.