Recalibrating the Brand Compass

Studies conducted over the course of 2023 threw up some fascinating patterns. 46% of consumers polled by a major research agency indicating that they would tend to pay more when purchasing from a trusted brand, and a staggering 94% of consumers would heartily recommend brands they connect with emotionally, be it a known or unknown one.

As consumer spending is set to expand in India in the months to come, it would be prudent for brand barons (and baronesses) to fully understand the permanence of the nature of changes we have witnessed. It is an imperative for brand leaders to gain a deeper understanding of the psyche of the modern consumers, and then craft a purposeful narrative around the brand that has a certain emotional resonance to it. In this way, they can build stronger relationships with their audience.

A few brands have understood this better than most, and in doing so are often a step ahead in growing and retaining their customer base and ensuring loyalty to their brands. This is the cohort that will gain acclaim as Brand of the Year 2024, who have built their success stories by crafting relationships that have withstood the test of time, as opposed to building their brand on something more transient or merely flirtatious.

This unique industry platform showcases brands that remember that the consumer is king, and that serving them in new, sometimes unexpected ways is vital if they are to thrive in today’s competitive marketplace. Just as brand leaders hope customers stay loyal to them, brands must stay loyal to the philosophy of consistently delivering what their customers desire. It is one of the few constants in an age of flux.

Brand of the Year 2024 will see some of the industry’s leading lights offer insights into the DNA of successful brands, the building blocks of creative thinking, and the new growth edicts that have stood others in great stead, with the evening culminating in a celebratory ceremony that recognises these industry doyens.