6 Ways to Build a Millennial Brand in India
Grow Your Business, Not Your Inbox
You're reading Entrepreneur India, an international franchise of Entrepreneur Media.
With the advancement of technology and social media becoming one of the core elements for brand building, brands today need to be omnipresent across channels. Ones who allow to configure the experience of their engagement to suit their needs are the ones that will thrive.
Marketing is the most dynamic function for brands now. Millennial brands think differently because they are different. How? Well, considering the fact that over stimulated consumer brains have gone numb to 4 Ps, the only thing that matters now is content! Marketing gurus and top agencies have always stressed that 'content is king'. But only a handful of brands are ready to study how content can work best for them. Little do they know it is content at the end of the day that can influence a consumer's mind.
Today millennials, defined as those born from 1981 to 1997, constitute a core consumer group. They are the ones Millennial brands depend upon since they understand the latest trends of fashion and have the most unique ideas that can make any brand achieve its goal in the market. There are two terms that come to mind when thinking of millennials -- marketing and media. This is what any millennial brand, even Monrow for that matter stands for. Marketing and media go hand in hand, thus playing an important role in building a millennial brand.
Whatever we create, following tried tested checklist is bound to fail as consumers have gone blind due to over exposure. This is where the challenge lies. But like they say, with great power comes great responsibility. For a brand to be successful in the market, one must accept failure and get past it to do even better the next time. However, in such a competitive market, it is nearly impossible to fail. It's more like 'now or never'. One has to take the leap of faith.
According to market data, India is expected to be the largest consumer market by 2030. As a larger percentage of the crowd living in India is young and tech savvy, the brands entering in India or the ones who have already made an impact in India have to be youthful and aspirational in terms engaging more customers.
Let's look at a few ways to build millennial brands in India:
No matter how successful a concept might be, one must always make sure to maintain the value. Today, nobody believes in wearing the same kind of shoe on every occasion. One needs that change whether in terms of design, size, comfort, and durability. There should always be a flow of innovation from one side or the other.
Defining the Brand
One needs to understand what the brand is all about and what it is being defined as. Without understanding the brand, one will never be able to connect to it. The brand should promote its business, connect with its customer base and differentiate itself in the market.
Build Long-Term Relationships with Customers
Being in the industry can be a challenging task. Considering the cut-throat competition that keeps increasing day by day, winning a customer is one of the most difficult tasks of a millennial brand. Long-term customers usually do far more than buy a company's products. They connect with the business itself, which incentivizes them to keep coming back.
Be Innovative, Bold and Daring
The brand must stand for something it believes in. The brand must try out something unique that makes it stand out from the market, keeping the customer's needs in mind.
Employees are Family
For any brand to be successful in the market, it must be like a family wherein its members will treat each other with respect and work on a professional level as a team with a common goal.
Don't Repeat the Same Message in the Same Way Over And Over Again
Consumers love change. More the change, better is their response. A shoe cannot be just of one colour. It needs to have more colour, style, and durability for it to be visually attractive for the consumers.
Like any other goal-oriented brand, millennial brands have a specific goal they aim to achieve. Keeping in line with current market strategy, millennial brands must plan on embarking on an omni-channel approach to combine the online experience with offline. Today's customer is spoilt for choice. It is all about offering a good brand experience to them.