‘Bonding With Brands Key In Consumer Spending’

Font Size

Print

Feedback

Email

Discuss

Mumbai: : “The proportion of consumer spending on a brand is dependent on the extent of bonding that the brand has created with the target audience. For, bonded consumers allocate a larger share of their spending only to brands with which the level of association is strong.” These were some of the key inferences that emerged in a seminar organised by Indian Market Research Bureau (IMRB) and Millward Brown UK in Mumbai. The seminar also announced the launch of Millward Browns’ research tool called ‘Brand Dynamics’

Commenting on the means to generate an optimum return on investments in a brand building strategy, Ms.Sue Gardiner, joint managing director, Millward Brown, UK said: “The challenge in any brand strategy today is to translate message awareness into trials”. Ms.Gardiner also shared some of the findings on the level of consumer response generated by various media vehicles in the overall brand building strategy.

According to Ms.Gardiner, print as a media vehicle can communicate powerfully and cost effectively while in the case of radio the impact per Gross Rating Point (GRP) will tend to be lower than that of television. On the other hand, Ms. Gardiner pointed out that outdoor advertising too can create an impact on the consumers psyche in a cost effective manner.However, Ms. Gardiner informed that the effect of the message once the hoarding is removed withers away faster than that of a communication message in the television. Dwelling on the strategy to be adopted for successful performance of brands, Ms.Neerja Wable, senior vice president, IMRB said: “A success of a brand today is driven by strong business basics, qualitative product performance, clarity of association and projected leadership”.

As for the weak brands that are aiming at recovery and growth the need would be to ‘re-address the fundamentals of marketing dynamics and establish a meaning and clarity to the brands, added Ms Wable.

According to Ms Wable: “The emphasis for the brands that are on a road to recovery should be to constantly measure and maximise the performance through adept strategies.”

Commenting on the tool termed ‘brand dynamics’ that was recently launched by Millward Brown, Ms.Sharon Potter, joint managing director, Millward Brown, UK said: “The tool is predictive and diagnostic with global applicability. The tool tries to identify eight types of brands that face different marketing challenges”.