Mediaboss Marketing

The Pitch CMO Summit 2021 had a Special Address on the topic Building a brand and business through purpose. This session was addressed by Chandru Kalro, Managing Director, TTK Prestige. Kalro shared insights on why it is important for brands to find their purpose and how marketing has changed, with the focus now being on building a relationship rather than being transactional.

Setting the context, Kalro shared trends that are defining the world we live in today. The first trend is information overload. Today, all of us are more informed than ever before on every subject, and if we dont have that information, we know where to find it. Secondly, we are very connected but also very disconnected. Then the trend of impatience comes in. The next trend is free economy, which is the most profitable. Big giants like Facebook and Google have been profitable by offering free services. We also want everything on demand, anytime and anywhere. Also, there is this constant evolving of delivery systems of products and services.

There is also this new trend of environment, sustainability and governance, which has become very important for all companies and brands. All brands want to be listed on ESG and you can see purpose evolving from this thought, he said.

Kalro further commented, The pure-play product or service company does not exist. Every company has both. Therefore, for marketing, the key implication is that the standard feature, benefit statement is outdated. You cant just call out features and benefits and manage to sell your product.

Talking about how to find brand purpose, Kalro remarked, We should ask ourselves: Why do I exist? as often as we can so that we constantly reinvent ourselves. Next ask the question: What do I offer?. What is it that you are offering the customer because there are a lot of companies offering the same products as you? You should also ponder on these reflective questions: Whom am I relevant to? What do I fight for? And why me?. Why me? Question is critical before you get into the business front.

When a brand is looking at encompassing all the above-mentioned thoughts, marketing strategies will also need to be revamped, Kalro said.

Companies that answer the questions will then have to align everyone else in the company with a clearly articulated purpose so that everyone is on the same page. The moment you align everybody with that purpose you will find that marketing will become more about relationship building rather than being transactional. Today, retaining a customer has become so important for the maintenance and growth of revenues.

Kalro stated that purpose is the very soul of the brand and company. If you are talking about a product being the body, the purpose with which you brought that product to life is the very soul of that brand. It is their core philosophy, it is far more encompassing than the four Ps of marketing and therefore everything stems from this brand purpose, he said.

On the concluding note, Kalro said, Purpose precedes all marketing communication and is the soul of all communication. We have to remember that consistency is exceedingly important. To achieve that consistency, alignment across the company is critical. Lastly, customer centricity is paramount. If you can deliver value that will go beyond the P&L, it is good for the brand because at the end, it will fall into place.

Read more news about (internet advertising India, internet advertising, advertising India, digital advertising India, media advertising India)

Read the original here:
Pitch CMO Summit: Purpose is the very soul of a brand & company: Chandru Kalro - Exchange4Media