For Karlo, brand purpose is very encompassing and hence, everything stems from it
Living in times of information overload, where people are informed more than ever before, it becomes even more critical for brands to, of course, endeavour for differentiation, and also stay true to their purpose. It is particularly relevant to touch this topic as big trends are emerging and defining the new realities. And hence, a bigger purpose is evolving out of these trends.
During an interaction with Chandru Karlo, MD, TTK Prestige, he shares, “A pure play product or service company doesn't exist. Every company has both. If they think they are selling either, they will soon be extinct. The key implication for marketing is that the standard feature-benefit statement is outdated. It doesn't suffice now. And hence, there is a bigger purpose that brands need to communicate."
But how does one find this purpose?
Owing to his rich experience and expertise, Karlo dishes out some key questions that brands must ask themselves, while looking for a relevant purpose:
1. Why should I exist?
2. What do I offer?
3. Whom am I relevant to?
4. What do I fight for?
5. Why me?
Once you answer these, align every part of the company with a clearly articulated purpose. You will soon find marketing activities leading towards relationship-building, rather than just being transactional. This is particularly important as retaining customers is tough, especially because we are living in a very dynamic and faced-paced environment.
Customer Is The King
Karlo believes that expression of the purpose must come from the consumer point-of-view. Else, he will not engage with the brand for long. He juxtaposes the philosophy of successful startups with already established brands to reiterate that brands must not lose sight of their original purpose and that the ‘why me’ question must be asked often.
Philosophy of successful start ups:
1. Identify a problem, offer a solution
2. Don't try to change the habits of consumer
3. Keep the solution simple
4. Keep the company scalable
5. Stay relevant with changes in environment
6. Build an ecosystem that is good for society
7. Empower every stakeholder
Philosophy of established companies:
1. Set in their process n thinking
2. More inside out than outside in
3. Tend to work within self-imposed boundaries
4. Tend to forget the prime P- Purpose
There has been an apparent shift in business models. With shared economy on rise, customer engagement is thus fast changing in character. “Brands and businesses on a shared purpose with the customer evolve alongside. If brands will be rigid, they will eventually fail. Hence, purpose must be from a consumer point-of-view, for it to be a sustainable solution.
Also, marketers must understand that we are all humans. Hence, connect is critical beyond 5 senses. It is essential to touch the heart and soul of your consumer. And to do that, you must have a shared purpose. This can only be achieved when there is empathy in abundance, elimination of ego and a constant touch with consumers,” suggests Karlo.
He sums up by saying that purpose precedes all marketing communications and that consistency is paramount. And to build this consistency, alignment across the company is fundamental. Marketers must aim at keeping customers at the center and delivering value beyond P&L.
This discussion was held at 'The Pitch CMO Summit 2021', organised by the exchange4media Group.
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