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| Topic : New Consumer Marketing |
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Posted in Community :
Pleasing the Indian Consumer
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Activity:
12 views;
last activity : 07 06 2010 20:18:09 +0000
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conservative spenders
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What should companies be doing while targeting this special breed of consumers?
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Focus on consumer trends
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Ideas in:
"ndian consumer is a breed apart "
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Despite the higher growth in spends by consumers in
recent years, the continued conservatism shows that, in many areas, the
market potential may only have been scratched at the surface.
The implication would be that the higher consumer confidence could in itself be a reflection of the fact that they are conservative spenders. Because, while they are not free-wheeling shoppers, they also top the charts in savings in mutual funds and shares. There is a financial foundation on which their confidence is built. |
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The obvious answer would be to make brands
more relevant for them. Smart companies are already doing this by
regionalising their brands.
There is the need to identify future growth segments and start building a knowledge base from this perspective. ITC has managed the transition in recent years from a company that mostly had an understanding of male preferences (cigarettes) to understanding the housewife as well. |
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Companies should ride on both well-entrenched trends as well as those which are yet to be established. The focus on health and well being is an emerging trend which companies like Pepsi (through Tropicana) are riding on. On the other hand, Hindustan Lever has identified "return to nature" and "increased social consciousness" as factors to tailor its communication for Surf.
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