The most successful brands become a part of consumer’s everyday lives. There are many Indian and foreign brands that have come to be so well known that people immediately recognise their logos and even know of the brand’s origins. Of course, the largest domestic conglomerates fall in this category. Many of the best-recognised conglomerates have served people for decades; however, longevity isn’t a prerequisite to impacting consumers. A number of young brands have made inroads into mature markets and toppled established brands. Whether the FMCG market where Patanjali is giving sleepless nights to HUL or the mobile space where innovative Chinese brands are taking market share from Apple and Samsung; new entrants prove longevity is no longer essential to building a successful brand.
New Entrants Dethrone Established Ones
Many new entrants have been able to challenge incumbents by creating captivating brand narratives. From the rediscovery of wisdom from ancient India where simple natural remedies allowed people to live healthy and happy lives, to the vision that feature loaded smartphones can be relatively affordable; Patanjali and OnePlus have created effective narratives around their brands. One of the best ways a brand can win consumers is by intimately interlinking itself in consumer’s lives. The best way a brand can become a part of consumer’s lives is by creating a narrative that appeals to consumers.
The Power of a Brand Narrative
A narrative is a brands story, and when well crafted, allows a brand to capture larger market share. Brands that have a narrative that resonates with consumers are able to charge a premium. Consider that Apple’s first Smartphone cost an unprecedented $500 dollars, money others bet consumers would be unwilling to pay, yet there has been no looking back for Apple since. The brand image and story of Apple is legendary and its vision to create technology that is intuitive and serves people is visible to consumers. Apple’s narrative is partly responsible for its tremendous success.
Align a Brands Personality with that of Consumers
It’s essential to note less well known and regional brands can also create effective brand narratives. As a matter of fact, a narrative that connects with consumers is one of the best ways for new entrants to grow and increase profits. A narrative allows consumers to play a part in a brands story. When consumers buy products from a brand whose narrative they like, they adopt characteristic of the brand for which they’re willing to pay a premium. By using a brands products consumers advertise to the world aspects of their personality that are similar to a brand’s personality.
A good PR firm can help a brand create a personality and narrative that wins consumers. Because PR firms understand the media landscape and how to manage perception in the media, they’re able to understand a brands value and articulate it flawlessly to consumers. When consumers like a brand’s narrative, they want to be associated with the brand and are likely to buy its products. Because of PR agencies skillful use of media and expertise in managing perception online, they can reach consumers most likely to be captivated by a brands narrative. The best PR agencies such as Media Mantra can help even nascent brands succeed by creating unique brand narratives.