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Brands must serve a higher purpose
Brands will have to offer emotional and/or real security to soothe the chequered mind. They must serve a higher purpose; not just offer rational or emotional benefits
Hyderabad: The Confederation of Indian Industry (CII) Telangana organised its second edition of 'Brand Summit' with the theme of "Branding in the New Normal" through a virtual platform. The summit emphasised on how brands respond to this pandemic, and how they will continue doing business with brands that choose to innovate and serve. Businesses are under the spotlight, and what they have to do now to set them up for success in a post-COVID world.
In his inaugural address, Srinivasan K Swamy, CMD of R K SWAMY BBDO and World President of International Advertising Association, mentioned that brick and mortar retail would see a significant decline. E-commerce strategy for brands will be critical.
Many businesses, particularly brands relating to travel, tourism and hospitality, traditional media and entertainment will need to transform their business models to lure more customers. Brands will have to offer emotional and/or real security to soothe the chequered mind. They must serve a higher purpose; not just offer rational or emotional benefits.
Addressing the summit, Jayesh Ranjan, the Principal Secretary (IT and Industries), spoke about Brand Hyderabad. He mentioned that Hyderabad has now become a major destination of some of the most marquee names in the world. Hyderabad has grabbed many awards from various prestigious organisations. "Branding a city requires you to be very well-aligned to what your aspirations and what your realities and therefore show them," he noted.
Prof Doreswamy Nandkishore, Practice Professor of Marketing, ISB, gave insights on marketing and branding strategies. He also mentioned that brand response to changes in customer behavior. Rambabu Boorugu, ED and CTO, Pranava Group, mentioned that reshaping brand strategies are essential to sustain and succeed.
Addressing the summit, Mithali Raj, renowned cricketer, spoke on how to maintain a brand persona in the new normal. She mentioned that sports essentially is pretty much an outdoor sports. "If you see our outdoor activities and when there is a live sport, it is it's much easier for the player.
So it is much easier that way, but with the pandemic now, and there is absolutely no live sports, especially in India a lot of things have had to take a very different route. Social media is one of the best ways to promote the brands and they should be creative," she observed.