Fundamentally speaking, all brands are built on the same principles, and all customers want similar things from the brands they like. There are a lot of debates on how an average Indian customer is so different from an average US customer. But in reality, there’s only a hair-thin difference. The USA has been in the retail business much longer than our country, and Americans are generally more product educated. But India is on the cusp of revolution. With businesses increasing tenfold, there is a mammoth potential in building brand loyalty from the ground up in the new India. In conversation with Mukesh Bansal Co-founder of Cult and Founder of Myntra, we came to discover the 3 foolproof ways to build brand loyalty in today’s market-
1. Start narrow, then expand
Any brand that you see is doing amazingly, irrespective of where it is now, had started off extremely narrow and small. Let’s understand this with the use case of Nykaa. Even though other marketplaces were already selling beauty products, Nykaa identified a gap in the space for a dedicated “beauty marketplace”. They delivered what they promised for a long time before they expanded their horizon. By going super narrow in their approach, they could directly meet a specific group of people whose demands aligned with Nykaa was supplying. And once the brand established this trust in consumers, Nykka became the one-stop solution for everyone in the country. Today, whenever someone talks about beauty Nykaa becomes tier default and preferred option. They did one thing, but they did it the best.
2. Stay true to the brand voice
So here’s a not-so-secret sauce to finding success as a brand- gain your customer’s trust. Pick any legacy brand that is still doing well, and you’ll see the one thing they never fall short of is maintaining their customer’s trust. But how do you do it? First, decide on what the brand is about. Once you have your mission or message that you want to associate with your brand strongly, do everything in your power to never deviate from that mission. Customers will stay loyal to your brand or pick you over a new and shiny player in the same game if you continue to deliver what you promised. This might mean you will often have to say no to lucrative offers. Every step you take in your business has the potential to affect what your brand stands for, make sure that foundation is rock solid. Because if you believe in yourself enough, others start believing in you too.
3. Do not short-circuit the process
Building anything that’s worth anyone’s attention takes a lot of time. In this age of virality, understand that quick success might put a lot of money in your pocket, but that’s not necessarily good news. If you want to play the long game, you must continuously research consumers to find product-market fits. Once the issue is identified and a product to solve the issue is build, you move on to building product awareness. Just like any good thing, a strong brand isn’t built on short notice. Take one day at a time, center your focus but have a long view.
India is currently sitting on a lot of undiscovered potential, and interesting things will continue to happen in the next few decades. Apply these traditional brand-building methods to become a brand that consumers are ready to pay anything for.
Gain more insights on this episode of Figuring Out with Mukesh Bansal here.