Consumer behaviour is a strange old thing. Just when you think you have the formula nailed down, the benchmarks get shifted just that further bit out.
Believe in brand loyalty? Think again. Studies show that among older shoppers, brand loyalty is now a thing of the past. And younger buyers are not much different, with those in Asia and the Middle East showing a greater propensity than ever to switch to higher-priced brands, even more so than their counterparts in the West.
With new demands thrust upon brands by a new breed of savvy, worldly-wise, and discerning consumers, it is now a case of having to adapt to stay relevant in a world of atypical trends. It’s not just buying behaviours, but entire value systems and worldviews that are changing. No longer is it enough for a product or service to satisfy a narrow need. Progressive thinking is now the norm, with a sense of elevated purpose and demands bundled along with it.
Balancing these many demands is a challenging act, but a few brands are doing so admirably, after having finely honed their understanding of who today’s consumers are, what they desire most, and how to best shepherd them into their fold. These are the coterie of brands that will be held aloft as shining exemplars of excellence at the third edition of Team Marksmen’s Brand of the Year 2024, scheduled to be held on 20th June in New Delhi.
Brand of the Year 2024 represents a unique cohort, all of whom have built their success stories by crafting relationships that have withstood the test of time, as opposed to building their brand on something more transient or merely flirtatious.
This unique industry platform showcases brands that remember that the consumer is king, and that serving them in new, sometimes unexpected ways is vital if they are to thrive in today’s competitive marketplace. Just as brand leaders hope customers stay loyal to them, brands must stay loyal to the philosophy of consistently delivering what their customers desire. It is one of the few constants in an age of flux.
Brand of the Year 2024 is a research-based industry initiative where some of the sector's leading experts will share insights into the essence of successful brands, the foundations of creative thinking, and the new growth principles that have benefited others. The event will conclude with a celebratory ceremony honoring these brands. Informed by an industry-wide consumer study conducted by LeadCap Ventures, brands are evaluated on the following parameters:
- Personalized Customer Experiences
- Authenticity and Purpose
- Brand Storytelling
- Customer Engagement
- Leveraging AI
- Uniqueness and Innovation
Speaking ahead of the event, Rajesh Khubchandani, Co-founder and CEO, Team Marksmen Network had this to say. "Branding is the art of crafting an indelible imprint on the minds of your audience. It's the fusion of strategy and creativity, where every touchpoint becomes a canvas to paint your story. Mastered well, branding transcends mere logos and slogans; it becomes the beating heart of your organization, resonating with your customers' deepest desires and aspirations. Harness its power, and you wield the ability to forge unbreakable bonds, ignite loyalty, and elevate your brand to the realm of the iconic – a legacy that endures long after products fade."
Source: Press Release
