‘Authenticity & transparency are two pillars of brand building that money can't buy’

There was a time when large conglomerates could build their brands just on the basis of distribution and limited marketing. They would simply innovate a product that met the bare minimum needs of the consumer expectations and market it through limited media channels of print, TV and radio. At the Pitch CMO Summit- Bengaluru 2023, Chaitanya Ramalingegowda, Director and Co-founder of Wakefit, explained why this marketing strategy will not work today and how brands needed to be more transparent and authentic now. According to him, customers today can access a product via multiple offline and online channels and its not possible to “silence” them. Additionally, the marketing mix to launch a product has completely changed, and so brands with even a budget of Rs 500 a day can explore options for them, he said.

“Customers today cannot be silenced. Back then, if it was an inferior product, the trials would suffer, sampling would suffer, but as long as the product continued to have shelf space, it could get at least some market share. Today, a customer can go and shout on social media what they liked and what they didn't,” shared Ramalingegowda.

“Given these changes in the past few years, authenticity and transparency are two pillars of brand building that money can't buy,” he mentioned. 

Wakefit started its journey as a mattress brand, but later also came up with accessories such as pillows, bedsheets and more. Later in 2020, the brand widened its reach further to enter the home solutions category, providing beds, sofas and other home furnishing items. In 2022, Wakefit opened the largest furniture factory, spreading to eight lakh square feet. The brand currently has close to 80 retail stores, expanding its strong omni-channel presence. 

Ramalingegowda shared that there are mainly five pillars that create an authentic and trustworthy brand. 

“Product is the first pillar. It translates into what product is being delivered to the customer’s homes. Second comes the customer himself. A brand should focus on how they can add value to the lives of their customers,” he added.

“Next comes a community which goes beyond consumer, said Ramalingegowda, and added that it is an accomplishment if a brand can get complete strangers to be their evangelists, their advocates who talk about the brand in a positive way even when the brand’s marketer isn’t present in the room. 

“Fourth is our team members. The key lies in ensuring that Wakefit isn’t just a place where they get their pay-check. The people of Wakefit should feel like a team they would do anything for,” he added.

Lastly, category plays an important part. In a country like India where time-to-time brands max out the available audience, brands need to be able to constantly grow the category, he opined.

“The idea for us as a brand is to not chase a specific revenue or a sales number, but to be India’s most loved home and sleep company,” concluded Ramalingegowda.