Harnessing digital for rapid brand growth: Expert talk at marketing summit

During one of the sessions at the e4m Pitch CMO Summit Bengaluru 2024, industry leaders Rasika Prashant, Co-Founder and Chief Marketing Officer of Tata Consumer Soulfull, and Ramakant Kaushik, Chief Business Officer at GOVO, shared their journeys and insights on how digital innovation has propelled their brands. The session “Hacking The Growth Engine: Learnings From Brands Driven By Digital”, moderated by Althea Vanderveen, Director of South Ad Sales at Truecaller, explored their brand origins, strategies, and future growth plans.

Vanderveen opened the conversation by asking both leaders about their brand inspirations, primary challenges, and pivotal moments that propelled their growth.

Kaushik described the inception of GOVO, which began in 2021 during the pandemic. He shared, "We started GOVO in 2021, right in the middle of the pandemic. During that time, we noticed a massive surge in content consumption, especially with the rise of OTT platforms and the IPL. People were using large screens to watch content, but the sound quality was lacking. We saw an opportunity to address this gap with affordable and high-quality soundbars.”

“Traditional soundbars were often quite expensive and didn't cater well to the needs of the average consumer. So, we set out to create a product that was both aesthetically pleasing and cost-effective, specifically tailored for the Indian market,” he added. "In just over two years, we’ve managed to secure a high double-digit market share on major platforms like Amazon and Flipkart, which is a testament to the demand and the impact of our products."

Prashant, on the other hand, shared the story behind Tata Consumer Soulfull. "The inspiration for Tata Consumer Soulfull came from my co-founder’s uncle, Dr. M. S. Swaminathan, renowned for his contributions to the Green Revolution. He told us, ‘I undertook the Green Revolution to address hunger satisfaction, but today, India needs nutrition satisfaction. In eight years, we might face a groundwater crisis. If we don’t address essential needs like roti, kapda, makaan (food, clothing, and shelter), we’ll be rapidly developing in other areas but neglecting these basics.’ This concern led us to explore the potential of millets, which are nutritious and more sustainable compared to conventional grains," she said.

Prashant elaborated on their approach, "Our goal was to develop products that not only met nutritional requirements but were also affordable for the average consumer. For instance, last year, we introduced a five-rupee chocolate stick, which is available in over 500,000 stores. This product is designed to be both healthier and competitively priced."

She also highlighted their international expansion efforts, noting, "We’ve made significant strides by launching Soulfull in Tesco stores in the UK, and we’re excited about our upcoming launch in the US, where the brand will be introduced under the name 'Joyfull'."

The discussion then shifted to how digital tools and tech have influenced their brand growth. Kaushik emphasised the role of digital marketing for GOVO, stating, "Digital tools have been instrumental in our growth strategy. They offer vast reach and the ability to quickly gather feedback, which is crucial for refining our approaches. Performance marketing has been particularly effective for us, providing targeted returns on investment and facilitating our scale-up efforts efficiently. The data we gather from these digital campaigns helps us make informed decisions and optimise our strategies."

Prashant discussed creative strategies for Soulfull, focusing on consumer insights and product development. "At Soulfull, we pride ourselves on being a product-centric company. Our strategies revolve around addressing specific consumer pain points. For instance, we identified a gap with products like Saffola Masala Oats and introduced non-sticky masala oats as a solution. We tailor our promotions to target key markets, ensuring that our product innovations meet real consumer needs," she explained.

She added that continuous product innovation is at the heart of their strategy. “Last year alone, we achieved a 15% market share in modern trade, thanks to our approach of aligning product development with consumer preferences and market trends."

On the topic of customer insights and loyalty, Prashant shared that Soulfull leverages its direct-to-consumer platform to test new products and capture real-time feedback from its customers.

“This helps us stay attuned to their needs and preferences. Additionally, we conduct regular visits to our customers to gain deeper insights and enhance our understanding of their requirements," she highlighted. "Partnering with media houses for cohort studies has also been invaluable in gaining a clearer picture of consumer behaviour and preferences."

Kaushik added to the conversation by sharing GOVO’s methods. "We rely on detailed data from various marketplaces and engage directly with our consumers to gather insights. Daily interactions with customers allow us to refine our products and strategies effectively. We also conduct sentiment analysis of customer reviews, which provides us with a comprehensive understanding of consumer perceptions and areas for improvement."

Finally, when discussing scaling and growth strategies, both leaders emphasised the importance of strategic media use.

Kaushik noted, "As we scale, our media strategy evolves. Initially, we concentrated on performance marketing, but we plan to diversify our media mix to include channels that offer a broader reach and support consumer education as we grow. This adaptation is crucial for sustaining growth and expanding our market presence."

Prashant, agreeing with Kaushik, added that their media spending is carefully aligned with their revenue sources and the performance of different channels. “We focus on building our brand through consistent messaging rather than relying heavily on promotions and discounts. This approach helps us maintain a strong brand presence across all media platforms."