‘If we hold on to consumer insights, we will tide over this ever-changing environment’

Staying close to consumer insights is the biggest mantra for brands and organizations to stay relevant in the volatile, uncertain, complex, and ambiguous (VUCA) world, says Gulbahar Taurani, MD & CEO, Philips Domestic Appliance, India Subcontinent. While speaking at the 5th edition of the India Brand Conclave organized by the exchange4media Group, Taurani shared the tips & tricks that have helped him to be successful in these complex times. He addressed a session on ‘Need of the hour: capitalizing on consumer insights’.

According to Taurani, irrespective of the change, basic fundamentals for businesses to thrive remain constant. “If we hold on to this basic concept of consumer insights, and get obsessed with knowing what the consumer wants, we will be able to deliver meaningful innovation and tide over this ever-changing complex environment,” he said.

Brands who couldn’t anticipate the change around themselves failed to find feet in the ever-changing environment. He cited an example of the mobile phone industry where some leading brands couldn't survive as they weren’t quick enough to anticipate the onslaught of smartphones. However, innovation basis the consumer requirement has allowed brands to grow leaps and bounds. He shared how HMV Caravan became an important revenue stream for Saregama with the company’s music licensing revenue growing by as much as 25%, or Amazon who identified the Indian consumers’ love for more options and communicated how the platform fulfills that through its campaign ‘Aur Dikhao’.

He added that consumer insights are required to launch innovative products to meet consumer needs. A well-thought-out campaign strategy, including the choice of the platform, content, media mix, depends on consumer insights. He added that consumer insights are not always related to only a new product launch. 

“It can be anything related to a go-to-market strategy, reaching out to consumers through different channels, or in the supply chain,” said Taurani, adding that his company realized during the pandemic that consumers want an end-to-end journey on their website. 

Taurani added that consumer insights should not be the function of marketing alone. “I believe that it is not the job of marketing only, but every aspect, every function, people in any department of the organization have to keep an eye on all the evolving trends on the consumer leads and changing consumer needs,” he said. 

A brand should endeavor to gather consumer insights on a daily basis. That will help it to remain close to its consumers, stay relevant, and thrive in today’s complex world, added Taurani.