‘Innovation is the key to building a brand'

Brands are not built overnight. It takes months, years and even decades of consistency and determination and staying true to customers that a brand attains a strong recall value. During an engaging discussion at the recently-held e4m Pride of India Brands-North, representatives of some noted Indian brands shared their thoughts, journey and experiences.

Moderated by Ruhail Amin, Sr. Editor, exchange4media & BW Businessworld, the panel comprised Aakash Anand, Partner, Ananta Capital and Founder & CEO- IDAM House; Akshay Bector, Chairman & MD, Cremica Foods; Arushi Jain, Director, Akum Drugs; Varun Ganjoo, Co-Founder & CMO, Baazi Games, and Punkaj Guptaa, Director, RP Foam Home Pvt Ltd.

Introducing her company and its operations, Jain said, “We are contract manufacturers and manufacture about 12 per cent of India's domestic pharma consumption for other brands. So, our customers are pharma, nutra and cosmetic companies and the sector we are in is highly regulated. To bring about a new product takes us more than two years. So, it (what has worked for the company] all boils down to how we build credibility and trust. In the last 18 years, everything comes down to the level of trust we have created among our customers through consistency in our service and quality. So, whether you have one customer or hundreds, or whether you are a B2B or B2C brand – it is all about building the trust.”

Speaking in how innovation and practice look like for a brand like Ceremica Foods, Bector said, “Innovation is the key to building a brand. If you look at any brand of any significance, it has to be the first mover – whether it is in design or disruptive technology or a new offering that is proposed to a customer. It is a long journey. I'll go back a little bit in time when I was getting into the biscuit industry. I would see the challenge of pricing. The real premiums ended up with the first originators of the business, which is Bakeman's and Parle. Learning from that point, it was understood very early that it is either by disruption and you be the first mover that you will do well. You have to strike out.”

Offering an insight into how to identify brands that hold potential for success and agreeing with Bector, Anand said, “The way we measure any brand's success is by innovation and disruption. If any young brand or business is disrupting the existing status quo, we bet on them. For example, when I got bet on by Ananta Capital, when I was building BellaVita, I think we were the only company in the country who was trying to build super luxurious perfumes at very affordable prices. And that was a year and a half back, and today, we, as a company, do above above 25 odd crore monthly just in perfumes. There are a few companies we will be acquiring and they are making life easier for the consumer by three very simple 'P's – product, placement and purpose. They have fantastic product, which solves the purpose for a consumer at the right price points. And the moment we see that combination, obviously supported by an aggressive and hungry founder, it is a no-brainer for us.”

Gupta deliberated on what makes a brand sustainable over the years. He explained, “We are manufacturers of PU foam and mattresses. And like Mr Akash said, the three 'P's are working everywhere. So, it is the same funda – you have to produce those products that are for and as per the market. And you have to be aggressive in your marketing. Your product should be luxurious because those are the factors that cater your brand up in the market.” 

Elucidating on how to build a brand in a space that is ever-evolving, Ganjoo said, “While my fellow panelists spoke about disruption and innovation, and I feel that is consistent across industries, including gaming. But the initial part for gaming companies to succeed was to focus on experience. Gaming has been a part of our life and lifestyle for ages. It was offline long ago and with the invention of mobile phones there came, in the very beginning, games like 'Snake'. And then with the coming in of smartphones, it was an opportunity where we could bring to life to the digital mode of gaming, which people used to play offline. So, we had to ensure to retain the joy that people used to derive from playing offline and give that same experience online. More so because of the fact that these are the kind of products where people spend hours on. The experience on the product and on the app matters a lot. So, the experience has been a part which is our focus and we believe that to build a loyal customer base, experience and technology-led innovations are key for us.”