Ipsos After Hours: Panelists delve into consumer behaviour & need for brands to adapt
Industry leaders discussed various ways in which brands need to pay attention to and connect with their consumers in order to get better ROI
At Ipsos India’s event called Ipsos after hours held in Bengaluru on October 5th, A panel discussion delved deeper into the workings of consumer behavior and how brands can adapt to the changes to make their brand more relevant for their audience.
The panel titled ‘Navigating Consumer Evolution: How brands stay relevant and deeply connected in a changing world’ was moderated by Geeta Lobo, Country Chief Client Officer, Ipsos India and consisted of Shuvadip Banerjee, Chief Digital Officer, ITC, Amitabh Pande, Chief Consumer Strategy & Planning Officer, Diageo, Vanda Ferrao, Chief Marketing Officer, Wow Skin Science and Amit Adarkar, CEO, Ipsos India.
Speaking about the way brands can focus on connecting with their consumers rather than being all about selling products, Amitabh Pande of Diageo, said, “People are increasingly looking for brands with purpose and brands that match with their own value systems. And not only as a source of consumption to fulfil their needs. With the next generation of young adults coming into the mainstream, they are looking at brands to build progressive narratives that contribute towards building a better society. Not just be obsessed about selling their products and services. Therefore, brands that contribute towards the environment, believe in inclusion, champion responsible consumption, and do their bit towards painting a vision of the future and play their small part towards it, are the brands that stay connected and relevant in a changing world.”
Vanda Ferrao of WOW Skin Science, spoke about post-pandemic behaviour shift in consumers. “The pandemic gave strong tailwinds to drive growth in D2C brands. We witnessed a shift in consumer behaviour to gravitate towards offerings which were unique, and which promised results. Consumers were adopting newer offerings, thus moving from their tried and tested brands, and this spurred a slew of new-age brands.
Hence, being ahead of the curve and launching products which are sought by consumers was critical. We mined trends and launched products leveraging on this behaviour shift and witnessed strong growth. Consumer shifts used to be gradual but are far more fast-paced now, led by changing consumer needs of GenZ and millennials. Hence, adapting to these changing dynamics is imperative for a brand to stay relevant and at the top of their game.”
Giving insights about what consumer expectations are and how brands can live up to them, Shuvadip Banerjee of ITC said, “Brands that serve a purpose and are conscious of the need to be catalysts of social and environmental transformation are likely to find a way in the consumers’ consideration set. And adapting to change quickly has now become the norm as consumers expect brands to constantly step up to and deliver to their aspirations. We’ve progressed to going beyond advertisement as the core route to building brand love. In sync with consumer expectations, we have been constantly overhauling our product and experience delivery mechanism and engagement, even as consistency and relevance continue to be key drivers.”
