The fourth ‘Institute Lecture‘ for the academic year 2014-15 was held on 26th September 2014 from 3.45pm -5 pm. The guest speaker was Mr. Arnab Dasgupta, Brand Manager at Idea Cellular, and the chairperson for the session was Prof. Tripura Sundari Joshi.
Mr Dasgupta chose the topic “Creating Brand Equity” to share with the students the vast knowledge and experience he has gained over the year working in the industry. He started off with one of the most important questions- How do you create a successful brand? The answer is simple- a successful organization is what it takes to create a successful brand.
He explained the difference between a product and a brand. According to Al Ries, a brand is a product possessing unique identity and qualities that separate that product from similar other products and competitors. Thus a brand develops a unique persona of its own. Marketing is an art and science of positioning the brand in the minds of the target audience. Mr. Dasgupta went on to explain what push and pull strategies are and where can each find the best application.
When it comes to brand communications, he suggested that a mix of various media is preferable. There are several reasons for this: It helps n extending the reach beyond a single medium. Highly fragmented markets can also be catered to in this way. It can be used to target different target groups. Different stimuli aid in making communications more memorable.
Lastly, he listed a few more measures for enhancing brand equity. The brand should aim at first entering the consideration set for the consumer, then into the ‘most-likely-to-buy’ set, and finally moving on to the recommendation set too. Creative brand recall mechanisms should be employed. Repeat purchase is a a necessary touch-point that should be targeted. The brand must work towards knowing what are the top 3 brand names of the category in the consumer’s minds, and then towards becoming one of those three names.
To conclude, Mr. Dasgupta shared his valuable and most personal insights in the field of sales and marketing, gained with experience over the years. The session with his insights was instrumental in making the students aware of the real expectations from them if they want to work and excel in this field.
(Content Courtesy: Namrata Bajaj)