FUTURE OF BRANDING

Ever since when the competition crept in, the marketers resorted to creating product differentiation. Now, differentiation was achieved in terms of packaging, product constituents and other external product attributes. But the product use or application remained the same. Therefore, the marketers discovered that the loyalty which their product is generating is dependent on certain strong perceptions their products hold in the minds of the consumers. These were intangible in nature. The promise of product performance was no more the advertisers task, it was to go beyond that. The organization enhanced the user experience and generated the trust or an emotional connect with their consumers that this is the product that will meet their needs and it also matches your aspirations. The concept and real importance of brand was well established and understood at that moment. According to the American Marketing Association, a brand is defined to be a name, term, symbol, design and any other feature that identifies one seller's good or service as distinct from those of other sellers. Over the years, some brands have become so much synonymous with the consumers that they start calling the service by that very name or one can identify the brand from its brand ambassador who is well-known or one will remember because the user experience was strong.

A brand is defined as essentially a marketers promise to deliver a specific set of features, benefits and services consistently to meet buyers expectations. But it is a complex symbol with a lot of hidden meaning:
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Attributes: Mercedes suggests well-built, expensive, durable, well-engineered cars.

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Benefits: Attributes translated into functional and emotional (tangible and intangible) benefits. Durable may translate into the functional benefit. I wont have to buy another car for several years; expensive may be perceived as the emotional Mercedes makes me feel important.

Values: The producers values are enshrined in the brand. Mercedes indicates high performance, safety, prestige.

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Culture: Mercedes suggests German culture organized, efficient, high quality. Personality: Mercedes may suggest a no nonsense boss. User: Mercedes is for those who have arrived not a junior officer or college student.

BRAND MEANING FOR THE BUSINESS

In the previous years, the organizations found a brand to park its cost inefficiencies. If the brand equity is high, then the products will be priced at a premium. It also happened that brand premiums were charged for no added brand values. It became all the more evident when the countries conflicted with inflation and the costs were passed on to the consumers. Well, times have changed a lot since then, it could be owed to the low entry barrier and the customers propensity to choose and buy from many. This strategy could work when there is a monopoly but then, also, Indian government has regulations and policies in place to combat unnecessary advantage of the consumers. The high prices could not be prevented in the case of any shortage of a product such as during the World War or the time, now when the coal shortage seems to capture the countries or the fuel supply. Today, the price competition has become prevalent in most of the sectors be it travel, fast moving consumer goods or telecommunications. Customer base is increasing owing to rising disposable income and affordability for superior or enhanced lifestyle. Therefore, with presence of many brands in the market, it has become all the more essential for organizations to reduce their cost inefficiencies and absorb some of the costs when it comes to inflation and develop brand in a manner so that it survives in the future.

BRAND MEANING FOR THE CONSUMER

The consumers mind is a pandoras box where no marketer can never really understand what exists. A brand can mean differently for various people. Here, some aspects which commonly persist are discussed:

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Quality- Every product comes with a set of performance parameters and if this matches with the consumers expectations, then the brand stays on the consumers mind.

Ownership- Some brands are such that when one owns it, the feel of pride creates the consumers trust in that brand. A good example is consumer durables like washing machine, refrigerator, etc. or an automobile like Mercedez, Maruti, etc.

Trust- A brand also represents the trust it issues to the customer or a prospect. Be it any good or service, the business transaction will not complete until and unless the prospect views or perceives that the organization can deliver on its promise.

Preference- It happens when you once use the product; a decision is made whether to purchase that product. A preference is set for various products for different categories depending upon the consumers level of satisfaction.

Time saving- A brand, last but not the least, definitely help customer save some time on shopping. If a brand is renowned, then the information search for customer reduces to a large extent. But today, with the availability of different brands under one roof, the customer can easily decide on the purchase.

Why brand building in the future is important?

The 20th century has witnessed a lot of reforms with respect to product development, its promotion and its brand building. Here are some of the reasons why brand building in the future is critical to a brands success: Short product life cycle- Research and development has become so strong in certain sectors which are technology oriented that the organizations is able to offer better and improved products than the earlier models in a very short time. The short product life cycle is challenging to the brand managers who have consider before introducing or extending a brand. Technology- The power of technology has brought people closer to each other. Today, a person can order a product in other country just sitting in ones room. The word global stands out in true sense as the companies can offer their products all over the world but the world again is diverse. Immediate feedback is another technique to assess the consumer insights and opinions. Internet is useful for gaining product information (product performance reviews, product rating, brand comparisons, etc.), thus minimizing the information search cost. So, special note has to be taken when a company is entering a new market and accordingly, branding has to be designed. Communications mix- In the olden times, the only communication channel that existed was word of mouth. But as of now, there are many including internet and events sponsorship. The right kind of communications mix has to be thought in order to attack the right target segment. 3|Page

People also use different kinds of media in their lives and a detailed analysis needs to be undertaken to understand the strategy to build brand in the future.

Multiple options- The consumer has a lot of options in the same product category, even at similar price points. Even, the payment options available to the consumers simplify the purchase process. So, if the brand he has first bought does not perform well or appeal to him, then he would surely shift to another brand. There is a limitation to it; it would not hold in the case of very expensive purchases like car, laptop, etc. With consumers more than ready to spend to have the best product experience, it actually would depend on the consumers willingness to change also. Changing consumer preferences- A major shift in the consumer preference is another reason why brand building in future must be given importance. For instance, in India, people had paratha, roti sabzi, etc in the breakfast but now, people can select from cornflakes, noodles, etc. (instant food). This nature of consumer should always be taken note of. Another instance is that of shift of consumers from land phones to mobile phone. This arises largely due to convenience factor. Any consumer if he or she attains the same benefit in a shorter period of time, then the shift will take place. Innovation- This particular is the reason for the demise of many brands. The organizations should always be aware of the technological advancements taking around and what kind of products might be possible to develop in future. This is an issue which if not handled appropriately may impart danger. For instance, music listeners previously listened to music on gramophone. Steadily, the innovation resulted in tape-recorder, CD player, MP3 player, etc. and as we are all aware the music is accessible on various modes, be it, laptop or even mobile phone (which one carries at almost all times). Costs reduction and catering to a wider set of customers influence innovation too.

FACTORS AFFECTING BRAND BUILDING

This concept is being looked at from three perspectives. Brand building is dependent on Market- Any organization in any country cannot be oblivious of the happenings in the surroundings. Regulations, policies and laws affect a marketers plans for his/her brand. These factors will play a role to the extent to which an organization can penetrate its brand. The environmental norms (reduce global warming) are going to become stricter as we move ahead, pressurizing the organizations to improve their operational processes. The recent Indian governments policy of allowing 100% foreign direct investment (FDI) in single brand retail and 51% FDI in multiple brand retail will encourage the foreign retailers to enter India and the

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brands will receive another big opportunity (wider reach, more accessible) to place themselves on those shelves to attract the consumers. Consumer- The consumer is more knowledgeable about brands than he or she was earlier. This is primarily due to information access through various communication mediums. Their expectations are growing from the brand. A consumer seeks stability in his/ her life by making suitable choices (establishing brand preferences). The consumers rising income and the consumer becoming more and more self conscious about his health and physical appearance will address some sectors like health related programs or institutions, cosmetics (natural, chemical), etc. A complete consumer behavior study must be done by an organization before strategizing on brand building to understand the trigger points or characteristics of a consumers purchase.

Competition- There exists plenty of players in the market in most of the sectors. It is important to analyze what ones competitors are doing, how their brand differs from theirs, any brand extensions if done, sales promotions introduced, etc. It helps an organization to understand the market dynamics existing in the sector. In this way, they could grasp as to how differently they can position heir brand in the market so that the customers perceive greater value.

FUTURE OF BRANDING- 2 MODELS

MODEL I: ROCK ASSOCIATES BRAND DEVELOPMENT MODEL
This brand development model was developed by Rockbridge Associates. It discusses the stages in brand development, ways to measure performance and techniques to increase the brand equity of the product.

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FIGURE: BRAND DEVELOPMENT MODEL 6 stages have been identified where a brand should be Recognizable Memorable Favoured Distinctive Preferred Consumed & Satisfactory

The prospects can be at any of the stages. The model suggests to follows the steps when it is known at which level the target segment is currently standing. Accordingly, strategies can be formed with the help from the Strategic Emphasis column to raise the brand awareness and ultimately, sales.

MODEL II: The Star onlines article

This online article talks about 6 stages in branding. These are as follows: 1. Unbranded goods The consumer perceives that the goods are only for utilitarian purpose. Manufacturers put up little attempts to distinguish brand from their goods. Thin margins are to be expected as pricing strategy is taken up by most of them as the method of competitive advantage. 2. Brand as reference Competitive pressures incite producers to differentiate their goods from other manufacturers in order to achieve higher sales. This is done largely by altering physical product attributes.

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3. Brand as a personality Functional characteristics of a product no more hold in distinguishing different brands in the market, thus, the producers resort to developing the brand personality. 4. Brand as icon In this stage, the brand is owned by consumers. The customers have high awareness about the brand and they own their own start assigning and forming the brand identity in their minds. 5. Brand as a company This stage corresponds to shift to post-modern marketing. The brand has a complex identity, thus, leading to multiple points of connect between the consumer and the brand. In short, the brand holds different meanings for numerous consumers. 6. Brand as policy Very few companies have reached this stage. They are set apart by an integration of ethical, social and sometimes, political causes with the companys mission and their products or services.

NEW MODEL
Let me propose a model for future of branding in the form of 9 steps, considering every aspect in the brand evolution and its failure too. The steps have been explained below. Step I: Detailed Brand Analysis Competition Consumer- Assess consumer needs and preferences Current brand status External environment- Technology, government regulations, policies, economic factors Step II: Select the strategy- Which products are feasible and can go with the present brand core values and essence Brand extension Line extension Change business model if needed NOTE: Avoid over developing the brand in terms of consumers getting deeply attached to the brand and cannot accept extensions Step III: Defining and designing the brand core values- enhance these values by adding certain key benefits or promise), keeping in mind Respective target segment Product attributes 7|Page

Step IV: Develop the brand strategy Selection of marketing communication channels which need to be used Budget estimation Finalize which communication channels would best attract the target segment Step V: Daily management of the brand Handle the brand sales performance in the market (Push retailers, wholesalers through offers if required) If after sales is present for the brand, then supervise the service Monitor the promotions introduced in the market by the competitors Step VI: Evaluation (in terms of volumes and value) Step VII: If sales are low, Introduce offers to the customers Incentivize retailers and wholesalers Introduce contests and an exciting prize Conduct events/promotions Step VIII: If sales are still low, Revisit and examine brand characteristics and personality Perform complete brand performance analysis (carry out consumers surveys, consumer feedback, whether any breakthrough technology is eroding the sales) Step IX: Decision regarding the brand future Follow the whole process from Step I and reinvent the brand Diminish the brand slowly

Consumer Trends
More demanding consumer In todays times, customers have become much more powerful than they were before. Increased number of options in any product category has led to enormous increase in the bargaining power of the customers. Earlier this was not the case. Manufacturers used to produce and customers had limited choice which resulted in more bargaining power of the manufacturer. This pattern has changed drastically as now as the markets evolved to gain an edge over others marketers started focusing on what the consumer want rather than what they can provide and started producing what the consumer want hence gradually shifting the power to the consumers. Nowadays almost all the companies work with the motto of Consumer
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comes first and focus their entire business surrounding the customer needs and wants. Hence satisfying the needs of the consumers needs and wants in an innovative way has become one of the biggest challenges for companies. Customers will continue to be more demanding than ever before because of the sheer choice of products and services they have today. Companies will have to constantly innovate and come up with ideas to keep their customer happy by understanding their view point and continuously serving them with their offerings.

Dual Personality of consumer It is not a difficult sight to a picture of a lady carrying a Prada leather bag and coming out of a Departmental store after buying groceries and household articles. This is what can be referred to as dual personality of todays consumers. On one hand, he/she can spend thousands of Rupees to buy a fashion statement represented by brands like Gucci or Prada. On the other hand, he/she drives extra miles to shop in Food Bazaar so that he/she can save some money. This creates a lot of problems for the marketers as it makes segmentation and targeting very difficult for them. Earlier firms before launching a product used to segment the market by their purchasing power. The two major segments formed were generally the upper class which goes for expensive branded options and used them as a status symbol. The other class was the middle class which believed in value for money and did not buy many expensive products aimed at the upper class. So, there was a clear-cut distinction and hence companies used to launch their products keeping in mind one of the two groups of buyers. With the advent of new economy and rising purchasing power of the middle class, the dual personality of consumers has come to the fore. So it makes life difficult for todays marketers and this trend is here to grow in the future as well. More knowledgeable and highly networked consumer
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In todays internet era, the customer is much more informed as any information about anything is just a click away. Earlier, it was easier to sway customers with aggressive advertising campaigns and through emotional blackmails but todays consumer is much smarter than earlier. Today he can compare any two similar offerings through internet. Information revolution has benefitted consumers the most. Also, because of huge advances in technology, it is very easy to remain connected all the time with your friends and families. So it is very easy to take advice from your family and friends before going ahead with any purchase. Nowadays, entire forums on some websites are dedicated to advice and opinions of users of such products and anyone who is willing to buy the product consults people on such forums before making the purchase. For example, if one decides to buy a digital camera. He wont straight away go to the market. Rather hell check for all the different models of different companies and compare them on parameters which are valuable to him like features, price, warranty etc. So, the main challenge for companies in the future is to deal with such informed and well networked customers and sell their products to them through innovation in design as well as their marketing tactics. TV is dead Yes, the statistics suggest that the average TV viewing time in a family has gone down by more than 25-30% and is further on a downward trend. Earlier advertising on the national channel in India was supposed to be the best way to reach the masses. There was a time when there was no Cable TV and people used to wait for programmes like Chitrahar and Rangoli on Doordarshan for an entire week. Back then, the quality of TV programming was so bad that viewers preferred watching commercials. Gradually with introduction of new channels through Cable TV network and tremendous improvement in the programming space on Cable TV, viewers have started hating advertisements. They instantly change channel whenever an ad starts playing. People are irritated by ads so much that they would be willing to pay extra to have a channel without any ads. There are already equipments in place like TiVo which are made to deliver TV programs sans the commercials.

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Another reason for TV advertising becoming less effective is the advent of the internet era in which we are living. People are always connected to internet and prefer to watch news, follow sports and do their other work, all through the help of internet on their personal laptops. So, theres hardly any scope left for TV advertising. The only segments that can still be targeted through TV advertising are the people living in rural India. Hence finding a mass media channel for advertising would be a major challenge facing the marketers in distant future. Virtual World With the growing use of internet and development of social networking websites like orkut and facebook, consumers have started developing their own virtual world. They spend most of their time in this newly created world and keep themselves connected to their friends all the time. They stop believing in the real world and hence all the marketing efforts aimed at a normal consumer do not have much effect on them. They keep living in their own virtual world and treat the real world as an illusion and hence all the marketing logic fails to work for them. This is a very big challenge for the marketers in future. They will need to come out with strategies and communication channels specifically designed for such people. This way they will also move towards a new channel for masses. Talking in the language of consumers It is very important for the marketers to communicate the brand message in a language that will be easily understood by the prospective customers. In this competitive environment where the number of offerings in the market is increasing every day, it is very important how simple yet powerful is the brand message. Only such brands which will follow this strategy will have a good recall in the minds of the customers. It is very difficult to occupy place in the consumers perceptual space these days, which is already cluttered with so many brand promises every day. Hence it is imperative for firms to speak in the language their customers understand the best. Building two way relationships
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Today, the customer is far more knowledgeable and cannot be flattered or convinced into buying any product through aggressive advertising or any promotion activities. The brands need to build two way relationships with the customers. The brands should not only convey what the product has to offer. The communication efforts have to be integrated in terms of its advertising, promotion activities, public relations etc. They all should convey the same message to the customer. They should help the customer know how the brand satisfies their needs and wants. Hence integrated marketing communications becomes all the more important. The way in which such relationships can be formed is by the firms sending a clear cut message to the consumer about their product offerings. They need to highlight here how their product is different from the competing offerings and how it helps to meet customer expectations. Also, this message should be coherent and consistent with the brand image and needless to say that it needs to be simple but appealing. Then the customer decodes the message. Because of the external environment, sometimes some noise creeps in which distorts the original message to a certain extent. Companies should have a feedback mechanism to ensure that the customers dont get a distorted version of the original message because of the environmental factors. Dealing with changes in our society The society has also seen quite a few changes as the years have passed. People are always in search of identity symbols outside their immediate family. They then take shape in the form of interest groups or clubs e.g. liking for Music or Sports etc. People want to have their own set of friends or like-minded people and associate a lot with their group identity. This also affects their buying behaviour and they rely a lot on the advice of their group member or friends. So, here Word of Mouth publicity plays a big role. This holds great potential for strong brands to leverage on. As these people form a closely held group of people who are passionate about similar things, theres a huge chance of the entire group liking or disliking particular brands. So, here lies the opportunity for marketers to target such groups, offer them products & services that they, as a group, identify with. Hence it is both a challenge as well as an opportunity for future marketers.

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There is also a tendency of defying old traditions and breaking barriers in todays generation. Customers want to break free from age old traditions and do something different. They are constantly looking for new and improved products. They are much more informed than ever before and want to ride on the wave of tremendous advances in technology. These days customers are much more tech savvy and keep replacing their electronic gadgets very frequently. This has led to shrinking of the product life cycles of most electronic goods. Hence their manufacturers have realized that they need to charge enough brand premiums when a new product is launched so that they can leverage on their brand image. At the same time, this forces firms to continuously innovate in product design and keep coming out with better products to survive in this competitive world. Hence innovation will be the key driver for successful brands in future.

How does the business community view branding?

In the last 2 decades, some businesses started thinking of brands as a parking ground for hiding their cost inefficiencies. This led to shakeout in all industries and brand premiums were hit to a great extent. Inefficient brands paid the maximum price. Brand premiums were re-evaluated and this sparked the entire debate on the future of brands. Some companies reconsidered their brand portfolio and cut down on the number of brands they offered earlier. Big FMCG giants like P&G and HUL have cut down on their brand portfolio and have adopted the concept of Power Brands. All this gave rise to even more competition in the market to build good and established brands.

1. Technology: It has completely changed the marketplace from a limited storehouse of things to a universe of choice. It has thrown open avenues for innovation and marketers have thrived on the use of technology. It has helped the world to contract in terms of changes in communication styles. People are connected with each other at all times. It has shortened the time interval between desire and satisfaction. People dont like to wait for their needs/desires to get fulfilled. Consumers are always on a lookout to save time and get the things of their choice at winds speed. People want

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to engage less in time-intensive activities which dont have immediate payoff. As a result, the brands/products have to incorporate this change in attitude/behaviour of the consumer. Faster is in and old is antiquated. People have a lot of choices these days, which makes the job of marketers difficult in a way because, the perceptual space in the customers minds is already cluttered with a lot of things. It is very difficult for brands to position themselves in the consumers minds as a distinct identity. The brand which is able to achieve this feat is the winner in the current scenario. Gone are the days when people will remember your advertisements and will be able to recall all the products in the market in a specific category before taking the buying decision. Hence the future holds great challenge for existing as well as upcoming brands to establish their distinct identity in consumers perceptual space. The brands which will be able to differentiate themselves from the competitors will stand out.

With the advent of the internet era, people have access to basic knowledge of things. They can easily compare features or get expert views with the help of internet. So basically, the customer is much more informed today and it is difficult to persuade him with fancy advertising or aggressive marketing. Moreover, because of the internet, people are always connected to each other so a lot of word of mouth publicity happens, which gives the customers a chance to double-check. Also this hunger to connect throws a challenge to devise new, innovative marketing strategies to woo such customers. People have started living in a virtual world; it is apt to mention here the new MySpace generation which keeps itself hooked to social networking sites like Orkut and Facebook. It opens up engagement with society. It is really hard for the current marketers to reach out to them in the same way they do it traditionally. This is another big challenge for them in future. Another aspect of internet is a whole new distribution channel that it offers. E-commerce has gained a lot of significance in todays world of internet connectivity all around. People like to shop on the internet and save time in commuting to the market. So, the distribution
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has also seen the impact of technology and requires due thinking from the marketers to incorporate it as one of their preferred way of selling. Another aspect of technology on business is the shortening of the commodity lifecycle. People discard most of the products they buy within very short span of time and look for new things. Innovation in product design and marketing has led to such a scenario. The average life-cycle for a brand new model of a Nokia phone is 18-20 months. People want to change their products very frequently and this has triggered the need for continuous innovation on all fronts. Also, the cost of innovation cannot be borne by a single company alone. Therefore, the concept of alliances and mergers came. Through this strategic partnership, 2 or more entities minimize their risks and share the profits. It also helps them to scale up their operations without taking a hit of the entire costs of the ramping up operations. In todays globalized world, it is very important to sell through global platforms. This can also be achieved through better coordination and alliances between different global companies. A lot of synergy can be derived out of such arrangements and both the partners benefit from it to a great extent. Because of such abundance of new technology, price of goods fall sharply after introduction in the market. Due to this, a lot of rethink and recalculation has to happen as far as brand premiums are concerned. The life cycle of products is also shortening hence charging brand premium becomes an absolute necessity. The impact of falling prices on business can be understood in terms of the additional thinking that has to be done to recalculate brand premiums every month. Also innovation on time as well as on supply chain needs to be managed efficiently. People find it easier to replace old goods than getting it repaired or serviced. Also, the emotional value attached with brands helps them attract the premium from the customer. The explosive growth in the field of Manufacturing in China has also led to some interesting changes in the market dynamics across the world. In 2005, China led the production of 8 out of 12 key electronic product categories. Key product categories were DVD Players,
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Monitors, Digital Cordless, Mobile Phones, Desktop PCs and Colour TVs etc. Such boom in manufacturing pushed the prices further down and commoditized many brands to some extent. This led the marketers to rethink brand premiums every month and the complacency which was setting in because of the exclusivity of brands, got a major jerk. Companies now had to manage innovation both on time as well as quality. They had to efficiently manage their supply chain as well as to minimize the inventory and other fixed costs. Product life cycles started shrinking further. People have started facing the decision of either servicing or replacing their products. This puts even greater pressure on the brands and the premiums associated with them. One factor which still favours the brands is the emotional value it entails for its customers and it is because of this abstract benefit that people are willing to pay a premium for brands they like. 2. Individual consumer: Over the last few decades, there has been a sea change in the individual consumer in the marketplace. People are much more informed than ever before. They can question and compare various offerings. Nobody accepts things as they are these days. The customer has also become very demanding and has much more bargaining power than the marketer or the manufacturer. He has no dearth of options in any product category and hence freely exercises his choice after thoroughly analyzing the marketplace. Also, because of so many choices, he is confused and unsure of what to choose. So, he seeks comfort in being loyal to a brand that has worked for him in the past and hence gives rise to the notion of brand loyalty. The customers are seeking balance in this mad rush of things today. They want peace of mind in this comparatively more hectic lifestyle of today. They also want to save on their quality time by thinking less while buying commodity items. They are more riskaverse than yesterdays consumer. They want to play it safe and hence would go for established brands in order to minimize their tension. Because of the advances in technology, people are always connected to each other. They live in a virtual world of their own. This also helps them to be even more mobile than they had ever been. This increased mobility in turn gives rise to brand
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preferences as brands ensure consistency in quality across geographies and time. People also want most information in forms of small and condensed capsules and hate to get into the nitty-gritty of things. This in turn holds good promise for brands in future as people are going to get even busier and lead even more hectic lives that they are doing currently. Also, the idea of beauty and health has been deliberated very often these days and is going to become even more significant in coming days. This will also give rise to more brands exploiting or selling the idea of wellness and beauty which will be welcomed by the society. This would result in the growth of a number of brands in the personal care and pharmaceutical sector. Another aspect of consumer that has come to the fore in recent times is his or her dual personality. On one hand she carries a branded Prada Leather Hand Bag, and on the other hand, she drives that extra mile to go to a Wal-Mart shop to save some cents and dollars. So, its becoming even more difficult for the marketers to segment the market and then pick their target groups and position their brands. They are confused if the customer is brand conscious and is willing to pay a premium or will look to save as much as he can. So, there is no clear demarcation that earlier existed between brand conscious consumer and one whos focus is to go for the cheapest products available. To counter such a trend, in future marketers would have to integrate both kinds of offerings in their single product such that it appeals to both the classes. Also, in this age of competition in the marketplace it is imperative for the companies to communicate their brands to the customers in a language they understand. It is very important to create a positive impression of your brand in consumers perceptual space, which is already exposed to a lot of clutter. You need to stand out in the way you communicate to leave an everlasting impression. The ultimate objective of all the advertising and promotion efforts of a brand is to make people aware of the brand and make it easy for the customers to recall their brand. Todays customers prefer information in the form of condensed capsules and not the whole description. People

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dont have that much time to deliberate on things like shopping etc. They do it as a routine job and need only the working knowledge of products and services. Moreover with the advent of the telecom and internet era, people make very informed choices while buying brands. Word of mouth is another way in which a brands values and offerings get communicated. So, most brands are becoming conscious of the fact that its the ultimately the product thats going to win the customers for them and not the campaigns. TV is already half dead and will further weaken because of the internet age we live in. So, its wiser to stick to basics and focus more on innovation in product design, its packaging and distribution rather than emphasizing a lot on Communications campaigns. This will strengthen the brand and make it more robust in the minds of the consumers and will perform well even when the market is not in the best of times.

3. Society: The society has also seen quite a few changes as the years have passed. People are always in search of identity symbols outside their immediate family. They then take shape in the form of interest groups or clubs e.g. liking for Music or Sports etc. People want to have their own set of friends or like-minded people and associate a lot with their group identity. This also affects their buying behaviour and they rely a lot on the advice of their group member or friends. So, here Word of Mouth (WOM) publicity plays a big role. This holds great potential for strong brands to leverage on. As these people form a closely held group of people who are passionate about similar things, theres a huge chance of the entire group liking or disliking particular brands. So, here lies the opportunity for marketers to target such groups, offer them products & services that they, as a group, identify with. There is also a tendency of defying old traditions and breaking barriers in todays generation. Customers want to break free from age old traditions and do something different. They are constantly looking for new and improved products. They are much more informed than ever before and want to ride on the wave of tremendous
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advances in technology. These days customers are much more tech savvy and keep replacing their electronic gadgets very frequently. This has led to shrinking of the product life cycles of most electronic goods. Hence their manufacturers have realized that they need to charge enough brand premiums when a new product is launched so that they can leverage on their brand image. At the same time, this forces firms to continuously innovate in product design and keep coming out with better products to survive in this competitive world. Companies need to build two way relationships when they try to sell a product to the customer. It is brand promise that they give to the customer about their product quality and the experience. They also need to put them into the consumers shoes and think on his behalf. Firms which will do the thinking exercise for their customers will be able to meet their expectations in a much better way. Todays youth has always demonstrated the fact they dont like to do the same things their parents did. They always want something more, be it education, career or just owning a few things. They dont want to use the same products their moms and dads used. They are always looking for innovation in the product categories and they value it. They are willing to shell out those extra bucks for satisfying their needs and desires. So there is a big market to be tapped by firms by targeting the youth and making them loyal to their brands. This Generation X is also very well connected with each other, thanks to the internet era were living in. So, good opinion of public is very important. A lot of purchases happen through word of mouth publicity rather than any other communication strategy like advertising or sales promotions. So, it is an opportunity as well as a challenge for firms to establish their brands in the minds of such a network of well connected people in the modern day society. The importance of good and trustworthy brands cannot be over emphasized because of the fact that todays generation wants to be connected at all times with their own social networks.

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What makes a successful brand?

1. The brand has to be a coherent totality the physical product, the packaging, price, communications elements (name / style / advertising / colours / promotions / endorsers / events) all need to blend and work together. 2. The brand has to be unique and stay unique on both functional and non-functional parameters and needs to appeal to the senses, to reason and to emotions.

3. The blend of appeals must be relevant to the needs, wants, desires of the specific
target segments and must stand apart from all others.

4. Advertising can contribute to all these areas, by synthesising brand image and brand
personality.

Brand Management in the Future:

Slowly but surely the marketplace will move towards customized brands. Exclusivity will give rise to this kind of innovation. People would be willing to pay more for being different. They would pay high premiums to stand out by making a statement of their own. The future marketplace will also see a crossover between utility and fashion entities. Examples of the same could be cars, mobiles, switches, taps etc. Cost inefficient brands will fade over time and will be replaced by brands thriving on creative thinking. Innovative ideas will drive the brands in future. Brand premiums would be earned through building long lasting relationship with the customer. The basis of this relationship would be trust and brands which will be able to achieve this will survive in the competitive environment. Capitalism is here to stay and will continue to be the major economic system across the world. Making money would be a good pursuit and stock markets would see even higher attention being given to them by everyone. Continuous changes in technology will further shorten product life cycles and push prices down. The individual will be wiser, more informed but more worried about his purchases. He would be looking to save time by entrusting in the brand of his
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choice. The individual in the society would be much more connected with likeminded people and friends than ever before. The young generation of customers would be much more demanding and would pay high premiums for change. They would break age old barriers and write their own rules. Major alliances would be struck between big firms to make the best use of synergies amongst them. The advantages of scalability will drive this change. Brands would be evaluated by measuring their reach on TV, other modes of advertising, PR, NGOs and by financial analysts.
An organization should be completely open to leverage the equity of its strong and successful brand. It saves on a lot of cost besides consumers trust and association with the branded products. The future of branding is hugely dependent on technology which has made an individuals life comfortable and because of which people are turning towards products which are small, operates quickly and easy to use. An organization should also not forget that the marketplace has become very competitive and innovations are required at the manufacturing and supply side to be available to its customers quickly. Lastly; brand future must be planned in order to cut through the large pile of clutter in the market and create its differentiation in customers mind to lead him or her to purchase and generate the brand loyalty. Successful brands will be creative centred and idea centred. Brands of the future would

be those which will do the thinking for the consumer.

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