Evolution of brands
Mun: To survive, brands need to evolve and stay relevant
LIKE Darwin’s Theory of Evolution, there is another evolution. It is the evolution of brands. For brands to survive, they need to evolve and stay relevant to customers with the passage of time.
Lending his support to the evolution of brands, senior adviser to the Association of Accredited Advertising Agents Malaysia (4As) Datuk Johnny Mun tells StarBizWeek that marketers need to ensure that their brands evolve and meet the different targeted customer audience.
“Previously, it was easier for marketers to target their audience as most customers will take cognizance of brands as the medium of communications were limited. Basically, brands get noticeable much easily as they are advertised or sold through a limited communication medium. But now with numerous communication mediums including digital, marketers should position their brands differently.
“Relevancy of brands are important. Towards this end, they must ensure that their brands are relevant to different segment of customers. For example, the brands which Millennials prefer are different from those of Gen X or Y,’’ says Mun, who is also the organising chairman of the Putra Brand Awards 2018.
Branding should be packaged differently, not only demographically but also emotionally when coming to brands that are relevant to consumers, he explains.
Commenting on brand relevancy, independent market research company Ipsos Sdn Bhd managing director Arun Menon says that by being non-relevant, brands do not exist in customers minds.
“Each customer segment or profile will perceive a brand differently than others, and this makes brand relevancy, i.e. how the brand fits the different customer’s needs, important. Customer centricity is key,’’ he says.
Mun is also of the view that marketers need to invest in their brands continuously irrespective of the economic cycle. By doing so, he says consumers will be able to recognise, see and be closely connected to them. This will enable brands to make a stronger presence in the market and ensure their relevancy and close connection with customers exist, he notes.
Ipsos, a global market research and a consulting firm with headquarters in Paris and operational in 89 countries, is the research partner for the Putra Brand Awards 2018. The award show will be held on Oct 26 at the Majestic Hotel in Kuala Lumpur and about 1.300 attendees comprising agencies and marketers are expected at the annual event. Also known as the People’s Choice Awards, it is organised by the 4As in collaboration with the Star Media Group.
Elaborating on the award show, Mun says it is gaining traction among the various quarters and the momentum is strong. For example, when the Putra Brand Awards started nine years ago, most of the attendees were agencies but since last year the tide has changed.
Last year, 96% of the attendees comprised marketers, a reflection of the importance that marketers view the award show as a platform to further promote their brands and in their brand building exercise.
“4As as the organiser wants to promote local brands including small and medium enterprises (SMEs) to be able to compete or remain in the same footing as international brands through this award show,’’ he stresses.
Spelling out further details for the award show, Arun says Ipsos is looking to get the views of at least 6,000 respondents from the Malaysian public on their choice of brands, among others.
“We have created a unique survey link accessible for the public. The link is live on the websites of the local media channels including The Star. These media channels will encourage the public to participate in the survey and provide feedback on brands over the next two months.
“The philosophy of the brand awards is two fold – firstly, brand establishing a personal connection or desirability among customers and secondly, delivering or performing on what the brand promises. We will ensure the information is robust and reflective of the public’s view of a particular brand,’’ he adds.
The Putra Brand Awards survey, which is ongoing, will take close to two months to complete, after which the findings will be presented to the board of governors of the award show for its endorsement. About 300 plus brands will be featured in the survey.
Mun emphasises that marketers should think out of the box and strive beyond their comfort zones to excel and as a way to building brands.