Brand Choice

It has been almost two weeks since we left our four year old at my parent’s home in India- two reasons triggered this – the hot and humid climate in this part of the world and an ideal opportunity to connect my parents with their grandchild emotionally

As humans we are powered by emotions and not by logic and this is the attribute we marketers use to connect with consumers - As we know emotions lead to action.

So what drives emotions - may be the endorsements or the way it is communicated would trigger them. Endorsements can come from close friends, co-workers or anyone who influences your life.

Then why do we buy brands? May be to fulfill our emotional needs – advertising creates the right to chose and the brands tend to promote a product through experience - an emotional connection is therefore formed

I strongly believe it is the emotional connect which would go a long way in a brand choice.

Financial institutions do not connect emotionally to consumers but are always rational, for we in marketing assume our target group is well informed, astute and number savvy hence, emotional route will not work. Of the top 100 brands globally only seven financial brands made it in the list considering that almost half of world population would have experienced a bank in some form or the other.

Our industry is unique – a product can be rolled out from the assembly line within 24 hours – product extensions, product innovations are possible at short notices – and then it is up to the creative agencies to spin an acceptable proposition for our target consumers to decipher, accept and consume the product.

You can promote a carbonated brand quickly and can consume it, at the same pace but banks have the target group captive for life – this means constant customer engagement, cohesive communication across touch points and innovation will earn the emotional respect and affection.

An ideal brand engagement for a bank should consider this and work on the above