New Delhi: In a compelling session titled ‘CXO Decode’ at the ETRetail Shopfwd Summit 2024, industry leaders gathered to discuss innovative retail marketing strategies aimed at building brand equity. The panel, moderated by ETRetail’s Pallavi Goel, featured insights from top executives across various sectors.Sandip Kanti Baksi, COO of Aster Mueller India, kicked off the discussion by sharing the community-first approach the company has adopted for their new brand. Rather than focusing on the brand launch first, they prioritized community building among the niche target audience, which led to significant engagement. “This community-driven approach has helped us drive traffic to both our online and offline stores,” Baksi noted.Following this, Vivek Sandhwar, COO of Being Human Clothing, emphasized the dual strategy of leveraging Salman Khan’s fanbase while building a robust digital presence. He explained how apparel brand Being Human Clothing’s digital community has grown substantially, surpassing many traditional businesses in engagement. Sandhwar highlighted the importance of maintaining physical stores that reflect the brand’s ethos and the role of new ambassadors in attracting younger audiences.Himansu Shah, CEO, Tyaani by Karan Johar, addressed the unique challenges in the luxury jewellery market. He underscored the importance of trust, cost management, and cultural integration. Shah pointed out that modern consumers from different backgrounds share common aspirations, and meeting these expectations requires continuous consumer education and technological integration. “Making the consumer a part of the brand’s journey is crucial,” he said.Pooja Merani, COO, Wacoal India, highlighted the transformative impact of social media influencers in the intimate apparel sector. She discussed how influencers help educate customers. “With the help of influencers, we can build brand trust and awareness, which has led to a customer loyalty rate exceeding 62%,” Merani stated.Rahul Dhamdhere, CMO of KidZania, brought a unique perspective on experiential marketing. He emphasized that their partnerships with brands focus on providing a return on experience rather than a direct return on investment. He shared how experiential learning environments, like the ones KidZania offers, help brands like TVS and Parle build long-term loyalty among children and their families. “Experiences are going to be a big differentiating factor in the future,” Dhamdhere asserted.Lastly, Rajesh Kadam, CEO of Inc.5 Shoes, shared insights on balancing online and offline marketing strategies. He noted a significant shift in their approach post-COVID, with online sales now constituting 30 per cent of their total revenue. Kadam emphasized the importance of controlling discounts and maintaining a consistent brand presence across all channels.
Published On Jul 11, 2024 at 12:07 AM IST
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https://retail.economictimes.indiatimes.com/news/industry/shopfwd-summit-2024-next-gen-retail-marketing-strategies-to-build-brand-equity/111642201
