When a brand starts to lose its market share, the owner is faced with the challenge of revitalising the brand before it fades away from stores.
On the penultimate day of the World Brand Congress, being held in the city, Nokia India’s managing director D Shivakumar talked about why brands die.
The Hindustan Times is the presenting sponsor for the event.
“A brand is like a rubber band, too little tautness and they lack strength, too much stretch and they snap. Most often its dogmatic thinking in companies that kills brands,” said Shivakumar.
According to Shivakumar, India is a hyper competitive brand market and the basic challenge for most brands is to maintain consistency yet evolve to stay fresh.
The innovation could come in the form of a fresh logo, design, packaging, evolution and others.
Citing example of a product locked in one format he talked about Dalda, Asam oil, Milkmaid while on the other hand brands offering innovation include Vaseline and Dove. “Brands are one part logic and many part magic. They can age and be timeless or age and wither away. It all depends on how the company decides to keep it,” said Shivakumar.
It remains to be seen if Nokia India will successfully implement these strategies to regain lost market share.