For the past few years, a friend has been wanting to buy a car. He drives a Mercedes-Benz E350 in the city and often owns a Toyota Fortuner for weekend road trips. Fortune (Diesel) feared that as soon as he reached the age of 10, he would not be allowed to travel on the Delhi-NCR. He considered some new car brands in India that were selling like hot cakes, but could not satisfy his mind. The reason? From the price of a specific car brand ₹10 lakhs ₹20 lakhs. Although he chose the top-end model, his concern was how people would know the price of his car ₹20 lakhs when available even for a single brand ₹10 lakhs?
His confusion raises real concerns around brands that are disrupting the mass market for luxury products. The consumer is in trouble when he is eager to let the world know that his purchase is expensive.
Titan Co. A similar concern was expressed when brand experts recently announced that Ltd was releasing its most valuable watch in the gold-free segment. ₹1.95 lakhs. They take a thoughtful look at how brands can travel to premium travel. In a previous interview Mint, Communication Strategy Consultant Karthik Srinivasan said that the Titan is not exactly associated with the premium price tag for a watch, no matter how great it may be technically.
“It’s not that kind of brand name. Because, when you buy a ₹2 lakh clock, you want to realize that you can observe and you can bear ₹2 lakh watch brand. They were able to do that by using a different brand name, ”Srinivasan said.
Titan retails premium watches under the Nebula and Raga, but also has clutches from other brands, including Titan, Fastrack and Sonata. In an interview with Mint, Titan, chief executive, Superna Mitra said the company has been on a premiumization journey for the past few years, with Titan Edge being the result of five years of work.
Sanjay Sharma, founder of SSARMA Consultants, a boutique branding and communications consultant, says Titan is the best premium mass brand and Titan Edge does not really have aspirational brand value. It’s not full of jewelry, nor does it have a unique design language. “There is no pandemic or pandemic, addicts still spend for acquisitions that reflect their tastes for big things and become part of a lasting legacy. But it’s not enough for that slot. It’s a little misleading in my opinion,” he said.
Ashish Mishra, Managing Director, Interbrand India, said that with the growing customer expectations for customization and personalization, brands are finding it difficult to block the entire spectrum of opportunities. Within that, expanding the mass market brand to more premium segments is even more tricky.
“At the same time, there is a counter force, which requires effective brand building due to the growing confusion and cost of building brands. In this way of thinking, companies need to build business cases to add new brands to their portfolio, following the general rule of ‘default monolithic’,” Mishra said.
For the Mishra community, especially in fashion and lifestyle, it often seeks a decoction of novelty and variety. To address this, global brands adopt hybrid architecture and create short-term labels or collection brands. In this way the master brand is fundamental to all brand buildings so that it conforms to the principles of efficiency. “However, there is a provision to cater to the volatile topical needs of customers,” he said.
It looks like Titan is doing it in his eyes. They have a symbiosis of collection brands and sub-brands.
“The need to add a lot more price may be an attempt to move this segment upstream and create a ‘hero’. However, the coexistence of multiple sub-brands with their collection brands suggests a hybrid architecture strategy,” Mishra said.
He advises a customer-out approach that works backwards from select drivers and is more in line with submissions than interior style that works with product features and specifications.
Shuchi Bansal is the Media, Marketing and Advertising Editor of the Mint. The general post looks at issues related to these three. Or things that are fun.