In
today’s cut-throat competition, the companies are competing to establish
themselves as brands. The competition has compelled the companies to create POD
(Point of Difference) to achieve a unique position in the market.
Since times immemorial, the market has suffered and been affected by different
trends which have revolutionized the market to a great extent. From the barter
system to production concept, to product concept, selling concept, and further
to marketing concept followed by customer relationship marketing, market has
been revolutionized from time to time. The next concept that is emerging at a
rapid rate is emotional branding concept.
The
concept of emotional branding refers to make an organization/company a brand by
using customer’s emotions. These emotions can be triggered through sense organs
and psychology. The sense of sight, hear, smell, touch and taste may affect the
customer to a great extent, so much that he/she might prefer that particular
product or service over his/her existing loyalty towards some other brand of
that product or service. Though psychology of customers does vary, when
psychology is merged with emotions of customers, it may result in a great combo
for providing great profit to the companies. This merging of psychology with
the emotions of the customers may contribute the organization to transform into
the brand, thereby predicting the importance of emotional branding.
There
is an increasing need for emotional branding in today’s market because different
companies know how to act according to the emotions of the customers. But, this
“different” action needs strong strategies backed up by strong management
with great execution of plans. When the companies are aware of how, when and
where to use strategies to manipulate the emotions of the customers
effectively, they can gain greater market share along with earning good
revenues. The emotional branding is basically a sandwiched term between
financial branding and custom branding. Here, financial branding refers to
monetary benefits that the company gets out of its product or service, while
customer branding refers to making out needs, desires and wants of customers by
creating/developing a good product or service.
Not
only the companies can get tangible benefits but also intangible benefits like
good market value, brand value, goodwill, through emotional branding. The
companies can get good customer loyalty as well as a huge number of new customers
through word-of-mouth. The emotional branding has great potential for earning
and retaining customers in a world where people are running and switching from
one brand to another brand. If the company can get good customer loyalty,
then it is very much possible that the company can establish itself as a brand
and differentiate itself from other companies as well.
With
respect to India, people out here are more emotional than practical. If
anything strikes with the chords of their heart, they are bound to be swayed by
it easily. So, it’s beneficial for the companies specifically domestic
companies who are well-versed with the demographics of the country and are also
aware of the factors that can touch the emotional parts of the customers.
Though emotions vary per age, gender, educational qualifications
and other related factors, emotions can go a long way to bring in as well as
retain customer loyalty for a particular product or service.
Nice thought..
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