 Namaskar, I'm Professor Devadeep Purkayastha from IIT Bombay and I welcome you to my course, Business Fundamental for Entrepreneurs, Part 2, External Operation. Welcome also to this guest session by Professor Anu Narasimhan who will talk to you about how to create values with brands, how to create great brands for great value. As a little bit of background, Professor Anu is currently the head of the D.A. School of Entrepreneurship at IIT Bombay and she's also a professor of practice, teaching and mentoring at the school. Prior to joining IIT Bombay, she had a distinguished 25 year career in marketing with leading companies such as Titan, Unilever, Britannia, etc. She has been recognized in many industry forums. She has also been recognized by IIT Bombay as a distinguished alumnus and also Gen 0 woman. She did an undergrad at IIT Bombay, an MBA at IAM Bangalore and a Ph.D. with Singapore Management University in Singapore. So over to Professor Anu. Hi, we are so glad that you all are doing Business Fundamental for Entrepreneurs. This is offered by IIT Bombay and all of you need no introduction to IIT Bombay. Specifically within IIT Bombay, we represent the Desai City School of Entrepreneurship. It is one of the earliest academic institutes or bodies that teach entrepreneurship. We really believe it is a craft and it can be taught. There's a lot of experiential learning and we hope that along this course you learn about all the facets which are both internal. We taught this for you in the first course on Business Fundamentals and the external facets of business which we will teach you in this course. Specifically about me, my name is Professor Anuradha Narasimhan. I'm a professor of practice and head the Desai City School of Entrepreneurship. Academics is my second career. I started my career in the corporate world, worked for about almost 25 years there. And my claim to fame or the little that I have done has been in marketing and in strategy. I have been in large consumer companies like Titan, like Unilever and in Britannia. What I fundamentally believe in are brands and how to build a brand. I somehow believe that when you have built a brand it's like having a money making machine or a goose that lays the golden eggs. We create value by building brands and that's what this lecture is really about which is about building brands and creating value. The one thing I want to say right at the start is it's not that you have a golden goose and you have to do nothing with it. You have to keep building the brand, you have to keep building the brand. It's a never-ending journey but it pays back more than many times of what you have put in. So it's one of the best output-input ratios that I have ever seen. To start this lecture I want to talk to you about the role of marketing. Marketing is a front-facing, a customer-facing discipline within an organization. Many of you might be aspiring entrepreneurs, many of you will be looking for jobs in the business world. Many of you might just be wanting to learn what businesses look like and what are the functions and disciplines within business. Marketing has this role to play which is defined here in the short term as demand generation. What we mean by the short term is the immediate term, the tomorrow, the next week, the next month. And by demand generation we mean sales, plain and simple sales. So marketing's job is to deliver demand in the immediate term. That's the primary role that marketing plays. In the middle term, in the medium term, marketing delivers customer satisfaction and brand equity. And I walk you through how it does that in just a bit. And so while we demand generate as marketers, we also create satisfaction. Customers get satisfied with the products or services or the brands that we offer. And the brand's equity gets built over time. In the long term, marketing is responsible for profits. And therefore it's the money-making machine that I called it. When brands are built well, they can command a price premium. They have differentiation and so they always bring in profits. So I have learned at some of the companies that I have worked in that the marketing function needs to be customer engaged, needs to be living with customers all the time. But equally important for marketing people is to understand a little bit of finance, a little bit of sales, a little bit of supply chain, R&D and every other function so that they can play a kind of sutradar role because brands and products are very central to every organization. So what does marketing deliver? Or what are the questions that marketing actually finds answers to? And the first of them I'm going to call who am I, which is another way of saying branding. Some of the logos that you see on the screen are the most valuable, most iconic, most differentiated brands. Just in case there's somebody who doesn't know some of them, I'm going to go and tell you who they are. So that's Apple on the top left, that's Coca-Cola on the top right, that's State Bank of India in the middle, Google at the bottom left and Tata at the bottom right. I have taken a combination of the world's most valuable brands and India's most trusted and valuable brands. When you look at them, you know what they stand for. You don't have to read a document or try and understand what is it that Apple provides. Apple provides status to every customer of its. Coca-Cola provides refreshment. Coca-Cola provides happiness to everyone of its consumers. Google is synonymous with search. Tata is synonymous with trust. So this is what brands built for themselves. So if you think of it, it's like having a name. So I have a name, you have a name, all of us have names. Our names were given to us at birth but we form identities, we form personalities for ourselves and think of it as the name embodying all the personality, all the values, all the intrinsic dimensions that you have and that's what branding is really about. So people ask me how are brands built and there is this popular misconception that brands are built with advertising and let me tell you that advertising is a very small element of what builds brands. What brands are built on are experiences. So when consumers eat good day, Britannia good day, I used to work at Britannia. When consumers eat good day every day, maybe twice a day actually, they are forming a relationship with good day which has nothing to do with the advertising. Advertising, like I said, is a small part of what experiences are about. They remember the good times they've had with their family. They remember the Khatirdari they have done, women described to us that when guests come home they bring good day out in a thali and the biscuits are laid out in these nice flower petal kind of circles. So the brand has many more roles to play than really what advertising tells you about. Another key factor for branding is the feel good factor. And feel good does not always mean that you have done some social good. Feel good is about everyday happinesses like in the case of good day I spoke of when I wear my Apple watch or when I carry my iPhone. I know that I am carrying something which is a technology advancement and which will always serve me well, it will respect my privacy. And so those are the experiences that brands are really built on. They make you feel good. They all do storytelling well. And all of us as Indians definitely know the stories that our grandparents used to tell us or our parents have been telling us the good over evil stories, the stories of passion, the stories of strife and overcoming strife, brand stories are exactly like that. A brand called Nike which I am very fond of believes that every human being is an athlete. Their line actually says everybody, not everybody but everybody is an athlete because everybody is capable of pushing itself to its own limits. And the shoes that they provide or the sports gear that they provide are but a small way by which you can be an athlete self of yours. Just one more thing as I talk about branding that all brands do not talk to all customers. That's another common fallacy that students or learners think or sometimes even practitioners feel that I must target everybody as a customer but that's not the way, that's not how it works. You target who your customers are. We would have this little joke inside our company that Britannia Marigold has the most happy customers because they are jolly aunties. We used to call them jolly aunties in a couple of customer groups. I've actually said the word to them and they relate to it. They are mothers, they are homemakers. They are taking care of the rest of the world or the world around them but for them it's not a big chore. So what I'm telling you now is simply that brands are built by experiences. Brands are built by the feel good factor. They are built by being authentic. So suddenly Marigold can't be a technological advancement for the country. It doesn't work like that. You have to be authentic to who you are. Brands are built by storytelling and brands are built by this powerful connect between who the customers you service and who your brand is. When brands start reflecting the mirror image of their customers or the image of the customers that they want to be, you know that you have really arrived. The other question that marketing answers. So the first one was branding. Who am I? The second question is proposition which is why buy me. And this is slightly different from the earlier question which is who am I. This one is a little more rational. This one is a lot more logical. And this one customers do at the start of the journey of the brand with the customers. Intensically it is connected to the offering that you have. So companies have offerings. They may be a product offering. It may be a service offering. It may be a platform offering like an Amazon or a Swiggy or a Uber. But all it does is give you rational reasons for why you should buy. And one thing that often learners miss is that they understand what is it that the company is providing. They understand who is the customer segment defined by young people with a health requirement or whatever demographic segmentation you may do of the customer segment. But they miss out one piece which is the competitor piece. They miss out why are you better than competitors. Consumers do not buy me two products. Consumers do not buy products which are very similar to something that they already have. The cost of switching is really high. So proposition, the question to answer for a marketing person is why buy me. What is it that we offer as a company? What is the service? What is the offering? What is the product? Why is it important in your life? What need does it serve? What problem does it serve? Why do you want me? And most importantly, why do I do this better than anybody else? And that's where the competitor angle comes in. I request you to look at this line at the bottom which describes the Google's buy-by-me or Google's proposition. It says Google is the world's largest search engine. Largest search engine. So it defines what Google is that allows internet users. So who are its customers? Internet users to find relevant information quickly and easily. It answers three questions. What is it? World's largest search engine. Who is it for internet users? Why is it valuable? Because it gives you relevant information quickly and rapidly and easily. So three questions really that need to be answered for any brand's proposition which answers the buy-by-me question. What is it? Who is it for? And why is it valuable, superior or differentiated? So the two questions that I've spoken to you about for marketers to worry about or to find answers to is the branding question. Who am I? And the proposition question which is buy-by-me. So having started with the questions that the marketing folks or the marketing department or the CEO as marketer need to answer which is who am I and why buy-by-me. Here are some ways to do it. So this is in my sense the tools that we are teaching you on how to go about doing marketing. This is called Philip Kotler's four piece of marketing. They call the marketing mix elements. This is seminal work done by Kotler sometime in the 60s and it has absolutely stood the test of time. What you need to know about this is that most marketers find ways of branding themselves. So it's the four piece. He could have found other words and said two piece, one S and one E. He didn't do that. He found four piece. The first one is the product. The second is the price. The third is promotion or communication and the fourth is place which is sales and distribution. I'll explain each and every one of them in detail to you. You should think of these as the ingredients in a recipe. Some of you must be loving cooking. The rest everybody loves food. So these are the elements that go into making a dish and the marketing person is actually the chef who's putting this together in the right method in the right contribution to create the brand. Brands are built on the back of these mixes and what you need to learn in this course and for application in real life is that each of these get designed. They are not serendipitous. They don't happen to a brand. Each one of these has been designed exactly like in a recipe you're putting things together. You put things together to make the elements of a marketing mix. The first element of the marketing mix is product. It always starts with an idea. It's in thought and then it gets to paper and then it gets to a lab and then it gets to a test market and then it gets to a market. So I'm going to repeat this which is you create the product first in your mind and then on a piece of paper as an idea and then you take it to your R&D folks or you go to whoever is creating it in the lab. From the lab it hits a test market because we never want to go and spend money unless it's been validated in a test market and finally reaches the end state which is the markets that it gets launched in. So what you need to do as a marketing person is to understand consumer behavior. I think that's the biggest pleasure of the job that I have had. Every Friday or every Friday and Saturday in my working career as a marketer I would be in consumer groups talking to young people, talking to jolly aunties like I told you or I did telecom for a while I was talking to business people and corporate professionals, whoever it might be and trying to understand their needs, their wants and their problems and typically they will not tell you this because you have a conversation with them. So what you really need to do is to learn the art of conversation the art of asking questions and when you ask questions trust me you will find the right answers. What we do with this consumer research is we decode insights. We learn insights and insights are very important. For example there are insights around the beauty category so I'll tell you a brand I worked on which is Lakme and the insight there was beautiful women stand in shorter queues that beautiful women are confident they get ahead in life there is this brand called Dao which is extremely powerful, iconic brand the world over and it says no beauty is about how you relate to yourself it's about inner beauty it's about real beauty in fact at one point of time and thought was beauty without artifice like I told you about Nike everybody is an athlete and everybody can go run as long as you have the mind and we give you the right kit for it which is what Nike stands for I love this one piece of work that Procter and Gamble was doing around the Olympics there were many brands that were talking about Olympians, they were talking about how they do the things that make the Olympians faster printing well, running longer distance stamina, strength, agility and PNG did this little campaign or not a little campaign but a large campaign around PNG moms it spoke about how none of these Olympians would have made it to where they were without their mothers if they were going for swimming at 5.30 in the morning their mothers were waking up at 4.30 and putting the snack and the lunch and the bag and the kit and everything together and not just that mothers would take these Olympians or future Olympians to the swimming pool sit with them, cajole them enthuse them, inspire them and comfort them when they actually got the silver of the prawns or didn't get a medal and so PNG celebrated moms so here I am trying to tell you that there are products which have features which are the hard things in life which you can say runs faster than 12 megapixel camera versus a 6 megapixel camera those are called features benefits are where they start touching our heart and touching our emotion so here is what it starts with consumers have functional needs they also have identity needs and then they have emotive needs so I'll tell you about the food category functional needs in food are to do with only two things does it do good for me, does it taste good those are the only two functional needs that food can serve any kind of food or snacking can serve I have done consumer work and I have heard this line repeated often which is in one of the metro cities of the country and this person was describing this is a homemaker she is describing her teenage son's behavior and she is saying when my son eats chips he stands in the balcony and eats chips he is showing off that he is eating chips and he is showing off the pack but when he is eating save bhuja he sits at home and does that because that's part of the identity that he wants to build it much rather be seen as a cool person than the person who is eating bhuja save at home so that's an identity I want to belong to that club big brands like Harley Davidson or more recently in India a brand called Royal Enfield or Bullet builds identity around motorbikers who travel together and see the Indian world together and say so those are identity needs the emotive needs are happiness, achievement getting ahead in life taking care of your children taking care of your family and brands participate in that also so the examples I gave you functional needs is a brand that I helped build at Britannia and it was purely about health it said that if you are diabetic and you are looking for a healthy snack here is a new choice so that was a functional need the identity need I tried explaining to you with product categories like chocolates or chips they all have an identity need and we all bend together the emotive needs in the same food space for example is procter and gamble or unilever the company serves the need of look good, feel good get more out of life that's the vision that the company has so you have to unpack all this from the why buy me that you have figured you need to write down the benefits and then write down the features to start with people buy for features tending to benefits and as brands take over from the proposition of why buy me then consumers don't break brands into features at all nobody tells you that good day has so much cash you and it has those smiley waves or it has butter they tell you good day is good day so that's what happens when products become brands so the point is to map the needs that consumers have with the brand image that you offer two words I want to leave behind with you which is relevance and differentiation you have to be relevant in consumers lives so Apple has to be good at iPhones have to be good at communication have to be good at data have to have batteries that last whatever else that consumers are looking for in a mobile phone so they have to be in the relevant space they also have to be in the differentiation space and find the one thing that they are differentiated on so Apple for example the iPhones differentiated on privacy or on security we make sure that your data is not available to other people that's what their differentiation is today so relevance you have to play in the market that you are and differentiation which is you have to stand out in the market that you are in so those are the two things that you need to look for when you design your product the next element of the marketing mix is price or pricing this is something that entrepreneurs take very seriously and I feel that perhaps large companies and some marketers in large companies tend to do it more by what happened in the past let me talk to you about the two dimensions of pricing one is cost plus and the other is value pricing cost plus simply means that I make try at 5 rupees a glass so I can sell it at anything more than 5 it can be 6 it can be 8 it can be 10 whatever it might be that's called cost plus very often entrepreneurs as well as marketers find it easy to work on the lower end of price so whether they are discounts or offers or their words like big billion day or everyday low price or a price match guarantee low price is something that a lot of people seem to be resonating with and I think that low cost is a good thing so everybody should strive to be a low cost manufacturer or a low cost service provider but everybody trying to be the lowest price in the market will never work I mean it's it's a mug's game it's never going to happen for me there are other side of the market this is a line I've picked from one of the fashion designers in India and whenever they are on Instagram they put out their clothes they show gorgeous looking clothes and the comment is always price on request price is not the dimension on which you will evaluate me and so I think that pricing is one dimension that marketers and entrepreneurs need to be very interested in do a lot of research before they will actually decide on price very often we price it at a level that consumers are happy and they'll buy but if we had done the research we can figure out that actually consumers would have paid us more money that we've actually charged from them so that's called the premium that we are missing or we are leaving on the table what brands do is ensure that there is a brand price trade off pricing is very integral with product pricing brand product are very intricately connected with each other so you can't have a product and not a price along with it my only advice to everybody who's listening if you can go up the price ladder what branding really does is create differentiation and builds a price premium again going back to the iPhone probably they sell 30% or 35% by volume or even less actually of the volume of mobile phones in the world but they make about 80% of the profits of the mobile phone industry which is built on pricing which is built on brand iPhone brand apple so you build a brand you build a price premium and therefore you make in the profits we've covered product and we have covered pricing and now coming to promotion which is advertising which is communication which is messaging all these are just alternate words for it as you can see at the bottom of the slide I have already said messaging equal to messaging which is like the rabbi in the Mahabharat and how our stories are told similarly you can tell stories I can tell you stories of brands I could go on and on about a brand called Cadbury and I'm going to use one of their recent pieces of communication to tell this story so when I was I don't remember I must have been in my teenage or almost 20 and they had this wonderful cricket ad they had this ad where men wearing white clothes were playing cricket and there was this really enthusiastic girl sitting in the stadium and you could see her getting disappointed or excited as the case may be this guy hits what looks like is going to be a catch or a six and so you can see her face and she's eating a Cadbury chocolate and her face collapses for a minute and then when it's a six she just so excited she runs into the stadium and hugs her boyfriend and they share a happy moment with a Cadbury so Cadbury was about a happy moment brought alive by this piece of communication 30 years later or thereabouts of 30 years later they remade the same ad what was the difference the girls were playing cricket and the boy was sitting in the audience so this was the time that the Indian cricket team the Indian girls cricket team was doing well I'd really follow them as much if not more than the men's cricket team and there were Shefali Verma and Harman Thikor and Mithali Raj and all of them playing and I mean not in this ad there was a girl who was on the crease and she hits a six and the boy runs on the field he has this Cadbury chocolate in his hand and they have a happy moment on the field if I showed you the two ads right next to each other you wouldn't know there was 30 years between them I'm telling you this story so you know there were 30 years between them both of them do is tell a story wonderfully powerfully which is happy moments or Cadbury moments so there are three parts to getting a piece of communication right the first thing you need to get right is attention do you, does the ad grab your attention okay and every ad can have different ways and an ad does not mean a television commercial and ad can also mean an email any piece of communication needs to catch your attention first so the header line in your email how you're advertising grabs attention whatever so the ABC is attention branding and communication in the Cadbury ads that I described it was the attention was grabbed because all of us were sitting tense whether it's going to be a six or is it going to be caught out okay that's how they grabbed our attention and the ending was this girl was eating this girl or this guy depending on which of the ads I'm talking about was eating up the Cadbury throughout the ad so that purple pack and believe me 30 years ago it was the same color of purple this purple pack they were eating and it was always in their hand so you knew it was an ad for a Cadbury chocolate and the communication all they wanted to say was happy moments equal to Cadbury's moments consumer will play it back to you may not say the same line that I have said will say it in their own words but they all play back or they play back happy moments Cadbury moments if you want to make someone happy give them a Cadbury in whatever words of their own so what I want you to think about from an advertising or promotion point of view promotion being communication not promotion like discounts promotion like communication or messaging all three words are important you have to grab their attention you have to make sure that your piece of communication whether it is an email whether it's a social media ad or a youtube 5 second or whatever is well branded so that people know what the brand was for many mobile phones suffer from not branding well and so you will know it's a mobile phone ad but you don't know which ad it was for and you don't remember it even if you know it at the time you see it so you need cues which are often called subliminal cues for people to know what the ad was really about the one leave behind message that I have for you on communication is about storytelling and in today's world of chat GPT you can try various options of how to tell the same story I'm sure there are courses available which tell you prompt engineering and so on but you will learn how to save the story to be able to get the best result and actually all of us know how to do it when we want something from our parents we really know whether to ask our father or to ask our mother which is the right person to ask should I ask by crying and demanding or should I ask by smiling and cajoling shall I ask eight times or shall I ask it once we know how to get what we want from our parents that is exactly what advertising does which is changes behavior you understand what is the insight what is the behavior you want to change and what form of storytelling will change that behavior that to me is the attention branding communication of promotion or advertising which is the third P of the four P's of the marketing mix promotion also has one more dimension other than the messaging or communication it has a dimension of media which is who are you beaming this advertising towards so you create an ad there are various ways in which you can show the ad I can show it in a bus shelter I can show it on a gas bill I can show it on an electricity bill I can show it behind a I can show it by writing it in the air I can show it on television on YouTube on Facebook on Google there are so many ways of showing your ads to consumers today's world you have to evaluate everything as if it will be seen on a small mobile phone in your hand so that is the most important thing which is to imagine the story or the creative you are showcasing as it would show on a phone the media dimension says who are you targeting who will you not target so it's equally important every brand thinks that they should be on cricket advertising when India is playing cricket but every cricket ad gets you mother father grandfather grandmother teenage girl teenage boy young boy young girl so you have to make your choices on who you want to speak to and who you don't want to speak to so cricket advertising is not for every brand because there is a lot of wastage so you have to be clear about who is the focus target segment how will you reach them at the lowest cost how will you reach them at the best effectiveness and the word effectiveness has many dimensions I'll stay with one for the moment which is sometimes you place your ads in the context in which you want to be seen so for example if there are brands that want to sell to students like you young students like you who are in the 15 to 23 kind of age group I show you ads when you were on a edtech platform studying there are two ways of looking at it you might see this as okay they are targeting me and I'm on a edtech platform maybe what I'm doing is not enough I need to do something more and therefore that ad is relevant for me if for example the really fun ad comes while you are studying it may distract you and it may not be the right thing for you to be doing at that time so that's the effectiveness context not only is about who you target and who are the least cost but what is the right frame of mind at which your customer is looking at an ad so the promotion part of the marketing mix has a creative element has a messaging element which I call storytelling and has a media element which is what is the channel you will use to reach your target segment in the most cost effective manner I will now cover the final element of the marketing mix which is called place it refers to sales and distribution place the place element of the marketing mix is designed as a part of the marketing mix it may be executed by a sales team it may be executed by a customer acquisition team or a CRM team but it's designed as part of the marketing mix very often it's designed as part of a business model itself here you have to think of not just the customer as a user but you have to think of the customer as a buyer so many brands are bought by young people as in the users are young people but the person who buys it for them is someone with the money someone who has a wallet which can bring out the money to buy so whether it's an electric vehicle or a two wheeler the the influencer could be a media person a celebrity the user is the 18 year old but the buyer is the parent so sales in distribution has to take care of both of these which is who's the user and who is the customer who's paying for the money who's paying the money for the product business models that I've shown you here are three types so there is a business to business business model there's a business to consumer or a business to customer business model and a third which is increasingly getting very popular in the digital age is the multi-sided platform business model very quickly let's talk about the second and the third first because they are more customer centric and perhaps a little more easy to relate to so there is B2C where the company sells to a retailer and the retailer sells to individual customer the retailer could be an online retailer or an offline retailer and this is how you are buying many of your products today so for example Nike is probably available on Amazon Nike would probably also be available at several shoe stores and you are the individual customer so this is called a B2C customer model we are also buying through the likes of Amazon which is a multi-sided platform and it has two types of customers that it serves it serves you and me which are buyers as customers it also serves the sellers so there are many homemakers in India who have found a route to have small businesses because of the likes of Amazon or Misho where they are able to showcase their products and find a market so whether it is Swiggy which is both people who want to eat with people who are cooking or the restaurants or it is Ola which is got riders on one side and it has got drivers on the other side these are called multi-sided platforms and typically a multi-sided platform has to enroll or enlist both types of customers they have to acquire the riders also and they have to acquire the drivers also B2B which is business to business typically somebody selling to a large company there are several examples of these they are for example selling a computer or selling servers or selling cloud based systems so those get sold through a sales person to a company or at times the government so these are business models B2B business to business B2G business to government B2C business to consumer and multi-sided platform all these are ways and means of doing business and referred to as business models and the element in the marketing mix is to design which kind of channels you will sell through which kind of sales people will you hire and how will you make sure that you reach your customer in the most effective manner all of you have been on this journey the customer journey I am just going to give you words and I know that you will be nodding when you are listening to this part of a customer's journey with a brand is awareness so what does awareness mean awareness means that you have become aware of the brand the brand has come into your mind space you are aware of it you are not aware of it before and today you are so I can give you many examples of brands that you are aware of but I think that's easiest for every individual to do it for themselves after awareness comes this dimension called consideration so there are many car brands that I am aware of Mercedes is something that I am very aware of but it's not a brand that I would probably buy it does not cater to my needs it is either too expensive or it is too flashy it does not cater to my needs and therefore it won't come into my consideration set right so awareness is a wider set it's like a funnel imagine awareness so any brand has many more people that are aware and the consideration gets smaller and the next set is called purchase which gets even narrower this is the customer journey you can imagine it like a funnel and then there are those that get satisfied and the last and most important group of customers are those that are loyal and really advocate your brand so think of it like you are buying something online right so you are looking to buy a watch say yeah and when you are looking to buy a watch you probably just say digital watch or whatever smartwatch or something you put into the search key and many things pop at you and then you click on a couple of them to go further those are the ones that come into your consideration set then you purchase maybe you purchase one of them and then you wear it for a while and you are satisfied with it and people who are your friends look at it and say hey that's a cool watch that looks good and it's doing all the work that you do and then you go back to that online site and you write a review for the product that is advocacy it means that you like it enough to tell another person to actually consider buying it ok so the journey of a customer with a brand or a product starts at awareness and then goes to consideration then purchase satisfaction and then loyalty or advocacy this is how you build brands and marketers at each step in the funnel will serve you different types of communication for awareness we call them thematic advertising so typically a long format a 30 second a 60 second television commercial is for awareness once you have been bitten by the awareness bug for consideration I will show you a testimonial ad I will show you an ad where I know that you have already come here I show you an ad that says Mr. so and so also bought this product and was happy with it and testimonial or a two line from that person which says how they were happy with this product that's for building consideration and that's how testimonials work purchase is when the transaction happens and then satisfaction is in usage and advocacy or loyalty in today's world is seen as reviews and ratings which all of us do it is for a restaurant or it is for a product sometimes Google is asking you to put in reviews and ratings all the time right so this is how brands get actioned and literally one of my final slides is about everything that gets actioned needs to get measured and there is this common view that brands are airy-fairy brands are soft what they do we don't always know how to measure and that's not true marketing and branding is a science and everything can be measured for so we start at the bottom which is the start of the journey I explain to you awareness or brand measures for presence presence or awareness how many people how many people know about my brand so this looks like a 80% awareness kind of box let's say relevance relevance is about whether the brand appeals to its customers or not so if 80% are aware of you what percentage of those does it cater to what percentage of those does the brand appeal to and like I said earlier it is about two things one is about price one could be very low price so it doesn't cater one could be very high price so it doesn't cater or it is something just I am not interested in so that's what relevance is about then brands measure for acceptable performance within the brands which are relevant is my brand acceptable is it acceptable does it meet the need is it functionally delivering or not then it has to be of advantage which means that it is delivering the need to the customer better than other brands that is the most important thing at an advantage stage is it better the ultimate brands are those which customers are convinced about customers have a relationship with which customers are bonded to which customers are loyal to so this is a very commonly used brand crack and have written the source which is millward brown which is it measures for what percentage of your audiences are aware of you how many of them do you cater to how many of them their needs you meet well and how do you meet better than other brands and how many customers are bonded to your product this is what branding is all about and what it results in is this which is brands of such value and valuation please read the top line it is very important brands first create value they create value in customers lives and therefore they create valuation for themselves this 300 billion US dollar is not the company apples valuation this is the brand apples valuation the company apple is close to a trillion which is 1000 billion but the brands also get measured imagine if they were to sell the company they would if they were to sell only the brand they would get this much money for it Coca-Cola is worth about 90 billion the company is worth more than this Tata the company is worth much more than this and because it's not such a global operation it's valued the brand is valued at about 25 billion so what I want to teach you in this class is that the role that you can play as a marketer or the role that business people need to look at is how do they build brands how do they create differentiated brands that satisfy their customers and build loyalty and thereby build sustained profitable growth the money making machine that I started with so iconic brands differentiated brands are money making machines which we keep need to add to by experiences and when those experiences satisfy customers they result in these kind of numbers that you see up here on the screen just to recap these were the things that I tried to talk about in my session today the session was called building brands and creating value the first two questions that I tried that I told you that marketers need to answer are who am I why by me the first one is branding and the second one is proposition then I taught you the four piece of marketing or the four piece of the marketing mix which are product, price, promotion and please and I want to leave behind the thought that what brands do is create value for their customers and thereby they create valuation for the companies that they are a part of hope you had a good time happy to take questions from you on a chat or in whatever form thank you