 Good afternoon, everybody, and thank you for having me here. It's always a bit of a challenge speaking after two people who have built and grown such iconic brands. But I think I again reiterate that it is a very appropriate topic because demystifying brands, because brands are actually magical things. If you do it right, there is an alchemy to it. And the two gentlemen, Dr. Ravi Kanth and Abhishek before me, have proven to us how magical they can be if you do it right. I have a confession to make. I mean, I knew that Ravi and Abhishek were before me, and they would have a lot of experience to share. And I was very tempted to actually do my whole presentation around what has made brand Modi. But then I thought it might get me into trouble. So I've actually looked at all the work that we have done for various brands. And I will show you actually that the two gentlemen before me, whether they know it or not, have followed all the rules of the game. The first thing to remember about building a brand is that consumers are people, and they don't wake up every morning thinking about brands. They wake up in the morning thinking about what to put in their children's Tiffin box, or what their boss's going to be in. They wake up thinking about sometimes who they're going to vote for that day, or will the maid come on time. They don't wake up thinking about should I drink Pepsi or Coke. But brands have to wake up every morning thinking about consumers. Actually, they have to wake up every morning thinking about people. Because consumers are people, and all consumption is in a context. It's not isolated of anything. And that's even more true today, when technology has fundamentally changed consumer behavior. And the origin of that, as we all know, is the mobile phone, the internet, and more specifically the mobile phone, which has empowered consumers in ways that we never suspected would ever happen. The mobile phone today is their digital companion. It's a map. It's a calendar. It's their digital diary. It's their library. It's everything. And they practically live on their mobile phone. And this is not new news. But what it has done is it has actually had many other ramifications that brands need to recognize. One is that the mobile phone is actually digital, is a social equalizer. There is no one. No one is actually behaving the way marketers think that they should behave. Nobody ages anymore. Everybody has similar aspirations, because they have similar exposure to similar things. And so social class is actually disappearing, as we have also seen in the recent election. Social equality is happening. The other thing that is happening is that it's all about me now. It's about me and my interests and my niche target segments. You'd be surprised at the kinds of WhatsApp groups that exist nowadays. There is something called the Rajput Samaj of Karnataka, is a group and a newspaper. We know that there are people coming together as common interests of the Royal Enfield, for instance, is a great example of how a brand has managed to tap into that niche and tribal mentality. And there is also the need to showcase, which is becoming very heightened now. TikTok is the, I'm sure all of you have heard of TikTok, is the prime example of that. In fact, yesterday, or a couple of days back, I was in a lift and I had these two young girls in the lift. And one of them was saying to the other, aaj ka TikTok video banadia. She said, maane to kali banadia tha, main ready thi. OK, so that's the level of, I mean, that's the level of what should I say, involvement with TikTok. The other thing that is happening is that trust has become a very valuable asset. It is, there is a genuine deficit of trust. Large corporations are not trusted any longer by consumers. They trust themselves and they trust their peer group. So which is why the mobile phone is used to check, it's actually their finder. It is, they find information, they check it, they ask each other. Showrooming is a very common phenomenon now where you go to a showroom but you check stuff online or vice versa. And there are meta-search engines, there are meta-search engines for meta-search engines as well. So that's their source of information, no longer the manufacturer. And consumers today are buying not just benefits but products and this is something that both Ravi and Abhishek spoke to us about, which is, you know, Indigo is not just about flying, it's about flying on time. Fab India is not just about buying a kurta but actually helping you empower people who make those kurtas. And there is a great, you know, there is great affinity with brands that recognize this. I promised one of my team members, I would say this, I don't think that that should have plastic bottles in their conferences because sustainability itself is a huge benefit now for consumers. Which brings me to the next point of taking a stance. Consumers appreciate, consumer value brands that take a stance. If they are social activists, if they take a break taboos, if they do any of that, today's consumer appreciates that and finds great value in it. And also the there as, you know, I think that diagram that Ravi showed us was about this, that brands are searching that the interaction is both online and online and there are multiple touch points and every interaction influences the other. So which is why, you know, online retailers are setting up brick and mortar and vice versa. So in this context, given this background, what is happening is that all of this is impacting consumer loyalty. This is data from a study that we run called TGI, which is actually showing that both brand loyalty and personal loyalty are dipping. So it's, I don't, you know, my family is no longer the most important thing and my friends are more important. And once I find, once I use a brand, I tend to stick to it is dropping, which means that what consumers are saying is that they're becoming far more experimentative, they're becoming far less loyal. So in this environment where one is growth is coming, is becoming harder and harder to get and consumers are becoming less loyal, how does a brand grow? How does a brand grow in this polygamus environment? So there is one school of thought and which says that penetration is king. And this is not, this is not a new thinking. This is thinking which was popularized about 50 years back, which says that penetration is king because small brands, penetration really means more people using your brands, versus loyalty, which is the same people using your brands more often. Why is it on a slippery slope and why is it called double jeopardy is something that has been in the last 10 years popularized by Byron Sharp, who's written a book called How Brands Grow. And this basically says that if you're a small brand, you have, you run two risks. One is that there are fewer people using you and then the people who use you don't use you enough. So the route to growth is actually to just get more people to use you. But the problem with that is that every year and this is, sorry, why is this, sorry. That penetration is actually a leaky bucket because every year, and this is data that we have from all the work that we've done, it says that you will actually lose half your customers every year. FMCG brands, 50% of them lose 50% of their consumers every year. So the way to, but you get new customers, so you kind of balance each other out but that doesn't lead to growth. So you have, in a sense, what you have to do is to tip the scales. You have to find a way by which you can outrun yourself by getting in more people or getting more people to use you or getting them to use you more often than them leaving you or leaving you. So we've, there are different paths to growth. This is data from our household panel, which we run in 36 countries and some 86 categories and it's over one billion purchases. What we did was we took 26% of all these brands, our brands that actually grew, even if it was only by about 0.5% and we looked at how they grew. And what we found was that only 10% grew by frequency or loyalty. 30% or so grew by improved penetration but 60% grew by improving both penetration and frequency, which means in a nutshell it means that you have to get more people in and you have to get them to use you more for a brand to grow. How do you do that? And the other complication in a sense is that it varies, the importance of loyalty versus penetration varies depending on the category you are. So if you're a habit category like coffee, it is likely to be penetration that will help you grow. If you are spirits or liquor, it is you will do better by trying to grow frequency. Also, brand size makes a difference. Smaller brands, I mean it's kind of intuitive and it's a bit of a motherhood. Smaller brands grow by getting new buyers in whereas larger brands have to get their existing buyers to buy more. And the source of new users also varies, meaning that if you are a large brand, you have to go outside and get new users but if you're a small brand you grow from competition. So if you were to put all these findings that we have from all the large big data that Canta has, is there a framework that we can use to help guide us in how do we make our brands grow? That's why we said that you have to look at both penetration and loyalty and one size fits all marketing does not work. It depends on the size of your brand and the category you're in. So if you were to put this together in a simple two by two matrix, this is what it looks like and these are the guidelines that our big data in a sense offers. Let's look at each of them and see, look at brands that have managed to do, do play by the rules in a sense without even knowing that they were playing by the rules. The first one is if you are a big brand in a category that is habitual, you would do well to actually expand the category which means leverage your size. There could be disruptors, competitive disruptors, you must head those off. You must maintain your brand meaning and relevance and you must invade adjacencies, meaning grow if in your category there is less headroom for growth, grow outside your category and a brand that has done this exceedingly well is Cadbury's, which has taken on traditional sweet gifting occasions. It actually moved from children to adult, from sweet gifting to all occasions, to festivals. It also I think did, one is occasions it looked at indulgent self-consumption, individual consumption versus group and family kind of consumption. And we know that it's done it successfully. The other one is redefine your category which really is if you're a big brand and in an infrequent category, drive salience which is always be salient, always be present, target category rejectors and create new use educations. And I don't think Ravi is here yet, but Tanishk is a great example of that because it moved from jewelry buying from neighborhood jeweler to trust in a brand, premiumized the category and brought in far more modern attitudes to jewelry buying. And in fact, Ravi was telling us earlier today that Nirav Modi has, the Nirav Modi sagas actually helped them and they've grown even further after all those, after the Nirav Modi saga because there is now trust in the brand. I mean the brand is the way of looking at, of communicating trust. If you're a brand which is in a habitual, a small brand in a habitual category, then you're looking at actually driving differentiation, looking at a challenger brand strategy and disrupting habits. And a good example of this is Beera which has done exactly that. It's crafty, it's quirky, it's very contemporary and it's created and driven differentiation. It's just changed the rules of the game in many way. And finally, if you're a small brand in an infrequent category, you actually have to create need or create that desire and start small, stay focused and drive differentiation. Example of this, I think everybody knows this which is a category didn't actually exist, the need existed and it has actually changed the fortunes of Sare Gama in the way that they have done Karwa. So those are some of the guidelines but if you look at everything that the two people before me said and all the examples that I've given, differentiation is essential for growth that's like hygiene but in today's world, the real winners don't think only about differentiation, they think about disruption and if you look at all the successes that have happened in the recent past, it has been about disruption. Disruption can happen in any part of the value change. It can be functional disruption, it can be emotional disruption, it can be disruption in value. And here are some examples of brands that have done that but I'll go back to what I started with and leave you with the thought that think about brand Modi and what did he do? Which elements of these marketing principles did he use to actually disrupt the Indian voter? Thank you.