New Age Brand Founders Reveal Young Consumers Stick To Brand Stories
- Business Startup
Nitin Kapur- 0
- 7 minutes read
New age brand founders say that many young consumers are choosing to buy based on brand stories first and products second. In the era of sustainability and brand connection, D2C founders and new-age company founders say that their stories convince consumers to buy again and again, but others say that it’s the product that convinces the consumer because it solves their problem.
Jatan Bawa, the founder of Perfora, an oral care brand of Shark Tank fame, noted that consumers are more likely to believe in the story of a young brand that is pushing the boundaries of the industry, as opposed to legacy Indian brands whose founders are not well-known or whose brand building story is less well-known.
"The consumers of today buy into brand narrative first and product second, because they're looking for transparency, and to resonate with the story of brands that they can be part of. With legacy brands the problem is that you don't know who started them. But most people who are consumers of young brands know the founder and their story, because the founders are also out there engaging with the customers through a podcast or a talk. People buy into that narrative that I want to support a young brand trying to challenge the status quo in a large market with a product that's fundamentally better than what exists."
Founder and co-founder of Sirona, a pioneering female tech startup, and angel investor, Deep Bajaj believes that consumers buy brands based on the promises they make, and startups that cannot afford large-scale advertising can tell their stories to the next generation.
“Everyone loves stories. People buy brands for the promises they make through their communication. Brands earlier used to earn customers by using advertising at mass scale, for startups this isn't a possibility but they can now share their story with millennials or digital consumers, who love being taken care of."
New age brand groups build on this ‘we really care about more than just the product’ narrative by paying attention to things like packaging, ingredients, communication channels and personalization, he noted.
Arman Sood, co-founder of Sleepy Owl Coffee said,
"People don't necessarily purchase a brand for their stories. People purchase products because the product solves problems for them."
He did say, however, that the customer will fall in love with the story if there are multiple solutions to the problem. Sood said,
"Customers realize over time that there are multiple products that can solve the problem, but why stick to one product over another is where the story and the brand comes in".
Bala Sarda, Founder and CEO, VAHDAM India also believes that the product needs to be at the top of the agenda, especially at a time when consumers are becoming more aware of the issues surrounding product development.
He also added,
"In an era where consumers are increasingly conscious of product sourcing, ethics, ingredients, and environmental impact, the product itself must take center stage to sustain meaningful conversations".
India’s business landscape has changed a lot in the last decade. Today, India has the 3rd largest startup ecosystem in the world with more than 1 lakh startups and 108 unicorn companies.
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