What according to you makes a brand `hot’?
A hot brand is one that has a strong connect with customers, so much so that customers themselves become advocates for the brand. In addition, brands that stay hot over a sustained period of time are ones that constantly innovate on all fronts, work hard to earn the trust of customers and consistently exceed customer expectations.
A `hot’ brand within a few hours can become `not so hot’, a case in point being Nestle’s Maggi. What are your tips for brand owners to help them keep their brand hot?
For sustained success as a brand, it is important to be authentic with customers. This means that if and when mistakes occur, companies should first acknowledge them and work hard to fix them. They also tell customers what went wrong and what they are doing to fix it. Customers do give the benefit of the doubt to brands that are responsive, but brands need to be honest and transparent in order to earn that trust.
In case when a hot brand is mired in a controversy, what is your suggestion for brand owners to cope with such a situation- lie low or take the bull by its horns?
The best thing to do is to communicate quickly and as directly and clearly with customers as possible.
What makes Bangalore a unique brand?
The amazing diversity of people and weather to die for.
Profile: Vipul Parekh is the Co-Founder, Chief Marketing Officer and Chief Financial Officer at BigBasket, India’s largest online supermarket.
He is a successful entrepreneur, having been involved in setting up two successful businesses: one in retail and the other in online commerce with investments from top tier VC firms. In addition, he has considerable angel and PE investing experience across sectors and experience in working with and building up investee companies.
He received his postgraduate degree in management from the Indian Institute of Management Bangalore.