It’s brand narratives that hook young consumers to buy, say new-age founders
Femtech start-up Sirona’s co-founder-angel investor Deep Bajaj feels people buy brands for the promises they communicate, and start-ups that can’t advertise at mass scale can share their stories with the new generation.
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NEW DELHI: Many young consumers are preferring to base their buying decisions on brand narratives first and products second, according to new-age brand founders.
In the age of sustainability and brand connect, founders of D2C and new-age companies feel their stories convince consumers for repeat purchases, but others feel it is the product which convinces the consumer, because it solves a problem for them.
Shark tank fame oral care brand Perfora’s founder Jatan Bawa said people buy into the narrative of a young brand which is challenging the status quo and engaging with customers via podcasts or talks, unlike legacy brands whose founders or brand building story are not well-known. “People 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.”
Femtech start-up Sirona’s co-founder-angel investor Deep Bajaj feels people buy brands for the promises they communicate, and start-ups that can’t advertise at mass scale can share their stories with the new 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 start-ups 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 brands are able to build on this ‘we genuinely care beyond just the product’ narrative through paying attention to packaging, ingredients, mode of communication and personalisation, he added.
Sleepy Owl Coffee co-founder Arman Sood differs when he says people don’t buy a brand for its stories. “People purchase products because the product solves problems for them.”
He, however, said the customer will go for the story when there are multiple products to solve a problem.
Vahdam India founder-CEO Bala Sarda also feels the product must take centre stage, especially in times when consumers are aware of the factors around product development, especially as they are increasingly conscious of product sourcing, ethics, ingredients, and environmental impact.
Over the past decade, India’s entrepreneurial ecosystem has seen remarkable transformation, and today it is the third largest in the world, with over 1,00,000 start-ups and 108 unicorns.
