Once upon a time, in a prosperous village in the Far East, lived a dragon. The villagers hired the dragon to guard their treasure that was stored in the mouth of a cave. Each day, the villagers would come, access their treasure in the cave and treat the dragon to helpings of food. It was a win-win for everyone. But one fine morning, the villagers discovered that the dragon had grown beyond proportions and was stuck in the cave. All their treasure was lost, forever. Today in the 21st century, caves have evolved to more formal establishments such as banks, and dragons, to financial technology. But has the core issue of access been resolved? Read on to learn how an evolved brand is solving this problem.
This is a story of ambition. But more importantly this is a story of a vision. A relentless vision that took birth with one lakh rupees and forty years later has grown to become a household name in India with multiple product categories and an annual turnover of INR 21.5 billion. Founded in 1977, V-Guard has come a long way from a small manufacturing unit of voltage stabilizers to become a brand that offers a wide range of innovative electronic goods.
By Lulu Raghavan
Branding has not fundamentally changed in the age of social networks. Social media is just another channel, although a critical one now, that has to be mastered and perfected as a medium if brands are to thrive in this uber connected world that we live in.
A brand still needs to stand for a singular compelling idea that is both meaningful to its target audience and different from its competitors. A brand still needs to have consistency in presentation and experience across different touch points of the brand. And it still takes years to build a brand’s reputation but just one mistake to tarnish it. These basic tenets of what a brand stands for and how they work have not changed.
ICICI Bank wanted to grow its business within India’s fast-emerging affluent consumers, but felt limited by the bank’s nonexclusive image. So when it decided to launch credit card collections that catered to this market’s desires, it wanted cards that truly stood out. Cards that would mirror India’s growing status and lifestyle choices. Cards that people would be proud to carry and flaunt.