Premiumisation: From being a trend to being a trend setter
Changing lifestyles have created the need for premiumisation for brands. Across sectors, be it food, retail, education or beverages, brands have carved a niche for themselves and begun premiumisation. The trend that started in 2016 is now on full swing. We tell you how international markets have also influenced the trend of premiumisation and how Indian brands are changing with it.
Leading name in footwear, Bata is also working towards moving to premiumisation as per customers demand. Other brands across sectors have also changed their styles, looks etc as per customer needs. On being asked his thoughts on premiumisation by brands, Rajeev Bhatia, Vice President- Marketing, Relaxo tells us: ‘We have already divided our product offerings into various brands that cater to specific set of consumers. Sparx is at the higher end of our portfolio offerings. Bahamas is a little lower in range. While we are moving up the premium level but we are more catering to the value for money of the consumer.’
How premiumisation is working for today’s brands:
- Creates an image: Changing products as per consumer demands surely creates a better image for the brand. This is the new future for the brands in India.
- Creating a new brand in itself: Most brands who wish to do something different but are not able to move ahead, premiumisation is the best thing to do. A brand can recreate itself and portray as a complete newbie in the market.
- Make new customers: premiumisation also helps brands make new patrons. Along with the old fans, brands can target the newones too with better changed designs and styles.
- Brining exclusivity: Brands can also bring in uniqueness in its products with adopting premiumisation. This can surely build great future for them.
On premiumisation, Rajeev Kapur, Managing Director, Steelbird Group shares with us: ‘We are coming up with our dream project Motoziel, top international biking accessories will be under one roof. First biking hub is planned in Gurgaon and more will come on franchise model. We have helmets that are technology based too. So, upgradation and premiumisation is surely the future.’
Talking of the healthcare arena, Apollo Hospitals has also gone a step ahead for its customers. To give better services, the brand has made premium lounges and counters to deal with premium clientele. Buyers will always search for better and affordable fashion and products with luxury and franchisees will always find out a way to offer better and then the best to the clients. Premiumisation is an excellent way forward for brands to make their buyer feel special. If brands can really develop such products that are not just value for money for the buyer and also leaves with them a mark of luxury, nothing can beat them. Premiumisation is actually taking the brands to a new level and new future. It’s the way to show that brands are ready to go far beyond customer’s expectations.