Summary
Bridge the gap by leveraging the fact that high intensity performance was the currency of this generation. In a performative world, it is performance raised to the power of time. It is ENDURANCE.
Challenge
In the electronics category, many new generation brands have entered with innovations, attractive designs & relatable narratives, which are eating into Bajaj's market share. Relegating Bajaj to the bottom of stack when it comes to brand recall with lowered brand power, impacting sales. Benchmark was to be amongst the top three players across product categories.
Objective
There is a mismatch between Bajaj value offerings & needs of new India. It's perceived as ‘an old' brand.
Strategy
India is changing its ways of life. Technology has revolutionized our way of living. Indian appliances and consumer electronics industry stood at US$ 9.84 billion in 2021, and is expected to more than double to reach Rs.1.48 lakh crore (US$ 21.18 billion) by 2025. [1] (Source: Brand Equity Data) This ever-evolving lucrative market has attracted many young players which are challenging legacy brands such as ours. Bajaj had built an image of a value for money, sturdy products company. Bajaj faced a series of insurmountable odds: 1. Low Brand Love Bajaj's consumer perception lacked relevance. Bajaj was not anchored on one strong consistent or functional equity. It is primarily associated with 'legacy and trust', which while important, didn't address a strong consumer-relevant need of the audiences. 2.Sandwiched between monoliths and aggressive competitors: Bajaj was sandwiched between 2 distinct categories of competition. Pressure from established players like Philips, Havells and innovative newcomers like Atomberg, Wonderchef were eating into our market share. 3. Sea of sameness There was no differentiation between us or the competition. Bajaj represented the old world of electronics due to which it had low brand relevance with our decision makers. We needed a strong differentiator that addressed a clear consumer need, to connect with our core audience. Too many brands, too many offerings, little to differentiate them. As a result, the consumer pays for a feature. This will continue, however there will be a clear calling card for BEL as a durable brand; which has been identified as a key purchase driver in research by the consumer
Data
We had to align ourselves with the shift in consumer's mindset. Post-liberal generation has only witnessed abundance, demand more from their lives. Their spirit of never giving up inspired us to do the same. THE INSIGHT: In an achievement-oriented world, it is all about performance raised to the power of time. It is about ENDURANCE. This translated to the proposition of durability which equally connected back to enabling the modern aspirations of today's Indians. In recognition of the fact that millennials favor brands that resonate with their personal beliefs. Hence: "Millennials are resilient to life's everyday challenges and expect their appliances to endure the same hustle."
Solution
Results
Bajaj's Built for Life campaign has produced impressive results that have had a significant impact on its marketing and business performance. Analysis conducted after the campaign showed a noteworthy 10% rise in sales of domestic appliances, indicating the campaign's success in piquing consumers' interest and willingness to buy. The increase in revenue is indicative of Bajaj's market appeal. The campaign's performance is further confirmed by marketing stats. According to a survey, 42% of participants now think Bajaj appliances are long-lasting, and 41% think they are durable. These figures demonstrate the brand's solid reputation for dependability and quality, which are essential attributes in the competitive appliance industry. Additionally, brand consideration increased by an astounding 18% nationwide, demonstrating the campaign's capacity to connect and engage a wider audience. This measure highlights the campaign's success and shows that more prospective buyers are inclined to think about Bajaj as their brand of choice. Most remarkably, Bajaj is currently in the lead with over-indexes in every brand equity pillar, with brand salience being particularly high post-campaign. This accomplishment enhances Bajaj's standing as a leader in the competitive appliances market and strengthens its position as the industry leader.
