What is a brand community?

A brand community is where people prioritize establishing an emotional connection with the brand, consuming its content, and sharing products/services with others. In other words, they love seeing what their favourite brand has to offer. Communities are key to brand loyalty, awareness, and overall success.

What makes a good brand community?

When businesses can create a sense of community among their customers and around their products or services, they will have the upper hand in the long run. Individual consumers will become brand advocates, and loyal customers will feel even more connected to your products/services.
A brand needs a community to increase brand awareness, understand customers, improve outcomes and build brand loyalty. This is a successful trend, especially in tech companies.
A brand community can be understood by the following characterization:

Personalization

The most successful brand today knows the power of personalization can change your marketing game. By adding an AI-driven layer of personalization, each customer will have their needs met consistently- that means more loyal customers are on the way. It also helps in retention.
Over the past few years, personalization has played a major role in shaping brand communities through social commerce. A company like Starbucks is the best example of this. It creates a personalized shopping experience for its customers by writing their names on the drink offered and also has offers for loyal members.

Engagement & Collaboration

Successful online communities don’t just help you sail through marketing campaigns-they offer good space for customers to connect and find a solution in real-time. Many brands are hopping on this trend of building customer engagement platforms- but few are diving deep into it and understanding it better. If you can create a two-way engagement community, then loyalty will follow without a doubt.
The internet is full of a blank walls. And due to these customers being left unanswered about their most important questions and sometimes redirected for hours, as we get most of the time on customer care calls with teleoperators. It’s a defiantly frustrating ordeal!
As much as it’s important to ask a question in the community, allowing customers to pitch in and present their ideas sometimes can also be beneficial for a brand. This is the case with LEGO and its collaboration efforts. Once this company was on the verge to file bankruptcy, and today it’s one of the best examples of building a huge brand community. Members could submit new concepts, vote on them, and choose ideas to receive their share of royalties.
These types of exchanges allow the company to grow incredibly and gain a loyal customer base. This is also a direct contact between the brand and the user.

Key benefits of building a brand community

One of the best things about being an entrepreneur and having a community is you will have complete control over what content and visual identity is presented in front of the public. Below are some of the benefits:

Customer retention increases

Promoting and growing your brand community through apps is a great way to ensure it will be used for a longer period. When your community is happy about what they experience, they will bring more members into the group- this makes retention easier and cheaper as there is less acquisition cost.
Brands can retain customers by adding engaging features to their platforms like Live chat and streaming. As you are using customer data to find out more about their needs and sell accordingly, better provide the best experience. If you have built trust with them, you will not need much convincing to sell your newly launched product.

Creating brand advocates

It’s hard to get the word out right in public about your company. But your loyal army can do that for you. The online community of followers who are ready to give you reviews and positive feedback will spread the word too. This is why it’s important to transform your brand community into your advocates.
If user-based content is increased that will automatically uplift your brand value and increase sales. Your fans are the most valuable assets you have. Your brand advocates create authentic content that reduces the risk of distrust as it’s real people giving feedback- which means having them on your side is building loyalty with others.
Starbucks is the best example of having a good brand community and creating a success story. Starbucks’ online community is a valuable brand advocate. Because Starbucks allows them to share their ideas and experience on the Starbucks blog and even earn money for their contribution. Starbucks always give prompt reply to their customers online, this enhances engagement and brand loyalty.

Better customer experience

The best way to meet expectations is to know what your customers want, and you can easily know this by collecting customer data and getting feedback through surveys or online communities. Use the data collected in improving their experience with the brand and improve future interactions.
Apple is the best example of this, has always cared deeply about its customers, Apple’s support community is a space for feedback, support, and knowledge sharing. This in turn fuels the engagement among its active fan base. You as a company should make it easier than ever for a better customer experience.

Less dependency on ads

How did you make a recent purchase from your favourite brand? Was it when it was on sale or did you come across an ad? Most likely you purchased it because you have an emotional connection with that particular brand and if we need something we always go back to that same brand without seeing ads.
When you establish a strong brand community, it will automatically draw people towards the brand without putting ads in front of their faces. It is more of an emotional connection.
A proven study shows that User- Generator Content impacts the purchasing power of people. Hence, a brand community leverages this business strategy, and users are more likely to trust the brand as a whole.

Naturally, brand communities are no longer a buzzword but something for all marketers to consider beyond just a tactical drive to sell.

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These experts will share their insight on what kind of budget we can expect, what government should take care of, how the budget can impact a business, individual, student, working-class and everyone. They will be discussing on what are the key focuses of this year’s budget, how will it help the economy which is suffering from the pandemic and, how will the budget strengthen the economy.

Ankita Riva, Co-founder & COO, Zymrat

Zymrat is a D2C performance wear brand, based out of Bangalore, India, with some of the world’s most innovative products, and we are set to have one of our best years in 2022 in terms of growth. To make products which compete with brands at global level, our supply chain touch points are spread across 4 countries including India. I am hoping that for young and growing start-ups like ours, Govt brings incentives and relaxations on custom duties. Global supply chain and global transport has been hit due to the pandemic in the last 2 years, and it is already adding to the cost of manufacturing significantly and continues to add. There is a 35-40% duty that Govt levies on top of that. While this is a great idea for promoting the Make in India initiative, for certain high-end products we still have to get technology, raw materials and goods from outside. In such times a duty waiver for start-ups which are working on cutting edge technology from across the world would be a boon for all businesses. This can be limited to companies under certain annual turnover, but it is a need of the hour.

Pradeep Krishnakumar, Co-Founder and COO, Zouk

The last two years have been a roller coaster for businesses – small and large, owing to the Covid situation. Online has been a blessing in this situation – both for consumers and for business owners. In the past, online retail has faced a lot of backlashes from physical retail owners. This year I hope that all retailers adopt online as a new way of selling instead of seeing it as competition. In this regard, I am hoping the budget focuses on policies that will recognize online retail more. Personally, I await more clarity on the new eCommerce policy, that will help in this regard. And, India is a hub for handmade skilled products, across textiles, bags, footwear etc. This space overall has taken a big hit due to Covid. I hope some relief packages are offered in this budget for the sector. In terms of business and economic outlook in 2022, our government has done a phenomenal job in delivering over 100 crore vaccines. With newer variants of Covid coming, vaccination seems to be the only way economies will operate normally. Therefore, I see 2022 as the year of the resurgence in retail activity. I expect sectors like travel, hospitality to bounce back strongly. That will result in lifestyle brands like us, who sell bags, wallets and travel accessories currently getting a big boost. 2022 will set the foundation for the coming years in terms of GDP growth and I see India going back to becoming one of the fastest-growing and most exciting markets globally.

Disha Singh, Founder and CEO, Zouk

Our honorable Prime Minister kickstarted a movement last year for an Atmanirbhar Bharat. As a Proudly Indian brand, we felt great when the same message came from him. We also saw a lot of support from consumers for Vocal for Local brands like us at Zouk. I expect some budgetary boost and subsidy for brands taking Proudly Indian brands to a global market. The recent rollback of the GST rates for the textile sector was the right move. I think the government really understood the concerns of the sector and it showed great maturity in making quick amends. I am sure the government now understands the issues of the sector better and will act to help the sector further. In 2022, we will see us coming out of the shadows of CoVid and living life freely despite the pandemic. This will have a tremendously positive impact on the economy. I expect higher GDP growth rates and we will build the base to move towards consistent double-digit GDP growth rates in the coming years.

Nowshad Rizwanullah, Co-Founder & CEO at MissMalini Entertainment Pvt. Ltd

One of the few bright spots in the last two years has been the thriving startup sector, both in India and around the world. Historic levels of funding, innovation, employment and wealth creation put into sharp relief the benefits of entrepreneurship-friendly policies, whether through tax and financial incentives or the development of critical infrastructure. As digital becomes the dominant medium, policies that facilitate the rapid rollout and adoption of technologies like 5G and improved broadband penetration would be welcome. Continuing relief from the impact of COVID on both employers and employees would also help support economic recovery.

Ms. Sonali Khan, Managing Director- Sesame Workshop India

Last year, to address the Covid 19 exigencies, the education budget was reduced however, today when the country is better prepared to address the pandemic, it’s critical that we increase the allocation to the education budget and find out a way to reduce the increased inequity in access of education. While the RTE act provides free and compulsory education to children of 6 to 14 years of age, given the considerable loss of incomes of a sizable population, it would further be best to ensure the educational and health needs of children by lowering the age from 6 to 3. Aligned with Nipun Bharat, this could be the first step to initiate the ECD mission for the country.

Hamish Patel, Chief Product Officer, World of Play

On the supply side, a much-needed relief would be to waive customs duty on the import of electronic components. This will provide a boost to a growing electronics manufacturing sector and relieve stress that has built up over the last 18 months. It is important that we see a reduction in GST rates, given the component shortages we have seen the price of electronics skyrocketing. Lowering GST will make products affordable and give a boost to the electronics industry. A progressive take by the government would be to see the government providing incentives to companies with spends on research and development

Aakrit Vaish, Co-Founder & CEO, Haptik

Due to the increased push toward digitalization, the usage of AI across industries has increased remarkably. While the previous two budgets had recognized the importance of technology in shaping the new India, we now anticipate opportunities and significant government efforts to locate India as one of the world’s preferred AI attractions this year. Considering this, we hope this time too the finance minister will put special emphasis on AI and technology for future ready solutions. We at Haptik.ai are optimistic about the center’s vision for a digital strong Bharat and are looking forward to favorable measures that will boost the tech ecosystem in India.

Jesal Doshi, Deputy CEO, B Medical Systems

One of the expectations is for increased allocation in the healthcare sector – across the entire infrastructure, specifically for immunization. COVID-19 is far from over and it is vital that the country is well prepared to fight the pandemic and any future pandemics, and a reliable medical cold chain is critical for the success of any immunization program. We believe that creating a sub-industry for medical cold chain and separating it from commercial refrigeration, along with reduced GST rates could further boost the sector. The government should reduce import duties on critical components that are essential for manufacturing reliable medical cold chain units. This, along with production-linked incentives will help improve the country’s ability to access world-class medical cold chain products and also improve India’s export competitiveness in this industry.

Rajat Bansal, Founder & CEO, Proquo

India is becoming the hub of the start-ups and the ecosystem of Investors and founders is evolving quite well. With the investment cycle coming of age, lots of investors and founders are seeking exit and thus situations of Long-Term Capital gains are arising. To give some relaxation to the investors, the government had introduced Section 54 EE in The Income Tax Act couple of years back which says that an assessee can save LTCG by investing the amount in these funds up to INR 50 Lacs. The challenge is that the government has never introduced any instruments under the section where the investment can be done.

The government has a considerably huge focus on real estate and Infrastructure and still a basic commodity like Cement attracts the highest slab of GST at 28% which makes both housing and infrastructure considerably expensive as this is the basic base material that is used in the construction. It would be really great if the government can rationalize the same and bring it to 18% slab.

Shrishti Bhandari, Executive Director, Mangalam Information Technologies Pvt. Ltd. On Women Empowerment through budgeting in India story 

Women empowerment is an ongoing process and not a one-off initiative. The Union Budget lays down the roadmap for the entire fiscal year. It is crucial to increase allocation to women-related schemes. Moreover, the government should take steps to ensure the creation of more job opportunities for women. Hence, the Budget should prioritize appropriate skilling and training programs for women, grant certain incentives to women-led start-ups and strengthen access to mentoring and incubator networks. At the same time, it is essential to sensitize people on the significance of women empowerment by supporting Information, Education and Communication efforts.

The post The Pink Journey Brings Insights On Pre Budget Expectations 2022 ( part 2) appeared first on The Pink Journey.

Let us get the answers to these questions with some business eminent personalities and experts who will share their expertise and knowledge. We will get to know how can a budget impact the economy. These experts will share their insight on what kind of budget we can expect, what government should take care of, how the budget can impact a business, individual, student, working-class and everyone. They will be discussing on what are the key focuses of this year’s budget, how will it help the economy which is suffering from the pandemic and, how will the budget strengthen the economy.

Saajan R. Thakkar, Chief Financial Officer, Kulfi Collective

With regards to ESOP tax deferment for startups, in the last decade or so, the Indian Startup ecosystem has become a key force that will lead India’s future growth. Currently, tax on such ESOP gets levied at the time of exercise at the fair value of ESOPs. This will save the employee from the tax burden on the notional amount and the tax payout will occur only on the actual realization of cash against such securities.

For clarity on Crypto transactions and tax, there has been a significant surge in crypto investors within India and also new players are emerging within the industry to cater to investors’ needs. Also framing taxation laws around it would clear the ambiguity at the investor’s end and thus avoid any potential conflicts with the taxation authorities. If at all the ban is announced on the existing set of cryptocurrencies as an asset class, what will be the implication of it for the existing set of investors? With the relief for individual and salaried taxpayers, It has been a long time since the current threshold limit of income was set on which there is no tax. For a certain corporation, the current maximum tax rate is 25% and thus it will be the right time to revisit the 30% maximum tax rate of individuals.

Tara Singh Vachani, Managing Trustees- Max India Foundations 2.0

During the challenging times of COVID-19, children have been forced to grow up at a pace faster than their previous generations. Owing to constant unpredictable circumstances such as the adoption of, and adaptation to, digital media, ambiguity around educational institutions opening and shutting down, children have undergone mental turmoil. Further, there exists a gulf between the number of children pursuing education in India and the resources available to them. Our aim must be to reduce this gap from widening – through alternative and immersive education models such as social-emotional learning – and offer equal opportunities to each child to enable society to realize its full potential.

Anmol Chawla, Director- VRAKSH Management Private Limited.

The pandemic has inspired many women to step outside of their comfort zones and gather the strength to hold their heads independently high in this society. Earlier, Small firms were neglected in the budgets. The government should take care of small and home-based businesses, where women not only confront societal restrictions but also lack financial security and savings. As 91% of working women does not have the higher education and skills for job markets, they are stuck in informal sector.

According to the indiatogether.org, the total women graduate in Science, Technology, Engineering and Mathematics (STEM) in India is nearly 43%. The government could establish some courses and awareness programmes for women to encourage their active participation in technological advancement. This will encourage women empowerment and also contribute to the literacy rate of women. As of 2021, according to the National Statistical Office, female literacy rate is 70.30% only. And not all 70.30% have access to an advanced education system.

Budget 2022 should provide incentives and subsidies to the working women, to motivate them and contribute to the recovery of India’s growth. Tax concessions will allow them to save and invest more in their business as banks consider women less capable of repaying loans than men, discouraging them from being self-sufficient. Women should have more allocations in the budget 2022, as their success and growth will eventually lead to the country’s development.

Varun Duggirala, Content Creator, Podcaster, Entrepreneur and Author of Everything is Out Of Syllabus

We’ve seen over the last two years that how we create, transact and consume is now digital first and with this budget I’m hopeful that there is further simplification of process and boosters for growth added to the digital economy especially to enable us to build digital first businesses. I also feel there needs to be a start to recognizing the needs of the influencer/ creator economy and simplify the process of how individuals and companies in this space can manage the business end of their work. It’s something that will help build an entirely new form of growth.

Malini Agarwal, Founder & Creative Director MissMalini Entertainment, Girl Tribe & Co-Founder of Good Creator Co 

As always, it is my hope to see this year’s budget provide support to areas having a direct impact on women’s health, safety and empowerment. As we already know, COVID has had a disproportionate consequence on women, whether in terms of historic declines in labor force participation or reduced access to critical healthcare resources. I hope Budget 2022 takes steps to reverse these declines, with support for women’s healthcare, education, job skilling, and family-friendly tax policies that ensure a woman never has to choose between her health, career or family. Particularly close to my heart would be initiatives to ensure that women are safe and empowered in the digital world—so that they may fully participate in the new Creator economy without rampant sexual harassment and intimidation that currently inhibits their full potential.

Shilpa Gandhi, ISC Section Head and Coordinator, Jasudben ML School

People have displayed remarkable resilience and adaptability in these uncertain times. It is urgent now to focus on school education. The Central Government along with stakeholders of the Education Sector must work to restore a sense of normalcy and build resilience into this sector. Normalcy will come once efforts are directed towards returning students to the classrooms. Technology alone cannot bridge the gap. The Central Government should appoint more teachers, train them to create classrooms with fewer students like ‘Study Bubbles’ to restore and sustain live interactions in a safe environment.

Resilience needs an appropriate support system. Children’s education has been compromised due to financial uncertainty and constraints. Government should create avenues for educational financing to support parents and schools. Insurance designed to mitigate risks that disrupt a child’s education should be provided. This will ensure continuity and improve accountability of the Education Sector.

 Gopal Upadhayay, Co-founder of Teabox 

The Union Budget will be presented against the backdrop of the country’s third coronavirus wave—vastly significant for a prime agricultural sector like Tea, one of the largest employment-generating sectors in India. Last year, the government had emphasized the health and well-being of the workforce, especially women and children working in the estates, alongside focusing on reinvigorating human capital. We expect the reinforcement of these policies in the sector with a clear roadmap on infrastructure development—particularly in terms of roadways, developing integrated cold chains and an integrated strategy to maximize productivity. Additionally, doubling farmers’ income will also help boost the tea industry.

Faster refund of GST input to start-ups and taxation process simplification for e-commerce companies will encourage investments in the sector. Moreover, specific measures to improve the ease of doing business in the country will help attract more FDI and stimulate production and employment generation. Focus on simplifying rules for B2C exports from India and relooking at the guidelines for FDI in the sector will also attract potential investors to this industry.

Sumit Joshi, Managing Director and CEO, Signify South Asia.

The upcoming budget should prioritize public spending on intelligent infrastructure such as connected LED streetlighting in both cities and villages as these lights are more energy efficient and also help reduce road accidents. Moreover, these intelligent lights can also be powered by solar panels, enabling our villages to become even smarter. To help the country reach its goal of becoming carbon neutral by the year 2070, the government should support companies that offer sustainable technologies such as LED lighting and 3D printed luminaires, by providing them special tax benefits.

We also recommend that the government should allocate more funds to upgrade sports facilities to encourage our youth to play professional sports. There should also be enhanced spending on beautification of our heritage monuments and tourist attractions, as it will help promote the growth of tourism in our country, providing much needed impetus to this sector

Vijay Kumar Mikkilineni, Head of Marketing, TCL India

Reduction on import tariff is something we are expecting, this will help us compete with countries like China, Mexico, Thailand and more. In the last two years, the PLI schemes have provided momentum to domestic and international investments, but so the investment from the Government side for infrastructure building will boost the ‘Make in India’ movement. We have to integrate India into the global supply chain scenario, to achieve that tariff should be equal or less than competitive markets.

Rimo Bose, PR and Branding Manager, TCL India

We are expecting that the import tariff will be reduced, so that our country can match up with the other competing countries like China, Mexico, Thailand and more. Additionally, we have witnessed much of compliance reforms in the last two years, the PLI schemes have indeed helped in domestic and international investments, but we have to keep in mind that setting up manufacturing units might take several years, so the investment from the Government side will boost the ‘Make in India’ movement.

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