Building trust with the next billion
Nandini Das Ghoshal and Trisha Varma
Insights & More, Singapore
Low-income and emerging markets are the focus of consumer product companies with big growth ambitions. The next billion consumers will come from these markets. This billion will include not only the lower-income consumers in China, India and Brazil, but also the newly emerging economies in Africa, Latin America, Central Asia and the ASEAN regions.
One of the brand-building imperatives in these markets is the establishment of trust between the brand and the consumer. (This article largely refers to foreign brands that want to move into these whitespace economies and the importance of trust to them. Homegrown brands, which have typically been around for many years, do not face this challenge as much, even if they have not run above-the-line campaigns.)
When considering how to launch in a market, companies tend to over-debate the importance of income and affordability. Many brand marketers tend to focus their attention on questions of value and affordability; what they really need is to establish relevance and context.