According to a Nielsen survey, 59 percent of consumers prefer to buy new products from brands familiar to them.
In a global economy subject to competition that grows more intense every passing day, and markets transforming at an unprecedented pace due to the meteoric pace of technological innovation – we are living in the age of the fourth industrial revolution -, the role of brands has hardly ever been more significant. They serve as a route map to shape buying behavior and, when appropriately managed, accumulate substantial value. However, what makes a brand prodigious is determined not by the features of its goods and services, but by how much value it creates for target customers, and the positive perceptions it creates in the minds of its customers as a result.
For a brand to attract its target customer, it has to build a persona that the target customer identifies with. It is then, when the customer will pay attention to what values the brand may create for them. Successful brands always asses the demands and psychological profiles of their audiences to get an understanding their aspirations and what value it can create for them. After all, a good brand is often a combination of several elements, such as its values, how the values align with their vision, consistency, and transparency. Also, customers what to find out how a brand stands out from the competitors in terms of what values it creates for customers that align with their value requirements.
Brands across the world, including those in Bangladesh, have started utilizing opportunities to stand out in the market. Smartphones, for example, were already becoming omnipresent among young adults. Unfortunately, the youth segment of the market would often find brands over-promising and underdelivering. Spotting an opportunity in the segment, therefore, youth-centric brand realme utilized the niche yet captive market and rose to fame as a brand specializing in serving young students professionals. realme, since its inception, has developed high-quality, cutting-edge smartphones and AIoT products at competition-beating prices while offering industry-leading values at whichever price segment they would penetrate – exactly what the COVID-era buyers were looking for. Their consistency and a knack for delivering exactly what they offered i.e. transparency has ensured that the curve point upwards even after the worst of the pandemic has ended.
According to Strategy Analytics, a market research consultancy, realme became the fastest global smartphone brand ever to reach the feat of 100 million smartphones sold globally – in just three years. In short, realme’s business has been uncompromisingly singular in the motto: excellent value accompanied by premium features. Hence, the company’s entry into the market has been
a blessing in disguise for youngsters across all its markets, including in Bangladesh – a marketing rapidly growing in importance for the brand. According to Canalys, realme has also become the top 1 smartphone maker in Bangladesh during Q2, 2021.
realme, a company driven by the youngsters, has a unique understanding of its target market and shares the same boldness and ambition. The company’s business model, which aims to gradually build a whole ecosystem of tech-based products ranging from smartphones to smart TVs and even watches, and intelligent online usage of demand aggregation with limited geographic catchment make them different among everyone. The company has also maintained an undivided focus on evolving customer requirements and closely overlooks the needs of the target customers. Comprising a young team, the company specializes in creating significant value for its young customers who are inherently bold, spirited, and daring. This is most especially highlighted, by the brand’s “Dare to Leap” philosophy represents the exclusive characteristics of the young generation as they grow, aspire to constantly surpass themselves, exceed limits, and refresh the rules.
Equipped with over three hundred brand shops all over the country, realme provides the customers convenient access to after-sales support. The company’s attribution of high significance in this area further adds value to customer experience, creating a sense of reliability and trust. Furthermore, the brand constantly conducts surveys of the market to keep track of changing customer needs and ways of fulfilling them. Due to this initiative, the company can provide a consistent supply of new products to ensure that evolving customer needs are met.
Much like realme, successful brands understand that a supportive and customer-centric brand strategy has a far better chance of delivering a consistent yet positively distinguishable experience. Other brands in the increasingly competitive industry can very well follow this example.