Young consumers buying into brand narratives first, say new-age founders

Many young consumers are preferring to base their buying decisions on brand narratives first and products second, according to new-age brand founders.

In the age of sustainability and brand connect, founders of D2C and new-age companies feel their stories convince consumers for repeat purchases, but others feel that it is the product which convinces the consumer, because it solves a problem for them.

Shark tank fame oral care brand Perfora's founder Jatan Bawa said that people buy into the narrative of a young brand which is challenging the status quo, unlike legacy brands whose founders or brand building story is not well-known.

 

"The consumers of today buy into brand narrative first and product second, because they're looking for transparency, and to resonate with the story of brands that they can be part of. With legacy brands the problem is that you don't know who started them. But most people who are consumers of young brands know the founder and their story, because the founders are also out there engaging with the customers through a podcast or a talk. People buy into that narrative that I want to support a young brand trying to challenge the status quo in a large market with a product that's fundamentally better than what exists."

Femtech startup Sirona's co-founder and angel investor Deep Bajaj feels people buy brands for the promises they communicate, and startups that can't advertise at mass scale can share their stories with the new generation.

"Everyone loves stories. People buy brands for the promises they make through their communication. Brands earlier used to earn customers by using advertising at mass scale, for startups this isn't a possibility but they can now share their story with millennials or digital consumers, who love being taken care of."

New-age brands are able to build on this 'we genuinely care beyond just the product' narrative through paying attention to packaging, ingredients, mode of communication and personalisation, he added.

Sleepy Owl Coffee co-founder Arman Sood differs when he says that people don't buy a brand for its stories.

"People don't necessarily purchase a brand for their stories. People purchase products because the product solves problems for them."

He, however, said that the customer will go for the story when there are multiple products to solve a problem.

"Customers realise over time that there are multiple products that can solve the problem, but why stick to one product over another is where the story and the brand comes in," Sood said.

VAHDAM India founder and CEO Bala Sarda also feels the product must take centre stage, especially in times when consumers are aware of the factors around product development.

"In an era where consumers are increasingly conscious of product sourcing, ethics, ingredients, and environmental impact, the product itself must take centre stage to sustain meaningful conversations," he said.

Over the past decade, India's entrepreneurial ecosystem has seen remarkable transformation, and today it is the third largest in the world, with over 1,00,000 startups and 108 unicorns.