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WTF is with Nikhil Kamath
Ep #11 | WTF Goes into Building a Fashion, Beauty, or Home Brand? Nikhil w/ Kishore, Raj, and Ananth
Oct 7, 2023
Experienced entrepreneurs Kishore Biyani, Raj, and Ananth discuss scaling fashion, beauty, and home brands. They cover topics such as brand names, logos, category selection, performance marketing, SEO, growth hacking, marketplace strategies, distribution decisions, and community building. A crash course for taking brands from 0 to 1.
03:23:59
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Quick takeaways
- Understanding changing consumption patterns is crucial for building a brand or investing in the Indian market.
- Focusing on instinct, people, and brand building are key factors in achieving success in the fashion and beauty industry.
- Leveraging technology, online platforms, and data is essential for creating and scaling successful consumer brands in India.
- Building a strong brand identity through consistent messaging, packaging, and design is vital, along with content creation and community building.
- During the growth stage, focusing on product quality, content creation, community engagement, and leveraging e-commerce platforms is important.
- As revenue increases, efficient performance marketing, growth hacking, and understanding platform-specific algorithms become necessary for brand success.
Deep dives
Changing Consumption Patterns and Double Standards
The podcast discusses the double standard in consumption where reported numbers show growth while on the ground, people are talking about a drop in consumption. This drop is observed across various segments like travel, fashion, and e-commerce. The speaker emphasizes the importance of understanding these changing consumption patterns for those looking to build a brand or invest in the Indian market.
The Journey from Consulting to Building Brands
The podcast delves into the journey of one of the speakers who started as a consultant and went on to build successful brands like Mintra and Medlife. The speaker highlights the importance of instinct and people when making decisions and talks about the factors that played a role in his career choices. The discussion also touches upon the challenges faced while raising funds and the role of brand building in different spaces like fashion and beauty.
Opportunities in Building Global Consumer Brands
The podcast explores the opportunity of building global consumer brands out of India using technology and a different approach. The speaker emphasizes the potential of creating and scaling consumer brands in India, particularly in areas like fashion, beauty, and home decor. The discussion highlights the importance of leveraging technology, online platforms, and data to identify trends, capture consumer attention, and build successful brands.
Importance of Building a Strong Brand
When starting a brand, it is crucial to focus on building a strong brand identity through consistent and meaningful messaging. The brand name, packaging, and design should all align with the target audience's preferences and values. Additionally, creating a unique value proposition and finding a niche within the market can help differentiate the brand from competitors. Content creation and community building are key elements in brand building, as they can help create brand loyalty and organic growth. It is also important to understand the platforms where the target audience spends time and leverage growth hacking techniques to maximize visibility and reach.
Navigating the Path to Growth
As a brand grows from zero to 20 crores in revenue, the focus should be on product quality, content creation, and community engagement. Building a reputable brand requires consistent effort in delivering high-quality products, creating engaging content, and fostering a community of loyal customers. In this stage, leveraging e-commerce platforms like Amazon, Flipkart, and Myntra can be beneficial for reaching a larger audience. Understanding the unique value proposition and where the ideal customer spends time can help guide growth hacking strategies for maximum visibility and conversion rates.
Performance Marketing and Growth Hacking
Between 20 to 100 crores in revenue, the focus should shift towards efficient performance marketing and growth hacking techniques. This includes understanding the platforms' algorithms, such as Amazon's focus on consumer reviews and ratings, and creating strategies to optimize visibility and engagement. It is important to stay updated with platform-specific knowledge and utilize growth hacking techniques to reduce marketing spend and increase conversions. Building relationships with category managers and industry professionals can provide valuable insights and guidance in navigating these platforms.
Building Brands in the Age of Community
The future of brand building is focused on three key aspects: function, emotion, and community. Brands need to offer a differentiated product, create an emotional connection with consumers, and build a community around their brand. Authenticity is crucial, especially when working with influencers, as consumers value transparency. Indian-made brands have a smaller presence in the market because they haven't been able to build strong brand signals or generate the same level of trust and value as international brands. It's important for brands to understand their target audience and create a unique value proposition to stand out in the market.
The Role of Authenticity in Brand Building
Authenticity is a critical factor in brand building. Consumers value genuine and transparent connections with brands and influencers. Building a brand based on authenticity, consistency, and values helps establish trust with customers. Bollywood celebrities often struggle to create authentic connections with their audience due to lack of product differentiation and inconsistent storytelling. On the other hand, influencers who have a genuine understanding of their niche and build a community around their brand can create a strong and authentic following.
The Opportunities and Challenges of Indian Luxury Brands
Indian luxury brands have an opportunity to tap into the growing demand for handcrafted and origin-focused products. While it may be challenging to compete with international luxury brands in terms of scale, there is potential to build unique and interesting Indian luxury brands that offer a sense of origin and craftsmanship. Indian brands need to focus on creating high-quality, differentiated products and building a strong brand story that resonates with consumers.
Opportunity in the Men's Beauty Industry
There is a growing market for men's beauty products, including concealer and skincare. There is a need for more brands to cater to this market, focusing on solving problems and providing effective solutions. Micro-influencers can be effective in promoting these products and building trust among consumers.
Creating a Brand for Seniors
There is an untapped opportunity in creating a brand specifically for seniors. This market segment is often overlooked and has the potential for growth. By focusing on products and services that cater to the needs and desires of seniors, such as home decor, accessories, and lifestyle products, a brand can establish a unique positioning in the market.
15.
The Growing Population of Second Income Earners and the Importance of Brand Naming
2min
It's easy to start in India but very difficult to scale in India. This 3.5-hour podcast will cover everything you need to know about scaling a fashion, beauty, or home brand from zero to the first 20 crores, and then to 100 crores and beyond. We have the most requested podcast guest - Kishore Biyani BACK to drop some knowledge bombs. We also have Raj, who took the route of "digital-first" for his business expansion, and Ananth, who decoded e-commerce and marketplaces first. They delve deep into every important aspect one should know for scaling a brand, such as brand names, logos, category selection, performance marketing, SEO, growth hacking, marketplace strategies, distribution decisions, and community building. It will be a crash course for anyone who wants to take his/her brand from 0 to 1.
If you’re below 22 and are working on building a brand from 0 to 1 in fashion, beauty, or home, here’s the chance for that support you’ve been looking for from India’s best business minds. ➡️Apply here: https://tally.so/r/mBp7LN #NikhilKamath: Co-founder of Zerodha, True Beacon and Gruhas Follow Nikhil here: Twitter https://x.com/nikhilkamathcio/ Instagram https://www.instagram.com/nikhilkamat... Facebook https://www.facebook.com/nikhilkamath... Linkedin https://in.linkedin.com/in/nikhilkama... Koo https://www.kooapp.com/profile/Nikhil...#KishoreBiyani
Founder of Future Group (https://www.futuregroup.in/) #AnanthNarayanan: Founder of Mensa Brands Follow Ananth here: Twitter https://twitter.com/anarayanan24 Instagram https://www.instagram.com/narayanan.a... Linkedin https://in.linkedin.com/in/ananth-nar... #RajShamani: Content Creator & Founder of House of X, Figuring Out Podcast Follow Raj here: Twitter https://twitter.com/rajshamani Instagram https://www.instagram.com/rajshamani/ Facebook https://www.facebook.com/shamaniraj/ Linkedin https://in.linkedin.com/in/rajshamani Raj’s Youtube Channel https://www.youtube.com/@rajshamani Timestamps
(00:00) - Intro
(02:06) - Ananth’s Career Path
(04:23) - Ananth's Myntra CEO Journey
(07:19) - Ananth's Entry into Pharmacy
(09:18) - Ananth's E-commerce Return
(13:16) - Mensa Brands: Explained
(19:45) - Unveiling Raj's Business Side
(21:23) - Raj on House of X Fundraising
(22:44) - China's Live-Streaming Trend
(23:38) - Raj's Family Business Growth
(27:47) - Raj's Customer Insights
(31:30) - Data for Product Development
(33:53) - Raj's Marketing Tricks
(38:35) - Raj's Family Business Exit
(42:11) - Raj's 400M Views Formula
(43:30) - Social Media Virality Tips
(46:42) - Kishore's Consumption Insights
(52:33) - India's Consumption Demographics
(01:03:16) - Luxury Brands' Tricks
(01:08:51) - BNPL Convenience
(01:10:28) - Quiet Luxury & Signaling
(01:16:37) - Content & Community
(01:24:42) - Scaling to 20 Crores
(01:30:19) - Westernized Branding
(01:35:14) - Growth & E-commerce Hacks
(01:50:36) - Performance Marketing Role
(01:52:42) - Category Selection Navigation
(01:55:07) - Art of Brand Storytelling
(01:59:49) - High Price vs. Quality
(02:02:20) - Brand Longevity Insights
(02:04:28) - Unlocking Beauty Industry
(02:10:09) - Micro-Niche Strategy & Picks
(02:16:44) - SKU Count Decisions
(02:20:21) - AI & Machine Learning Impact
(02:25:47) - Customer Reviews & Returns
(02:29:22) - Creator & Celebrity Brands
(02:35:59) - Addition vs. Replacement Categories
(02:38:10) - Brands Preferred by Raj
(02:40:05) - Panelists’ Views on Virtue Signaling
(02:44:44) - Indian Luxury Brand Opportunity
(02:48:05) - Celebrity/Influencer Selection
(02:59:30) - Kishore's Daughter's Ventures
(03:01:08) - Offline in 100+ Crores Sales
(03:02:58) - Platforms: Valuation & Models
(03:04:13) - ONDC's Platform Disruption
(03:06:44) - Panelists' Thriving Sectors
(03:08:53) - Nikhil's Lululemon Love
(03:12:27) - Untapped Men's Makeup Market
(03:14:51) - Micro-Influencers & Failures
(03:20:15) - Special Announcement: Apply Now!
(03:23:10) - Bloopers Time!
(03:23:59) - Outro
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