MUMBAI: The slashing of corporate tax, from an effective 35 per cent to an effective 25.17 per cent, by finance minister Nirmala Sitharaman will translate into value increase for the brands working in the service sector, Kantar Insights Division chief client officer Vishikh Talwar told Indiantelevision.com on the sidelines of the “BrandZ Top 75 Most Valuable Indian Brands 2019” report launch in Mumbai on Wednesday.
He said that there is a great growth potential for the top brands in the list and he is positive that by the next year, they will come up with even better performance.
Introducing the key findings of the report, Talwar also noted that since 2014, not many brands have been able to earn consumer trust, which is one of the key driving factors that drive the brand in the list of most valuable ones.
He indicated that it is necessary for brands to stick to their brand purpose to gain this consumer trust. “Brand purpose is more than just advertising. It goes farther. A brand will have to be very clear about what role it is going to play in a consumer’s life. It is not just about marketing people to be working on. The entire ecosystem within the organisation should be working towards serving that purpose. Cases in point are Swiggy and Zomato. It is the whole ecosystem which has to ensure, right from all the process, each of the process, each of the people in between, all their intermediaries, will have to ensure that they are providing the convenience of service and lifting the quality of life of consumers,” he added.
Out of 75, 12 brands in the most valuable brands list are from banking, insurance, and payment sector, including the topmost HDFC Bank. Other names include LIC, ICICI Bank, Axis Bank, Paytm, and ICICI Prudential, among others.
On being asked about why the category is dominating the list, Talwar said that that very simple reason for this is that all the names are great brands. “If you look at financial services in India, I think it is ahead of its counterparts in many other countries. The way they have adopted technology to serve the needs of the consumers, innovated their packages not just in terms of saving but equally in terms of loans, and how they have reached out to the end consumer, all of this comes together to make them the top brands.”
