In a family business, heritage is the connective tissue that binds together the core business purpose, family values and meaningful achievements across multiple generations. India has a strong entrepreneurial culture with a rich business history and a traditional form of business ownership.
We are aware of important family businesses in India such as those owned by the Tatas, Birlas, Godrej or Ambani. In the boardrooms of these businesses, young leaders are playing a more active role in transforming some of the most prominent legacy businesses that have defined Indian businesses. And PR played a major role in getting their stories out to the public.
PR for growth
As the COVID pandemic got stuck, we saw what changes these next-generation leaders made to keep businesses afloat. Over time, this trial gave them enough space to think about what role they could play in keeping the family legacy alive and introducing newer changes. Mihir Jain, Marketing and Sales Director of Insight Cosmetics, is one example who has understood the importance of a communication strategy.
When Jain joined the family business, he took the company online to multiple platforms and made products available to over 18,000 PINs, including multiple sales channels. He has tied up the brand with many companies for deeper penetration into untapped markets.
He ensured that the strong distribution channel he created echoed a well-thought-out marketing strategy that included digital marketing, social media marketing, influencer marketing and working with the right brands and people. The combination of PR ensured that the family business ventured into uncharted territory to maximize growth while building brand equity.
PR for storytelling
Many family businesses are realizing that if they want to survive and thrive in a world where giant, well-funded companies offer daily competition, an effective branding strategy is how they can differentiate themselves. The communication strategy represents the tangible and intangible assets: the financial value and the social and emotional value that the family has accumulated, modified and paid for.
Let’s take a look at India’s homegrown brand – Waugh Bakri Group. Crafting a story like premium chaiwallahs of India like Prime Minister Narendra Modi requires artistry and strategic PR planning.
PR for credibility
Many family businesses advertise their products and services in their communities and beyond. Some have elaborate marketing plans focused on the customers they want to reach and build brand image. Successfully transforming a company from a predominantly promoter-driven facility to an institutionalized, professionally managed organization while driving innovation requires strategic thinking and positioning.
Regardless of size, every company depends on its reputation for success. One such brand is Dabur India, which has been creating its story through innovative campaigns through traditional and digital media for over 100 years. PR is an essential part of building a credible brand that consumers can trust because it is driven by real opinions and reviews from the outside world.