Micromax is an Indian Electronics company founded in 2000. Since the company has been there for a while now, it has gained its fair share of the market. In terms of brand equity, it also enjoys a high level of that and that can be realized by the fact that Micromax is considered to be most used Indian mobile brand, as of year 2017. There are a few factors involved in building up this brand equity.
Brand Awareness
Micromax has been working on its awareness since the introduction of the company into the market. This has been done in terms of immense advertising as well as building various selling units all over the country. Micromax has been able to achieve that by selling their franchises and selling their products through those so that they are made available to people all over India and this has led to an increase in brand awareness over the course of almost 18 years now.
Brand Loyalty
Since there is a lot of competition in the mobile phones and the electronics industry, Micromax cannot compete to the consumer loyalty that global brands like Apple or Samsung enjoy, but it does enjoy a fair deal of consumer loyalty when considered in terms of Indian mobile phone companies. Most of these consumers are retained because of the fact that Micromax has been able to bring innovation and latest technology that any other smart phone offers at a comparatively lower price. So, when we view it in terms of the target market of Micromax, we can say that it has gained the loyalty of most of its consumers.
Brand Image
When the brand was first introduced, Micromax was viewed as a cheap mobile phone brand that does not have much quality to offer. That was the perception of the consumers or the potential customers. While Micromax itself was promoting itself as a cheaper phone that offers all the services that other mobile phone brands have to offer, it was also promoting itself as a quality brand. This kind of image of Micromax has prevailed in the market for a very long time, but just recently the brand has worked on its image through advertising by introducing products of premium quality and also targeting that kind of audience. While it is clear that it is not easy to wipe out the previous image of the brand, let’s see what kind of image the future holds for Micromax.
Brand Assets
The infrastructure and the kind of manufacturing units that the company has developed are the main assets of the brand. Also, their franchises which are their representatives all around the country are also their assets which work in the favor of the company in one way or another.
Brand Elements
Most famous and powerful elements of Micromax include their slogan as well as their logo. Both of these elements represent the idea behind the brand. The logo shows a fist in the shape of ‘M’ and ‘I’ which depict the name of the brand. This logo is identified by most of the people in India today, especially because technology has taken over all the generations. And that adds up to their brand equity.
Brand Associations
Micromax has worked on its brand advertising to convey the image of the brand in the perception of the consumer as well as used various celebrities in their endorsements. Since Indian audience is very much driven by Bollywood celebrities’ endorsements, people have started to associate the brand with those celebrities. The list includes Hollywood celebrities like Hugh Jackman as well which created a lot of hype in the market.
References
Micromax becomes most used Indian mobile brand, followed by Lava, Intex: CMR – ET Telecom. (2017, May 12). Retrieved March 19, 2018, from https://telecom.economictimes.indiatimes.com/news/micromax-becomes-the-most-used-indian-mobile-brand-in-india-followed-by-lava-and-intex-cmr/58647229
Micromax ropes in Hollywood’s Hugh Jackman as brand ambassador. (2013, October 18). Retrieved March 19, 2018, from https://www.thehindubusinessline.com/info-tech/micromax-ropes-in-hollywoods-hugh-jackman-as-brand-ambassador/article23101327.ece
Micromax: image makeover through advertising. (2013, January 6). Retrieved March 19, 2018, from http://www.bhatnaturally.com/micromax-image-makeover-through-advertising/