New Delhi (India), January 19: India’s emergence as a global economic powerhouse has been accompanied by the rise of a new breed of corporate giants like – Tata, Reliance, Bajaj, Godrej, and Mahindra stand tall.
These companies, with their deep roots in the Indian market, have now set their sights on the world stage, establishing themselves as household names across continents.
What might surprise many is that these giants are not just successful corporations but thriving family-owned businesses. While their global recognition is undeniable, the key to their enduring success lies in the multi-generational legacy they carry.
Family-owned businesses embody not just stability and longevity but also resilience—a trait essential for survival in the ever-changing business landscape.
Branding in the Warmth of Family
Beyond flashy logos and stellar products, the essence of a brand often lies in its backstory. Family-owned businesses, by their very nature, evoke a sense of trust in consumers. Whether rooted in morality and reliability or not, the familial connection instills confidence in customers, making them perceive these businesses as more stable, customer-friendly, approachable, and trustworthy. This warmth and fuzzy factor can be a powerful tool for building and maintaining a positive brand image.
The Value of a Family Back-Story
Surprisingly, only a third of the top 100 family businesses globally actively emphasize their family-owned status. Yet, those who recognize and leverage this unique selling point ground their brand in the public mind positively.
Take the example of the Tata Group in India, a conglomerate that has successfully woven its family narrative of trust into its brand identity, showcasing the legacy and values that have been passed down through generations.
Crafting a Compelling Family-Based Brand Identity
Indian family-owned businesses, such as the Bajaj Group, the Aditya Birla Group, and the Godrej Group, exemplify a variety of strategies in cultivating a family-centric brand. The Bajaj Group, known for its presence in the automotive and financial sectors, draws on its family legacy to convey stability and trust. In a similar vein, the Aditya Birla Group, spanning industries from metals to telecommunications, emphasizes the family’s enduring commitment since its founding in 1857.
The Godrej Group, established in 1897, mirrors diverse family-centric branding approaches. It leverages its long-standing expertise in consumer goods, real estate, and agriculture, highlighting the family’s multi-generational involvement. These businesses showcase the importance of aligning the family’s identity with the brand message, fostering authenticity, and emphasizing the enduring commitment to quality and values.
Tailoring the Message to Your Audience
In the context of an Indian family-owned business, the impact of family involvement can vary among different audiences.
Notably, there exists a customer base that esteems the notion of family management, cherishing the hands-on approach and personal touch that emanates from family members actively overseeing the business.
Amul, under the stewardship of the Gujarat Co-operative Milk Marketing Federation, employs a distinctive co-operative structure with milk sourced from myriad family-owned farms. The brand strategically accentuates the values of trust and quality associated with familial ties, thereby forging a deep connection with its expansive pan-Indian customer base.
The Godrej family, steering the course at Godrej Industries, accentuates a commitment to sustainability, innovation, and social responsibility. Their brand narrative resonates strongly with modern, environmentally conscious consumers by showcasing the family’s dedication to enhancing lives through innovative products and services.
By astutely understanding their unique strengths and the characteristics of their target customer segments, these businesses craft messages that resonate profoundly, laying the foundation for enduring customer loyalty.
This nuanced approach underscores the pivotal role of comprehending cultural values within target audiences, illuminating how such insights can authentically elevate the branding strategies of Indian family-owned businesses.
Three Keys to Successful Family Business Branding
Know Your Audience:
Understand how key stakeholders perceive the notion of family. Identify positive and negative associations and tailor your messaging accordingly. Consider cultural and stakeholder group variations.
Identify How the Family Can Add Value:
Determine the authentic ways in which family involvement can enhance your brand. Align these expressions with your family’s identity, values, and objectives.
Rally the Family and Bring Your Values to Life:
Ensure the family is aligned with the brand message. Consistently embody the brand promise to build credibility. Be prepared to respond authentically to challenges, as heightened visibility comes with increased scrutiny.
Living the values you promote is paramount for a family business brand. It’s not just about uniqueness; it’s about being genuine and consistent. A family business brand’s success hinges on the ability of family members to embody the values that define the company and the family. This authenticity breathes life into the brand, making it resonate with employees and stakeholders alike.
Amidst immense competition and a huge maze of products in the market, where every business strives for uniqueness, family-owned consumer businesses have a distinctive advantage.
By establishing a brand deeply anchored in their extensive history, core values, and a steadfast dedication to authenticity, they not only distinguish themselves from others but also cultivate enduring enterprise value.
AUTHOR – JUBIN MISHRA
The author,Jubin Mishraholds an extensive understanding of the Business requirements of India’s small, medium and family-owned businesses. His strategies and insights are helping middle-market companies navigate succession planning, create sustainable growth paths, preserve legacies and unlock value. As a partner atBlue Helion, Jubin acts as an advisor, mentor, and member of the CXO and Founder’s core teams and also helps set up and operationalise family offices. Here, he leverages his extensive experience to help next generation of promoters become effective leaders and business owners achieve their personal and business goals, while balancing conflicting priorities. Jubin Mishra is the author of Unmasking Startup Reality of Successful Employees: Why Some Entrepreneurial Dreams Remain Unfulfilled?
