Saturday, May 31, 2008

How to make IPL a brand


IPL has generated lots of debate not only among the marketers but also among the common people. One thing is for sure-you can love IPL or you can hate IPL but you cannot ignore IPL. Since day 1 IPL has been in limelight. Be it the cheerleaders or the infamous ‘tamacha’ incident-all these have ensured that everyone is talking just about IPL.

Remember those old days when people patiently used to watch a cricket match for complete five days and at the end of the fifth day they were informed that neither side has won. It was the “one day” format which made cricket popular. “Twenty 20” is the shortest version of the game and today its popularity is increasing every day.

The IPLT20 format is a new product which has been launched for the existing customers. In order to be relevant it is important that a product adapts itself to the changing circumstances. Today people lead a very busy life so spending 5 day or even one complete day just for watching a match is not possible. So there was a need for the shorter format.

In fact this shorter version of the game will find wider acceptability in the American and European market in the future. Initial excitement of the tournament can be gauged by the TV ratings and packed stadiums. IPL has the potential to become a brand (may be an iconic brand).

The marketer should focus on four important elements if they want IPL to become a Brand.

  • Differentiation
  • Relevance
  • Esteem
  • Knowledge

DIFFERENTIATION: The IPLT20 tournament can be easily differentiated from the other version of the game. The IPLT20 tournament is different from test or one day because it has speed, glamour, action, drama, excitement-all these in just 3 hours. Here the players do not play to save their wickets instead they play to score more and more runs. Fours, sixes and quick singles make the match interesting. In fact action is there whenever a ball is bowled. It suits people’s hectic lifestyle.

RELEVANCE: In order to make the brand more relevant it is important that the club players should participate proactively in the local activities. This would help them to get connected to the people. The club players should give a feeling to the people that they are committed to the club for which they are playing.

Club Issuing Shares:

  • However I have a different opinion on this matter. In my view each club can act as an individual company and should issue shares. People should be allowed to purchase the shares. Market capitalization of the club will depend on the valuation of the shares which in turn will depend on the performance of the club.

  • Once people purchase share of a particular club then they will be easily able to associate themselves with that particular club. The player’s compensation will also depend on the valuation of the company which in turn will depend on the performance of the club.

  • Moreover a resident of Delhi will always prefer purchasing shares of Delhi Daredevils. He will definitely not go and purchase share of a rival club. However people of cities like Patna, Lucknow, Ranchi etc. which do not have a team will be open to back any club depending on their personal preferences.

  • If money will be involved then definitely a desire will be there that their club does the best. This will help in developing loyalty for the club. The players too will become more accountable and will endeavor hard to produce better results.

ESTEEM & KNOWLEDGE: This talks about the past performance and hence will start playing a major role once IPL gets older.

Differentiation and Relevance which constitutes the brand strength helps in determining the brands future value. Esteem and knowledge constitutes the Brand Stature. Since the brand is new so emphasis on differentiation and relevance should be more and in due course of time esteem and knowledge about the brand will develop.

Along with the above mentioned measures better promotional strategy is a must. These steps will definitely make IPL an iconic brand.

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