Mumbai: The new Buzzword in the marketing world is Masstige! That’s Mass plus Prestige.
Premium priced Motorola dipped into the middle class market with this Rs 4,000 phone. Six months later, five lakh Motoflip phones have been sold.
HLL, on the other hand, moved its affordable cold cream and talc brand Ponds up the premium ladder, by launching the age miracle range.
These brands are looking for space on the Masstige bandwagon, targeting the sweet spot between mass and class. That's the new middle class.
A McKinsey report says the 55-million middle class segment is divided into seekers who earn upto Rs 5 lakh and strivers who make upto Rs 1 crore.
So when Nivea lines up launches for the Indian market, it's targeting this segment
“Today the consumer who buys mass products might also go for premium products. We have a very hybrid consumer these days; we are talking about people who are travelling a lot, who buy products from abroad,” said Nivea India MD Kal Boris Bendix.
“Prestige products are becoming commonplace products or the way the price points which were earlier considered premium price are now base prices are changing,” said Brand Consultant Anand Halve.
While pricing is mass, advertising remains premium. To get rid of its price warrior image, in the last two years, LG has stuck to premium imagery in its ads, even though it continues to sell products at the lower end of the market.
Malls are also helping companies to create awareness by setting up demo counters in a premium ambience.
However Masstige marketers are up against a fickle consumer who might trade up or down, if the brand is no longer aspirational at an affordable price.
What's Masstige today could turn into a mass brand tomorrow.
Source : IBN
Premium priced Motorola dipped into the middle class market with this Rs 4,000 phone. Six months later, five lakh Motoflip phones have been sold.
HLL, on the other hand, moved its affordable cold cream and talc brand Ponds up the premium ladder, by launching the age miracle range.
These brands are looking for space on the Masstige bandwagon, targeting the sweet spot between mass and class. That's the new middle class.
A McKinsey report says the 55-million middle class segment is divided into seekers who earn upto Rs 5 lakh and strivers who make upto Rs 1 crore.
So when Nivea lines up launches for the Indian market, it's targeting this segment
“Today the consumer who buys mass products might also go for premium products. We have a very hybrid consumer these days; we are talking about people who are travelling a lot, who buy products from abroad,” said Nivea India MD Kal Boris Bendix.
“Prestige products are becoming commonplace products or the way the price points which were earlier considered premium price are now base prices are changing,” said Brand Consultant Anand Halve.
While pricing is mass, advertising remains premium. To get rid of its price warrior image, in the last two years, LG has stuck to premium imagery in its ads, even though it continues to sell products at the lower end of the market.
Malls are also helping companies to create awareness by setting up demo counters in a premium ambience.
However Masstige marketers are up against a fickle consumer who might trade up or down, if the brand is no longer aspirational at an affordable price.
What's Masstige today could turn into a mass brand tomorrow.
Source : IBN