Tag: Millennial

  • The Unfairness of It All

     

     

    By Prabhakar Mundkur

     

    When Hindustan Unilever announced its decision to rename its moneyspinner $500 million brand Fair & Lovely to Glow & Lovely, it was a classic case of doing too little too late.

     

    To imagine that the decision was perhaps based on the greatest upheaval of racist stereotyping of our time with the excruciating George Floyd pinned to the ground doesn’t say much for Hindustan Unilever’s decision. There is nothing to congratulate them about.  There can be no appeasement of public emotion. There can only be guilt and shame.

     

    Activists through the decades have objected to Unilever’s fairness cream but it needed a revolt as ugly as George Floyd’s death, for the great marketer to make this small move.  Not since Rosa Parks was denied a seat on a bus in Montgomery has the world been so affected by the colour bias of the human race.

     

    But how good is the new name Glow & Lovely? Decades of skin care research has shown that ‘Glow’ is a major benefit in for the skin care regimen. Just like ‘Shine’ is. a major benefit for hair. So, taking a benefit from research and planting it in a brand name is perhaps not the most creative way of configuring brand names. But then Unilever has not been particularly known for its creativity. That lesser brands like Emami had already pre-empted this thinking by naming their brands Glow & Handsome is a bit of a shame. After all, one expects leaders to show the way. Not follow in the footsteps of their smaller competitor in the FMCG business.

     

    But is Glow and Lovely a good name?

     

     There is a reason why Glow and Lovely doesn’t sound right given the vagaries of the English Language. The reason why it doesn’t roll of the tongue as easily as Fair and Lovely has to do with the English language. Both Fair and Lovely are adjectives. Glow on the other hand is either a verb or a noun depending on how you use it. Glowing & Beautiful would have sounded better in English. Because Glowing is an adjective. But it then lengthens the brand name. And Unilever might have decided they would stay close to the current syntax. Anyway to the large majority of Indians it would hardly matter. It’s just another name for Fair & Lovely. Fair and Glow are both four-letter words. But how the name changes the advertising need to be seen. Will the new ads have dark and glowing faces to make amends with the brand’s past? That is anybody’s guess.

     

    How Darkie changed its name

     

    It may interest people to know that the exact opposite of Fair & Lovely existed as a toothpaste in Asia many decades ago. A toothpaste called Darkie. Produced by Hawley and Hazel, the brand was very popular in Asia. The pack showed a smiling black performer. The brand was then acquired by Colgate Palmolive which faced a lot of racist flak on the brand. In 1989, Colgate Palmolive decided to change the brand name to Darlie.

     

    “It’s just plain wrong,” Reuben Mark, chairman and chief executive of Colgate-Palmolive, said about the toothpaste’s name and logotype. “It’s just offensive. The morally right thing dictated that we must change. What we have to do is find a way to change that is least damaging to the economic interests of our partners.”

     

    Seems like a shame that another global company had thought about this so deeply more than 30 years ago. So Unilever in many way is 30 years too late.

     

     What will posterity say about Fair & Lovely?

     

     But what this would mean for the generations to come is anybody’s guess.  Will Generation Alpha which may use the brand a few years from now warm up to the brand given its history? (Generation Alpha is the demographic cohort succeeding Generation Z. Researchers and popular media use the early 2010s as the starting birth years and the mid-2020s as the ending birth years.)

     

    How will these young people see our racist past? One piece of research showed that Generation Z are as racist as their millennial parents. But will this continue on to Generation Alpha? Technology is likely to change a lot of mindsets in the future. And that may change the fortune of the brand called Glow & Lovely.

     

    Prabhakar Mundkur is an advertising veteran, a lateral thinker, storyteller and musician. He has spent several years in advertising – in India and elsewhere in the world – including at JWT China where he headed the Unilever business, amongst other functions. In fact he worked on Unilever brands for a good 17 years… though never on F&S ;-). A prolific writer now, he was LinkedIn’s #1 Top Voice for 2016 and YourStory’s 100 Emerging Voices 2018. He writes frequently on MxMIndia.

  • Debt is OK for Millennial Rich Kids

     

    By A Correspondent

     

    Online professional network LinkedIn and leading media agency MEC have released ‘The Affluent Millennial Opportunity’ study in partnership with research firm Ipsos. The study reveals how the behaviour and attitudes of Affluent Millennials could reshape the future of the financial services industry.

     

    The study revealed that Affluent Millennials are more likely to facilitate their entrepreneurial and life goals by opting for debt related financial products. According to the survey, 68% of this group owns at least one credit card and 52% have a personal loan. Given their entrepreneurial spirit, it is not a surprise that 27% have a business loan.

     

    The dynamic, self-empowered and technologically advanced generation is a key driver of India’s economic growth. To help financial institutions nurture and deepen their relationships with the Affluent Millennials, here are some interesting insights from the study:

    Independent and hungry for information

    • 54% of Affluent Millennials said that they conduct their own research before making an investment, but consult with an advisor to validate before they take a decision
    • 68% Affluent Millennials expect to be successful and advance quickly in their career through their own hard work – not through their country’s prosperity
    • The study revealed that 86% of the Affluent Millennials use social media for obtaining financial information. They look for financial institution which offers a great degree of privacy and has a positive buzz online
    • Peer opinion (93%), thought leadership (92%) and informational resources (90%) is the content Affluent Millennials want from accompany on social networks

     

    Low dependence on salaries

    • The source of affluence for this group is changing.Salaries are losing prominence as the primary source of wealth ascompared to the GenX Affluents**. Affluent Millennialsare 1.8 times more likely to have gained their wealth from royalties, 1.6 times from self-employment and 1.4 times by way of grants and scholarships.

     

    High on loyalty

    • They are highly loyal and trust the financial institution they work with and more than three quarters of Affluent Millennials with multiple checking accounts hold all of them at the same financial institution.This is much higher compared to GenX (31%)
    • More than half of Affluent Millennials (51%) are more likely to say they are VERY loyal and plan to do more business with financial institutions they work with.

     

    “Millennials are an incredibly crucial audience for marketers and that makes this a very important study. For the very first time, we have deep insights about how this generation views financial matters”, says T. Gangadhar, MD, MEC India

     

    “Majority of the millennials consider themselves global citizens who are digitally savvy and constantly looking for information. Our study revealed that, 60% of this group consider social networks as a must have for making a financial decision. For financial services providers this translates into two key takeaways,building stronger relations with the Affluent Millennials and generating relevant content online,” said Ashutosh Gupta, Director of Marketing Solutions, LinkedIn India.

     

    Given the unique and dynamic behavior patterns of the Affluent Millennials, there are a number of opportunities available to financial services companies to alter their marketing strategies. They need to personalise and socialise their approach, provide expert advice in order to establish trust and enable independence and build a loyal customer base at an early stage.