New Delhi. Bajaj Auto Managing Director Rajiv Bajaj recently shared his views on the reasons behind brands’ failure. At the CNBC-TV18 Global Leadership Summit 2024, he emphasized that it is not only the quality of products that attracts consumers, but also their uniqueness.
On this occasion, Rajiv Bajaj shared the success story of his company and told how Bajaj Auto differentiated itself from its competitors, especially Hero Honda. He gave the example of how Bajaj Auto created its own identity in the market through its motorcycle Pulsar and gained popularity among the customers.
Why do brands fail?
Bajaj said that most brands fail because they focus on meeting the needs of the existing market, rather than creating new demand in the market. He said, “Brands need to give consumers something that not only meets their expectations but is also something that competitors cannot easily copy.”
Bajaj Auto’s different approach
Discussing the journey of Bajaj Auto, Rajiv Bajaj said that in its initial phase, the company chose a different path instead of directly competing in the 100cc segment dominated by Hero Honda. He emphasized that people like to buy different and special things, not better things.
He said, “The launch of the sports motorcycle Pulsar proved to be a game-changer for us. It was not just a bike, but a symbol of a different ideology. “We learned that consumers are always looking for different and unique options, not better options.” This strategy helped Bajaj Auto to perform better in international markets.
Took a dig at the new rivals
While discussing the market of electric vehicles, Rajiv Bajaj took a dig at the new companies and termed them inexperienced. He said that Bajaj Auto’s experience and its ability to meet challenges make it different from others. Presenting his views in a very interesting manner, he said, “There is a lot of difference between your and our education; You have learned from the masters and we have learned from the circumstances.”
Electric vehicles and further plans
Rajiv Bajaj also clarified that the company is continuously investing in electric vehicles. He mentioned plans regarding e-scooters and e-three wheelers. Also, he told that the company is preparing to launch a new CNG motorcycle soon.
Quoting the dialogue of Bollywood actor Shahrukh Khan, he said, “Those who do nothing, do wonders.” Through this he reiterated his company’s vision of maintaining stability and continuity without any big noise. This strategy of Bajaj Auto has not only strengthened them in the Indian market but has also created a distinct identity for their brand at the global level.
Tags: Auto News, Bajaj Group
FIRST PUBLISHED : November 18, 2024, 08:31 IST
