In conversation with N. Chandramouli, CEO, TRA Research

Chandramouli Nilakantan is currently the CEO of TRA Research. With over a decade of experience in the communication industry, most of his work’s focus has been on reputation and trust and its understanding, analysis and measurement. He is known for his work on “The Brand Trust Reports”.

TRA’s Brand Trust Report 2023 is the twelfth edition in its series and is a result of a syndicated research of 2500+ consumer-influencers across 16 Indian cities.

We reached out to Chandramouli Nilakantan to understand the evolving needs and expectations of Indian consumers, the impact of the report on brand reputation and consumer behavior, and how it offers crucial insights for businesses to thrive in today’s competitive market landscape.

Agency Reporter – With 401 brands making it onto the list for the first time in TRA’s Brand Trust Report 2023, what factors have contributed to this increase in brand visibility and consumer trust, and how are these brands adapting to meet the evolving needs and expectations of Indian consumers?

N. Chandramouli – The two COVID years have changed the needs and expectations of consumers considerably. The factor of Brand Trust got enhanced or diminished depending on how the brand communicated during those two pandemic years. The competitive turf is also changing rapidly, and brands which able to innovate with product, service, convenience for the consumers are also getting more trust from them.The consumer is also not willing to give too many chances to any brand, and a preferred brand is one that does not let them down.

Agency Reporter – As consumer trust becomes an increasingly critical factor for brands to remain relevant in today’s competitive landscape, what steps are brands taking to build and maintain this trust, and how are they measuring the success of their efforts?

N. Chandramouli – Brands which are completely consumer-centric, listening to the customers and adapting to their voice are the ones that will build on trust. Unfortunately, most brands are eyeing the customer wallet, rather than satisfying the intangible and emotional needs of the customer. While many brands do focus on trust, some do not even have Brand Trust as a metric and becomes a reason for their fall in ranks

Agency Reporter – With only three brands maintaining unchanged rankings in TRA’s Brand Trust Report 2023, how are brands adapting to the changing market and consumer trends to remain competitive and maintain or improve their rankings?

N. Chandramouli – Change is the only constant, even more so in today’s world. Change will only be faster and more radical in times to come. Slow and steady is unlikely to win the future race among brands, and it’s important for brands to be fast and yet steady

Agency Reporter – As 303 brands see their rankings decline in TRA’s Brand Trust Report 2023, what are the common factors contributing to this decline, and what steps can brands take to reverse this trend and rebuild consumer trust?

N. Chandramouli – One thing that can be said in the BTR2023 rankings is that the number of new entrants plus rising brands is more than the declining brands. It shows the trend that brands want to focus on trust with stakeholders.

Rise in ranks or fall in ranks of brands are due to a mix of reasons, which can be summarised in 3 truths. Firstly, is the brand true to the customer. Second, is the brand true to itself. And lastly, is the brand true to the world in general.

Agency Reporter – With an increase in the number of brands on the list compared to the previous report, how are brands differentiating themselves and standing out in the crowded marketplace to build and maintain consumer trust?

N. Chandramouli – When the three brand truths seamlessly.and naturally flow, the outcome is a million unique identities of brands. The brands which are unable to find these three Brand Truths, or begin to copy other brands or styles, they will diffuse their identity and consumers will not be able relate to them.

Agency Reporter – What impact does TRA’s Brand Trust Report have on brand reputation and consumer behavior, and how do brands leverage this report to improve their rankings and build consumer trust?

N. Chandramouli – TRA’s Brand Trust Report is the 12th in its edition and we have interviewed over 50,000 consumer influencers over the last 12 years. Three ways that these rankings are leveraged by brands. Firstly, we allow brands to be promote the claims of TRA’s reports under a licence to use a ‘Power of Trust’ symbol in their marketing communications. Secondly, brands take consumer insights from us to course correct brand action. Thirdly we counsel brands on Brand Trust to maintain the brands course on Trust

Agency Reporter – How has the COVID-19 pandemic influenced consumer trust and brand reputation, and what steps are brands taking to adapt to this changing landscape and meet the evolving needs of Indian consumers