3i – Innovate, Impress, India
Growth is the mantra. A lot many Indian Companies have been growing above the market growth rate. And, we are optimistic about the growth in the coming year 2009. Then, the big question arises - what is that which is happening around us in the name of slowdown in the economy –we call them market corrections in sectors where the foundations are not so deep rooted and strong to withstand the sudden growth that they have witnessed.
The Consumer Durable industry(to which I currently belong to) in India is on its growth curve. The great Indian middle class is living its dream of a comfortable life that was once the privilege of only a few nations. From being a nation in the clutches of the state, to a nation whose move is dictated by the consumers and the market forces, India has come a long way and still has a very long way to travel. Which only reassure us that the Indian growth story is fully intact, fundamentals in place and very strong. Is India's growth engine suddenly running out of fuel? NO is the answer if we go by the growth of companies around us. Evidences are aplenty.
Recently I was on a market visit to Mangalore in South Karnataka, where both my Multi-brand retailer (eight stores in eight cities) and my exclusive dealer, was upbeat on their new year plans, and the strategies they were lining up to grab the big share of the market. I was quite a bit probing to understand how much the global slowdown has had an impact on their marketplace. To be honest, there were no such indicators pointing out to make a claim, that 'we are too badly affected because of the global economy slowdown'. They were very optimistic about the next year growth rate in their market. Business shows much confidence, enough strong reasons for the marketer to smile and spend. What we see is a 'low on sentiment' phenomena– 'something is happening around and so let me stop buying'. But, it is not across markets. Neither spreading deep. It's just the intangible consumer sentiment. This cannot remain for too long with the Indian consumers who have seen, and felt the impact of the comforts the consumer durable products have brought into their life.
We, Marketers have a whole lot of reasons to question the rationality behind this sentiment. For when we were not a free liberal economy, when the comforts were the privileged of a few, the developed economies did not show any signs of such impacts. They did spend their money. It was their growth time. Though today, it's a flat world, with every economy inter-linked, everyone into their golden straightjacket's, globalization cannot weaken the spirits of an agrarian economy. Our domestic demands will stimulate growth. And, so, it's our time now. So, there is no reason as to believe that the Indian Consumer will sit and save his money from spending, just because his counterpart in the developed nations is into recession. It's the business cycle.
Lets go the other way to understand what is that going to be my customer's expectations during such times. The customer is going to look more for less – more value for her investments. She is going to look at me how good am communicating her the benefits and advantages during these times. And, finally, is it indianised –for she has been hearing weird stories of failures and falls in the global markets. She wants to ensure she is at home.
3i is the answer that can address support us to meet these requirements. "3i - Innovate, Impress and Speak India", will be the mantra to achieve the growth mantra. Innovate – Companies should innovate – be it products, services, Organizational response to this business cycle, to provide more simplified solutions to the customers, in all possible ways, thereby, providing value for money. Impress – Create interesting marketing communications, highlighting the value proposition to the customers, impressing her with clear value for money benefits. Speak India – Sitting in her home, can look and hear what's happening across the world, she is going to feel so safe in her own country. Hence, Speaking India should be the priority –which will trigger her emotional sentiments, making her come close to the brand. Companies that are going to adopt this 3i strategy are going to tide away the slowdown and win loyal customers.
As a marketer, let me reiterate, that the Indian economy is on a fundamentally strong growth path. The Indian consumer is the king. He has packed his bags and is on a happy journey towards a 'comfortable and healthy lifestyle' as his mantra, along with his family. He is in no mood to stop his journey. Neither can anyone stop him. As a Marketer, we are facing the most challenging times that are going to be more interesting – how to grab our share from his wallet. For business growth is our mantra too.
Growth is the mantra. A lot many Indian Companies have been growing above the market growth rate. And, we are optimistic about the growth in the coming year 2009. Then, the big question arises - what is that which is happening around us in the name of slowdown in the economy –we call them market corrections in sectors where the foundations are not so deep rooted and strong to withstand the sudden growth that they have witnessed.
The Consumer Durable industry(to which I currently belong to) in India is on its growth curve. The great Indian middle class is living its dream of a comfortable life that was once the privilege of only a few nations. From being a nation in the clutches of the state, to a nation whose move is dictated by the consumers and the market forces, India has come a long way and still has a very long way to travel. Which only reassure us that the Indian growth story is fully intact, fundamentals in place and very strong. Is India's growth engine suddenly running out of fuel? NO is the answer if we go by the growth of companies around us. Evidences are aplenty.
Recently I was on a market visit to Mangalore in South Karnataka, where both my Multi-brand retailer (eight stores in eight cities) and my exclusive dealer, was upbeat on their new year plans, and the strategies they were lining up to grab the big share of the market. I was quite a bit probing to understand how much the global slowdown has had an impact on their marketplace. To be honest, there were no such indicators pointing out to make a claim, that 'we are too badly affected because of the global economy slowdown'. They were very optimistic about the next year growth rate in their market. Business shows much confidence, enough strong reasons for the marketer to smile and spend. What we see is a 'low on sentiment' phenomena– 'something is happening around and so let me stop buying'. But, it is not across markets. Neither spreading deep. It's just the intangible consumer sentiment. This cannot remain for too long with the Indian consumers who have seen, and felt the impact of the comforts the consumer durable products have brought into their life.
We, Marketers have a whole lot of reasons to question the rationality behind this sentiment. For when we were not a free liberal economy, when the comforts were the privileged of a few, the developed economies did not show any signs of such impacts. They did spend their money. It was their growth time. Though today, it's a flat world, with every economy inter-linked, everyone into their golden straightjacket's, globalization cannot weaken the spirits of an agrarian economy. Our domestic demands will stimulate growth. And, so, it's our time now. So, there is no reason as to believe that the Indian Consumer will sit and save his money from spending, just because his counterpart in the developed nations is into recession. It's the business cycle.
Lets go the other way to understand what is that going to be my customer's expectations during such times. The customer is going to look more for less – more value for her investments. She is going to look at me how good am communicating her the benefits and advantages during these times. And, finally, is it indianised –for she has been hearing weird stories of failures and falls in the global markets. She wants to ensure she is at home.
3i is the answer that can address support us to meet these requirements. "3i - Innovate, Impress and Speak India", will be the mantra to achieve the growth mantra. Innovate – Companies should innovate – be it products, services, Organizational response to this business cycle, to provide more simplified solutions to the customers, in all possible ways, thereby, providing value for money. Impress – Create interesting marketing communications, highlighting the value proposition to the customers, impressing her with clear value for money benefits. Speak India – Sitting in her home, can look and hear what's happening across the world, she is going to feel so safe in her own country. Hence, Speaking India should be the priority –which will trigger her emotional sentiments, making her come close to the brand. Companies that are going to adopt this 3i strategy are going to tide away the slowdown and win loyal customers.
As a marketer, let me reiterate, that the Indian economy is on a fundamentally strong growth path. The Indian consumer is the king. He has packed his bags and is on a happy journey towards a 'comfortable and healthy lifestyle' as his mantra, along with his family. He is in no mood to stop his journey. Neither can anyone stop him. As a Marketer, we are facing the most challenging times that are going to be more interesting – how to grab our share from his wallet. For business growth is our mantra too.
(The views expressed in the blog are personal and do not reflect the views of the Company or the group, which I represent.)
1 comment:
GREAT THOUGHTS!!GO AHEAD BROTHER!!
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