I would like to thank Kanchan Kumar for giving me an opportunity to visit an event which has enlightened me about how to market, how to brand, why to market, and what to do with digital media.
Now I wish to start off with a summary of a few points I jotted down, during the event. It was held on 23rd March, 2013 at IES Bandra West, Mumbai.
The event rung it’s bell with the starting of the event being done by Ajay Kelkar, COO, Hansa Equities.
He began with a general discussion about a site named coursera.org and a professor Edward Hess, who runs a program called Grow to Greatness. I don’t know much about it, please do login on the site and search about it, apologies for being rude if I’m.
He then spoke about two types of companies, which are
1. Pain Reliever :
A company which solves the issue of a customer.
Eg. Banks, Telecom, and various other day to day companies.
2. Vitamin :
These companies are those which do value addition to the above companies.
These companies take time to grow as they are basically an add on and which cannot work for a large segment.
Eg. Yakult which says its drink kills the germs, these are basically value additions, or whey protein for body builders.
He spoke about identifying the customer’s pain point.
Location, Location, Location is very critical for any brand or product.
Mr. Ajay has worked at Shopper’s Stop and he gave a simple strategy, for which I would love your answers rather than me only giving you the details.
He said “When you enter Shopper’s Stop say to buy an apparel, what is the first thing you see?”
Mr. Ajay also said “Is it cool to fire a customer?”
In today’s world the consumer is seeking relevance. For it we need to do data research about who spends , how much, where and when.
Consumers only respond to a “Profitable Conversation”
Why not use traditional local media to contact those who aren’t using digital media.
DATA :
1. Use effectively
2. Easily available for B2C markets.
3. Location of the consumer will help get data as to what is more being bought or used by the consumers in those area.
Eg. Mr. Ajay and his daughter, had been to Phoenix Mills and there is a potter, where you make your pot and your name is engraved on it. They took the address of Mr. Ajay, so as to get a database so as to see who their actual clients are, and from where do they come.
BE GENUINE.
Ask yourself “How much footfall is needed ?” “Is it worth spending X amount on marketing”
Spend Less, Test, check the results. If successful increase the marketing expense as a percentage to the revenue.
Tie-up with local outlets to offer discounts.
He also spoke about Adoption Process and its Stages :
1. Provide information.
2. Increase Interest
3. Evaluate
4. Trial –> Purchase –> Re-purchase
5. Adopt/ Reject the model.
Our second speaker and knowledge impart-er for the day was Mr. Vivek Mendonsa, Marketing director of the 135 year old optical company. those who know please do answer, I like asking questions especially related to general knowledge, or else google it.
he asked us “What is a brand?”
Service
Product
+ Image with any one of the two.
To create a brand what we should do:
1. Get a third party certification. (ISO, Crisil, etc )
2. Joint Ventures.
How Am I as a Company different. A point to remember for all the start-ups.
Create a list of customers :
1. to chase and get them as your clients.
2. those to get rid off.
Always do testimonials, it helps to let people know about the brand and how trustworthy it is.
Outsource your non-core business, such as finance, H.R., Sales, etc.
A case study of Indigo Airlines :
The owner has set up two teams called the think tanks, one receives suggestions and ideas from internal employees and the second team implements those suggestions or ideas.
They serve sandwiches in tin cans, which can be taken by you as a souvenir, and use it for various purposes.
Another Case study on Costa Coffee :
They hire at least one dumb and deaf employee in each and every store, not only for CSR purpose, but also as they saw that people tend to connect with them more quickly than the one with the big mouth.
Please do go to B.N.I. it is a network of entrepreneurs for business networks and referrals.
there are two types of visiting a prospective client.
1. Through a Lead :
A lead is one where you are given the third party data by your current consumer and the third party doesn’t know you.
This may or may not make the prospective client your consumer.
2. Through a Referral :
Referral happens when a consumer contacts the third party lets them know about you and your business. This will surely make the prospective client your consumer.
As the third party trusts the first consumer.
B2B :
1. Takes time to get clients but are frequent after a period of time.
2. Needs excess working capital to run it.
3. Don’t be selfish.
4. Man power Quality needs to be sustained.
B2C :
1. Quick customers, may or may not be loyal.
2. Needs limited working capital.
3. Quality products are essential.
Always follow up for payments from Tuesdays, since Mondays are hectic and it spoils the mood of the customer once he hears about a follow up on a payment due.
It takes at least 6 – 8 calls to prospective clients before they become your consumers.
Become an expert in a product that you offer to your consumers.
FRUGAL MARKETING :
Using inexpensive methods of marketing, such as free media coverage, etc.
GUERRILLA MARKETING :
TWO SIMPLE WORDS ” FLASH MOB “.
Always do S.W.O.T. analysis of yourself and your top 3 – 5 rivals.
Our final speaker for the day was Hareesh Tibrewala, joint C.E.O., Social Wavelength
In today’s world Mass Communication is Mass destruction.
1. Search Engine Optimization (S.E.O.) [GOOGLE.COM]
It is a prolong, time consuming process, to be the popular one.
2. Search Engine Marketing (S.E.M.)
Inorganic search
Running paid ads on google.
It works on pay per click model.
It’s quick to set up.
3. Banner Advertisements
Publishers of content have the traffic, eg. magicbricks.com , moneycontrol.com .
You pay INR 100 – 200 for a thousand advertisements.
Its CPM model.
Company who can help : Ad-magnet.
4. E – Commerce
Specialists who cater to a niche market will have all their fingers in Indian butter (sari ungliyaan ghee mein) .
5. Mobile Apps
Opportunities in these apps – S.M.S. marketing to clients, Advertisements on applications.
Create value for the customer. A study case given to us was about a toilet paper company in U.S. has created an app for those who travel, when they open the app know where is the nearest rest room.
6. Social Media
It is a 2 way marketing.
Listen to the brand.
Identify Sales opportunity.
Social presence.
Company to contact : Radian 6
What is the next big thing?
Video content – You Tube.
Eg.
Blend Tec, a mixer grinder company which releases one ad every week, and what they do, go and check it out yourself.
tv.winelibrary.com is about a person who sells wines and teaches you how to relish it.
P.S. – I also want to be a wine collector someday, though I don’t drink alcohol.
I hope this information helps, thank you for reading.
