GLIMPSE INTO PRODUCT MARKETING OF 2022
The customer is king, and marketers realized this during the Covid-19 pandemic when there was a shift towards online purchasing. Rajesh Srinivasan, Founder Mindful Marketing and Marketing Strategist expressed, “Every product manager, CEO or entrepreneur strives for staying relevant in changing times while, every product has a lifecycle - it forms, bonds, grows, matures, and dies. Therefore, the marketing strategies for a product must evolve to find its variants, adapt to the external environment, and adapt to technology and cultural advances to face the competition.” When it comes to consumer acceptance, Atul Desai, Executive Director & CEO - Prism Johnson Ltd- RMC India believes that the understanding of the product and its impact are the two most important factors. “Customers who are unfamiliar with your product and how to use it will always have a lower level of involvement. As marketers we have to firstly make the customer aware that this product can solve their problems or needs, and then make them understand its application," he explained. Bharat Suvarna, Head Marketing, Stonelam Surfaces LLP addressing the changing marketing pattern with the increasing influence of online platforms said, “Internet has broken down a lot of barriers and consumer is aware of global trends inndesign and construction. They want similar quality and are ready to pay a premium. This has made it easier for marketers to market their products as the consumer has the knowhow of the latest concepts and technologies.” When it comes to changing consumer trends, Dr. HC Mario Schmidt, Managing Director, Lingel Windows & Doors Technologies Pvt Ltd agreed that in India, a product is only accepted if it adds value to the customer's life. “People are travelling more, they have access to the internet and many online platforms for getting ideas. So, as a manufacturer one has to truly drive the product, development, and marketing in that direction with focus on innovation.With marginal propensity to consume (MPC), the consumer is always correct." Given the wide disparities in cultures, habits and lifestyles across India, Srinivas Shanbhogue, Vice President, Home & Distribution, Schneider explained product manufacturers are addressing this diversity. “One concept such as "Smart Home" can receive several responses from various sources. Thus, standardization of a product with allowances for customization is a must in India to cater to various demands. It is important to incorporate client needs, pricing and simplicity in the marketing communication.” Sharing similar views Alok Agarwal, Chief Marketing Officer, Orient Bell Ltd, added, “Tiles have existed for 30-40 years and have just kept altering in shape, size, and colour. What has changed in this digital age, is the method of buying and selling tiles. As a solution provider we are leveraging technology to enable the entire purchasing process as simple as buying on Amazon." STAYING RELEVANT IN A DISRUPTIVE WORLD While discussing what established businesses must do to stay relevant, Dr. HC Mario Schmidt Emphasized on fostering a culture of innovation, experimentation, and learning. "Brand communicators has to be very sensitive," said Srinivas Shanbhogue remarked, referring to a necessary shift in media strategy.“With data privacy becoming a big issue, marketers and businesses have begun to respect consumers' privacy,” added Alok Agarwal. Bharat Suvarna believes B2B marketing has moved towards speaking to consumers directly because the building products market is no longer a push market, it's moved to Pull Marketing.” Atul Desai expressed, “Product like cement is built to last and is not an impulsive product, so the starting point is research on understanding of customers need and then building the product around it and communicating the same to the end customer.” Rajesh Srinivasan concluded by saying, “The most important aspect of marketing is to ‘get out of the building’ and speak to the real customers that in turn will validate the marketing message.”
Tags : Rajesh Srinivasan Founder Mindful Marketing and Marketing Strategist Alok Agarwal Chief Marketing Officer Orient Bell Ltd Bharat Suvarna Head Marketing Stonelam Surfaces LLP Dr. HC Mario Schmidt Managing Director Lingel Windows & Doors Technologies Pvt Ltd Srinivas Shanbhogue Vice President Home & Distribution Schneider