From product creation to marketplace creation - How Indian product companies can create! NASSCOM Friday’s 2.0 46th session LIVE Blogged!

Posted by OMShare
at April 21, 2009
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NASSCOM Friday’s 2.0 46th session blogged LIVE.

Avinash from NASSCOM initiates the session by introducing the participants about the session. The session is being led and chaired by Vinod Harith, founder and director, CMO Axis Outsourcing Services, the first Marketing Process Outsourcing Company. Prior to founding CMO Axis, Vinod was the global head of marketing communications at Wipro Technologies. Vinod brings to the table over 16 years of experience in global marketing and communications across industries like IT, automotive and FMCG and across brands like Wipro, iGATE, Hyundai and Medimix.

Post the introduction by the participants, we now have Vinod starting with the session.

Okay, so now we have Vinod doing a Back to Basics workshop - relooking at the fundamentals of marketing which we have learnt at the B-schools.

We have been trying to do a lot of things without paying attention to the basics

- Vinod

What is Go-to-market?!

Go-to-market process is the

Moving beyond jazzy web sites and brochures is what Vinod is talking about while discussing what we will be covering through the session.

With the introduction given by Vinod, it seems this is oging to be one interesting session!!

What really is a market?

What will MR do for you?

Vinod now shares the essentials of market research. Some real good insights into the process of MR.

You always dont need an MR agency

  1. Talk to the ecosystem
    • buyers
    • users
    • analysts
  2. Industry media
    • Competitors
    • VCs
  3. Where can you find them?
    • Your peer network
    • Linkedin / Facebook (I like this one)
    • Online communities
    • Events and Conferences

Fundamental concepts - Segmentation - Targeting - Positioning

Vinod now shares some theory on what the various terms mean and what all operating variables are there which include into the decision making process.

Segmenting Business Markets

Talking about the requirements for Effective Segmentation, Vinod shares his insights about the difference in the perceived segment and the real segment.

When I was with Hyundai, we went to the rural market and did a study

It was surprising that they were buying sedans, and well the reason for them was that they gifted them in their children marriages. So it was really a revelation for us and hence the basic perceptions were broken. This is a very important insight that we need to take care of when we do our market segmentation.

  1. Undifferentiated market
  2. Differentiated market
  3. Concentrated market
  4. Niche market

Vinod lays stress on the targeting of the market for the participants.

Positioning

If you are something for your customers, you cannot change that! Vinod sufficiates his point with an example of Lifebuoy  - how did the largest selling brand vanish.

For services I’ll go to Infosys and for BPO i’ll go to Progeon - says Vinod while discussing brand positioning
Differentiators

Differentiation can be based on

When you have your product, you should be able to define these things for your product, otherwise you are not existing, you really dont have a product story. Vinod is taking the session very interactive, participants are now sharing how their products are differentiated and what is their value proposition.

We find these rules easy to use in a B2C environment, but in a B2B environment it clashes.

Value Proposition - choosing a positioning strategy

The whole idea of marketing is to price with a premium and not in a discounted manner

- Vinod

If your value proposition is so compelling then price sensitivity is not a bigger issue. When you dont have the luxury of negotiating, price differentiation does not come in the picture. You should be able to put yourself in a space, where people think twice before negotiating with you, and even if they do, they should still be paying you a premium price. There are both tangible and intangible value propositions.

I have a superior product which will sell - well its not true, do you understand the fears, concerns, the psychological needs of the consumers? - Interesting point Vinod. I agree no less.

The SIVA framework

Interestingly now we are discussing RED Oceans and BLUE Oceans! - I agree to Vinod on this one for sure :)

It need not be all your products which are completely new and completely unique, Blue Ocean could also mean picking up areas that have not been well serviced.

Core and Extended Product

Core - what direct need does it meet?

Extended - what psychological need does it meet?

The core for the ipod is being an mp3 player and I got to know that it has just one more IP. Why Ipod was successful, was due to the fact that it affected and met the psychological needs of the consumer.

Working the Ecosystem

  1. Expert channels
    1. Financial and industry analysts, Media deal advisors
  2. Advocates
    1. Alliance marketing, Awards and Rankings, Industry associations
  3. Social Channels
    1. Advisory boards, Customer council and forums
  4. Thought leadership
    1. White papers, Points of view, Speaking opps, research, academic partnership
  5. Marketing channels
    1. Demand generation, Industry events, Promotions, Brand programs, Direct Marketing

Once you collaborate with your customers in creating your products, they become your evangelists in a way.

Vinod very sharply and concisely presents to the participants, about Thought Leadership under the Thought Leadership Eco System.

When should you start marketing?

Creation of marketing touch points, well would you go marketing when you have the entire product ready? Or would you believe in creating separate touchpoints with the right set of partners/customers and engage them in the conversation from the very beginning.

Jack Trout and AI Ries’ Immutable Laws:

  1. The law of leadership: Is there a category where you can be the first/ only/#1?
  2. The law of mindshare and perception: it is important where you are in your customers’ mind and how he/ she perceives your product / service
  3. The law of focus and exclusivity: what is the one word you own in the propects’ mind?
    • Hamam - fmaily soap
    • Pepsi - drink for Gen Y
  4. The law of division: Lead a category or create a division
    1. Mobile phones - music phones - Biz phones - Touch screen phones
  5. The law of singularity:what is that one thing you do really well? Dont push your luck
  6. The law of acceleration: Ride a trens, not a fad
    1. sugar fre vs pro-biotic
  7. The law of resources

Vinod sufficiates the discussion with some amazing examples :)

Zero cost tools:

  1. Blogs
  2. communities and forums
  3. Industry associations
  4. Analysts and influencers
  5. Awards and rankings
  6. Speaking opportunities
  7. Targeted ‘low cost’ marketing
  8. Alliance marketing
  9. Co-marketing
  10. Pay for performance marketing tools

You really dont need big money to reach a fortune 100 CIO, all you need is to think differently, Vinod shares an interesting example to the fact

And now we have a case study on risk management being shared with the room by Vinod, I think the entire session has been a great visit. Vinod is an amazing entrepreneur! The session is now in the Q&A mode.

Vinod has now ended with the presentation, and I think this is one the best Friday’s 2.0 sessions, I have blogged.

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