Innovating New Products, Services And Branding Is The Only Strategy For India, Inc
Jan 20th, 2010 by admin
India has never been short on dreams. More than a century ago, Rabindra Nath Tagore talked about the kind of nation that India should awake to, free of divisions, shaking off its discontents and forever looking outward. Nehru spoke passionately about India’s tryst with destiny. Nandan Nilekani mentioned in his book ‘Imaging India’ that India’s large and overwhelmingly young population has now become our greatest strength; information technology is revolutionizing not just business but also governance in the everyday life of a vast majority of Indians. Nilekani talks about how the ability of Indian innovation to create high quality, high volume, and low-cost solutions is unique. It can actually be seen in our mobile phone industry; we are seeing that in education now. Because necessity is the mother of invention, when you still want to build a business model, the only way to do it is by creating. It’s said when things slow down, that’s when true winners emerge and they almost always beat the competition by creating something new, something unique. Now is the time for India when creativity should not be sacrificed at the cost of squeezing costs. In fact, now is the time for India to watch, to look around, and to plan. So this is the time to get into the market and create a competitive advantage. This is the time for true entrepreneurs to show the world their mettle. Brand loyalty becomes even more crucial to business survival when money is tight. Majority of businesses therefore are banking on a curious marketing mix, where the focus is shifting from mere brand building to sales promotions that combine brand building with higher sales. Our GDP growth within the fiscal year 2008 is still high compared to developed countries like US, Japan and EU. According to the BRIC report, India will be the super-power in the future. India is blessed with very good sources of natural resources. India ranked 2nd in wheat production, rice production, arable land and irrigated area all over the world. Tea and milk production, India ranked 1st. Cotton production and commercial catch of fish, crustaceans and mollusks, India ranked 3rd all over the world. Already Indian brands having very good reputation all over the world. Take the example of TCS, Infy, Wipro, Tata motors, Ranbaxy, HCL, Dabur, Cipla, Suzlon, Essar, UB group, NIIT, Tata Power, Havells India, Videocon, SBI…. the brand list from India goes on and on !