Your brand’s worth is in your own hands!

Your brand’s worth is in your own hands!
You do not have to look far ahead into the horizon to read that businesses are facing an uncertain economic landscape across multiple markets around the globe. We are amidst a landscape in which brand worth has never faced fiercer scrutiny.
 
Moreover, in this environment, a power shift has taken place as price-conscious shoppers have seized control. Price loyalty or brand loyalty?
 
The done to death strategy(dare we call it that?) that brands have been resorting to, to drive volumes has been, no prizes for guessing, discounting. Not only is it a short term strategy but it also does both the brand and the business serious damage in the longer term. Turning the model upside down, research has shown that a 1% price increase can drive a 12-15% increase in profit. That is three times the profit increase seen by boosting sales the same amount. Which shows that the commercial impact of protecting prices can outweigh cutting them to drive volume.
 
Just like most buying decisions are not rational, so is consumers perception of price, which too leans towards the irrational. Behavioural economics studies show that when you flip the context, re bundle your output and shift the focus from price to value through added layers of experience, consumers are willing to pay disproportionately more for it. This, in some way, also endorses the oft used observation that price is the yardstick of quality.
 
By combining data-led pricing strategies with the creativity and behavioural science of a modern agency(be it ISD Global or any other), brands can dramatically outperform the competition in a commoditised market. 
 
Brands can increase their price perception in the eyes of the customer through a 3C Model of Create(through rituals, theatre, value added services)-Connect(establish a culture where customers are happy to pay more like Frappuccino from Starbucks)-Convert( Optimum sales balancing value and volumes, omni channel, something like what hotel chain IHG does).
 
For the community of marketers everywhere, it is time to seize back control of the most ignored, most impactful lever in the marketing mix: Pricing.
 
 
ENDS
 
www.groupisd.com/story
 
www.brandknewmag.com

Time to change your default settings!

A legacy approach might be stifling you, without you even realising it.Best practices may not be that best(or better) at all. In fact there is scope to abandon best practice as the ‘ practice ‘ as it used to exist has changed altogether.

Your current marketing and customer strategies may unknowingly be rooted in old patterns. It may be time for a change.

The purpose of business—creating a customer—and your customers—at a human level—aren’t changing. That, irrespective of all the tectonic shifts happening around them.

But for many businesses, it’s time to make a change toward having a deep understanding of their true purpose and their customers.

The terms consumer and customer are often used interchangeably but they signify very different relationships. Etymologically, consumer stems from a word that means “one who squanders or wastes,” whereas customer stems from a word meaning “a person with whom one has dealings,” with the implication that it is an ongoing relationship.

As Stanley Marcus, of Neiman Marcus, wrote, “Customers are people; consumers are statistics.”

Marketing isn’t about selling to the customer; that’s a byproduct. As the legendary Peter Drucker observed, “The aim of marketing is to make selling superfluous. The aim of marketing is to know and understand the customer so well that the product or service fits him and sells itself. Ideally, marketing should result in a customer who is ready to buy.”

It’s the time to break old tendencies. Its the time to be aware, to rebel, to kill old habits and to seek change.

Not changing is a default tendency. Change the default settings!

Nothing else but ONLY only matters!

PM Musings:

In the perennial quest to conform and comply, and trying to beat everyone else doing the same, we happily concede defeat and give up on blazing our own trails. Running the ‘ also ran ‘ race. You might be doing okay by normal standards, but you still feel restless, bored, and limited. True success is playing by your own rules, creating work that no one can replicate. Trying to be the best will limit you to someone else’s definition of success. Don’t be the best, be the only. Only is much better than being the best. Whether you are Mark or Taylor, tailor your own mark. Make competition irrelevant.

Give into ONLYNESS. It’s next to GODLINESS!

ENDS

www.groupisd.com/story

www.brandknewmag.com

The Big Trap for Brands: A Sea of Sameness!

The Big Trap for Brands: A Sea of Sameness
Normal needs a new normalising!
Since there is so much interest, let me start from the bottom line. It is no coincidence that damn near everything that you and me buy or want to buy, seems to have a label ‘ Made in China ‘. Now, that includes airplane wings …as well as caps!
Instant knock offs-with excellence- have become the norm. From shoes to sweaters to computers to restaurants. The quality of damn near everything is terrific. Things that work well are not unusual. Things that don’t work are unusual.
By design or accident, we are afloat, awash, adrift…in a Sea of Sameness. High-quality sameness, but sameness nonethless.
An idea that has legs ..lasts only a few weeks, a few months at best. Then the sequel. And the sequel that follows the sequel. And so on.
Sure heard this before. Herd mentality. We race around. Follow each other’s tails. From Hollywood to Silicon Valley to Madison Avenue to Jamal Abdul Nasar Street.
As Swedish business professors  Kjell Nordstrom and Jonas Ridderstrale brilliantly articulated in their book ‘ Funky Business ‘, ” The surplus society has a surplus of similar companies, employing similar people, with almost similar educational backgrounds..coming up with similar ideas, producing similar things, with similar prices..and similar qualities “. Ouch, that is painful!
The 10X/10X theory on that is that you could be 10 times better. While being ten times less different.
The basic idea that I am echoing here is that ‘ Good Stuff ‘ is commonplace.”

“. It’s no longer exceptional for stuff (anything, everything ) to work. Which means the bar for ” standing out ” has risen dramatically.

In a winner takes all world, Normal = Nothing. So time to stop being goddamn normal.
Dovetailing seamlessly into this line of thought is the Danish marketing phenomenon Jesper Kunde’s articulation ” Companies have defined so much best practice that they are now more or less identical. ” It’s commoditised. Instead, how about ” It’s yet to be practiced “?
In other words, the only way to make a difference is to, well, “ Make a Difference “.
Standing out in a world where most everything works is stupefying difficult. And yet some companies are making a go of it. How I hate the word ‘ normal ‘.
We are in a ” Don’t just sit there economy ” – so, embrace abnormal. Never mind if you are first mover, last mover, first follower or fast follower. Go for it!
ENDS
www.groupisd.com/story
 
www.brandknewmag.com

Does the world need another ad agency?

“The world doesn’t need another ad agency.”
 
Dear Brand Owners & Marketers

It’s amazing how a single tap on the space bar can make such a difference.

“Another” is one of those odd English words that have multiple and contradictory meanings. One definition is “being one more in addition to one or more of the same kind,” like having another car payment or eating another piece of pizza (two more things none of us likely need).

But “another” also means “different or distinct from the one first considered.” That puts an entirely different spin on things, and putting a space between the letters underscores the point.

The world rarely needs “another,” but it will always welcome “an other” — particularly in the most mature, crowded and commoditized industries, where sameness leads to staleness.

Time after time, another product or service gets superseded by an other product or service, making our lives more pleasant, more efficient, more productive, or better in a host of additional ways.

Seeking “an other” is a good strategy to keep pace with the inexorable march of creative destruction. In the marketplace, what is, will not always be, and what is to come, has not always been. The task of strategists is to be agents of creation rather than victims of destruction. Our challenge is to pursue the new and unproven even as we preserve the existing and profitable.

Unless you can ensure your company, brand or service is continually and legitimately “an other,” it’ll end up becoming just “another.”

We are tribal by nature. Human beings have evolved in that fashion. Therefore the ‘ herd mentality ‘. Yes, we have heard that before. And this as well. Birds of the same feather. Flocking together. Which leads to the SOS factor: Sea of Sameness. What makes you distinct? What makes you unique? There is comfort in fellowship. There is comfort in companionship. But, the real magic happens outside the comfort zone.

Are you up to the challenge/opportunity?  We at ISD Global(https://bit.ly/2riIk7l)  are and looking forward to it.

Ends

www.groupisd.com/story

www.brandknewmag.com

 

The PRomise, The PRospect, The PoweR of Celebrity PRanding!

It’s PRime Time!
The PRomise, The PRospect, The PoweR of Celebrity PRanding
A layer. Then another layer. The stack effect. A double whammy. A literal celebrity brandwagon. 
Amitabh Bachchan. Prabhu. Nagarjuna. Manju Warrier. With the cult following that these icons have nationally and regionally in star struck India, one would have imagined that brand Kalyan had enough and more star power to spin many a convincing yarn. But it seems to be a summer of (dis)content.
What else explains that such a powerhouse brand like Kalyan would want to add more horse power(and how) by getting King Badshah Khan(SRK) to inaugurate its new showroom in the heart beat of India in Dubai(read Meena Bazaar).
Sizzling mercury and sapping humidity levels of the early Thursday afternoon were no impediments to the fan frenzy on display, that started a good three hours before King Khan came to the scene. That is what brand marketers would define as ‘ pure brand advocacy ‘.
” Till such time I am alive, he will be my God. Nothing oblique but a direct reference to SRK. After my lifetime, I would consider God in any other form, till then it will be him “, avered a lady fan waiting for the heavyweight superstar. FANatic, surely. Just a small indication of the power, the aura, the charisma, the clout of Badshah Khan.
Strategically, we believe that this is a tactical master stroke by the Kalyan brand. Cause a major ripple by bringing SRK on board in small rushes, spike up attention and recall and then let the sustaining be done by their existing crop of brand ambassadors.
Needless to say wherever there is serious brand power(personal or otherwise), ISD Global(groupisd.com/story) is right in the thick of it. Our band of passionate hustlers and story tellers(#NikhilThekkomkottathil, #SalinduSadishan) were at hand, up close and personal to augment and amplify.
The stage was set. And SRK was all the rage.
ENDS
 
www.brandknewmag.com
 
www.groupisd.com/story

Wanting to go from Rant to Rave…

Wanting to go from Rant ​to Rave…
The saga continues. The desperation is palpable. Because, unless it becomes an obsession, status quo is a convenient getaway. So, if you want to come out of the present rabbit hole, let’s look at a scenario of what was and what should be. It surely is a study in contrast for brands and businesses and the CEOs, CMOs leading them and wanting to Stay Relevant. Forge ahead. Survive. Thrive.
Go from ‘ Be ahead of the pack ‘ to ‘ Be ahead of the curve ‘
​Change thinking from ‘ Get big fast ‘ to ‘ Get a clue ‘
Move on from ‘ Size will defend us ‘ to ‘ Size is no defense ‘
Migrate from ‘ Sales to the usual suspects ‘ to ‘ Sales to unusual prospects ‘
Shift from ‘ Maximise revenues from a few big customers ‘ to Maximise ‘innovation ‘ by seeking out ‘ strange ‘ small customers
​Go away from ‘ Benchmarking against ‘ industry leaders ‘ to ‘ Benchmarking against leading edge firms ‘
Change from ‘ Strategic suppliers ‘ to ‘ Fringe suppliers ‘
Shift search from ‘ Reliable employees ‘ to ‘ Rambunctious employees ‘
‘ Hire the gal(guy) from a prestigious school ‘ to ‘ Hire the gal(guy) with a freaky portfolio ‘
Actively move from ‘ Passive board of directors ‘ to a ‘ Pushy board of directors ‘
Change culture of ‘ Bulk acquisitions ‘ to ‘ Buying innovation ‘
A value chain from ‘ Safety first partners ‘ to ‘ Risk ready partners ‘
From ‘ Playing it safe ‘ to ‘ Playing it Weird ‘
Delete the mantra ‘ Cover all the bases ‘ and establish ‘ Burn all the ships ‘
Though not always with a high degree of success, we at ISD Global(https://bit.ly/2Bx33Kj) try to practice the above preaching. We have realised that this kind of thinking comes more naturally to us and sits comfortably in our hearts and minds. Probably, we now don’t know any other way. That ignorance is bliss. Come join the weird. Wired for the unexpected.
ENDS
www.brandknewmag.com
www.groupisd.com/story

Needed: A Bias for Action!

Needed: A Bias for Action!
A small tweak, with due permission from Issac Newton ” every action has an equal and opposite action “.
We assume that enterprise excellence is something that we can define, analyse, plan for and them maintain in perpetuity. With every turn of the business wheel, we fancy that we now understand the One & True Lasting Thing that will distinguish a good idea from a bad one, a winning strategy from a dud.
Indeed, we labour still under the delusion that the key to winning is….the right strategy. But, what we have to learn is that ‘ excellence ‘ is not something that we can ‘ envision ‘ or  ‘ plan ‘ ahead. We create it as we go along. Then blow it up, and start anew.
Simply put, the search for excellence is…never-ending, ever-shifting. How do we ‘stick to our knitting‘ when one form of ‘knitting‘ after another unravels? You are sprinting, only to be standing in the same place.
The absence of a bias for action remains the biggest problem for large organisations. They simply Think too much. Plan too much. Meet too much. And accomplish too little.
It is an Age of Perpetual and Accelerating Transience. ” Permanence ” is a myth, it is dead. All the basic principles of business are up for grabs. We have got to play as it lays. We’ve got to make it up as we go along.
A little bit of re-emphasizing here: Of course we need Analytics(Desperately). Of course we need some Metrics(Desperately). We need to understand the power of Data(Desperately). But, like All Good Things, ..the ‘ analytics ‘ and ‘ abstractions ‘ have come to subsume the Real World of the living, breathing, emotional, complaining customer.
Companies would be extra keen to re invent their way of doing business. And there is an increasing need for a new breed of intellectual capital to make that happen.
At ISD Global we are getting ready to throw our hat in the ring. Are you biased for action?
ENDS
 
 
www.brandknewmag.com
 
www.groupisd.com/story

It’s a time to Re-Imagine!

Time to Re Imagine Business! And the time is now. As they say, ” The future is already here, but it is a tad unevenly distributed ‘.

It’s a new world of business. So, isn’t it time to ring out the old and bring in the new? A new mandate has to enter the fray.

Can we shake free of the past? Including(yes definitely) past successes! Can we re imagine an entirely new way of doing business?

Could we stop using these two traditional phrases( I will tell you why):

” Push the envelope “

” Think outside the box “

The problem with both the above(other than their gross overuse) is:

Both suggest that there is an intact envelope or a sturdy box from whose known (and identified borders) we can step out from. But remember:

The envelope is already torn and crumpled..and

The box has been run over by a speeding trailer truck.

So, the task at hand is to:

Think “Weird“, however weird it may sound..be wired for it!

(Re)think ” excellence “

Re-Imagine ” leadership “

Get strange. Did you know that the No 1 source of innovation is ‘ pissed off ‘ people ? People who just cannot tolerate the mundane, the silly, the mediocre that is happening around them. That’s the origin of the best innovation you can ever lay your hands on. So, go ahead and seek pissed off people! HR, are you listening?

Fire the planners. Hire the freaks.

An “excessive cult of the consumer“- ” customer driven” also means being slave to demographics, market research and focus groups. So, ‘listening to customers ‘ might just be the No 1 sin in marketing...

Turn the cliched phrase on its head. ‘The customer is always right‘ to ‘ The customer is always late ‘-

Who wanted Post It Notes? Nobody for a dozen years till 3M ‘ wrote ‘ history and we still keep ‘posting’.

Who wanted Fax Machines? Nobody for the longest time till a ‘ critical mass ‘ of users came along.

Who wanted CDs? Nobody or atleast none of us who had just been through the transformation from phonograph records to tapes. Then the kids started using CDs and the awesome quality of sound made us go Ka-boom!

In the words of Doug Atkin, a partner at Merkley Newman Harty: ” These days you can’t succeed as a company if you’re consumer led-because in a world of constant change, consumers can’t anticipate the next big thing. Companies should be idea-led and consumer-informed”

It’s time to re-imagine. At ISD Global we are constantly trying to be as future ready as possible, driven by the weird, motivated by the untried and fuelled by no fear. To generate ideas that can transform businesses and thereby quality of human life.

Your time starts now. The clock is ticking!

ENDS

www.brandknewmag.com

www.groupisd.com/story

Marketing the new ‘Terms ‘ of endearment

Marketing the New ‘Terms’ of Endearment

Over the years, tried and oft used terms in the world of business and marketing have transcended convention. We seem to be in a perennial state of having to come to terms with these terms. Here is the term sheet on that.

Brand Owners, Advertisers and Marketers were once cosy with ‘ Mass Market ‘. Try and reach the maximum audience numbers through mass media. A lot of the times it was about Spray and Pray. Mass Market transitioned to ‘ Mass Customisation ‘ which went beyond one size fits all to one size fitting some. With the advent of Artificial Intelligence, Machine Learning and Data Science, we are now in an era of the ‘ Customer Segment of One ‘, where one individual as an audience is targeted with high degree of precision and success.

The disclaimers have been turned on its head as well. What used to be common place was a term going as ‘ Caveat Emptor ‘ which essentially was to say buyers beware. The entire onus and risk on buying a product or service was all on the buyer/end user. Now, in an over commoditised world, where we have moved on from push and control to pull and engage, where top down has given way to bottom up marketing, what is evident is ‘ Caveat Venditor ‘, where the accountability and responsibility rests fully on the seller. The wheel has gone a full circle.

Not until long ago, brands and their marketing plans were etched out keeping demographic groups in mind. A pre decided age group with a certain buyer persona was carved out and communication was created to influence and impact that community. The universe has changed dramatically. Brand marketers have now started addressing mindsets which throws conventional wisdom out of the window. As they have now begun to chant, RIP Demographics!

Consumer aspirations have taken a twist as well. Yesteryears we had all marketing and communication created to induce brand ownership. With so much millennial consumption happening, the entire paradigm has now shifted to owning experiences. The new brand mantra for marketers is CeX(Customer Experience) and the City. Ownership is passe, experience is the new aspiration.

Remember those days when the quintessential manna from heaven was ‘ brand loyalty ‘. Coveted, treasured, revered. Loyalty was royalty. In an era of surplus of goods, information, choices, services and a deficit of trust, attention and resources, ‘ customer infidelity ‘ has replaced loyalty. Cheaper, better, faster? Here we shift loyalties!

We were just coming to terms with the ‘ knowledge economy ‘ as it moved on from the  ‘ Industrial Economy ‘and before we knew it we were bang in the middle of the ‘sharing/collaborative economy‘. The dust had hardly settled on that and now the entire attention is rooted on the ‘ attention economy ‘. In an age of perennial distraction, attention is the new premium.

Since advent of marketing, and the quest for differentiation, the narrative has revolved around a USP(Unique Selling Proposition). That feature or benefit which makes your brand distinct or unique from other competitors in the eco system.Then came the not so holy communion onslaught- the SOS- Sea of Sameness. Nothing unique, nothing distinct, the herd mentality, the also ran, the me too. Which prompted our research at ISD Global to discover what we have come to label as UFP- Unique Feelings Proposition– where state of the heart is what brands are appealing to win trust, loyalty, mind and wallet space.

Am sure we will have more to chew on as the intersection of consumer behaviour, rapid evolution of technology and the ever changing socio economic landscape will throw up more perspectives that we have to come to terms with. Till then, au revoir.

ENDS

www.groupisd.com/story

www.brandknewmag.com