We just finished a 13 hours workshop on “Marketing in Practice” conducted by Unilever at Indian School of Business. Here are the 10 pearls of wisdom, that are worth noting (in my opinion).
1. The two most important P’s are PRODUCT & PRICE. If you have two dollars as your marketing budget, use one to make your product better and the other to get your pricing right.
2. Luxury Brands put so much emphasis on PRODUCT, PACKAGING & PLACE that other P’s become irrelevant.
3. Brands aren’t read, they are recognized.
4. Changing consumers’ habits is one of the most difficult jobs (For ex, you don’t see much people cleaning their neighborhood under “Swaach Bharat Abhiyaan” anymore)
5. Penetration is more important than loyalty. Larger penetrated brands means large number of buyers. A “niche brand” is just a fancier name for a small brand.
6. But it doesn’t mean that loyalty is not important. Brands with low loyalty eventually die.
7. What you do to attract shoppers should align with the shoppers’ needs and relevance at that point of time. For example, you might try to sell credit cards before a movie screening at a multiplex but you shouldn’t try to sell body lotion at a bar.
8. While making a marketing plan, you should be very particular about JTBD (Job To Be Done) :- Get who, to do what, by doing what?
9. Marketing is nothing but “Sales at Scale”
10. Since Product is the most important P, always do a “Blind Product Test” before launching it.
Thanks a lot Gaurav Jeet Singh and Arun Neelakantan for one of the best sessions at ISB so far.