Myth No.1
'There Is Recession In The Market.'
Myth No.2
'There's No Money In The Market.'
Myth No.3
'Market Kharaab Hai.'
These are some of the most depressing expressions we have been hearing, which are part of our day to day life. It won't be a surprise, if they penetrate the most vulnerable school text books.
My answer to all '3 Myths'.
'Recession Is In The Mind. Not In The Market'.
'Money Is Not In The Market. It Is In The Pocket'.
'Market Kharaab Nahin. Marketing Kharaab Hai'.
Recession is the time when an Economist is remembered. No one listens to him when everything is going good. Great deal of attention paid to him to understand the economic situation.
But for common businessman, recession is absence of sale and jingling cash box. They explain the entire economic situation, a.k.a Recession in 3 short sentences as above.
For Students, starting from high school to Post Graduates, recession is a subject consisting of complex definitions, intricate diagrams, endless tables and volumes of text that they might never use again in their life.
For me, a Marketeer, recession is a situation, resulting from the reluctance of customer, who has decided not to spend his money now and MARKETING is an 'ART' of convincing such reluctant customer, to spend his money NOW.
If 'Recession' is the malady, 'Marketing' is the panacea.
And therefore, 'Market Is Good, If Marketing Is Good'.
A good marketeer thrives in worst market conditions. A good marketeer never misses his focus on reluctant customer's mind and pocket. His only aim is to re-ignite the passion for his product in the heart of customer and to do so, he keeps on re-inventing himself. Therefore, the very nature of Marketing is fluid and dynamic.
Marketing is like Belly Dance. Basic structure remains still and firm while the body parts move according to the music.
Fundamentals of Marketing remain same. However, the components of Marketing will keep adapting to the changes in the preferences of customer.
This brings us to the famous 5 Ps of Marketing. Product, Price, Promotion, Place, and People.
Most Marketing manuals explain these 5 Ps in an ideal market situation. The text book on marketing management is as glamorous as a celebrity in front of camera but reality might be completely different.
Now let us face the reality.
We are in the midst of those '3 Myths'. There's no customer in sight for miles. Therefore, obviously, no money in the cash box. And we all know that ONLY & ONLY a CUSTOMER can bring in the money. And ONLY & ONLY GOOD MARKETING can bring back the customer even on 'Bad Days'.
As I said earlier, the fundamentals of marketing remain same. However, re-visiting the 5 Ps of Marketing is essential to re-ignite the passion in the heart of the customer.
PRODUCT:
Just like a young lady who uses every trick to attract a handsome man or vice versa, a product too uses all the tricks to catch the attention of the 'acting too pricey' customer. The basic specifications of the product do not change. The difference is same as that of appearance of a boy or girl on a 'normal day' and on a 'date day'. Passion re-ignited. Couldn't have made it simpler.
PRICE:
Good days, good price. Bad days, not bad price. But bad 'pricing' can make way for 'worse days'. To re-ignite the passion in the hearts of the 'acting too pricey' customer, the price should be like a mini skirt. Long enough to cover the costs and short enough to arouse customer's interest.
PROMOTION:
Many marketeers create commotion instead of promotion during bad days. And many marketeers go silent as if they are mourning. Bad days call for smart promotions. Marketing books do not tell you about Carpet Bombing, Cluster Bombing, Surgical Strike, Bouquet Marketing etc. Well, wooing an 'acting too pricey' lady, needs a lot of creativity, persistence, perseverance and patience.
PLACE:
Who would want to take his lady love on a date to a stinky place? Spruce up. Deck up. Clean up. Let the place look as if Diwali is being celebrated every day.
PEOPLE:
I must tell you, no matter how well you re-visit the other 4 Ps, employees can bring everything to a naught. An ill-trained, demotivated and unsettled workforce is the biggest liability on your balance sheet. And they can prolong 'Market Kharaab Hai' days endlessly.
In 1989, I saw a signboard in Johnson & Johnson which read, 'Employees Are Our Best Available Resources'. And if they are not best, market will remain kharaab.
Mind you, during kharaab days, from 'Watchman' to 'Chairman', everyone is 'Salesman'.
No definitions. No diagrams. No tables. No formulas. Simply 'Market Is Good If The Marketing Is Good.
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