Tag Archives: business

The Customer Unmasked: What the Indian shopper will buy when the pandemic is over and out (Economic Times Brand Equity)

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© Priya Narayanan, Assistant Professor of Marketing, IIM Kozhikode. Views are personal.

This article was first published on March 15, 2022 in the Economic Times Brand Equity Blog and is available here on the ET website. In this article, I present my take on what the “customer unmasked” would be like. Here is the full text of the article (caution: long read ahead!).

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With the pandemic on the decline, it is a good time for marketing managers to gather their thoughts on what the future will bring. Shopping behavior of customers is going to change, but in what way? Five key insights tell us what the post-pandemic future of shopping could look like.

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Stop Talking About Her, Talk About Her Work

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What are the issues that women professionals face in their organizations? What are the benefits they bring to the organization? How can organizations bring out the best from their women professionals? Here is my take.

© Priya Narayanan, Assistant Professor of Marketing, IIM Kozhikode. Views are personal.

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Now that the Women’s Day hoopla is done, it’s time for sensible views on women in business. This article is a collection of lists: the real issues faced daily by women in business; the real value that women add, over and beyond what regular employees aka men add; and the real action that everyone in business can take to realize the potential of women for their business success, and for justice in its most modern form. The article does not provide any advice to women, as most women are already taking several steps on their own, and non-contextual advice is often less than helpful.

Here are some real issues faced by women in business, daily and cumulatively, presented as quotes modified from my observations:

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Digital Customer or Digital Marketing?

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© Priya Narayanan, Assistant Professor of Marketing, IIM Kozhikode. Views are personal.

SEO, influencer marketing, content marketing, social media strategy… these are some of the terms that exemplify popular views of digital marketing. But when trying to comprehend digital marketing, two problems arise: What exactly is “digital” in digital marketing? And does digital marketing include anything beyond digital communication?

In this article, I attempt to answer these questions based on my experience in marketing and digital marketing, experience gained through learning, teaching, and consulting. I also include definitions by researchers and the American Marketing Association, and offer a book suggestion for those interested in learning more.

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The Ferrari Formula: A Ferrari in Every Home. Really?

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© Priya Narayanan, Assistant Professor of Marketing, IIM Kozhikode. Views are personal.

From a well-known brand of racing cars to a fashion brand label, Ferrari has come a long way. Yes, you read that right, Ferrari is now selling in-house fashion apparel. Here’s a video of the models on the ramp, oops, on the Ferrari production line. Are we witnessing the democratization of luxury, or is this just another unimaginative attempt to milk the market?

So, Ferrari seems to say: If you can’t buy the car, you can buy the jacket. Or at least a cap. But then you could always buy Ferrari merchandise earlier through franchisees. These branded products have been used in product placements as well. (A hilarious scene in the Bollywood movie Munna Bhai MBBS shows taporis whisking off a tourist – wearing a Ferrari red cap – to supply a personal cadaver for Munna Bhai, the doctor-to-be, to tear apart and learn.)

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Fighting Covid-19 with Corporate Nudges: Time for Businesses and Governments to Join Hands?

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© Priya Narayanan, Assistant Professor of Marketing, IIM Kozhikode. Views are personal.

Recently, Krispy Kreme came into the limelight for offering a free glazed donut to anyone in the US who could show a covid vaccination record card. Other companies have also started offering freebies for vaccinations. What’s going on? Why should a donut company care whether people get themselves vaccinated? After all, conventional wisdom tells us that it’s the duty of the government and not private companies to ensure public health.

Indeed, Krispy Kreme has faced criticism for its initiative, because it is offering an unhealthy snack in the interest of driving a public health measure. But what else can a donut company do, especially when it is simply offering a reward for good behavior? As every parent would vouch, rewards are an essential nudge towards desirable actions. In any case, offering something tangible in support of the vaccination effort does seem to be better than capitalizing on the covid situation through messaging in the form of unproductive lip service as this Horlicks ad purports to do. Just as this Dabur ad once did by (insensitively?) showcasing loss of hair caused by cancer.

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The Digital Customer: Differences from the Traditional Customer and Implications for Businesses

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© Priya Narayanan, Assistant Professor of Marketing, IIM Kozhikode. Views are personal.

Teaching in a virtual classroom over the past few months has made me think about how the thoughts and actions of digital customers are different from what marketers have traditionally thought of as customer behavior. The pandemic has accelerated the change by getting people to engage in activities that they carried out either infrequently or probably never, be it online shopping, online banking, working at home, or even using a laptop. This article is an attempt to examine how today’s digital customer differs from the traditional customer, and the implications that this holds for businesses. The views presented here are based on my observations and do not claim to be comprehensive.

First, the digital customer is often, but not always, characterized by behaviors that digital technology allows for. The most common behavior is that of easy switching between activities, which was first evident when the television remote came into the market. Switching occurs because consumers want variety, can easily move between windows, and there are lots of activities competing for their attention – motivation, ability, and opportunity, as consumer research would call it.

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Will New Consumer Habits from the Pandemic Live On? A Reflection

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© Priya Narayanan, Assistant Professor of Marketing, IIM Kozhikode. Views are personal.

For over six months now, the world has been in the grip of a pandemic that has changed our lives to a large extent. As human beings and as consumers, we have learnt new habits that have become essential to the new reality. Will these habits last as the pandemic slowly washes away?

Consider the following situation. A father needs to buy a new laptop so that his daughter, who is in high school, can attend online classes. At any other time, he would have visited a retail store as he is more comfortable asking questions and choosing with the help of the salesperson rather than searching for himself online. But now, most stores are closed and even if they were open, he would not feel safe in the airconditioned store premises. So, for the first time in his life, he decides to buy something as costly as a laptop online. And the experience isn’t all that bad!

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Business Schools – Training for What?

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Business schools across the world are finding themselves in a situation of introspection: what exactly is the need for their existence? More importantly, what do they teach?

Applications for this  year’s Common Admission Test (CAT) that is used as one of the key parameters for admission to the elite Indian Institutes of Management (IIMs) came down to a record low of 190,000 this year. For whatever reasons, students seem to be finding b-schools less attractive compared to other options.

To the first question of what b-schools are needed for, there are a few things that business schools can teach. Firstly, there are the business subjects: marketing, finance, operations, human resources and systems, as any first year b-school student would be able to tell you.  Secondly, there is another subject that b-schools try to teach but don’t do so well: strategy. And the top strategy consulting firms end up trying to follow an apprenticeship model so that they fill the gap.

Besides the above, something that b-schools are yet to do well, is being a manager and a leader. That there is strong demand for people who can manage a good business and take all steps required to get things done is very real. Similarly, there is strong demand today for another factor that b-schools are not in the perfect position to teach: leadership.  And women’s leadership as well. Today, all of us – at least those who care enough to have a say in the matters – tend to preach the same old advice about leadership because we haven’t seen what true leadership can do. There is some hope here, though, as b-schools recognize the situation and respond to that.

As the first step, we need to realise that tomorrow’s leaders will face a completely different set of situations today. As I brought up in this thought experiment.

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Thriving in Ambiguity

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Data is indispensable to most decision-making. The large market share that a company commands could mean 15% or 75%, and it is important to know that when deciding which markets to focus on. The short-term interest rate might be 2.25% higher than that on long term debt. However, there comes a point when either additional data is not available or additional analysis is not helpful. At that point, knowing there is ambiguity and still progressing becomes critical.

I have a hunch that Samsung, at some point, took a call – despite the absence of perfect data – to invest in technology and in building the brand; and that has been paying off handsomely now. Neither data nor analysis could have provided the confidence necessary to take that decision.

Often, an estimate is all one gets to work with.

 

What are Systems for?

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Systems, processes, methods are all orderly ways of doing things, important when organizations grow. And yet, systems are meaningful only if they support the greater cause of the organization’s existence. If rules are cited by rote and adhered to in order to be seen as adherent, our systems have failed us.

At one of the offices of a large company, a friend had to stand at the entrance waiting for the requisite documents that would give her permission to enter, even as the person she had an appointment with waited inside. “Madam, hamein toh apne aap ko bachake rakhna hai,” the security guard told her in full frankness: “Madam, we have to keep ourselves safe.” Of course, guards have to secure not just the premises but their own jobs too.

Companies do this so often with customers – at call centres, at (oxymoronic) customer care centres, at retail outlets, and at other touchpoints. Mostly because processes have been drilled into the very people who deal directly with customers.

When employees are empowered to allow exceptions, the results are exhilarating, such as when the call centre supervisor at an airline company allows an immediate waiver of the cancellation penalty, without requiring lengthy emails and multiple phone calls.