 "Debunking marketing myths")
As harmless as they may seem, nurturing misconceptions never makes sense. Whether you are stepping into a competitive market or have been an ace for long, misleading notions can only limit your progress.
To prove the point, top research companies have been upholding factual data through the research and reports for a long time. Detailed reviews of consumer behaviour and analytics have strengthened our belief that, facts always outshine mythical concepts.
However, exposure to myths is not something that you can control. But to stay on the right path, you need to ensure that you know the facts about the industry. Instead of letting marketing myths develop in our minds and following them, it is better to focus and dig up the truth, so that we may only move forward.
A weakness remains a weakness only till one decides to turn that into a strength. It is not unlikely to see some budding B-school student outshining the veterans in the business, since, at times, the lack of experience can be compensated with fresh thinking.
Unveiling the marketing myths
With thousands of brands fighting it out in the market, connecting with the right audience is crucial for any individual brand. This makes marketing more critical for any product or service provider who wants to be a cut above the rest. Instead of losing your head amidst marketing myths, efforts to stay in the competition can work in favour for any brand.
For instance, many of us exclaim in trepidation that the Indian growth story is shattered. With every 1 per cent fall of the GDP below 7 per cent, it is believed that one million students entering the workforce will stay unemployed. The gradual decline of the national GDP, the fluctuating market conditions, the declining auto sales and life insurance premium, all enforce the notion.
The reality, however, is different and quite optimistic. The average period of the last 10 recessions in the US is 11 months, which makes us believe that the present lull in the Indian market is temporary as well.
It is soon to be followed by rapid growth, and in the next 35 years, the Indian market is expected to evolve to unimaginable levels.
Another myth is that you cannot do much in the midst of a market slowdown. We agree that consumer sentiments are down, inflation is on the rise and FMCG growth has tanked in the last four quarters. However, that does not mean you cannot stand out in the market.
Research reveals that even amidst decreasing Consumer Confidence Index (CCI) and price hikes, it is possible to make your mark in the market 80 per cent of the times. All that you need is effective deployment of the four P's of marketing, i.e. product, place, pricing and promotion.
Though, it is widely believed, cutting down marketing costs during recession is also not sensible. Research by McGraw-Hill indicates that the companies maintaining their sales and marketing efforts during the recession multiplied three times whereas the cost-cutters grew by a mere 19 per cent.
When it comes to advertisements, it is a misconception to think that longer ads gain an upper hand over their shorter counterparts. NeuroFocus reports, which tracks brain waves of consumers and assesses the impact of advertisements on them, have revealed that shorter ads are either as impactful or in some cases more impactful than longer advertisements, if compressed using neuro-techniques.
Consumers have often astounded us with innovative demands and progressive ideas. Research on product categories can establish that for a fact.
So, once again, it is a mistaken belief that they cannot visualise innovations, and this should never be forgotten by someone who wants them to respond to the marketing strategies.
The author is president, Nielsen India
To prove the point, top research companies have been upholding factual data through the research and reports for a long time. Detailed reviews of consumer behaviour and analytics have strengthened our belief that, facts always outshine mythical concepts.
However, exposure to myths is not something that you can control. But to stay on the right path, you need to ensure that you know the facts about the industry. Instead of letting marketing myths develop in our minds and following them, it is better to focus and dig up the truth, so that we may only move forward.
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For starters, let us focus on the most prominent myth which pushes leaders into over-confidence - 'Underdogs are unlikely winners of their weaknesses'. It is one of the most hyped notions, which has been proved wrong, time and again.
A weakness remains a weakness only till one decides to turn that into a strength. It is not unlikely to see some budding B-school student outshining the veterans in the business, since, at times, the lack of experience can be compensated with fresh thinking.
Unveiling the marketing myths
With thousands of brands fighting it out in the market, connecting with the right audience is crucial for any individual brand. This makes marketing more critical for any product or service provider who wants to be a cut above the rest. Instead of losing your head amidst marketing myths, efforts to stay in the competition can work in favour for any brand.
For instance, many of us exclaim in trepidation that the Indian growth story is shattered. With every 1 per cent fall of the GDP below 7 per cent, it is believed that one million students entering the workforce will stay unemployed. The gradual decline of the national GDP, the fluctuating market conditions, the declining auto sales and life insurance premium, all enforce the notion.
The reality, however, is different and quite optimistic. The average period of the last 10 recessions in the US is 11 months, which makes us believe that the present lull in the Indian market is temporary as well.
It is soon to be followed by rapid growth, and in the next 35 years, the Indian market is expected to evolve to unimaginable levels.
Another myth is that you cannot do much in the midst of a market slowdown. We agree that consumer sentiments are down, inflation is on the rise and FMCG growth has tanked in the last four quarters. However, that does not mean you cannot stand out in the market.
Research reveals that even amidst decreasing Consumer Confidence Index (CCI) and price hikes, it is possible to make your mark in the market 80 per cent of the times. All that you need is effective deployment of the four P's of marketing, i.e. product, place, pricing and promotion.
Though, it is widely believed, cutting down marketing costs during recession is also not sensible. Research by McGraw-Hill indicates that the companies maintaining their sales and marketing efforts during the recession multiplied three times whereas the cost-cutters grew by a mere 19 per cent.
When it comes to advertisements, it is a misconception to think that longer ads gain an upper hand over their shorter counterparts. NeuroFocus reports, which tracks brain waves of consumers and assesses the impact of advertisements on them, have revealed that shorter ads are either as impactful or in some cases more impactful than longer advertisements, if compressed using neuro-techniques.
Consumers have often astounded us with innovative demands and progressive ideas. Research on product categories can establish that for a fact.
So, once again, it is a mistaken belief that they cannot visualise innovations, and this should never be forgotten by someone who wants them to respond to the marketing strategies.
The author is president, Nielsen India