Liberalization has brought sweeping changes in the Indian marketing scenario. The entry of multinational corporations, the professionalization of marketing strategies of Indian companies, the proliferation of products and the diversity of consumer choice are some of them. Indian brands are unique so they need to be managed uniquely.
In a market, where products are sold at commodity levels and where there are several brands, the channel brand provides credibility to the company from the perception of customers. The other advantage is that a small customer feels comfortable dealing with a member of the branded channel to purchase one or more personal computers. Distribution is becoming as important as any other element of marketing.
Disposable incomes are increasing and lifestyles are also changing, so companies must take advantage of this to get maximum customer attention for their products. High-pressure lifestyle changes could turn shopping activity into an outlet for a certain percentage of customers. Again, sales promotion for any brand can increase brand loyalty and can influence demand.
The segment-related discontinuity is also becoming very important for the Indian markets as it gives marketers a fresh idea to continue their brands. Because now even a lower priced brand can easily compete with a higher priced brand just on their quality and distribution strategies, which really happened with Nirma and Surf. Increased customer engagement has been essential for any brand to grow as the market is dynamic in nature. Even if there is passive participation, consumers may go through routine decision making and repeat purchase from a brand. These repeat purchases are solely due to the convenience factor rather than the commitment factor. Only market conditions decide the fate of each brand, so companies need to find innovative techniques to avoid these unfavorable situations.
Therefore, to create a market leader, a lot is needed from companies, as well as from all their distribution channels. It is also true for the new multinationals coming to India with their diverse range of products. They must learn the psychology of the Indian consumer to attack them from the right direction. Brand warfare is common anywhere in the world, but it is very different in India.
So even though companies are doing a lot of market research before entering the market, they can feel lost if they don’t apply proper and accurate measures. In this era of globalization, people are willing to try new products, so they would definitely like to have more foreign brands, but at the same time there are some product categories where Indian companies are unbeatable.
Foreign companies must learn these lessons very quickly and Indian companies must continue their excellent marketing strategies to compete with global conglomerates.
