IIPM 4Ps QuizAs the new financial year for most corporates begins, it indeed becomes necessary for all to bestow a big chunk of attention on an oblique concept called ‘Re-invent’
Financial Tsunami is a reality! But only few companies are admitting it as yet. The fact, however, remains that what started with the epochal fall of the Lehman Brothers has had the domino effect in all our lives. One blue chip pushed a chip and that pushed another till the ultimate impact was made, which is being felt today in our homes.
So, as the new financial year for most corporates begins, it indeed becomes necessary for all to focus on an oblique concept called ‘Re-invent’. I call it oblique because in good times one never visits it. Only tough times get us going on this count. Re-invent.
Re-invent what?
Re-invent everything really. Re-invent strategy. The need to continue in the line of business we are in. The need to market differently. The need to reach out to consumer segments we have not touched thus far at all. The need for marketing to get less egalitarian. The need to get more inclusive. The need to re-invent pricing. Re-invent value. Re-invent promotions. In short, re-invent everything.
Why? Because anything already invented does not contribute as much as something that is just about waiting to be found. The times of slowdown are the best times for organisations really. This is the time when the better ways of doing business get found. The current economic slowdown, the current state of economic stagflation, and hopefully not a state of deflation altogether, is a great time to re-invent. There are many ways to re-look at the way we do business. But just a few for now.
The Product: Square Watermelons?
Few years back Japan faced a problem. Watermelons were getting to be as boring as they come. Also, in a country where transportation rates were sky-rocketing, transporting round watermelons in trucks was an expensive proposition. A standard 9-tonner truck would carry only six tonnes of watermelons. The rest was just all air.
So, Japanese scientists in tandem with Japanese horticulturists re-invented watermelon – Square watermelons, grown organically. Now a 9-tonner lorry could carry 9-tonnes of watermelons. What’s more? Super-market customers were very excited to see their dull and insipid round water-melons take a sexy square shape!
Even Purple Ketchup and Yellow Coke are all inventions that are typical products of re-inventions. The month of April is a great one to re-invent! The Promotion: Bar-coded cockroaches
The American consumer is a typical 5th generation marketed-to consumer. Totally tired of marketing. Totally tired of advertising. And totally tired of every consumer promotion which is there.
But Milwaukee, 23rd largest city (by population) in the US, saw an exciting re-invention of consumer promotion. A company that manufactured an insect repellant and insect-killer in spray form was in a marketing problem. Sales were down. The times were tough. But, the promotion the company thought of was an exciting one. Five healthy American cockroaches were caught and stunned. Their bellies were bar-coded. When these healthy American cockroaches regained their consciousness, they were let loose into the drainage system of Milwaukee.
The next morning people of Milwaukee saw an ad in the paper announcing a $50,000 reward for anyone who could bring in one of the bar-coded cockroaches, dead or alive. The next day saw a run on the shops. Everyone wanted an insect killer spray. Stocks of every company selling one was liquidated off the shelves.
Milwaukee saw a kind of the Great American Gold Rush. Kids went about with canisters to kill. Office-goers carried a spray in their jackets and went hunting for $50,000 in their office loos. A killer promotion!
Thus, the month of April is a great one to re-invent. Re-invent or stay where you are. The choice is yours!
An Initiative of
IIPM,
Malay Chaudhuri and
Arindam chaudhuri (
Renowned Management Guru and
Economist).
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