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Category Archives: Strategy

Doing business the Indian way

The Indian industry is slowly realizing that to succeed, a business needs to employ “local” tactics and techniques rather than emulating a Western practice. You have to understand and accept that India is a different market and to do well here you need to think like an Indian and deliver what this market needs.

I had this wonderful experience that set me thinking last weekend when my husband and I set out for Commercial Street, Bangalore. For reasons that all Bangaloreans are intimately familiar with, we decided to take an auto rickshaw from MG Road to Commercial Street. We found one willing to transport us albeit with a caveat.

Making market research count

Want to validate your new idea in the market and test its viability? Or you already have a product in the market but are not seeing the expected results? Else your product is present in a few markets and you want to expand its reach further? These are questions for which a business needs to find answers to from time to time. And market research offers a reliable way to understand the market and plan your next steps.

When not to initiate market research

Many words have been written on why a company should initiate a market study exercise. But what is equally important is knowing when not to initiate such an exercise. Here are 3 key considerations –

a. Timelines: If you do not have too much time for a detailed study, the best idea is not to get into it. Many times, we have seen companies get into a market study with very aggressive timelines. There is pressure on the data collection and analysis phases leaving scope for errors, missed opportunities etc. In cases where there is little time, it is best to go with secondary information, insights from people in the field, and talking to industry experts/analysts.

5 questions you need to ask yourself to be successful in business

The business climate today is tough – no two ways about it. What was taken for granted a few years back is no longer valid and companies have to expend a good amount of effort to retain existing business, grow and remain profitable.

What has triggered this change ? The usual reasons are applicable here too – tighter global market leading to increased pressures on margins and hence budgets. Plus business functions are being expected to demonstrate value to the business at every stage which was not such a common ask earlier. And this is not restricted to only the biggies – we are seeing an increasing number of smaller companies adopting rigorous metrics too. All for the good I guess!