Key Learnings From Last Year

Wise men have said "If you want to win, move out of your comfort zone". It isn't easy, but once you do, you come out shining. When I look back, I could see the footsteps of an interesting journey left behind with lots of learning since I decided to move out of my comfort zone. Sharing an array of learning from my professional assortment.

1 - Category Agnostic Transition

I had been managing Electronics category the whole of last decade, never thought I would ever want to think outside the category. I knew in and out, loved the products and was very comfortable.

2020, situations forced me to explore beyond my boundary walls, and since then there has been no looking back. Along with Electronics, I forayed into Beauty & Personal Care, Apparel, Groceries, Sports, Health Care and few other categories. Every-time I picked up a new category, I spent decent amount of time learning about the category and knowing more in depth. This was an eye opener and I was able to learn the tricks that freed me of any boundaries. If you could master the 3 things below, it wouldn't matter which category you are selling. Transition from one category to the other will become smooth.

• Consumer buying behavior for the category
• Market Intelligence - The demand, Competition, Channels
• Category quadrants - Price point, Why people buy, Why people wont buy, Brand differentiation

2 - Have 4Ps For Your Breakfast

Whether we follow 4Ps of Marketing coined by the renowned Edmund Jerome McCarthy or the 7Ps of Marketing Mix by marketing guru Dr Philip Kotler ; or as many call it the Basic Principles of Sales & Marketing - the crux of the matter is that it really works. If one wants to build a sustainable business, its very critical to have a strong foundation. I highly recommend these 4Ps which are the most critical ones to form the base of your business.

• Product - Its very important to know what customers want, and its equally important to not just follow the trend but keep changing accordingly. It might come as a surprise but launching products at certain frequency consistently is more important than the success or failure of the products. This is the key to a long term strategy
• Price - It isn't about having a cheap or an expensive product, but its about Value For Money for that price. Another important point to note is that one cant be off the limit in comparison with the competitors. Lots of brands have lost the war only because of wrong pricing strategy. 3rd and most critical point every brand must remember ; never quote the same margin for same quantity and the entire portfolio. You are exposing yourself to the market completely by keeping the same margin for the entire portfolio. Also, if the margin to a retailer/distributor is the same for 1unit vs 10k units then why would someone invest in your brand in buying large quantity upfront.
• Placement - Its no more about online or offline. In 2022 you cant even ponder Amazon vs Walmart. Any brand that isn't thinking all channels, would be beaten by those who have Omni-Channel strategy as the core of their placement strategy. A brand needs to realize and leverage the potential of each channel respectively and play accordingly. Its a huge mistake if we are still painting the entire city with the same brush.
• Promotion - Where we market our products depend on where and when are customers are available. Its no more TV vs Print vs Google or FB , the channel doesn't matter. What matters is, the communication - what are we telling our customers while promoting our product, are we leaving an impact on their mind when they see our ad, will they remember our product and brand after a day or two ? Another critical aspect - Many people have raised a concern that why should one spend thousands of dollars in promoting our brands and products. My single answer - if we do not run ads, our competitors will and thus we will lose. So, think wisely, time has changed and the competition is fierce than ever.

3 - Consumer Behavior Is The Nervous System

This is my all time favorite subject. Its the study of how people are buying. There are many nuances of consumer behavior; classification and types of consumer behavior, factors that influence consumers behavior, etc. Its critical to understand why studying consumer behavior can shape the course of your organization. Great marketers succeed in making you buy stuff even those that you don't need, its only because they understand how to influence you. The Social Dilemma on Netflix in a great documentary to watch if you love the subject as I do. This topic is so vast, its hard cover even snippets in such a short para, I have dedicated an article only consumer behavior separately, will share the link shortly. Nevertheless, below are few points that made me think and shape my strategies

• Any brand which isn't investing in studying consumer behavior is headed south, its just a matter of time.
• Any organization that invests in understanding consumer buying behavior and implements in their sales and promotion strategy will definitely beat their competitors, of-course depending on how well they excel in this department.
• However, great organizations not just study consumers, but they are the ones who steer consumers to follow a certain behavior, these are the organizations that rule.

4 - Invest In "BUILDING" A Strong Team

An organization's success depends on its people primarily. There's tech and processes as well which are very critical, but its the people who build and run these techs and processes.. Hiring, and building a strong team is a key trait of a great leader. While hiring, I have never looked at which institute the candidate comes from, my focus has always been will. Nowadays every organization wants an MBA from a Tier1 college with X years of experience, except for Twitter I guess ;) . Key things one should keep in mind while hiring.

• You don't always get a ready-made tailored candidate for your job requirement. Focus on building a team and not just hiring a team.
• Getting 1000 resumes from a job listing doesn't help. Have crystal clear JDs with filter questions. I have hired 2 people out of just 26 applications.
• What a person has done in the past does not guarantee his/her performance in future.
• High performers comes out of Ivy colleges as well as average institutes, and vice verse.
• Never hire for skills, they can always be acquired. The qualities I look for is Will, Conviction, Ownership, Zeal to succeed and perform better everyday, Strive for excellence. A person will skill without will is no value add to an organization.
• Make hiring applications tough. If a candidate cannot invest time and fill out the application for a job properly, how likely is he/she to invest time properly on the job

5 - The Pillars Of Performance - Pitstop & Learnings

I have heard and read about few the most successful leaders that they work more than 80 hrs a week, and that's what made them reach where they are. I am a workaholic too, and I enjoy working. But everyone isn't the same. Whoever it may be, we must not forget to take a break in order to refuel ourselves. I work for 12 hrs a day, but I never forget to take a break every 100 mins for 20 mins, unless I am in a situation. I never miss out on going for a walk, admiring nature, listening to songs, talking to my loved ones. All these re-energizes me and back to run for another 100 mins again. If one doesn't stop to change their tires in a F1 race, even the best driver will lose the race.

Equally important for every performer is Learning. If you cease to learn, you will cease to perform. Consumers are changing, business landscape is changing, the way we shop is changing, what is being sold is changing, we hear about new innovations every now and then. If we aren't updated, if we do not invest in learning - other people or brands or organizations will start taking over us. Invest in yourself - the more you invest , more you grow.

6 - Don't Forget To Have Fun

Last, but never the least - Its very important to sleep, have fun and re-energize - else you wont be able to give the best to your organization. And, as a leader, one needs to ensure the team and the organization is having fun, at home and at work both. People should feel like coming to office, employees should enjoy working, as I do.