MUMBAI: Marketers should look at the new opportunities to grow themselves and should stay ahead of time, these were the thoughts of LG Electronics CMO Laxmikant Gupta, who was speaking at the World Brand Congress (WBC) that is being held in Mumbai.
He said, "The moment we start thinking that new opportunity is threatening our existing practices, we start forcing ourselves to think of new ideas. When change happens, when new things start happening in the market, our reaction is ‘can I use this technology?‘, ‘how will it help me?‘ When there is an opportunity we go from clutter to the opportunity which ends up becoming a clutter."
"Almost all brands are present on Facebook today. Once the consumer clicks on the like button he starts getting brand messages, about products, innovations, services, developments. Everything does have a use by day and expiry date. One has to reinvent ideas. A better way to differentiate when every company has same opportunity, the questions should be how this new opportunity threatens my present practices, my existence," Gupta added.
Gupta explained this with an example. He said, "When in early 2000s Apple invented i-pods, it changed the music industry model. I-pod alone contributed to 45 per cent revenue of Apple in first year. Later, in mobile industry, camera handset started struggling. Apple thought that will it be a threat if mobiles with camera start producing music features too. If that happens it will kill i-pod. Then i-phone was launched. Today it makes more than 50 per cent global profit of the mobile industry. With each changing scenario, see how it can affect you today or tomorrow."
"No one thought of the demise of Orkut or My space but the launch of Facebook, its applications attracted so many that it eventually killed Orkut and MySpace.com. Spot problems before things get worst. Don‘t wait for the crisis," he added.
"Youtube as a video channel is bigger than many of the TV channels we used to watch. Also, giving consumer a search is as important as giving her a store, to experience your product. Banner advertising can assure you visibility but does not assure that consumer will walk out with a positive perspective. You need to talk to bloggers or people who can write reviews because that can help consumers have a viewpoint about your product," he emphasised.
On the usage of social media Gupta said, "Brands like MTV and LG, are on FB for not just talking about product. The main purpose is to engage consumer in a way that they want to come back to your page, interact with you. You should create general interaction through Facebook instead of creating impression. When we know that people are talking about the brand online one should see whether they are positive or negatives that is being talked about. The positives should be reinforced and negatives should be checked and corrected."
