Hyderabad: “India to become World Capital for Entrepreneurship”, said Mr. Richard N Holwill, Global Vice President, Amway Corporation.
CII Andhra Pradesh organized a one day conference on Marketing, with the theme - Innovative Marketing Trends: Global Enabler for Indian Economy, here today.
In his keynote address, Mr. Rajeev Karwal, Founder & CEO, Milagrow Business & Knowledge Solutions, elaborated in the fundamental shifts in Indian Marketing strategies. “There are at least seven drivers of the fundamental shift in Indian Marketing – Rapid growth of Services Industries, Emergence of Organized Retailing, Potential Growth in Rural India, Emerging Inter Generation Chasm, Rise of demanding consumers, India getting globally integrated, and Technology revolution”, he said.
Mr. Karwal also pointed out that the Rural India offers a tremendous market potential. “ A mere one percent increase in India’s rural income translates to a mind boggling US$25billion of buying power”, he said.
Mr. Karwal figured out that around 54%, which is around 33 million people, are considered as urban poor. “If we are able to innovate and create capacity, this is a significant market worth, approximately 65billion USD”, he said.
Talking about India’s consumption patterns, Mr. Karwal pointed out that there is a fundamental shift from seeking value for regular spends to indulgence in lifestyle categories. “In fact, India’s share of wallet is shifting from basic necessities to discretionary items.
Talking about the changing role of women, Mr. Karwal pointed out that India has more working women than any other country in the world, which includes female workers at all levels of skills – from the surgeon and the airline pilot to bus conductors and menial labourers. “The level of influence that women exert on purchase decisions is directly proportion to their increased financial independence”, he said.
Talking about challenges for Indian Marketing, Mr. karwal talked about 10 responses like – embrace the new consumer reality, treat organized retailers as market segments, rise of retail brands, embrace new media, encourage affordability as driver of marketing innovation, think globally, deploy IT for differential advantage, manage outsourcing, invest in internal marketing, and finally put a process discipline.
In his special address, Mr. Richard N Holwill, Global Vice President, Alticor, Inc., Amway Corporation, elaborated Amway’s marketing strategies and how they build marketers.
Talking about the conditions that lead to business success, Mr. Holwill pointed out that, factors like business environment, availability of finance and access to education, predictable regulations, socio-cultural factors that value hard work, besides others. “One additional factor that is among the most difficult to quantify is ‘experience’. Experience gives the entrepreneur a ‘feel’ for what strategies will work. It gives him or her sense of how to motivate and manage people. It gives the entrepreneur the ability to image new possibilities”, he said. He briefed about few successful entrepreneurs, especially from the informal retail sector, who benefited from the Amway experience at various places in the world. “ The common pattern here is that these people did not succeed in Amway. They succeeded because of it”, he said.
Mr. Holwill urged the Government of India to come up with clear regulations for companies that use the informal-retail sector to sell and market products, which will help protect such entrepreneurs. “At the very least, the Government should insist that companies supporting this sector repurchase unsold inventory”, he said.
Talking about the importance of India, he equates it with Intellectual energy. “India is the software capital of the world; India is the out-sourcing capital of the world. And India can soon be a world capital of entrepreneurship”, he said.
Earlier in the welcome address, Mr. Jay Galla, Chairman, CII Andhra Pradesh & Managing Director, Amara Raja Batteries Ltd., pointed out that communication and digital revolution are changing the trends of marketing. He also talked about innovation as a core area for marketing.
Ms. Suchitra Ella, Vice Chairperson, CII Andhra Pradesh & Jt. Managing Director, Bharat Biotech International Ltd., delivered the concluding remarks at the Inaugural session. Ms. Ella also pointed out that the combination of technology and innovation has shown us new channels of marketing, as well as the new tools that enable us to be more informed and more scientific in our efforts. “The future of marketing is spearheaded by Technology and Innovation”, she said.
The Conference was also addressed by other leaders in Marketing like Dr. Jagdish N Sheth, Charles H Kellstadt Professor of Marketing, Goizueta Business School, Emory University; Mr. Jayant K Singh, Managing Director, Henkel Indian Ltd,; Mr. Kashyap Vadapalli, Director, Categories, eBay India; Mr. N V Subbarao, Chief Executive Officer, South, TATA Docomo, Mr. Deepak Goel, Founder & CEO, Drizzlin, Ms. Kirthiga Reddy, Director, Online Operations & Head, Facebook India; Mr. Indraneel Ganguli, Vice President, Global Marketing & Communication, Mahindra Satyam; Mr. Manmohan Jain, Vice President, CA Technologies, Mr. Manish Advani, Head, Marketing & PR, Mahindra SSG; Mr. G Vishwanand, Founder & Chief Executive, ZeebraCross; Mr. Hari Challa, Managing Director, Aliens Group, besides others.
The Conference was attended by 250 delegates, associated with the field of marketing.