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by Rajen Kumar

No Escaping Social Media

Running a magazine concentrating on issues of small and medium enterprises and managing with limited resources is a like living life on the edge. In this rush of meeting deadlines,...

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Apr 2012

EMRC, Brussels Associates with SME WORLD as its New Media Partner

EMRC has promoted business partnerships with the developing world and has organised dozens of business forums in key decision-making cities, such as Amsterdam, Rome,...

Marketing

Business Must, Marketing First: Importance v/s. Ignorance of marketing

Ashawin Marchant
Jul 2011

Established over three decades ago, a family-owned leading small enterprise in Mumbai is run by father and his two bright young sons. Unlike most others, the USP of the enterprise is a strong belief in marketing.

The younger son looking after marketing past his studies, has always acknowledged his father as one of the dynamic sales person (now CMD of the company) who having seen over seventy springs is full of energy and is ever eager to meet his old and new customers for business expansion. Son learnt from his father the marketing lessons which his friends at a business schools overseas did not. The elder son looks after production and manufacturing facilities.

The writer is associated with the company since 2002 providing insight into new product development, planning marketing strategy every year, assisting owners for business development in USA, UK & Europe besides giving marketing guidance to his team. Year on year basis, company is doing extremely well with steady growth and almost isolated from dynamics of market in terms of growth statistics. What was so special about the management team is they believed in marketing, systematic business development process, using technology at its best for business growth in local to global markets. Moved to better and bigger place in an industrial zone, they built the factory with great acumen considering even minor details for loading and offloading of goods and possible time taken every day.

After settling down at larger place, the family decided to import a high-tech, fast track printing machine which they saw at a print exhibition in Germany. Fully aware of the white elephant they planned to import, they started working towards the proposed capacity utilization once the modern machine arrives.

The younger son, after internal discussion with the family members, approached the writer and expressed his practical concern from the beginning to work out the dynamics which will surely change with the installation of the new machine. He was advised to plan and start a step by step process of developing business with the quality printing from the new machine and meeting prospective customers who may opt for higher quality, large volume, and regular printing work. It was also agreed if required, nearby cities and states can also be explored to source new business.

The owners duly considered the added financial liabilities every month, capital investments to be made, its impact on working capital, its effect on credit extension in existing business with current customers and market sentiments that no way he can increase rates to meet in-house finance needs. They collectively agreed to the concept of the MARKET FIRST.

B2B marketing strategy was implemented with large corporate companies, banks, insurance companies, and publishing houses and alike for type of work that can be immediately serviced. Of course, it takes time for new customers to come in after pitching in over a reasonable period of time with a variety of marketing tools and techniques. When new customers business started flowing in, they did execute the same with existing resources and even out sourced resources, without caring for much gain. Once they realised, market is now slowly made aware about their new technology driven excellence in printing, they rushed to import and install the machine without losing time.

With the marketing assistance offered, the company from day one was operating over one shift per day orders in hand. Of course, the marketing was further driven in full force and all rounds to generate awareness and enquiries at its best and quick return on capital investment, without affecting much of cash flow or payment crisis. Knowing also the life of leading edge technology, nothing was left in marketing and focusing efforts for business development home and overseas where competition looms large.

With periodic visits to trade fairs, old customers abroad and networking with visitors at the international exhibitions, the young entrepreneur under the guidance from his father, his role model, managed a sync with market demand. He had faith in dynamic outward customer centric policy and won the game in a short time.

The moral of the successful story is the importance of marketing in business today.

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