Since the start of economic liberalization in India, competition has increased. explain how Indian firms will have to reorient themselves in terms of marketing in this context
Since the beginning of economic liberalization in India, the surroundings has become increasingly competitive. As a result, Indian firms must adapt their marketing strategies to maintain relevance and secure market share.
Here are several ways in which Indian companies might need to adjust:
- Product Difference: With more players entering the market, offering similar products or services, differentiation becomes crucial. Firms should invest in research and development to create unique features or offerings that distinguish them from competitors. Marketing efforts should then highlight these unique qualities to attract customers.
- Customer-Centric Approach: Understanding and meeting customer needs becomes even more critical in a competitive market. Firms must invest in market research to gain insights into customer preferences, behavior, and buying patterns. Tailoring products, services, and marketing messages to address these needs will be essential for success.
- Brand Building and Reputation Management: Establishing a strong brand and maintaining a positive reputation are important for standing out in a crowded market. Firms should invest in brand-building activities such as advertising, public relations, and social media marketing to create brand awareness and loyalty. Additionally, delivering high-quality products/services and excellent customer services will help build a positive reputation.
- Digital Marketing and Online Presence: With the increasing penetration of the internet and smartphones in India, digital marketing has become necessary. Firms need to establish a robust online presence through websites, social media platforms, and e-commerce channels. Leveraging digital marketing techniques such as SEO, SEM, content marketing, and influencer partnerships can help reach and engage a wider audience.
- Agility and Innovation: In a dynamic and competitive market environment, firms must be agile and innovative to adapt quickly to changing trends and consumer preferences. Embracing innovation in product development, marketing strategies, and business processes will help Indian firms stay ahead of the competition.
- Value Proposition Focus: Given that price often becomes a key competitive factor, firms should focus on delivering value to customers beyond just the product or service itself. This could include offering superior customer service, convenient payment options, warranties/guarantees, or bundled packages that provide added benefits to customers.
- Partnerships and Collaborations: Forming strategic partnerships or collaborations with other firms can provide access to new markets, technologies, or resources. Joint marketing initiatives, co-branding, or distribution partnerships can help Indian firms expand their reach and compete more effectively.
In summary, to thrive in the competitive landscape following economic liberalization in India, firms must adopt customer-centric, innovative, and agile marketing approaches to differentiate themselves and succeed in the market.
YOU, may reach out following article which is about Empowering Growth: The Vital Role of Marketing in Developing Economies.
Happy Reading!
Nadeem Khan
M.Com, MBA