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Thursday, 29 October 2015

How Brands Talk

A Company or a firm is first known by its very own brand name. This name is known by the people only when the company in the market does a remarkable work. Remarkable work is noticed over the period of time when memory actually registers it.

Is this really sufficient to be known?

There is something like memories connected with moments that creates the chapters of our lives. When we make a decision, we have a tendency to review the past for reassurance that whatever we are  about to do, we’ll be okay.

Here’s a scenario: you go out to dinner with friends. The food is wonderful, the wine is fine, and the environment is just right. Stimulating conversations are flowing, and everyone is happy. Right when you’re about to pay the check, the waiter knocks over your glass and spills wine all over your dessert and pants. Forget about the pants; now you have no wine or dessert. Everything up to this point was perfect—until it wasn’t.

What will you remember when you walk out?

The majority of the experience was blissful, but many of us would remember—and tell our friends—about the spill. If asked to return, we may be hesitant because the memory of the spill overpowers the hour of happiness.We are hesitant because we naturally focus on our losses rather than our gains—what psychologists have called loss aversion. Most of our decisions are rooted in uncertainty about the future, so memories act as fog lights to help us navigate unknown pathways.

So imagine a customer visits your company site, loves everything about you, inquires to support, but doesn’t receive a quick or even thoughtful response? Or worse—no response?

What do you think they’ll do?

Directing your tone and language to create positive, lasting memories for your customers is a staple in support. Not only should the whole experience be good, but most importantly, how that experience ends ought to be good.

Timeliness, empathy, and the right tone and language are essential for helping customers fruitfully, but what ultimately matters is what the customer walks away with: a memory. Ninety-nine percent of the interaction can be wonderful, but the wrong gesture or tone or words can spoil the ending.

So marketing and advertising is not about just positioning or taking the company to the top. More importantly it is creating good and satisfactory memories with customers. Not just the product it's also the values given with the product are considered by the customers. Customers happiness is what matters to the end of it.

Tuesday, 20 October 2015

Self Adjusting Dynamics of Markets – A Socio Economic Phenomena

In last two and half decades, this world has witnessed great shift socially and economically.  At one hand, we have become boundary less in terms of sharing knowledge and allowing free trade so on the other hand we have turned into less tolerant society due to religious fanaticism and instant reaction.

If we were to consider India, a wave of economic liberalization begun in early nineties when Mr. P V Narasimha Rao took over the reign of country and laid out the foundation of new system for free market and brought an end to license era.  This was done so successfully that it changed India’s position among the world countries as one of fastest growing economies.  Entire world started looking at India with respect and a potential market to leverage its vast population.  India was also projected as great pool of skilled resources and sought by big incorporation.

With the advent of wireless communication in late nineties, we truly became global citizens and this opened up a plethora of new ways of doing business.   

We witnessed that how the idea of virtual market was conceived and born.  We also saw that how over enthusiasm of this new virtual world busted the entire global economy and fell like lifeless body in early 2000.  But soon market corrected itself and started moving slowly and steadily.  New business model shaped up to leverage the immense power of internet as it offered.

There were certainly challenges in terms of learning the new ways of doing business but we finally managed to do successfully and at far bigger scale as we might have even thought. 
Now future certainly looks bright and accessible to all.  Those who have the capabilities to read the pulse and act on it shall certainly come out as great leader and others will follow. Nevertheless, everyone shall have piece of pie.

But there is another side of coin.  If we have grown up to adapt virtual market as reality so on another side, we became less tolerance socially.

Freedom of speech has truly been exercised on the internet using the social media tools and has provided a great medium to people to express their views.   If we were to look and analyses closely then we shall certainly see patterns as age old suppression of various communities being brought up on internet in violent manner.  At one side, we call ourselves truly global citizens so on the other side we created fragmented society.

Terrorism, Maoism, civil wars has suddenly picked up the speed because of the faster inflow of information and reaction of masses is instant.  Almost every country in the world is now in the grip of people unrest. 

New psychological diseases are becoming the topic of debate as people are adopting new ways of communication.  Some are good and some are not go good or rather very bad. Family values are shrinking and morality has taken a great hit.  

Unfortunately everything has turned into a commodity with price tag including LOVE.  We are consuming more medicine than food.  I am sure we are heading toward changing the human anatomy very soon.

Whether we should consider this as good news or not, it is completely individualist perception. But it certainly clears one point that our future generation would be deprived of human touch in relation and I personally consider it as very bad thing to happen.