Do Not Wait and Watch – Use the Wonderful Opportunity Wave!
In brand marketing strategy, during these difficult times, two approaches are possible:
- Wait and Watch (WAW)
- Wonderful Opportunity Wave (WOW)
I strongly recommend WOW and not WAW.
Those who are using the WAW approach – be they companies, brands, or marketers – are losing out. While there are hurdles and obstacles, there are also solutions for those who make the most of the WOW and use it for the company’s and brand’s advantage. If you decide to do so, I recommend a five-point solution that will help you make the most of WOW and not waste time on WAW.
Rule #1: Do Not Wait
Many people are waiting for the lockdown to end, for things to normalize, or for better times to come – all in the WAW mode. Please do not wait, because WOW is not going to wait for you. The wonderful opportunity wave is there for everyone to grab.
Whether the brand is from FMCG, garments, jewelry, agriculture, fitness, or industrial/IT equipment, seize the wonderful opportunity wave, because it is not going to wait for you. So, why are you waiting?
Rule #2: Do Not Be Late
There are many companies and brand marketers who are planning to take action after a few months or even years. Do not be late, because competition is marching forward. Consumers have not stopped consuming; in fact, they have increased their consumption and upgraded themselves in the last 15 months. If you are late, the WOW opportunity will go to your competition.
Rule #3: Do Not Hesitate
In brand marketing, hesitation means death. Be prompt in:
- Launching brands
- Opening new markets
- Running advertising campaigns
- Conducting promotional activities
- Taking aggressive price increases (if your brand has been upgraded and its perceived value increased)
- Communicating, selling, marketing, acquiring new consumers, distributing, and servicing your market segment
This is the best time. This is the WOW time.
Rule #4: Go Ahead, Operate
Regardless of market conditions – whether there is a partial lockdown, time restrictions, alternate working days, or operational constraints – do not fall for the WAW trap. Instead, go ahead and operate, and seize the WOW phenomenon.
Rule #5: Make Your Brand Great
There are many who are sleeping, and many who are weeping. But you must move ahead through WOW and make your brand great. Rarely does a company or brand get such a WOW chance.
To make your brand great, focus on:
- Increasing brand awareness
- Arranging brand trials
- Driving repeat purchases
- Boosting sales
- Enhancing market share
- Ensuring profitability
Only then will the brand truly be great.
The WOW Mantra
Finally, what I am going to share now reflects the WOW approach and keeps you away from the WAW approach. In Hindi,
Jab sab Soh rahe hain, Jab sab Roh rahe hain, Jab sab Kho rahe hain, Humein Jagna Hain, Humein Bhagna Hain.
Don’t wait. Don’t be late. Don’t hesitate. Go ahead, operate. Make your brand great.
This article was first published in Business India magazine in the June 14 to June 27, 2021 issue.
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About The Author
Jagdeep Kapoor
Founder, Chairman & Director of Samsika® and Samsika® Academy
Visiting Professor of Marketing Management and Brand Management at JBIMS and SP Jain School of Global Management. Author of 14 books and textbooks on the art and science of Marketing Strategy and Brand Management in the Indian context.
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