Business mantras I learnt across 5 industries

Business mantras I learnt across 5 industries

Working across 5 industries over 2 decades has made me realize that all business are same, the basic principles of setting up and running businesses remain the same. 

Having worked across industries from FMCG, Print media, B2B e-commerce to Education, and Healthcare, in various roles in marketing, sales, strategy, and leadership, has helped me internalize a few mantras that form the bedrock for any organization to grow.

1. Have the right product for the right market – The Holy Grail of an organization

If your product is not the right fit, nothing else matters. No amount of sales or marketing can help you. The product needs to address some need, fill a certain gap or help achieve better revenue, better productivity or save costs.

2. Distribution channels are your backbone – This is how your product reaches the market

Having A great product, without the right placement in the target market is akin to, "Jungle mein mor nacha kisne dekha" (to translate, a peacock dancing alone in the forest is not seen by anyone :-). The right distribution channel is what brings the audience to your peacock's performance or vice versa

3. Nail your Marketing game – A well-defined TG goes a long way.

Are you talking to the 'right' audience or talking to everyone hoping to find the ‘right’ audience? The answer to this question is the key to effective marketing. Building awareness, pushing people towards your product, making them feel the need for your product delivers the numbers that you are running after

4. May the force be with you – Sales gets you money

Sometimes underrated, sometimes overrated, this is the bridge between the product, marketing and customer. This team is indeed your most active promoter, that brings the last mile connect, making the consumer/ customer pick your product.

5. Customer is the king – and you are not the customer, they are out there

 In spite of a good product, good marketing and good sales, repeat orders happen only with good customer service. Customer today has choices and it is no longer just about the product, the winner = Product x Customer Service

6. You cannot improve what you cannot measure – neglect this at your own peril

And the way to address this is Business Analytics, the new 'Genie' in town. This changes the way you look at business. “Data never Lies”, and you have to make it work for you. It has the ability of give your insights to make your product, distribution, marketing, sales, customer service better.

7. Never stop Innovating – “Kucch Badalne ke liye, Kucch tho badalna Padega” (In order to change something, you need to change something)

Changing customer needs and environment call for changes in product, processes, basically everything. Innovation is not just about ‘new’, it is about change. When you are stuck, innovate / change, just doing same thing better may not help.

To summarize, while industries may differ in their products, services, and customer base, the underlying principles of product development, distribution, marketing, sales, customer service, business analytics and continuous innovation are universal. By understanding these similarities, businesses can leverage best practices from other industries and apply them to their own operations.