In the inaugural session of World Brand Congress 2011, Alok Bharadwaj, senior vice-president, Canon India addressed the congregation of marketers and spoke about the big challenges they need to combat. He said, "The overall demand is shrinking at a global level which is a reason to worry. Global markets are in an I.C.U, some are at bed-rest and yet others have a fractured leg or an arm."
He added, "India is unfortunately injured and needs some immediate first-aid but there's no major damage because the fundamentals of demand are shaping strongly because of two reasons. First, the consumers are increasing in number and second, with entrepreneurship making stronger presence in smaller towns is facilitating growth in demand."
These two facets of Indian market are here to stay for a long time, he feels.
Bharadwaj also stated that it is not the business environment of the country that impacts our market but that of the World. And that there are three obvious factors shaping the global market, namely, technology, globalisation and globalisation of work force.
The challenge for a marketer, therefore, is bigger than just brand building. Bharadwaj exclaimed that marketers require to be a part of the industry forums and government policies. They need to build brand 'India' and look into things like enhancing customer experience because that still needs some refurbishing in our country. In addition to that, one needs to focus on emerging markets more than ever now and start believing in reconfiguration.
In the end, he summarised by stating the 3Rs that a marketer needs to swear by at the moment, which stand for Refresh, Renovate and Reconstruct.