Monday, July 28, 2008
Success through innovation
In the above image we see a workshop conducted at Dr. Shikha Sharma's Nutri Health Systems ...
Doing something novel or new has become the need of the hour, ie. the order of the day. Do something new, and do it first ... seems to be the necessity of the times. Earlier, particularly in India, you just had 'to do' to make a small fortune ... like manufacture soap bars or paracetamol tablets or malt (milk-mix) beverages and market it ... Today?! It is a prescription to lose money!! It is very essential in the current times, to do something new and better to gain mindshare and hence, marketshare. Competition, globalization, and the trend towards free market economy has made this change in the marketplace.
Cpink has done something new
Cpink is a hematinic brand from Wanbury (a pharmaceutical company that features in the top 75 pharma companies of India). Cpink has created a stir by notching Rs. 12 crore plus value in the first year of launch. The campaign theme and focus for Cpink was on paleness to pink (of health). This theme along with relationship management with key opinion leaders (doctors) has apparently done wonders for Cpink. The Rs. 500 crore hematinic market is seeing some interesting action through brands like Cpink. Remember hematinics are top selling brands in pharma India. In fact, Dexorange , a hematinic, is a steady top brand in pharma India.
Dr. Shikha is creating a new stir
Dr. Shikha Sharma noticed the wellness trend in urban India quite early in 1999, when this enterprising allopathic doctor started work on weight management, nutrition, and wellness. Today, Dr. Shikha is shaping the well being of clients through a focus on nutrition. It is quite in line with the current trend for preventive healthcare and nutritional supplements. With the impending boom in wellness, Dr. Shikha is well positioned to cash in on this mega trend.
The reason for being novel
Being innovative means creating more value for the customer when compared with competitive offerings in the marketplace. A standout example of superior value creation is the tetra pak based fruit juice based electrolyte energy drink category created by Juggat Pharma. Such is the success of this category that bigwig Pharma companies like Merck are partnering with Juggat Pharma (Pharma Div. of Jagdale Ind. Ltd., Bangalore) to get line extensions manufactured with this concept (ie., Electrobion Lemon Sip and Apple Sip) (firstname.lastname@example.org)
Be novel with communication too
The process of message transfer (communication) has gained higher importance and is the most vital ingredient of the marketing mix in the modern competitive world. For eg., new research in interpersonal communication points out that the verbal component of communication influences to the extent of just 7% in interpersonal communication. The Vocal component forms a sizable 38% of one's communication. Vocalization refers to voice modulation (pitch, pace, and pause), pronunciation, and confidence. 55% of effectiveness of interpersonal communication depends on nonverbal communication (or body language); this means one's appearance, personality, gestures, eye contact, active listening, and confidence make the maximum impact in interpersonal communication.
Communication is very vital for success of any innovation. And this is the bottomline.
Thanks for reading this blogpost, please scroll down and click on older posts wherever required to read all other blogposts.