Indore : In its endeavour to make managers fit in the industries, Indian Institute of Management Indore (IIM-I)’s industry interaction cell on Sunday kick-started ‘Colloquium’ – the annual business conclave.
The theme for this year is “Marketing – Is it strategy, science or sorcery?” On Day-I, the event hosted several industrial thinkers who provided relevant insights to the students.
The event was inaugurated by IIM Indore director Prof Rishikesha T Krishnan who emphasised how this theme resonated with the atmosphere of IIM Indore, known for its marketing acumen and the importance of the students link to the industry.
This time IIM Indore hosted the AVP of one of India’s ad agencies Lowe Lintas, Abhijeet Panicker, who delivered a guest lecture on the topic-’Essence of Ads in marketing’.
He discussed the logistics behind his innovative campaign for HUL named ‘Kankhajura Tesan’ which was a game changer for the HUL in rural parts of Bihar and Jharkhand.
He shared his experience in the ad world with the students and stressed on the importance of being relevant and advertising in the right space at the right time. He also engaged the students with case studies about various ad campaigns that dared to look beyond the traditional ways of advertising.
Gurpinder Singh, multi-channel marketing advisor for GlaxoSmithKline talked about changing healthcare environment with the accessibility to doctors going down. According to him, the pharmaceutical industry is still traditional in its approach as it is not exploring multichannel dimensions.
He stressed on the fact that communication pressure has gone up as there is paucity of time for interaction between doctors and MRs so communication needs to be Real, Relevant and Responsive.
He recommended taking a targeted approach by moving from brand centric to customer centric approach.
He discussed the new digital marketing mix where the 4Ps are patients, physicians, pharmacists and professionals. In the end, he said that digital channels must not be a substitute but a complement to the conventional marketing methods and all the channels must be integrated for greater efficiency.
The afternoon session had a talk by Parag Jain, chief marketing officer of Jugnoo auto. He explained details of their marketing strategy, the tussle with taxi aggregators and the dynamics of customer service. It was brought to notice that analytics is the way to go for start-ups and small enterprises who do not have huge marketing budgets.
Jain mentioned that the reason for their success was that there was a huge demand-supply gap in this sector which Jugnoo helped cover, while also increasing the earnings of auto drivers and adding to the convenience of customers. The concluding lecture of the day was given by Prashant Jha on digital marketing. This buzzword of today has a huge role to play in the success of any business. As the digital marketing manager of a reputed bank, he told IIM students how it was possible to increase sales volumes of boring products like insurance.
He said it is very important to have consumer feedback at each step of the business process. “One needs to know where we are losing customers and then work on improving that area,” he added.
The first day commenced with a workshop on digital marketing. Colloquium will continue into Day 2 with even more talks and workshops, including one with Ogilvy and Mathers.