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Magic of Innovation and EmotionBy

Subrat Mishra

Manager Sales

Introduction:

Customers are the building block in any business. In the market two major key game changers out many are customers and products. To achieve some extraordinary milestone any company needs achain of customers and a set of products which meet customer's expectation. Needless to say theproduct should be available, affordable and accessible to customers. This is the key thrust for anyCompany to think in a macro eye with microscopic observation while design a product. The innovatproducts should meet customers demand and future desires.Every one of your competitors claims tbe the best, least expensive, most desirable. In this scenario the trump card in the race is innovati

Innovation in product or service can capture the eye ball of the customers and helps the company tattract and gain new customers.Innovation is highly desirable to stay in customer's mind for touchintheir heart to extract money from their wallet. Product innovation helps any company to stand boldand bigger among the other products. The best example is new Maruti Alto 800. Apart from innovatlong term relationship with the customers is the key to success in any business. Going forward webelieve that companies will have to think beyond today's revenue and profitability. They have tomanage their customer relationships as assets & goodwill for their business.When these relationshipare well nurtured and ongoing, it produces sustainable returns to any company. In the long run,customers should not be seen as an opportunistic customer rather as a strategic partner. If thecompanies carry innovation and emotion in their track of business returns will be more sustainable the long run.

Innovation:

Innovation is the process to deliver superior solutions which meetfuture needs & expectationsofcustomers. This is accomplished through effective products, processes, services, technologies, orideas.If a company's products or services are not continually improved, competitive pressuresinvariably lead to falling prices, declining margins and the commoditization of its offer. Innovation isabout new solutions, which offer more value to customers. An innovation may, or may not involve ntechnology however it addressescustomer's needs to be met more effectively. Peter Duckersummarized this neatly when he defined innovation as exploiting change as an opportunity.Consumlook for solutions, not merely products, which can add value in terms of saving time, enriching qualof life. Marketers should put their lenses in these parameters while designing a product.In a nutsheInnovation is about meeting customer needs more effectively than competitors.

Take the example of Rolex (Swiss watchmaking manufacturer).The symbol of high-quality luxurywristwatches &popularly regarded as prestige to its customer.Rolex innovations are mentioned belowhich helps to place itself in a different orbit of competition:

* The first waterproof wristwatch "Oyster", 1926* The first wristwatch with an automatically changing date on the dial (Rolex Datejust ref.4467, 194* The first wristwatch case waterproof to 100 m (330 ft) (Rolex Oyster Perpetual Submariner ref.621953)* The first wristwatch to show two time zones at once (Rolex GMT Master ref.6542, 1954)

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* The first wristwatch with an automatically changing day and date on the dial (Rolex Day-Date,1956)* The first watchmaker to earn chronometer certification for a wristwatch

Nokia was the first company to realize that cellphones are the personal accessories and felt consumwanted more than a phone. So it introduced cellphones with style, changeable cover, wider screen,

Soft key pad and no of ringtones. Nokia is the first company to mass market a cellphone with anteninside and offer Radio, stopwatch, Camera etc in a cellphone. Soon it becomes the no 1 cellphonemanufacturer in the Globe. But as the customer taste and preference are changing continuouslySamsung and other mobile handset manufacturers has recognized the smart way of thinking anddeliver the smart phone to the consumers. The development of technology has revolutionised not ohow we communicate with others but how we live and work. Nowadays, Smartphones has taken thepower of desktops and laptops. Everyone prefers to check their mails, play games or do other stuffstheir mobile phones. The Battle of Supremacy is still going on to offer more value to customers.At trecent World Mobile Congress in Barcelona the world's biggest annual mobile trade show Fujitintroduced its new waterproof phone, while Samsung launched the Galaxy Beam, which has a built-projector that can show 50-inch-wide videos on a blank surface.The same trend has happened in caof Television from Black & white TV, color TV to LCD, LED, Plasma and Smart TV.

Innovation in Reposition:

The automobile industry has grown to be a very dynamic one in the recent years. Even though theessential use of this industry has been to satisfy the customer's need to travel from one place toanother in comfort, the constantly changing market, has slowly changed customer's needs intowants paving way for high competition in the automobile arena. Tata Nano, which was projected aslow priced car was not gel with customers self-esteem. The market for low-priced car is not a roarinconcept in the car segment. Eventually, in a bid to regain consumer confidence, Nano had to undergchange in its communication as an aspirational product, bringing happiness to the owner in its sloga'Khushiyonkichaabi'.

Emotion:

Emotion is primarily by psychophysiologicalexpressions, biological reactions, and mental states. It isoften associated with mood, temperament, personality, and motivation of a human being. Emotion often the driving force behind motivation, positive or negative.Emotional benefits are the positiveemotions the consumer experiences afterusing a particular product or service or brand. Emotionalbranding is a marketing approach where the marketers try to get into the mind of the customer tobuild up a long lasting relationship and enhance loyalty. The advantages of loyal customers are:

* Forgives and understands minor problems.* Considerably less price sensitive.* Will help sell the business with word-of-mouth advertising.* Will not jump at the next "pretty face".

Cadbury tapped the untapped market of teens and the adult market by "The 'Real Taste of Life'campaign, positioned Dairy Milk as a chocolate that awakened the little child in every grown-up. Soboth teenagers and adults were attracted on to Cadbury Dairy Milk bar. Previously 'KucchMeetha HoJaaye' campaign was launched to position Cadbury Dairy Milk as the new substitute for traditionalsweets. Proceeding further, Cadbury took next step in its journey; to build a stronger emotional andcultural connect with consumers with 'ShubhAarambh' campaigns.

Conclusion:

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Now customers are more talented and smart while investing their hard earned money for buyinganything. They compare products and offerings based on which they can decide what to purchase awhich to reject. Customers want suppliers to provide solutions not products. But customer needs arnot static; they change with tastes, fashion, competitive offers and new technological possibilities.What is regarded as a good product by customers today will not be same tomorrow. Across allindustries like computers, electronics, pharmaceuticals, Automobile products and services are rapid

rendered obsolete by innovative solutions. Businesses survive when they maintain a continuous fit tthe changing market environment. For most firms, profit and growth depended upon the company'sability to create new and offer new innovative solution to their targetedcustomers. Product innovatiwill attract new set of customers to a particular brand and emotional attachment with the brand wilretain existing customers. Excellent firms don't believe in excellence only in constant improvemenand constant change. Every company's greatest assets are its customers, because without customethere is no company. Most of the sales strategy target customers for short-term revenues. They sefor targeting customer's wallet of today and focus on securing as maximum share as possible of thewallet. Now the products were launched with lower price for market penetration. For manymanufacturers this was a differentiator and still looks good strategy at least in countries which are ygrowing economies.Now MNC brands score better in lifestyle associations, Apple is one of the best ithe world at this -- all of their marketing is focused on making you believe that owning an appleproduct will make your life better so it rightly said "Win their minds win their hearts". Still Indianbrands are recognized more for their `economy' and `value for money'.As companies worldwide barelentlessly for attracting new customer, capturing competitor market share, and to cope withcustomer needs the magic of innovation and emotion can helps them to go for extra mile.

Hence It is rightly said there is only one boss in any businessi.ecustomer and he can fire everybodythe company from the chairman on down, simply by spending his money somewhere else. Needlesssay utmost customer's care should be taken if we need to be in the race.

Reference:

1) Velocity,Volume-5,No-2,1ar Quarter 2003.Developing Customer Relationship Capital2) Company orientation towards market place, Marketing Management by Kottler and keller page

no.15,12th edition3) I'm Not A Salesman, But I Sell Anyway, From ww.businesslistening.com/sales_for_non-sales.php4) Pitch Exclusive: Why brands move up to emotional connect, published in 17th August 2011ByRuchika Kumar in exchange 4 Media website.5) Pitch Exclusive: Detergent cos tide over price war, take battle to ad front,published on Mar 05,2004exchange 4 Media website6) Rolex from Wikipedia.http://en.wikipedia.org/wiki/Rolex7) The Latest Cell Phone Innovations: Breakthroughs or Busts?Posted on March 16, 2012,http://knowledgetoday.wharton.upenn.edu/2012/03/the-latest-cell-phone-innovations-breakthroughs- or-busts/8) Emotional Branding Posted on June 14, 2011 byPressed4Time,http://www.pressed4time.com/blog/?p=669) www.exchange4media.com

10) Marketing Management by Philip Kotler

Subrat MishraManager Sales