By Manoj Kumar
1. COLLABORATE, CO-CREATE AND CO-EVOLVE. If you have followed the Tips #1 and #2 well, then your Value-Market Fit is not in doubt and you should welcome approaching the markets together with other brands and products that serve a wholesome need of the customers. It is easier, cheaper to build common platforms and gain customer attention with a fuller proposition. You should be open to collaborate, co-create and co-evolve with all the partners in your value chain, and also those who are currently outside, INCLUDING YOUR COMPETITORS.
2. SMALL RETAIL SHOPS ARE GAINING CUSTOMER TRUST. Safety concerns are making customers wary of large store formats which are often located in malls. Local stores offer easy accessibility and convenient home delivery are becoming increasingly important. Many businesses who have traditionally focused on large store based weighted distribution, find themselves in a quandary. It is not easy to build large scale retail coverage on your own in a short time.
3. COLLABORATE WITH EMERGING RETAIL AGGREGATORS. New age B2B trade platforms provide an innovative way to bring traders, wholesalers, retailers and manufacturers on a single platform using technology. One of such aggregators (Udaan), can provide your brand with an avenue to reach over 1.5 million small retailers across 900+ cities. Another aggregator (Meesho) can provide you with a reach of 3 million resellers across 5000+ towns. Identifying and collaborating with such aggregators will give you a clear head start.
4. E-COMMERCE AND HOME DELIVERY WILL EXPLODE. Check if you are ready for this explosion. Don’t be lulled by the poor performance of these channels during lockdown. With the economy opening up, CONTACTLESS delivery will become the new buzzword. Make sure you are present in the right e-commerce stores and with home delivery aggregators to make sure your brand reaches the last mile to your consumer. This is not the time to create your own web stores, apps or delivery systems - plug and play with the most suitable specialists who are planning to bounce back.
5. CONTRACT MANUFACTURING AND CO-BRANDING WILL GIVE YOU SPEED TO MARKET. If you have been one who likes doing everything in house, then it is time to question this model. Once you have laid out your product vision in line with your value proposition, your best bet is to collaborate with existing manufacturers. This will be of mutual interest - you will get a product, and your partners will be able to increase their capacity utilisation. Don't be afraid of co-branding if the equity of your brands complement each other to give a more authentic experience for your customers.
6. BE OPEN TO PROVIDING WHITE GOOD PRODUCTS TO YOUR COMPETITION. You may not have the distribution reach or brand strength for your product which your competitor has. And your competitor is asking you to provide white good products which they will brand as their own. Think of this both tactically and strategically, keeping your emotions at bay. In the future, businesses require MORE COLLABORATION, even with their COMPETITORS.