Gravity Magazine_Final - Great Lakes

SWIM
19
How has marketing research evolved
over the years and how are companies
leveraging it as a strategic weapon to
fend off competition?
Definitely there have been significant
advances in terms of the sophistication of
the techniques being developed. We cannot
just be generating data charts without
extracting implications. And that’s where
market research and market strategy truly
interface. As Phil Kotler says, there are
three steps: “What So?” is the description of
the current state that market research
initially answers; we then consider the
implications of all we’ve learned and
answer the question “So What?” and then
finally we should get to the prescriptive
question “What Next?”
On the question of how companies use
research data to fend off competition, one
company might take the numbers, analyze
the implications and use them productively
to tackle the next wave of competition,
while another might just say, “Hmm,
interesting learning,” and continue to
operate as they always have. The way you
fend off competition is by acting on
research and using it as a sensing and
tracking mechanism. If you look at it as a
fad or the flavor of the month you are not
going to able to use it as a strategic weapon.
Research is an ongoing component that
grounds successful organizational strategy.
Last 50 years have seen buzz words like
total quality, competitive advantage,
reengineering, core competencies etc.
What do you think is going to be the
“next big thing” in management?
It is already here in the management world.
It is co-creation of value, meaning: the
creation of value in collaboration with the
customer. It is an all-encompassing term. It
addresses the key question: “How are we
going to involve all stakeholders like client
organizations as well as our eco-system to
co-create value?”
On the flip side, how do you think such
fads have actually affected companies?
Fads will always be there. The problem is
when companies adopt a “flavor of the
month” growth strategy. This is different
from truly understanding how the
marketplace is evolving and making the
necessary adaptation. If leaders in
organizations do not have an idea or
roadmap as to where the company is
headed, there will be dissonance in the
organization. There will be a tendency to
adopt one strategy and put processes in
place and then before that strategy begins to
pay off hop onto another strategy,
eventually leading to unsatisfactory results
overall.
What are your 3 key take-aways from
interacting with great minds like Philip
Kotler and Neil Rackam?
1. To be open and committed to lifelong
learning. Phil and Neil never say they
are the gurus or let others perceive that
they have all the answers.
2. To be discerning about ideas. This is
about being open to ideas from all
spheres but very discerning about what
is accepted.
3. Having an eclectic perspective: Being
open to sharing knowledge and working
with people from different
backgrounds, cultures, industries and
spheres of life. Phil Kotler has written
books on marketing and positioning in
almost every major field from
performing arts to marketing of
countries. Neil Rackham was raised in
Asia, did his higher studies in the UK
and has conducted most of his
breakthrough sales turnaround work in
the US and around the world.
The number of women at the helm of
companies is very low. Great Lakes
through the SWIM (Successful Women
in Management) initiative look to
empower women in business. What are
your suggestions to make this a success?
I have to congratulate Great Lakes on
launching this initiative. Hats off to
Dr Bala for kicking this off! You have a
great team and I am delighted to be a part
of it. Along with opportunities being
available, it is also important to help
women overcome hurdles that hold them
back from pursuing challenging senior
leadership positions. Hence, one of the key
areas for SWIM initiatives to focus on
would be helping professional women tear
down the barriers that prevent them from
realizing their potential-these barriers could
be work related, family related or
psychological.
Dr. Suj Krishnaswamy is a principal at
Strategic Insights Inc, a global business
strategy and management consulting firm
(www.stinsights.com), headquartered in
Chicago. She is currently working on a
major project with Prof. Philip Kotler
and Prof. Neil Rackham on sales
marketing integration and its implications
for growth. She can be reached at
sujk@stinsights.com.
– As told to B Vasanth Sandilya and
Ramesh Chandramouli ,
PGPM Class of 2006