The mistake that many marketers make is that when the chips are down they also go down. It’s important that when the industry is down, you have to be actually up and running and are in an investment mode and not in a cutting back mode. This is the advice of Anil Dua, Senior VP, Marketing and Sales, Hero Motocorp.
He further said, “Of course, you need to do things rationally, commercially in a sound way, but the worst thing that you can do is to have a knee-jerk reaction to such situation.”
The industry has been under some pressure over the last few quarters, but it is important that we don’t go back on the work that we are doing on the brands. “So, if you look at Hero Motocorp, last quarter was the festival quarter and, therefore, we really leveraged it to the hilt to really project our brands and to take forward the propositions around the individual brands as well as the corporate brand,” Dua added.
Speaking about the strategy adopted by Hero, Dua shared, “ I believe, given the experience of previous years – thankfully most of the years have been very good, but I also recall years like 2007-08 and 2008-09, which were pressure years for the industry – we went forward with our plans and investments and they paid off very well in the long run. And I think the same principles apply now that while the economy is a little subdued and the industry is a little down, I think the brands need to provide the cheer and specially we as the market leader need to be really perking up the sentiment in order for the customers to come flocking to the market and for the brand to take its rightful course.”
Watch what Dua has to say about overcoming tough economic conditions.