In the current times when the marketers are trying to stretch every rupee spent on marketing and have to cope with budget cuts, ‘No Money Marketing’, a booked penned by Jessie Paul is very well timed, though Paul herself admits that the work on the book started much before the downturn became the oft-used word. Published by Tata McGraw-Hill, the book was launched by NR Narayana Murthy, Chairman and Chief Mentor, Infosys Technologies, who shared his views on no money or frugal marketing.
According to Murthy, “There are three aspects for a successful enterprise – innovation, ability to use innovation to create a product and a service that will give value to the customer and the ability to communicate that value to the customer.”
He further said that Infosys had actually practiced no money marketing and had not spent huge amounts on advertising, yet it was among top-of-mind recall companies among people when they were asked which company they would like to work for. He said, “This top-of-mind recall was not always the case as a survey done in 1992 on unaided mind recall of Infosys, when asked by potential employees, was 0 per cent.”
He continued, “We decided to change this, but we also decided not to spend huge monies on advertising. The key to achieve this is to do unusual things and get written about. Do things which no other company has ever done. Think of unusual ideas and platform which do not cost much. We did follow these basics and got people to talk and write about us. When the same survey was repeated in 1997, the brand recall of Infosys had increased manifold.”
Murthy emphasised on using innovation and unusual ideas by entrepreneurs to build brand equity for their product and services. He said, “Innovation and marketing are two aspects of enhancing your brand equity.” Referring to Paul’s book, he said, “There was a gap on the subject of using minimal resources for marketing and Jessie has filled this through her book.”
‘No Money Marketing’ focuses on using marketing innovations to communicate brand values in an economical, yet effective manner. The book is in two parts – the conceptual framework required to position a brand, and a practitioners’ playbook that brings together these simple concerts to explain how a company can transform from being a challenger firm to market leader, frugally.
Paul has been Chief Marketing Officer of Wipro’s IT business and Global Brand Manager at Infosys. She has also worked with Ogilvy & Mather.