A book by Jessie Paul , Publisher : Mcgraw Hill , 184 pages , ISBN number 9780070152700
Jessie Paul, the author has an experience of 15 years in services marketing and is an expert in the area of brand globalization. In her book “No Money Marketing”, she puts light to the tactics and strategies that an emerging brand can identify and inculcate into its practices and place it self effectively with established brands for market share. This book covers the upcoming trends that have recently seeped in the marketing tactics and strategies. Hence, have fresh and the latest perceptive. It mentions about the current ways such as social media, persona branding, and awards marketing.
The term “Flat World” coined by Nandan Nilekani, has been used extensively as a base for changing the marketing scenario. Flat World is where the organizations have equal opportunities of making themselves heard, and deliver from anywhere around the world. The author explains two key differences of Flat World which are, marketing messages go viral, and world knows no boundaries. A marketer’s message has to be honest and consistent across the world.
The author discusses the reasons for the changes such as, change in drivers in the flat world globalization, digitalization to free advertising and interconnected customers.
The book explains different scenarios of marketing with rich and live examples, concept of upstart brands, and matrix to place the brands in which is known as “Upstart four square matrix”. These are discussed by taking the real time examples of IT and publishing companies which makes it easier to understand and relate. For instance, examples include the Wharton Infosys Business Transformation Award. It helped Infosys to gain reposition as a business transformer rather than just being a supplier of IT solutions. In addition, there are examples of Wipro, stating that because of the internet, Wipro noticed that it should not attempt to segment and differentiate its marketing messages by the type of customers. Instead, they reinforced consistent messages through web. “Offshoring to India” was a hot topic for which corporate leaders were seeking for information, and operators of the industry conferences needed experts to prepare speeches and be a part of panel. Wipro came up with a pool of experts offering the same to the conferences—and gained a ton of publicity. Therefore, the book is more like a guide to new marketing strategies and cannot be restricted as another traditional textbook.
The author stresses upon frugal marketing that is, the low cost or no cost marketing has worked for challenger companies like Infosys and Wipro.
“There is an amazing kick in spotting your ad in a magazine or while watching TV which just cannot
be replaced by seeing your company’s position rise in search rankings .Unfortunately, in the flat world, you won’t need too many ads to help your brand grow. In fact, you may need none. Infosys and Wipro, two brands which have gone from $200 million to $54 billion in less than a decade, spent virtually nothing on traditional advertising.”
The next concept discussed by the author is brand identity. She starts with determining the brand DNA that defines the brand identity:
a) Who am I? – Mission statement
b) Why buy me?- Value adders – customer benefits
c) Why not buy someone else?- Differentiators
The concept of frugal marketing is explained with the help of interviews of Nandan Nilekani and Vijay Malaya. Infosys’s marketing strategies are completely in place with respect to author’s discussion on frugal marketing. However, Kingfisher had entered as a “challenger” in the industry and has made a mark now, but its marketing strategy cannot be placed under the head of “frugal marketing”.
Last section is the most interesting section, as it consists of a detailed explanation of frugal ways that can be applied by upstart brands and how different brand lever like product, price, place, quality etc. has relevance in upstart brand and Flat world. Similar information is there for communication channels. Equation hence formed is Levers + Channels = Goals.
The author then explains the four brand levers and communication channels, which are as follows:
a) Executive Branding: Price, Country origin and sustainability
b) Communication channels: Thought leadership, Media relations, Award marketing and online presence.
This section covers from online presence on tweeter, Facebook, blogging to importance of thoughts of leadership, good media relations, to indulging into award program like Innovation Awards at Wipro. It stressed on four aspects collaboration, consistency, think narrow and think frugal.
This book extensively covers the most recent tactics and strategies. It guides how and where to apply the marketing strategies and collaborate them for better results. It warns about strict “NO’s” in the flat world and is an ideal guide for upstart brand. It also discusses about the practices, which are at a very nascent stage in India. However, it will surely take off because of the evolving customers.
The book covers extensive example of frugal marketing. The examples covered in detail are of Infosys and Wipro though this is natural because of the experience that the author holds however, a little diversification in terms of industry would have made the reading wholesome.
Nevertheless, book is extremely useful for those who aspire a career in marketing and is a must read.
At every age there are changes that occur in the process of development. Some begin other mature yet others are in peak. Do you actually know that there are two different stages in which your child learns to throw a ball and catch the same ball. He can’t learn it together and you also need to concentrate and give him opportunities accordingly. Also did you know that he will learn most of the vocabulary at a particular stage, when that process is at peak, ever wondered if you are teaching him to run that time you yourself will be the roadblock in his development.
