Lanka should build global brands

Charumini DE SILVA

Globalization has resulted in consumers, including local consumers, gaining more exposure to international trends and brands which are fast evolving and high in standards. On the other hand global brands create zero discrimination among consumers. The long term goal for us is to build global brands coupled with globally competitive distribution channels to market our own products and services; Asian Alliance Insurance PLC Assistant General Manager - Marketing, Nadi Dharmasiri told Daily News Business.

Here are excerpts of the interview for this week's column.

Q: What is your perception about using Corporate Social Responsibility (CSR) as a marketing tool?

A: Corporate Social Responsibility (CSR) is recognized as a platform to contribute towards society and environment. Organizations consider CSR as an investment towards becoming a respectable corporate citizen. However, my view is that CSR is a responsibility of an organization and therefore, should not be used as a business or marketing tool.

I believe that the good being done to the society and environment, will result in genuine appreciation which in turn will help your brand in the long run through enhancement of your brand image; advertising or communication perform a task which is different to this.

Q: How do you align main 4P's (Price, Place, People and Promotion) to suit the global changes?

A: The 4Ps of the marketing mix is the most famous marketing term and the only set of controllable tools that a company owns to design their offering to the target market. Each element of the marketing mix, not just promotion, acts as a communicator.

The global trends are evolving rapidly and different products and solutions are provided to meet these changes. Therefore, the correct blend of the 4Ps is absolutely necessary to satisfy the changing customer needs whilst adding value to the company's bottom line. Further, different blends give you the opportunity to satisfy different requirements that can be aligned to global trends.

Q: What are the mechanisms used to identify new trends and challenges in the markets both locally and internationally?

A: The global changes have empowered the customer in a controlled environment with the use of technology. The internet, virtual market and telecommunication technology have influenced this change in a significant manner over the last few decades. It is imperative to invest in suitable and relevant modern research techniques and technologies in a timely manner to identify the changing trends.

The internet, sharing of cross country learnings, social networks and most importantly the customer feedback are other mechanisms that will help a marketeer to monitor new trends and challenges.

Q: What is the importance of innovation, invention and re-design in marketing?

A: A marketeer should be one step ahead of the respective industry he or she operates in at given point and should inform the rest of the organization of the potential opportunities and threats that organization may encounter. The qualitative and quantitative research conducted on regular basis is also important to ensure that we keep a close tab on what is happening in our own industry and with our customers. Without innovation, invention and re-design, a company will be left behind, irrespective of which industry it operates within; innovation, invention and re-design help companies to fulfill the changing needs of customers via new products or continuous product and service improvements.

Q: Do you think customer orientation is more important to Sri Lanka?

A: Attempting to practice marketing without customer orientation will be of no use - the foundation of marketing is in fact, customer orientation. The degree of customer orientation is the key element. Customer orientation is important to any market, no matter, which region, industry or kind of product or service you are marketing. I do not believe that It is something that is more important to Sri Lanka.

Q: How far can you be satisfied with the customer accessibility of the product or service?

A: At Asian Alliance Insurance we offer tailor-made insurance solutions. Our marketing strategy stems from our unique business model; the secret of our success. Our expansion too is strategic and AAI is selective in identifying potential customers who understand the importance of the noble insurance concept.

As a result of concentrating on the quality of the business portfolio AAI maintains the highest average policy value in the industry since the inception of the company.

The Regional Distribution Network is therefore, designed and set up to ensure superior service to our customers as nurturing customer relationships is considered as priority.

Q: What is your view about global branding?

A: Global Branding, brands sold in international markets, share the same brand values around the world. Global branding is the platform for creating strong enduring relationships with consumers across countries and cultures.

Whilst global branding presents the organizations with market and product expansion, lower marketing costs, economies of scale, etc. it is the responsibility of a marketer not to ignore the language, cultural, geographical and societal differences as well as differences in consumption and communication patterns that prevail in countries and regions. Gaining brand loyalty across the world for a brand is a challenge for any marketer whilst the degree of loyalty will be the measurement for a successful global brand.

Q: Where do local marketeers stand in the international arena?

A: Many Local brands have successfully entered the international landscape competing on par with other international brands; this speaks volumes for our local marketeers and where they stand globally!! Sri Lanka as a country has become a global brand and we should indeed be proud about this fact. However, it is important to define your brand, its value and what it stands for and gain in depth knowledge and insight into the market that you wish to enter.

Most of our local brands, I believe have the potential and capability to become successful global brands. It is up to the local marketeers to explore the international avenues and make this happen.

Globalization has resulted in consumers, including local consumers, gaining more exposure to international trends and brands which are fast evolving and high in standards. On the other hand global brands create zero discrimination among consumers. The long term goal for us is to build global brands coupled with globally competitive distribution channels to market our own products and services

Q: If you did not select marketing as your career, where would you stand today?

A: I would have become a lawyer.