Making sense of the Marketing scenario
Marketer Asif Iqbal shares his insight
The consumer base of Bangladesh is ever expanding; do you think the marketers of this country are ready to embrace the challenge?
I believe so! But Marketers are falling short because of the lack of validity and reliability of research. Many of the current researches have misinterpreted consumer opinions, as a result, the communication gap between the consumers and marketers have widened. In general, consumer preferences are ever changing. If you consider the millennials, they are spending a large proportion of their disposable income on technology. They also love to eat out more compared to other generations. Young marketers are considering these quirks when they are drawing up their marketing plans. Also, Bangladeshi companies more and more are expanding globally which was unimaginable a decade ago.
You just mentioned there was a lot of misinterpretation; do you believe there was a problem in the methodology of the researches conducted?
Only a research expert will be able to say for sure. When there is a vast difference between the predicted value and actual sales constantly, we can surely say that there is a reliability issue. As decision makers, it really puts us in a tricky position.
What do you think is the future of the FMCG market in Bangladesh? How does Meghna Group want to stand out in the fight to capture the bigger market share?
The future of FMCG is brighter than ever. MGI has been very successful in this sector. We’ve been tremendously successful, and this is reflected by one in every two households using one or the other of our FMCG product. In the future, we are looking forward to occupying the kitchen and a person’s out of home consumption as a whole. To achieve that we believe, innovation is the key. That’s why we have marked 2019-2020 as innovation years. We will introduce 9 categories of FMCG. This includes Biscuits, Cakes, Snacks, Chocolates, Noodles, Wafer, Bread & Buns. Candy Lollipop, Chips With these products and beverages which we introduced last year, we believe MGI will be able to cement its place in the kitchen, and will also be a significant part of out of home consumption.
As for MGI’s preparation for the future, every product is being developed keeping consumer insight in mind. We carefully study what the consumers want, and then incorporate that want into a viable product. This enables us to come up with products that are consistent with consumer demand. Moreover, they want to play a positive role in society. We look forward to bringing joy in the consumer’s life with our product solutions. Therefore, our products look to inspire.
What is the biggest challenge to innovation?
The biggest challenge is infrastructure. The infrastructure for innovation is not as good compared to multinational companies. They have a solid innovation process, which is well coordinated with R&D in other countries. To counter this, we need to start innovation processes early. For example, the projects of 2019-2020 were actually drawn up three years back. This helps us in early decision making and ensures there is no delay in the execution process. However, there are categories that are very cluttered in nature but our efficient organizational integration and distribution strengths come very handily in such scenarios. So, challenges are definitely there. There is a lack of product development specialists in our country. There are very few people if any with a decade long product development experience because our country did not have this magnitude of growth in the past. So, people and processes are challenges. Also, the availability of information is also a challenge.
The recent study shows that customer understanding is 1.3 times more important to marketers than other priorities. You have already mentioned that you incorporate customer insight. Would you like to brief us about how MGI tries to learn what the customer wants?
A passionate marketer’s understanding of customers happens every day. Because that person thinks of customers consistently. If a person is not committed to the needs of customers selflessly, that person is not a marketer. Subsequently, within my boundaries, I try to keep an eye out for the consumers. I also direct my team to do the same when they go for home visits. I also ask them to have habited sessions and accompanied shopping. As well as research, observation is equally important to gather consumer insight. So, we have combined sessions where not only the marketers but employees with customer insights bring the consumers alive on our drawing board.
How important is data in this whole process? Do you practice data-driven marketing strategies?
Data is increasingly becoming important. I believe, the importance will only grow in the future. Experts are hopeful that by 2030, the world will become error free. For this to happen, most of the processing and analyzing must be done by AI. Keeping this in mind, we are trying to incorporate more data into our operations. We have our primary and secondary sales data. Data is required everywhere. We always try our best to incorporate consumer data but unfortunately, they are not as reliable at this moment. Because of this reliability issue, we have to dig really deep to make proper predictions. I don’t believe it is possible to survive in the FMCG business without data. Now, there is no information asymmetry, there is actually an abundance of information. The challenge is to analyze which information we can utilize for our business.
How important is the size of a company, to put its brand in a leadership position?
Size doesn’t matter as long as you are committed to providing excellence. You need to win the hearts and minds of consumers. As soon as you win hearts you are going to go ahead irrespective to the size of your company.
What else does a company need, to reach a leadership position?
I believe in softer things. You are as big as your dreams. If you want to win the hearts of consumers, you have to have a strong desire for it. The rest of the things will fall into its place.
What is the most rewarding factor of being a marketer for so many years?
Being able to catch consumers imagination is the most rewarding factor of being a marketer. When I see a consumer picking up and using my product, it is the best feeling in the world.
Has there ever been a situation, where you had second thoughts about your career choice?
If I am ever reincarnated, I will not give up two things. My service towards consumers and writing songs.
How has being a lyrist helped, in your profession?
What is the toughest thing to achieve by a single person? I have thought this through. To win the hearts of a lot of different people is the toughest task in the world. To connect with so many people spiritually and getting back their response is very tough. For me, to achieve this is extremely rewarding.
How does a song happen to you?
It just conjures up (laughs).
Do you map it out? What provokes you?
It comes to you naturally when you are relaxed. Right now, I am working on a project called “Neel Doroja”, it’s a web series. I have just sent the song to Kolkata. For this particular song, I was briefed over the telephone. They called to brief me after I finished watching the game between Manchester United and Arsenal. I was replying them with lines as I was briefed. That’s one way I write songs, instantly as I am being acknowledged about the content. Another way I often use, I absorb a tune and write a song on that tune. I have been writing songs for the last thirty years, probably now it is at a mastery stage.
I saw your speech during Bangladesh Marketing Year 2018, is something similar to the works this year?
It is a day for marketing professionals but we would like to take it to the next level. We would like to expand to a few more districts and divisions. Our marketing team is huge which includes the retail shopkeepers. We will ensure this is the biggest platform for our marketers irrespective to the level of marketing chain he/she is on.
How far have you gone with the dream of establishing a marketing institute in Bangladesh?
We have just started it will take some time. Our goal is to improve the skill level of our youth. So that it can be used to employ them internationally. That is the vision I possess; my challenge is to transform it into a marketing institute.
What is the best advice you ever got?
Submit all your complaints to Allah, never share it with another human being. My father advised that to me. I am a great believer of my faith, that is why I hold this piece of advice close to my heart.
