Lava's Sunil Raina Explains Why Smart Wearables Need Strategic Focus
As Lava Mobile expands its product portfolio, Sunil Raina, President of Lava Mobile, addressed a diverse audience at the BW Festival Of Marketing, revealing the brand's focus on smart wearables, particularly smart audio, and smartwatches.
Drawing parallels to the mobile industry a decade ago, Raina emphasised that the smartwatches segment offers ample market potential with minimal foreign competition, primarily from Indian players.
Raina's insights at the summit provided a compelling perspective on the symbiotic relationship between marketing and business growth, offering a glimpse into how companies like Lava Mobile navigate the dynamic landscape of the modern marketplace.
He shed light on the transformative evolution of marketing practices and their direct correlation with driving business success. Raina highlighted the transition from conventional perceptions of marketing to its modern portrayal as a pivotal element intertwined with business strategies.
"Today, marketing is not just about promotions and advertisements, it's intrinsically linked with the business itself," Raina stated, emphasising the profound shift in perspective.
He further mentioned that with the advent of digital marketing, the measurability of marketing efforts has taken center stage, allowing businesses to gain unprecedented insights into how actions translate into tangible business outcomes.
Raina remarked that digital marketing has brought an unparalleled level of transparency. "We can now dissect, how our marketing initiatives directly impact business growth, which was not as precise in the past. This data-driven approach has not only amplified the accountability of marketing departments but has also elevated the competitive intensity in the market," he added.
Reflecting on Lava's journey, Raina admitted to past inefficiencies, stating, "During our rapid growth phase, we spent recklessly without realising the potential consequences.” However, Raina noted that this experience has been a valuable lesson for the brand. Underscoring the importance of prudent marketing strategies and conscious spending, Raina revealed that, for this reason, out of the 300 companies that Lava once competed against, a staggering 299 no longer exist today.
He went on to elaborate on three significant discrepancies Lava has encountered. Firstly, acknowledging that from a marketing perspective, the brand was not as visible as it should have been. He also addressed the erosion of trust in Indian companies among consumers and acknowledged the need to rebuild that trust. Lastly, Raina confessed that there was a perception among consumers of using an Indian smartphone did not evoke a sense of pride.
But juxtaposed to this, he also conveyed the present altering dynamics, which is regarding the unique advantage of being an Indian brand in today's scenario. Raina stated, "Being an Indian brand is an advantage that we possess, especially in a time when consumers are more inclined to buy Indian products.” He highlighted the shifting trend, where consumers are willing to choose Indian products that match global standards over international alternatives.
Highlighting the core essence of marketing, Raina emphasised the need to define problems clearly. He advised, "Simplify the jargon, reach out to customers, and truly understand their needs." He further emphasised that the primary objective of Marketing is not limited to generating business for the current year, but extends to embedding the soul of the company within the consumer's mind.
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