Strategy Must Evolve To Stay Competitive, Says Castrol India’s Sandeep Sangwan
Embracing return on investment (ROI) and strategic adaptability is the key to sustained business success, he believes
Staying true to your strategy is key, but you must also be adaptable to survive in today’s fast-paced environment, expresses Sandeep Sangwan, managing director of Castrol India. He emphasises the power of strategic planning and prioritisation, underscoring how companies can effectively navigate both short-term pressures and long-term goals.
Speaking on prioritisation, Sangwan highlights the necessity of identifying ‘must-win’ areas for the company. He notes that it’s essential to focus on these key battles to drive success in the market. “You have to stay true to your strategy, and one of the ways we prioritise is by identifying the areas that offer the maximum return on investment (ROI). This involves a continuous balancing act between short-term and long-term objectives”, he explains. Sangwan stresses the importance of involving the leadership team in these decisions to ensure that everyone is aligned on the strategic goals.
Sangwan furthers on the need to continuously review and adjust strategies. Using examples from his experience, he talks about how even well-established brands must evolve to remain competitive. During his first time in the Middle East, he recalls how a particular brand failed to gain traction in the Egyptian market, despite his determined attempts. "Ultimately, we had to pull the plug and exit that market because there was no hope of making money in the foreseeable future," he recounted, underscoring the importance of making tough decisions when necessary.
On the other hand, Sangwan highlights the rebranding of Braun, a German brand known for its electric shavers. "The decision to brand Braun under Gillette nearly destroyed its equity. We had to reestablish Braun as a premium, German-engineered brand, which took years to rebuild. This experience taught me the value of preserving brand identity while pursuing growth," he says.
Winning Over Challenges
Sanghwan touches on the challenges faced in balancing the pressures of short-term results with the long-term strategic vision. For him, clear communication and involvement of the entire organisation are vital to successfully navigating these challenges. It’s about being clear on what you need to deliver in the short term while keeping an eye on the long-term goals. For instance, at Castrol, we focus on pricing and cost management as immediate priorities, but we also invest in building brands like Castrol Edge, which is a multi-year play, he asserts.
While discussing fostering a strategic mindset within teams, Sangwan stresses the importance of involving the team in the strategy creation process. “You need to carry your team with you. The strategy must be a collective creation, not something dictated from the top,” he advises.
“I start with 200 per cent trust in my team. Failure is a part of the process, and it’s important to create an environment where people feel safe to experiment and learn,” he adds.
Navigating The Complex Marketing Landscape
Sangwan reflects on the rapidly evolving landscape of marketing and the necessity for businesses to embrace new technologies. He points out that while the core principles of communicating value and crafting compelling narratives remain constant, the channels and techniques for reaching audiences have undergone significant changes. He feels the growing importance of data-driven decision-making and the need for marketers to stay ahead of technological advancements like generative AI.
Sangwan advises young marketers to upskill in areas such as AI, martech, and data analytics to remain competitive in the industry. He also believes in the increasing importance of sustainability in branding, noting that in markets like Germany, consumers are already rejecting brands that are not sustainable. He suggests that this trend could become more prominent in India as consumer awareness grows.
“With the upcoming data privacy regulations, businesses must prioritise responsible data management, ensuring they adapt to both the opportunities and challenges that lie ahead,” he sums.
*The speaker was present at the BW Festival of Marketing 2024
