IIM-Indore Students Get Tips On Building Global Brands

To build a great company and global brand, there is a need to connect with the experience of the customer, employees, suppliers and stakeholders with the product being sold, says ELGi Equipments Ltd., Managing Director Dr Jairam Varadaraj.

Delivering a guest talk on the topic ‘Industry Expectations from Middle Level Managers’ as part of iKONCxO guest lecture series, Dr Varadaraj held lack of aspiration to build a global brand as a major stumbling block for industrialists in India. The talk was hosted by Executive Post Graduate Programme (EPGP) of IIM-Indore.

“Building a global brand isn’t an easy journey, but it comes along with effective leadership and independence,” he said.

Pointing out that quality of a product was a major problem, Dr Varadarajan said Indians would seek perfection while buying but try to pass off even defective products to customers.

Thus, quality of the product is a cause for concern. Another factor is that while Indians are good on the hardware side, they lacked in bringing software skills like product innovation to the fore.

“We need to build a system which is our own, new and innovative. We need to build something which has not been created previously and which is not the next step to something already existing. We need to build as a nation, by building a bridge over the gap between sellers and buyers,” he added.

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IT was seen as ‘Instant Nirvana’ in India. “You take a degree and you get a job in IT. But, to build a great company, instant nirvana isn’t the option. The company needs to connect with customer’s, employee’s, supplier’s and stakeholder’s experience with the product you sell. That’s how you create a brand, not instantly,” he added.

Dr Varadaraj said at present India’s share in international business was just four percent in an exponentially huge global market. (Image Courtesy: www.youthensnews.com)