Marketing Talk: Welcome to the Year of Change

Globally, we have seen many changes in various industries. Many global companies are changing their business models to survive. In Thailand, we have seen big changes politically and also new a chapter in the country's political coalition. However, in 2009, we will see real change, given the global economic downturn and local political ambiguity.

Hence, I would like to take this opportunity to offer some cautionary advice before you decide to change your marketing plans, as these changes may require considerable thought if they are not to disrupt your business.

Changing a product's attributes or form is a change that we see in today's market across many industries. Minor changes or major overhauls can sometimes help a company gain market share from competitors. However, such changes need very careful planning when you have limited resources and even less information about your target consumers.

Many companies fail to offer new products that fulfil consumers' expectations. On the other hand, during economic downturns, most consumers are receptive to innovations. Consumers are looking for innovation, but not invention. Once your innovation meets their expectations, your business will be rewarded.

Pricing change is another strategic choice that seems to be implemented by many companies, which see it as the fastest solution. However, for marketers it's the most difficult call to make, and it can easily erode your brand equity and image.

Even though consumers expect to see price reduction campaigns during festive seasons, every company should consider whether the total gain outweighs the pricing plan's expenses. Careless pricing tactics can end up losing you sales to competitors. My suggestion on pricing is to consider this as a final option for your brand and avoid price wars with your head-to-head competitors.

The outcome cannot be win-win, and your brand equity and image can easily be hurt if you unwisely manage your pricing decisions.

Decisions about distribution channels are very important in terms of accessing consumers.The more easily your brand is exposed to your target consumers, the greater the opportunity to drive up incremental sales. In-store prominence is a key strength for everyone in today business.

Major brands are investing more in their in-store and market coverage since they are competing for consumer accessibility. Furthermore, a lot of brands today try to create strategic alliances with key retailers and wholesalers to gain a competitive advantage. My advice is to ensure that you consider the number of customers you have when planning your investments.

Communication is the most important tool in creating a holistic marketing plan. All companies try to identify the most effective communication mix to create quality brand awareness in the target audience. Given the uncertainty of both the business and political situations in Thailand, marketers would be wise to plan their media touch-points carefully.

My personal advice in managing media touch-points is to set priorities based on your target consumers and invest with care. Don't assume that holistic communication means using all available media to bombard consumers. Should you decide to change your communication mix in the year to come, be objective and careful when making your decision!

All these changes will bring positive results to your business if you think before you act. For all of us, challenges will be unavoidable in 2009 due to global economic and local political uncertainty.

However, we can embrace these challenges and change our business direction to neutralize the negative impact on our businesses if we think carefully and implement plans objectively. Lastly, while 2009 may be perceived as the Year of Change, I wish you luck and that your happiness will remain constant throughout the year. Happy New Year (of Change) 2009!