Lessons from slow-down and Trends for Innovation 2010-2011
IMF projects India as the next boom place as the recession seems to be closing shop now on. While the new government in India is upbeat and heading for 9% growth, IMF has been moderate in the response and pegs it at 5.4%. The new budget just presented, focuses decidedly on infrastructure development and boosting rural economy. 55% of India’s FMCG consumption is in rural areas and 60% of population lives in the rural areas. Whatever strength Indian economy has shown till now is thanks to the robust banking system and the unwavering rural economy. There are some lessons hidden in the entire episode of slow-down that we are passing by. As a trend reader, it would be worth a look for deciding the future course of strategy for any organisation keen on India.
1. What worked till now, will not work!
Time for applying the formula is over. Swings in the economy, has never been so frantic and severe in pitch earlier. All that is learnt through case-studies is going to be useless. Time for mindless collaborations, copycat proliferations, riding on established brands and taking the consumer for granted is over. It is going to be the time of entrepreneurs and cautious adventurers. Being ‘visionary’and ‘pragmatic’ are not mutually exclusive anymore.
2. What is costly, will have to have a damn good reason for it!
Brand alone will not sell a product. Superficial motifs and bloated ego mongering products and services will have to come to terms with a wiser world. It started becoming clear even before the recession set in, when companies were looking for ‘real differentiators’ through design rather than from a propped up branding campaign. But signals now are loud and clear in the favour of the same.
3. There is wisdom in ancient wisdom!
Grandma says, “Simple Living, High thinking” is the best policy. We never heard. India was never ‘styling friendly’ as a culture. We believed in ‘inner substance’ all the way. ‘Life beyond material life’ has always been the motto. Somewhere in the whole consumerism zeal, we started losing that. Slow down will act as a corrective booster and will bring back this thought big time.
4. Small living
Another rejoinder to the wisdom from the ancient- Small Living is all about Ver 2.0 of bottom of the pyramid. The sachet revolution really brought forth the power of numbers in India. Propelled by the new economic reality, from Nano cars to Nano housing, a lot more is going to go small. New luxury would be ‘Compact , Efficient and Earth-friendly’, and not ‘Big, Indulging and Phantasmagoric’.
5. Only naked electric wire is untouchable!
As the government pushes more and more reforms, mobility and communication for all, borders of mind will be overpowered by the borderless mind. Brackets that worked in the yesteryears, in terms of caste, regionalism and insipid culture, will be replaced by rationale and inclusivity.
6. Longevity, the new virtue!
Use, Use, Reuse is the new mantra that will supersede the hollow calls of ‘sustainability’. Recycling consumes a lot of energy. Reuse is easy. It is immediate. It puts creative energies to use. It saves money. What else could a consumer want? Companies need to make products that last long…very long. Warranty has to go, Guarantee has to come in.
7. Don’t design for ‘avatars’, it is the ‘attitude’ back in vouge
Booming economy and downloadable ‘skins’ made consumers believe that they are a part of the global ‘personality orgy’. It is time to give it a break at look at the basic ‘attitudes’; the DNA of individual consumers. ‘Sporty’ is for sportsmen, and ‘feminine’ is for females. Don’t mix the things that don’t.
8. DIY (DO IT YOURSELF) is equally for India
It eluded India till now. IKEA back-tracked for different reasons, one of them could have been also a possible impression that ‘Indians don’t like to do things themselves’. It is time now. Time to wash own utensils and iron the clothes. Superfluous luxury has to give way to healthy practices of self-help. Host of products and services are waiting to tap this arena.
9. Twittering gives way to Meeting
Social Networks were good for a pass time and as a date with the new technology. Inside became outside in the years of Social Networking; almost a voyeuristic utopia.
Is this phenomenon only going to head straight in the same alley, or take a turn? Well, more rationale is going to dawn in the conversations and probably the “Meetups” would help getting ‘real’ about networking. Blog and not Tweets, evolving into a natural community, would be one of the great tools for the next version of social networking.
10. Culture Farming
Cocooning is a global phenomenon. Too much exposure, tires. People recede into ‘familiar’ or ‘loneliness’. A society pushed into modernity and consumption too fast, has its backlash coming. People want to hold on to something in the torrent. Culture and traditions would be rediscovered. Forgotten rituals would be back with a modernist zing. However, this time the cocooning would give way to full-fledged organized farming of ‘culture’. They are selling tickets online to the next event of ‘Karwa-chouth’ Workshop for First timers; any takers?
1. What worked till now, will not work!
Time for applying the formula is over. Swings in the economy, has never been so frantic and severe in pitch earlier. All that is learnt through case-studies is going to be useless. Time for mindless collaborations, copycat proliferations, riding on established brands and taking the consumer for granted is over. It is going to be the time of entrepreneurs and cautious adventurers. Being ‘visionary’and ‘pragmatic’ are not mutually exclusive anymore.
2. What is costly, will have to have a damn good reason for it!
Brand alone will not sell a product. Superficial motifs and bloated ego mongering products and services will have to come to terms with a wiser world. It started becoming clear even before the recession set in, when companies were looking for ‘real differentiators’ through design rather than from a propped up branding campaign. But signals now are loud and clear in the favour of the same.
3. There is wisdom in ancient wisdom!
Grandma says, “Simple Living, High thinking” is the best policy. We never heard. India was never ‘styling friendly’ as a culture. We believed in ‘inner substance’ all the way. ‘Life beyond material life’ has always been the motto. Somewhere in the whole consumerism zeal, we started losing that. Slow down will act as a corrective booster and will bring back this thought big time.
4. Small living
Another rejoinder to the wisdom from the ancient- Small Living is all about Ver 2.0 of bottom of the pyramid. The sachet revolution really brought forth the power of numbers in India. Propelled by the new economic reality, from Nano cars to Nano housing, a lot more is going to go small. New luxury would be ‘Compact , Efficient and Earth-friendly’, and not ‘Big, Indulging and Phantasmagoric’.
5. Only naked electric wire is untouchable!
As the government pushes more and more reforms, mobility and communication for all, borders of mind will be overpowered by the borderless mind. Brackets that worked in the yesteryears, in terms of caste, regionalism and insipid culture, will be replaced by rationale and inclusivity.
6. Longevity, the new virtue!
Use, Use, Reuse is the new mantra that will supersede the hollow calls of ‘sustainability’. Recycling consumes a lot of energy. Reuse is easy. It is immediate. It puts creative energies to use. It saves money. What else could a consumer want? Companies need to make products that last long…very long. Warranty has to go, Guarantee has to come in.
7. Don’t design for ‘avatars’, it is the ‘attitude’ back in vouge
Booming economy and downloadable ‘skins’ made consumers believe that they are a part of the global ‘personality orgy’. It is time to give it a break at look at the basic ‘attitudes’; the DNA of individual consumers. ‘Sporty’ is for sportsmen, and ‘feminine’ is for females. Don’t mix the things that don’t.
8. DIY (DO IT YOURSELF) is equally for India
It eluded India till now. IKEA back-tracked for different reasons, one of them could have been also a possible impression that ‘Indians don’t like to do things themselves’. It is time now. Time to wash own utensils and iron the clothes. Superfluous luxury has to give way to healthy practices of self-help. Host of products and services are waiting to tap this arena.
9. Twittering gives way to Meeting
Social Networks were good for a pass time and as a date with the new technology. Inside became outside in the years of Social Networking; almost a voyeuristic utopia.
Is this phenomenon only going to head straight in the same alley, or take a turn? Well, more rationale is going to dawn in the conversations and probably the “Meetups” would help getting ‘real’ about networking. Blog and not Tweets, evolving into a natural community, would be one of the great tools for the next version of social networking.
10. Culture Farming
Cocooning is a global phenomenon. Too much exposure, tires. People recede into ‘familiar’ or ‘loneliness’. A society pushed into modernity and consumption too fast, has its backlash coming. People want to hold on to something in the torrent. Culture and traditions would be rediscovered. Forgotten rituals would be back with a modernist zing. However, this time the cocooning would give way to full-fledged organized farming of ‘culture’. They are selling tickets online to the next event of ‘Karwa-chouth’ Workshop for First timers; any takers?
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