Ruthlessly focus on your customer…..economy in challenging times !
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The Head of Clootrack Soft Ware Labs Dr Rohantha Athukorala who overlooks Sri Lanka, Maldives and Pakistan for a top 50 emerging Indian company who specialises in Artificial Intelligence( AI) based consumer tracking said that the only focus a company must have today is to ‘ ruthlessly focus on the customer’. The logic being that the reality is that the Sri Lankan economy is challenging times and our only focus is not to loose customers. Dr. Athukorala was addressing the National Print Conference 2022 at Waters Edge where the leading print and packaging experts met to discuss the way forward for business in the current challenging experience.
Dr Rohantha Athukoarala at The National Printers Conference at Waters Edge.
The reality is that consumers are moving away from using shampoos in their homes and going back to unsung soaps, females are lapsing from face lotions, body sprays etc as they simply cannot afford to purchase them and this is the reality said Athukorala. This will effect your business very harshly in the near future warned Athukorala a top marketing professional who has experience of working in Sri Lanka and India on the brands Dettols and HindustanLever’s detergent arm DiverseyLever. Hence the only way out is to pick the consumer insights early and then creatively hold on to your customer which includes delivering your P&L he said.
Some confectionery companies have taken six consumer price increases in the last eight months which normally would have happened during a three year time period. The money printing initiated by Central Bank has contributed to this reality he said.
The Conference Chairman Peter Decker said that Given the speaker’s in-depth experience of engaging the Sri Lanka economy such as heading the key policy making body – National Council For Economic Development in the Finance ministry and leading Sri Lanka – Export, Tourism and the thirty billion rupee retail chain Lanka Sathosa in Sri Lanka he has the practical experience to help us navigate our business. We thank Dr Athukorala for taking his valuable time to share his thoughts as the private sector is experiencing tough times he said.
The speaker also highlighted that in the agricultural sector, the decision to move to organic fertilizer was a mistake that cost the country spend 40 billion rupees as compensation to farmers as per the experts at Peradeniya University. The cost of importing chemical fertiliser would have costed the country only a 35 billion rupees. In business we call this type of cots which could have been avoided if we practiced simple techniques like ‘ test marketing’ before launching a new strategy. Sadly the knowledge gap among policy makers are been revealed on a daily basis now voiced Athukorala talking very frankly to the senior business professionals of the Printing Industry.
In this environment the only way out is to focus on ones customers and understand the deep insights to consumer behaviour and be fearless in changing strategy. You actually do not have an alternative said Athukoarala.
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