2021 Outlook

Looking Beyond Products

- Tej Singh
 Do We Only Sell Products ?
• Research suggests that consumers respond better to brands and
Companies that display corporate responsibility, with 73% of
people believing that companies should do more than just
offer a product or service
• Many brands are already doing their bit, commonly drawing
up ‘social good’ strategies to raise money or fight for a chosen
cause. However, more often than not, this is done somewhat
behind-the-scenes – not as part of a consumer-facing strategy.
1) E.S.G
• ESG causes can be strong environment standards, such as sustainable natural
materials, water conservation and CO2 reductions.

• Or they can be advancing social issues, such as diversity in workforce and

leadership, human rights or poverty reduction.

• Or they can revolve around ethical corporate governance measures, such as anti-
corruption and capped executive compensation.
• It was the new buzzword in business in 2019 and the term is on track to
become mainstream in 2021.

• It refers to a company’s commitment to do more than make a profit, such

as actively strive to contribute positively to the environment or social
causes and to conduct themselves responsibly

• In adopting ESG, each company chooses its own areas of focus and must
document its contribution to these publicly, as a part of their annual
reporting. Transparency itself plays a vital role.

ESG is the new CSR

• ESG will most likely replace CSR as the corporate vehicle for positive
contribution.

• This is good news for both people and planet, because ESG is a fully
integrated strategic objective that’s closely connected to the mission of the
company.
 Examples in Jewellery
• The Mumbai-based Dimexon Group’s retail arm Kirthilals which is
based in Coimbatore, India is heavily involved in CSR initiatives by
ensuring strong socio-environmental credentials in their operations.

• Tanishq, an arm of TATA is one of the biggest jewellery brands in

the country and they follow the TATA's own brand of CSR .

• The Jewellers for Hope (JFH) is the CSR arm of the GJEPC, and
each year since its inception in 2014, the organisation has donated a
tto one or more NGO/charity doing sterling work in supporting the
underprivileged affected women or children.
2. Innovation & Technology
Why Is Innovation Important for Business Success?

• We’ve all heard the phrase “adapt or die” and for

businesses to achieve success in today’s modern
world, this is a universal truth.

• Take, for example, the massive expansion in

technological advancements in the past decade;
because of this extreme growth, businesses have
been forced to adapt and expand more than ever
before.
 A. Innovation Helps Companies Grow

• Boston Consulting Group notes that organizations

consistently earning high rankings in the annual “top
50 most innovative companies” all have a common
focus on science, technology, and development.

• These companies continue to grow while staying one

step ahead of the competition because they value the
positive impact of innovation.
 B. Innovation Keeps Organizations Relevant

Technology continually proves to be a driving factor in the need for change.

To quantify the recent impact, look at the facts.

• 90 percent of the world’s data has been created in the last couple of years.
• More than 570 new websites are created every minute.
• 8 billion devices are be connected to the Internet by 2020.
• 30 percent of Fortune 500 companies will be wiped out in the coming
decade due to this level of digital disruption.

• These changes have led to a new age of innovation across business

models and industries, allowing new businesses to enter the market and
disrupt incumbents in serious ways.

• Just as a start-up often innovates in order to break into an industry,

established organizations need to innovate in order to fend off
 3. Innovation Helps Organizations Differentiate
Themselves
• At the core, innovation is about doing something differently
from everyone else operating in your space.

• Innovation helps an organization differentiate itself and its

products from the competition, which can be particularly
powerful in an oversaturated industry or market.

• It helps you gain Product Leadership which is a key value

discipline when looking at growth for the coming years and
can become a standout element for your Brand Identity and
Business Strategy.
 3.Customer Intimacy

• Customer intimacy is a business strategy based around high attention to

customer needs, and it measures a company's alignment and prioritization
of those needs.

• Customer intimacy increases customer loyalty and fosters customer-driven

revenue growth for the business.

• Companies that excel in customer intimacy combine detailed customer

knowledge with operational flexibility so they can respond quickly to
almost any need.

• Have “Relationship managers” instead of account managers. They almost

function as advocates for the customer. The payoff is long-term customer
relationships.
Customer Intimacy at a Glimpse