B2B At IIM Udaipur
Before we understand why the experience was memorable; let me give you a context. I am a Mechanical Engineer who did a stint at a reputed firm in Technical Sales and Marketing role. We had a highly differentiated product, and we were into monopoly business. Guess how I sold the product?
Price – Discount
Why? You would ask. It was the standard practice in the industry, and I was not well versed with value selling.
Yes, you are thinking in right direction. I am going to mention about a class of B2B Marketing by Prof. Rajesh Pandit. The discussion began with the sales process. When it came to closing the deal, I was on my toes to do some CP. To my surprise what the faculty taught that day; changed the way I look at B2B selling. We discussed the value model. How to form equations? Different components of the Value model and how we need to tailor our value proposition according to the type of customer.
I was able to appreciate what the seniors in my company use to do. They were in a way trying to sell product on value. But, most of the times they couldn’t capitalize. Why? Because it was just verbal dialogue. They used Power-point when they had to use Excel. They couldn’t communicate the exact tangible value created. However, there were few customers who appreciated the efforts put in presentation and saw the value in our product though not quantified.
I realized that the value model was working there, the value model is working now. It’s just on us to utilize it to its full potential. The other day we were discussing the concept of Buyer Intension and trust me I could name my customer in each of the categories. It was all there. I could relate to all the characteristics mentioned for each type.
With this, I realized how important it is to have some form of industry exposure before joining a B-school. You will only be able to appreciate the value and relevance of what you are studying if you have prior experience. It a wonderful feeling to know how well you will be able to apply specific concepts you have championed in a B-school and when you do have that feeling you’ll start to fall in love with the subjects you study.
One of the other course I am very interested in is Supply Chain Management. When I started exploring this subject I had a moment of Realization. Eureka!! Suddenly everything becomes clear to me. Today, the consumer is more demanding and knowledgeable. They want the product at the right place, right time at the right price. To meet these expectations retailers, have to keep pace with changing needs in most cost-effective manner. How will this happen? Better supply chain. Where can I get a better opportunity than Aditya Birla Fashion and Retail ltd? A mix of Madura and Pantaloons. Apparels have one of the most challenging supply chains due to uncertain demand. I am sure I will be able to apply my knowledge of SCM in ABFRL and help them reach the Global Benchmarks.