By Professor Nalin Abeysekera
Sri Lankan marketers are navigating an era of unprecedented challenges. The landscape shifted dramatically after the 2019 Easter attacks, further compounded by the COVID-19 pandemic. The country’s declaration of bankruptcy in 2022, due to inefficiency and corruption, has exacerbated these difficulties. Now, precise decision-making is crucial, and marketers must convert threats into opportunities amidst this turbulence.
Challenges:
1. Adapting Marketing Strategies:
In a volatile environment, with constant fluctuations in prices, tax rates, and economic indicators, marketers must be ever-vigilant. They need to be prepared to adjust their strategies continuously. For instance, if the government announces a gas price hike, a marketer in the bakery business must swiftly adapt pricing, promotion, distribution, and even segmentation strategies to maintain business sustainability.
2. Integrating Marketing and Supply Chain:
The integration of marketing and supply chain management is critical. Traditionally seen as separate domains, these two are intrinsically linked. Issues like the inability of farmers to sell produce due to distribution inefficiencies highlight the need for a cohesive approach.
Effective supply chain management, aligned with national marketing plans, can mitigate wastage and enhance value addition.
3. Need for Anthro-Marketers:
Understanding customers from an anthropological perspective is essential. The conventional marketer’s lens may fall short in truly delighting customers. By adopting the role of an “Anthro-Marketer,” professionals can exceed customer expectations, achieving a competitive edge. Training marketing staff or hiring anthropologists can be vital in this endeavour.
4. Indigenous Marketing:
There is a need to develop marketing strategies rooted in local culture and languages. Historically, marketing was perceived as a luxury, accessible only to a select segment. Disseminating marketing knowledge in native languages, such as Sinhala or Tamil, can foster imagination and creativity among local entrepreneurs. Learning from indigenous practices and creating context-specific marketing strategies can be highly effective.
5. Political Sensitivity:
Marketers must stay informed about political developments to anticipate their impacts on business. Understanding the political landscape is crucial for making strategic decisions. A politically aware marketer can foresee changes and adjust their strategies accordingly, ensuring long-term success.
6. Online Customer Segments and E-commerce:
The pandemic has transformed online shopping, making it a viable option for all products. Marketers need to be creative and proficient in digital marketing tools to effectively target online customer segments. With nearly half of Sri Lanka’s internet users on social media, leveraging these platforms is crucial.
7. Business Sense:
Beyond soft skills, marketers need strong business acumen, creativity, and emotional intelligence. This “business sense” enables them to navigate the complex environment and make informed decisions. It is essential for marketers to cultivate this ability to stay competitive.
In conclusion, while Sri Lankan marketers face significant challenges, these also present opportunities for growth and innovation. By addressing these challenges strategically, marketers can create value and contribute to a better future for the country.
