Growing the opportunity basket and why we still have to discuss it?
Growing the opportunity basket is broadening a person’s or organisation’s potential options. Creating new ideas, possibilities, and avenues that can increase the chances of success and deliver the desired results is vital to success.
Keeping an eye on market trends, conducting market research, staying up-to-date on industry trends, and being open to new ideas are necessary to maintain and grow an opportunity basket. Additionally, opportunities should be evaluated and prioritised according to their potential impact, feasibility, and alignment with the organisation’s goals and values. As a result, individuals or organisations can build a strong opportunity basket and increase their chances of success.
Considering today’s scenario, Adgully hosted its premier Twitter chat property, Gully Chat, on the topic ‘Growing the opportunity basket and why we still have to discuss it?’ on March 1, 2023. A panel of leading industry experts took part on the discussions:
Aanchal Kohli, Head - Corporate Communications, SoCheers
Alin Choubey, Business Head, North, FoxyMoron
Anushree Jain, Co-Founder, SocialTag
Madhavi Shankar, Co-Founder, and CEO SpaceBasic
Poulomi Roy, Chief Marketing Officer, Joy Personal Care
At the outset, the industry experts spoke about some examples of initiatives or strategies that can be used to expand the opportunity basket.
According to Poulomi Roy, “Topical and moment marketing has been and still works. Sometimes AI-driven solutions are also interesting, for example Cadbury’s Diwali ad with Shah Rukh Khan.”
Madhavi Shankar noted, “India has a rapidly growing economy and a large population of entrepreneurs. However, there are still many challenges that entrepreneurs face, such as limited access to funding, regulatory barriers, and a lack of infrastructure.”
She further added, “Initiatives and strategies to simplify regulations, supporting entrepreneurship at the grassroots level, easing trade barriers and accessibility to resources, will enable more people to start and grow their businesses.”
As the co-founder of an influencer marketing and talent management agency, Anushree Jain said that sometimes emerging creators faced setbacks despite having immense talent as they tended to struggle to grow and stay relevant in this economy.
“Initiatives that can help them emerge include providing funding and resources that can help them upskill and create networks, mentorship programs and online courses,” Jain added.
Alin Choubey remarked how the pandemic has taught brands to reduce dependency on ‘one product, one medium’ approach. “Brands like Zomato, Google, and Netflix are moving towards more integrated campaigns. The key ask remains the same from an agency perspective – Do you want to scale the business or bring depth?” he said.
According to Anchal Kohli, “Women’s Day, Breastfeeding Day, LGBTQAI Month, etc., are the best occasions to portray a stance with empathy and support to ensure that we understand our people and are there for them. So, be quirky, be relatable, and grab that topical or moment as soon as possible with synergy!”
“Nothing can beat the tactics of Amul! Though they are the OGs in this, we have brands like Croma, Netflix, Amazon, Zomato, Swiggy, Panasonic, Dunzo, Durex, Blinkit, etc., nailing it via memes, moment marketing tactics, exploring topicals, and more,” Kohli pointed out.
Challenges in expanding the opportunity basket
For Madhavi Shankar, limited access to funding or capital is one of the most significant barriers that entrepreneurs in India face. The others are:
Regulatory barriers: Complex regulations and bureaucratic hurdles can make it difficult for entrepreneurs to start and grow their businesses.
Infrastructure deficit: The lack of basic infrastructure such as power, transport, and connectivity can create significant challenges.
Limited access to skilled talent: A shortage of skilled talent can make it difficult for start-ups to find and retain skilled employees.
Cultural barriers: India has a complex cultural landscape, which can make it difficult for entrepreneurs to navigate, more so for women entrepreneurs.
“Accessibility of reforms and information,” Aanchal Kohli said, adding to Shankar’s list. She further said, “From a PR point of view, limitation of resources, budget constraints, ever-evolving audience preferences, competition, and limited measurement resources are some of the barriers. The biggest challenge here is the last-minute delivery and the turnaround time. Occasions like these should be identified and planned way in advance to ensure smooth delivery and dedicate enough time for execution.”
Alin Choubey noted, “Digital world is extremely dynamic and hence, dependent upon ever-evolving hurdles. From regulatory barriers, changing algorithms, cut-throat competition, data privacy, and emerging platforms, the list is huge. The only way brands can stay ahead of it is through innovation, market research, utilizing emerging tools like AI, diversified approaches for the same solution, etc. An agile system is an answer to everything.”
Anushree Jain pointed out, “Growing the creator economy is not that easy. While a creator works on expanding their reach with valuable and entertaining content, they do want to be around other creators for them to learn and grow together.”
Follow the entire discussion below: