Harsh Mariwala Wants Firms To Connect With Customers, Reinvent And Survive The Pandemic
The chairman of Marico Ltd. said companies need to adapt to the changing needs of their consumers more so than ever.
The coronavirus pandemic has given businesses an opportunity to reinvent themselves to suit the changing needs of their customers, according to Marico Ltd. Chairman Harsh Mariwala.
“This is a great opportunity to connect with customers, especially if you’re in a consumer-centric business,” Mariwala said at the Ascent e-Conclave 2020. “It’s a big opportunity to increase your business.”
Mariwala explained how his chain of skin clinics Kaya Ltd. was able to discover a new revenue stream after seeing the response to free webinars and free consultations that they offered in the early days of the pandemic.
“We started off in a non-transactional way. But after doing it for a few months we realised there was an opportunity for us to convert this into a separate vertical as a business,” Mariwala said. “What we’ve done is that we are now offering e-consultations to people in smaller towns where we do not have physical centres or perhaps good dermatologists.”
Mariwala said the role of corporate leadership has also changed due to the crisis, adding leaders now have to operate with a degree of authenticity and truthfulness to them. “Most leaders have realised that it pays to be authentic,” he said. “To give a true and fair picture of what the organisation is going through and the likely impact of these changes on the stakeholders, whether it’s the employees or the investors.”
Watch | Harsh Mariwala explains the opportunities that have arisen for businesses due to the pandemic.