Indian companies must up their game for tech-abled next-gen momentum diversification
Swiggy piloted a services marketplace, Yello, for astrologers, therapists, etc, as well as Rare, a premium ticketing service for events and restaurants. While patently unrelated to Swiggy's core ensemble, the new entities are systematically attracting existing customers with newer offerings. Such next-gen business growth strategies, joysticked by scalable technology, can be classified as 'momentum diversification' (MD).
Historically, brand diversifications were based on existing competencies, 'line' or 'imagery' driven. Line extensions are amply defined by the never-ending variety of aerated drinks in Coca-Cola's and PepsiCo's portfolios, not to mention the innumerable iPhone iterations. Imagery extensions originate from category-agnostic customer associations, such as couturier Giorgio Armani launching perfumes, or Porsche designing mobile phones. Line-ups scarcely conceal legacy connectivity, whether competency-based or appeal-driven, and are invariably subject to the scathing scrutiny of the boardroom and armchair marketers.
MD is the outcome of a booming alliance of personal technology and customer-centricity. An established trust-cum-convenience equation with a substantial consuming class can be the foundation for unlimited opportunities, undeterred by draconian filters of brand suitability. Here, trust is the consistent delivery of measurable value, and convenience, a smooth process that facilitates access and choice.
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