Indian brands need to have a global mindset: Nagesh Rao

The bulk of revenues of most big multinational companies comes from the emerging markets. However, Nagesh Rao, President and Director, Mudra Institute of Communications Ahmedabad (MICA), says that it is time Indian companies look beyond the developing countries. Edited excerpts from an interview with Business Today:

Q: Emerging markets are the area of focus for all global corporations. Indeed, emerging markets experience is vital for a marketer today. So, are Indian business schools looking at incorporating the emerging market story into their curriculum?

A. I think none of the schools have it. About 80 per cent of the case studies are still from outside. It is only in the last 10 years there is a greater push from all of us to say that unless we have more research in India, how are we going to have curriculum that is more India-based. Lessons learnt from India are not present in books and cases internationally. It should be there. And, that will only happen if more of us do research. We should publish our research. In international journals and quality places and have respectable voices endorsing them. India is at a good place and if India is doing so well, we have a golden opportunity to take what we do and how we do it from a very Indian perspective and transmit it to other parts of the world.

Q: Are you including all this India-centric research in your curriculum?

A. Very much so. For us, whether it is good or bad, we have about 40-45 percent visiting faculty from the Indian industry who share their work experience with the students. So, the emphasis on emerging markets case studies is already there in MICA, and going forward, this will only be on the rise.

Q: A large number of students today look at getting a MBA degree outside India. With the emerging market story picking up, do you see a reverse trend happening?

A. I hope so. Our goal is to bring in more international students. Because international students in many parts of the world want to study at MICA. We thought let us bring in more international students to bring in more diversity. Also, Indian schools tend to look at collaborations internationally. There is so much talent within India that we should be collaborating within India. There can be combinations that can be eclectic.

Q: Most Indian companies are aspiring to be global brands. To fulfill this vision, they are even expanding to other geographies, which are mostly other emerging markets. Don't you agree that to grow they have to create noise in other developed markets also?

A. Absolutely. We know how to make a noise in Africa and Asia, but we have to look beyond. If you notice, there is not one Indian company which is among the top global brands. Why is that? That is because we don't have a global mindset. Our focus tends to be only on our immediate surroundings, which is emerging markets. We don't think beyond. Take Apple for instance. It is out and out an American company, but their vision is much large, they think about the world. Indians companies have to quickly get out of this emerging market mindset in order to be recognised worldwide, to make it among the top 50 or 100 brands in the world.

Q: What is the most effective way for brands to build themselves in a diverse country like India?

A. The key is finding culturally compatible ways to build your brand. To build a brand, the first thing you need to have is a story and a story that you connect with. I call it identification. You identify so much that you talk about it and create the buzz. The talk is the key for any brand building itself in terms of its credibility. And if I don't have a story that's compatible to what is happening in a certain area, more importantly if I don't share it in a way that is compatible to what is going on in that particular area, it will fail. The cultural nuances are key. Then take the medium. I think radio is still one of the most powerful ways to connect in India today. For me mass media in terms of television and other things has the ability to create awareness, but if you really want to build a brand, you have to create a story that connects individually.