From the transcript:
Today for Episode 28, I’m delighted to have with me Dr Naras Eechambadi, who’s an expert in the use of data science and analytics to drive marketing. This is relevant because the majority of startups fail not because of poor or inappropriate technology but lack of innovative and creative marketing. But Naras’ personal journey through management consulting and the two startups he founded, grew and exited honorably from, is also very interesting.
Let me quickly go through his bio: engineering at IIT Madras to a doctorate in marketing at UT Austin to a leading ad agency (BBDO) to management consulting at Booz Allen and McKinsey; a senior executive at First Union, and then a successful serial entrepreneur. And an adjunct faculty at Berkeley, U Connecticut, Yale, Duke, North Carolina.
On his career journey, the importance of networking, and the common thread
My network has always been invaluable in helping me either find opportunities or have the opportunities find me… At UT, Austin I made friends with a number of doctoral students and faculty in the marketing department and they convinced me to change my major from Operations Research to Marketing. I am really glad I made that shift. I love analytics and marketing and that has indeed been a common thread throughout my varied career and roles.
How companies are making the transition from services to products/platforms
Two great examples of companies right here in Chennai that have done [that] successfully are Zoho and FreshDesk. I think we will see more of these in the future.
How he managed good exits from both the startups be founded
Fortunately for us, the acquiring company was not impacted by the financial crisis and they felt our company fit a strategic need. So the acquisition driven by strategic rather than financial considerations. They made us a very generous offer and stuck with it even while the markets were imploding all around us [in 2008] …
The second company i built was in the same space but it was a software platform. The pandemic hit some of our clients hard right at the beginning, which impacted our business. Fortunately, we were in a very attractive space and were able to generate multiple offers to buy the company and manage a decent exit [in 2020].
On consumer-centered marketing in India
Because this is still an emerging, growth market most companies are still riding the wave through traditional mass marketing and mass media approaches. Most B2C companies in this market are still not data savvy. They really do not know who their best customers are, so do not really treat them differently. Their knowledge is often limited to mobile phone numbers and email addresses. They use these channels to bombard their customers and prospects alike with often irrelevant offers and messages. Data and customer insight are still an afterthought. Companies that decide to take it seriously will be able to build great businesses in the future.
On prospects in India, and Asia more broadly
There is a palpable energy, positive attitude and infectious optimism among people here, not just in tech but across the board India and Asia are still at the initial stages of a broader renaissance.
On his immediate future plans
I do enjoy mentoring and advising entrepreneurs and senior executives in larger companies. I am starting to connect with the local startup ecosystem in Chennai, particularly those linked to IITM Research Park. I look forward to engaging actively with them.
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