Suddenly, the consequences of not thinking through strategies in this area become more severe. With growth and the addition of many more stakeholders, comes a greater sense of responsibility. This has brought the quick thinking and social media savvy communicator back into the picture to deftly manage the requirements of both traditional and digital media.
However, there is no denying that changes in the media landscape are making some practices less relevant. Businesses that target consumers at the base of the pyramid first have to establish that they are more than just socially motivated. Beyond that, they face the same communication challenges as any other business – with some minor differences.
Ever since CK Prahalad and Hart talked about the ‘fortune’ residing at the ‘bottom of the pyramid’, other academicians have tried to fine-tune this theory with their views of exactly how this can be tapped. In the meantime, many entrepreneurs in India, convinced that the proof of the theory lies in its execution, have thrown their weight behind ideas designed to spur social progress while also generating financial returns.
There are many examples of such innovation. We hear about one or more of these every day. There are digital platforms to deliver interactive learning products to young children across the country.
Solar powered cold storage solutions allow smallholder farmers to reduce agricultural waste and increase their monthly incomes. Mobile solutions enable timely and relevant updates on everything from medical conditions to commodity prices.