Collab is the new 'RAMBAAN'
Why Collab and not collaboration you might ask! Well A) it sounds cool and lot trendy and B) it has the essence of casualness which makes it more relevant and seems that it is there for a while.
Let's first define collab. Business collaboration, as a purist would call it, is a strategic activity of forming an alliance with business house to fill the gap of either service or product which is not provided in-house but is necessary to retain or grow market share.
Purist - Shorist! 😋 In simple terms collab is 'Do anything but don't say no to a customer's expectation (relevant off-course) from your business.
In such competitive times no organization, big or small, can afford to lose their existing or prospective customer. The needs and wants of customers are changing rapidly. The information available to them at their fingertips is enormous. The decision-making process has the globalization bug bitten its target. The customer intends to put all his eggs in one basket, measuring the deliverables and the price. In good old golden days 'right price' of the product or the service was defined by the marketer but the roles in the current scenario have changed. The customer drives the pricing policy of the company. Relevancy of your product or service is derived from the fact that what distance or how much more can one give to retain or grow market share. The Market Share War is not fought in the market anymore they are fought in the mind-space of the customer. These are some of the reasons why organizations need to look at alliances to remain relevant.
Confused enough! Let me make it simpler with a story!
Once there was a Brand Communication Company established back on the threshold of Y2K. They started their business with an elite design studio, designing some great ad campaigns and brand collaterals for their clients. Years passed, business dynamics changed, the company added great quality workforce and services in their repertoire. Most of the branding needs of their customers were addressed in-house. Their clients were happy and satisfied with their pricing and service deliverables. Their in-house resources and capacity had put them on the top of the league. They were enjoying and encashing their solo run on the market share charts.
But then at the turn of the decade, their competitors emerged out of nowhere. They entered the markets with low prices and eventually gathered momentum by going that extra mile for their clients. Eventually the company realized that the competitors are poaching their clients by not only low prices but by providing solutions which they don't have resources for; solutions which they outsourced from other specialized business. Once the competitor entered the mind-space of the client, they were able to lure the client's complete brand account to them. How did they manage to do that! They did that by forming alliances with cost-effective and quality partners. This not only helped them remain operationally lean but also helped them address holistic brand requirements of their clients and being competitively priced at the same time.
The company quickly realized the play of the changing market and adapted to the game. They identified the dynamism of communication medium and shifts in client's branding needs; realized and addressed them by collaborating with specialized business houses with quality resources and competitive pricing policies.
From then on, they never said no to their clients' requirements and brought back their golden days.
Conclusion: In such fast-changing economic times, it is important for an organization to collaborate with specialized business houses or other organizations but retain its core competence. One must become a collaborator on a trader of services. It has become very difficult to address all the needs and wants of clients just by yourselves. And 'No – we don't do this' is not an acceptable answer.
How does one address such scenario? With a simple solution; 'Collab'