Exclusive In chat with Society Magazine - Prof. Arindam Chaudhuri
Uncle Sam, however, is having none of this. While he says that he has no philosophical disagreement with global partnerships, he’s willing to wait for a “win-win partnership” offer before he can be swayed. For now, he is busy chalking out Madison World’s future roadmap, which is littered with 50% perspiration and 50% inspiration to serve clients. “A lot of people may think we are stupid, but I almost feel apologetic if we have too many internal review meetings to clock Madison’s growth. I feel that my people are better off thinking about how to solve our client’s problems and benefit them,” points out Sam, adding that this one statement sums up the DNA of Madison. A reason perhaps, that in an industry plagued by attrition and regular client calls for pitches, most of Madison’s clients have been with them for years together. With new specialisations, Sam feels that Madison will be able to provide more cost-effective solutions to clients. “Following this credo, if we have survived for 22 years, guess we have a viable business model,” he gesticulates, with a flourish.
It is this viable business model that Sam now intends to take global. And Lara is again leading from the front by identifying new markets to tap for global expansion. Incidentally, Madison has already spread its wings into Sri Lanka (via a JV with Media Factory, the island nation’s largest media buying agency) and Thailand (Madison has invested in Penada, a Bangkok-based event management company). “It’s got to be the neighbouring countries first and the best way for that is acquisitions and alliances,” avers Lara. While she refuses to give details, she says that a couple of discussions are already on, in other neighbouring countries, for other similar tie-ups.
But even as Lara is stitching up international alliances for Madison, her exuberance and glowing optimism for Madison’s new domestic vision is unfettered. “Each of our specialist unit is raring and firing to go. We are confident of achieving our vision of being seen as a comprehensive communication service provider within the next two years,” she explains, There’s more specialist expansion for Madison World on the cards. Sources within the company say that the next specialist unit to spring from their stable will be focused on Customer Relationship Management – a crying vacuum in the industry so far. Adds Lara, “The world is familiar with those deals, which we have successfully been able to conclude but there are so many that we have not been able to conclude.”
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Source : IIPM Editorial, 2010.
An Initiative of IIPM, Malay Chaudhuri and Arindam chaudhuri (Renowned Management Guru and Economist).
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