The Indian Premier League (IPL) is well into its third season and what a walloping success it has been so far, in market terms, a multi-bagger! The credit for this phenomena has without doubt gone to its commissioner, Lalit Modi. I am not sure what his qualifications and past experience are but he has turned out to be a great leader and manager. Even for corporate types like us, the IPL phenomena is a great lesson in entrepreneurship.
For one, its an idea which reaches out to a huge market. The product is all about cricket, and it is common knowledge that we are a nation of cricket-lovers, that too at shameless levels. This ensured a very high scale of revenue, if the product were to succeed. It does not really matter that the original idea belonged to ICL or EPL, and whatever may have been the driving force for conceptualisation, the first steps were taken in the right direction.
Secondly, the product has been well-defined, detailed and differentiated, demonstrating a strong willingness for taking deep dives and meticulously churning out innovative features. The strength of the product lies in its differentiation, whether it is the strategic timeouts or the super over or the indian/foreign player mix or the icon players. Mr Modi has packed the product with so many differentiators, that it is virtually impossible to replicate. On top of that, every edition of IPL sees some refreshing change or the other, leaving very little scope for competition if any, to keep pace. Add to that the heady mix of bollywood and corporate celebrity cocktail.
A great product meant for masses, would probably yet not succeed, if the marketing and the communication strategy was not bang on. This is where Mr Modi scores another maximum. The high decibel strategy spanned a complete media mix across television, radio, online, outdoor, et al. A brand was quickly built and established, so much so that even the media blackout for this year's IPL, proved to be a hollow threat.
As is the case with the corporate world, most brilliant ideas and products are wont to fail at the altar of execution. In the case of IPL however, as it turned out enough heed has been paid to this aspect of success. In fact, its quite apparent that a lot of thought and energy has been consumed in working out the details to the nth level, be it the detailed processes for player auctions, ticketing, security, stadia management, et al. Hats off to the commissioner!
Last but not the least, Mr Modi has showcased a visionary approach coupled with a hands on management style. He is visible and comes across as extremely accessible. He has shown great acumen in managing uncertainties, as was evident when the IPL was executed in South Africa. I am sure that he is backed up by a great team as well.
All in all, it makes Mr IPL Modi one of the most desirable CEOs in the country today. What say!
For one, its an idea which reaches out to a huge market. The product is all about cricket, and it is common knowledge that we are a nation of cricket-lovers, that too at shameless levels. This ensured a very high scale of revenue, if the product were to succeed. It does not really matter that the original idea belonged to ICL or EPL, and whatever may have been the driving force for conceptualisation, the first steps were taken in the right direction.
Secondly, the product has been well-defined, detailed and differentiated, demonstrating a strong willingness for taking deep dives and meticulously churning out innovative features. The strength of the product lies in its differentiation, whether it is the strategic timeouts or the super over or the indian/foreign player mix or the icon players. Mr Modi has packed the product with so many differentiators, that it is virtually impossible to replicate. On top of that, every edition of IPL sees some refreshing change or the other, leaving very little scope for competition if any, to keep pace. Add to that the heady mix of bollywood and corporate celebrity cocktail.
A great product meant for masses, would probably yet not succeed, if the marketing and the communication strategy was not bang on. This is where Mr Modi scores another maximum. The high decibel strategy spanned a complete media mix across television, radio, online, outdoor, et al. A brand was quickly built and established, so much so that even the media blackout for this year's IPL, proved to be a hollow threat.
As is the case with the corporate world, most brilliant ideas and products are wont to fail at the altar of execution. In the case of IPL however, as it turned out enough heed has been paid to this aspect of success. In fact, its quite apparent that a lot of thought and energy has been consumed in working out the details to the nth level, be it the detailed processes for player auctions, ticketing, security, stadia management, et al. Hats off to the commissioner!
Last but not the least, Mr Modi has showcased a visionary approach coupled with a hands on management style. He is visible and comes across as extremely accessible. He has shown great acumen in managing uncertainties, as was evident when the IPL was executed in South Africa. I am sure that he is backed up by a great team as well.
All in all, it makes Mr IPL Modi one of the most desirable CEOs in the country today. What say!
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