Rupee slump is always good for India

Over a conversation with one of my client, I realized the ‘rupee slump‘ period is more of a perspective issue rather than reality. We can further debate on the perspective of reality, but for now lets look at the positive and brighter side of this opportunity called ‘slump in Indian currency.

One dollar is equal to over 60 rupees. That is definitely a bad valuation for rupee, but it is great if we are earning in dollars. Valuations turning good or bad depends on the side you are.

Digital Marketing is one such market in the service industry that has great potential to earn in dollars and hence this situation is wonderful. Digital Marketing as a micro sector is adding new jobs to its scope. Hence, freelancers, consultants, strategists in this field can still enjoy a lush income.

Though during recession, marketing expenses are slashed down, marketing is actually a functionality which requires innovative spends. Digital marketing as a market is crowded by service providers, brands shouting out loud and consumers choosing to ignore this noise all the time. And let’s face this reality by saying not all digital marketers are showing promising results in terms of creating ‘that one viral trend’ for their customers to stand out in the crowd and get benefit over the spends and a decent ROI.

When there is frustration and people are ready to loosen their pockets to get rid of it, BINGO, we have an opportunity. However, let me caution that this lucrative and high fetching opportunity needs to be addressed by innovation and creativity to actually reap the benefit out of it.

People are ready to spend when they see some light at the end of that marketing campaign tunnel. So here are some business models for digital marketers which could be applied to draw traction from new clients.

Business model 1: We get paid when my client starts seeing more traffic. A percentage of the traffic comes into your pocket.

Business model 2:  Call to action towards payment gateway and share the money with us. Share profits!

Business model 3: Slog all day with loyalty. Pay us a fee for our hours of work.

Business model 4: I will produce content. PBW. Just getting trendy, it is pay by work, or word 😉

Now recession does not seem depressing but promising.

I want to conclude with one of my favorite excerpts from the book “Jugaad Innovation” – Corporate leaders can systematically turn adversity into an opportunity to innovate and grow by adopting the resilient mindset of jugaad innovators and their coping strategies.

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8 thoughts on “Rupee slump is always good for India

  1. Totally agreed. It can be good in some areas but like right now… Inflation is the biggest impact of the dollar vs rupee fallout and thats the thing that actually pinches the common man… but really liked your thinking.. Exceptional.. I hope you read some articles of my blog also at tanaypmchothani.wordpress.com

  2. I agree with you, as I am a freelancer and earning in dollars. So, when the rupee’s value is decreasing, I will get more money. It’s not good. But, its so true 🙂

  3. What a display of greed, is all I have to say.

    More the dollar value, more money spent on buying Oil translates to increased inflation in turn, more people sleep hungry in the night.
    You really see a positive side in this?
    And to all the people showering praise on this blog, go get some basic economics in place. FYI, less than 3% of our population gets benefited when rupee slides, it amazes me how indifferent the writer and commentators on this post are to the 97% of our population.

    You should be also seeing opportunity in the cremation material business in particular areas of Maharashtra and Andhra as lot of Cotton farmers & weavers are committing suicide.
    All we need is a little innovation and marketing effort in these areas and bingo, we have a profitable company. Don’t we?

    Your thoughts. Personally, I would despise it no matter how you try to put it.

    Regards,
    Ab.

    • Your views cannot be dismissed. I appreciate your honesty and concern for the 97%. However, you seem to have digested the article partially. To know the intention behind writing this, you may have to scroll down to the conclusion. You will realize both of us are talking about the same.
      Your conclusion – All we need is a little innovation and marketing effort in these areas and bingo, we have a profitable company. Don’t we?

      My conclusion – Corporate leaders can systematically turn adversity into an opportunity to innovate and grow by adopting the resilient mindset of jugaad innovators and their coping strategies.

      You may call it greed and I would call it optimism. This article is not intended towards increasing poverty or inflation in any way. It is about instilling some hope during dark times. All I have to say is any given situation/perspective is seen differently. The good can be seen as good/bad and bad can be seen as good/bad. We are not insensitive to the effects of inflation. I humbly empathize with your rage if you still see this as an insensitive piece of worthless words. Thanks for participating in the thread. Good day!

  4. Nice way to put it Nischala.

    I am an entrepreneur myself and have been a consultant surviving on the $’s for quite some time. I would not disagree to your thought process and I must say I admire your courage to put such blunt comment and respond to it. (.. Respect)

    Optimism is a word which is looked up by many people from all walks of society in our country. Unfortunately as you put it, its a luxury now limited to a miniscule set of our population. The rest need to “cope up” with the realities of increasing commodity prices and hunger. I have been working with the sect of people who are less privileged They are all around us, and yet we hardly notice them, think of their lives at a moment.

    You have spoken about the shining dollar eyes of a freelancer who receives his next cheque in extreme happiness, while I face the eyes of a mother which reflects the inability to address the hunger of her sick child. The number of eyes I look into are far more in number Nischala, so is my anger on our system and our economic policies (driving consumerism) for benefiting only a few.

    I face the eyes of the watchman working in my office when he cannot buy a kg of dal to feed his family on 22nd of the month. Anxiously waiting for 1st to come, each day, counting it twice.
    Think about the children whose meal now only includes either dal or curry as the orphanage they live in cannot afford to feed them with both.

    The definition of hope or Justification of rage, you choose.

    Thanks,
    Ab

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