Deepak Bansal has more than two decades of experience in diversified business verticals, and through this conversation, we got to know insights about his business and personal life.
Ques. What do you feel about the launches you have done in 2022 and the varied range of LG products?
A. When we talk about the product launch, it is not just a product launch; instead, it is an experience that we want to give to our consumers in the form of a product. We study consumers day in and day out and try to identify the four pillars of consumer insights in terms of their comfort, convenience, look and style, and health. We understand that they are looking for a core performance in a product, and this is why we talk about the key features such as hygiene-fresh features, UV nano features, etc. If it’s a product like an air purifier, we make sure everything about health and hygiene falls into place. We also talk about the AI, which is inbuilt in almost every product, be it purifiers, washers, or refrigerators. Since marriage is a big thing in India, we have a marriage range and house-warming range, among many others, in which we make sure that the design and the core performance are not compromised.
Ques. Could you tell us your biggest competitors in the home-appliance segment?
A. In the home-appliance segment altogether, we have our biggest competitor in the face of Samsung, although we are the leaders with almost 33% share in the home appliance segment.
Ques. What are the business challenges you have faced and the ones you have overcome?
A. While we say that many of the low-end brands or Chinese players are creating disruptions in the price, LG moves with a completely different thought process. We are not motivated by the price but by the value proposition we create for the customers. It is all about knowing consumer insights in advance. We believe that any consumer who buys a home appliance does not buy it for a day or a year, but he looks for a long-term relationship with the product. And as far as long-term investments are concerned, prices do not play a significant role but the quality.
Ques. What is unique to LGs growth and success?
A. The uniqueness of LGs growth and success is being humble and closer to the ground. We understand the consumer’s needs and aspirations, and we are true to our tagline ‘Much Faster than Others’.
Ques. What is one book that you would recommend to your fellow entrepreneurs?
A. The book that I’ll be suggesting is ‘The Tipping Point by Malcolm Gladwell’. I have seen that there is a certain level of effort that you need to make continuously and that there will be a tipping point where the effort explodes to the unforeseen impact on the initiative you took. With the perseverance of constantly striving to make our product better, we see one tipping point where the product explodes with the benefit we persevere. Our inverter AC is a live case study for that.
Ques. What is your definition of success?
A. My definition of success is where you see the outcome coming as a part of the inputs you are making. The output comes in a very steady way with a long-term perspective when the efforts put in are proper.
Ques. What is unique to your work-life balance?
A. There is no difference between work and life. When you like your work, it becomes your life. Whether you or inside or outside LG, and you love your organization and your family, both go in tandem with each other.
Ques. What is your most significant learning in the pandemic on personal and professional levels?
A. On a professional level, one of the biggest learnings is that there is a relentless drive for convenience and comfort, and this is something I felt while working from home. On the lighter side, I feel schools should open up as it is getting difficult at home with children without schools.
Ques. What smartphone do you use, and what are the most used apps on your phone?
A. I use an LG Electronics smartphone, and I am not very fond of applications, but the routine ones would be the social ones.
Ques. How do you go on a digital detox?
A. I usually switch my phone off after 10 o’clock, which is my detox.
Ques. What do you hate about technology?
A. I’ll say there’s nothing to hate about technology. My philosophy is to do everything in moderation. I don’t believe in obsessive love or obsessive hatred.
Ques. How do you see the world shaping up post-covid?
A. People are now seeking convenience and comfort along with health and hygiene. These have left a profound impact on the consumers and will not go away anytime soon.
Ques. How do you personally see LG performing in India in the next five years?
A. LG has been a leader, and our vision is to be absolute number 1, I mean, our competitor should be 10-15% behind our market share, and with the new lineup and the products we are about to introduce, the time does not seem far enough.