Vineet Trakroo: A Visionary Leader, Transforming Business

Vineet Trakroo | CEO | Evolution Strategy Advisors LLP

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At EliteX, we are proud to have Vineet Trakroo as part of our Fearless Business Leaders in India, 2024 edition.

In 1995, at the young age of 27, Vineet was already heading the Sales and Marketing operations for Postman edible oils, one of India’s oldest brands. By 1997, he had orchestrated a joint venture with Unilever to introduce some of their imported brands to the Indian market.

His significant contribution came in 1999 when he became the first Head of Marketing for Fevicol. Here, he not only established their marketing department but also created a new brand identity for Fevicol. Additionally, he conceptualized and launched the Fevicol Champions Club, a CRM program for carpenters and contractors.

His next major role was as the Chief Marketing Officer for Usha International in 2011, where he spearheaded a major brand and business transformation that resulted in a 50% growth in their business.

Founding Evolution Strategy Advisors

After over 23 years in the corporate world, Vineet founded Evolution Strategy Advisors (ESA), a boutique consulting firm dedicated to exponential growth for the manufacturing-based B2C industry. ESA offers comprehensive solutions for business transformation, operational strategy, and execution across sales, distribution, marketing, brand, and product management.

Achievements and Client Successes at ESA

Under Vineet’s leadership, ESA has transformed loss-making brands, doubled sales within 12 months, and represented international brands like Coty, Honeywell, and Westinghouse for licensing and joint ventures. Over the past decade, ESA has completed more than 100 projects for over 50 clients across various sectors, including FMCG, durables, building materials, pharmaceuticals, and B2B. This differentiated approach and focus on end-to-end solutions have resulted in over 80% repeat customers, reflecting the trust clients have in their ability to deliver tangible results.

This model became less productive as modern manufacturing, sourcing, and management brought new efficiencies. Industrialization truly began post-liberalization between 2000 and 2005, making it a young industry.

The startup ecosystem, supported only in the last 7-8 years, is a significant employer but doesn’t yet contribute highly to the GDP and has a high mortality rate. Funded with short time horizon investments, these startups have limited spending capacity for services. The MSME sector, established decades ago to support industry, struggles with international competition, imports, and low scale, making them inefficient. Traditional Indian entrepreneurs are wary of technology and modernization due to costs and lack of investment in professional people or systems. Large industries, despite having experienced consultants, have struggled to execute strategies, particularly in the sales and marketing domain for B2C companies, making them hesitant to engage consultants.

These challenges present opportunities requiring the right mindset to resolve. To remain competitive, companies need to embrace talent and technology as enablers. Consulting can fill the gap by providing the necessary competencies. Today, MSMEs find it easier to raise funds with a proof of concept, particularly in the manufacturing sector compared to services. Vineet Trakroo’s story is a testament to his visionary leadership and commitment to driving business transformation in the Indian industry.

Overcoming Industry Challenges and Building Reputation

Vineet Trakroo overcame the challenges of entering a nascent and rapidly evolving industry by initially working with well-known brands to build a solid reputation. He began by offering joint venture and alliance opportunities to large international brands. As Evolution Strategy Advisors (ESA) grew, they started providing strategic roadmaps for growth and eventually offered execution support to clients to ensure delivery. Vineet and his team chose their customer segments carefully, focusing on professionally managed companies seeking significant growth.

Evolving Services and Client Focus

Vineet had to make tough decisions, such as evolving the services offered by ESA. This included adding new skills and services, which sometimes resulted in higher costs for longer engagements. These changes required targeting different types and sizes of customers who valued these enhanced services. Vineet’s motivation comes from the tangible results ESA delivers for their clients. The high rate of repeat business—80% of customers returning—fuels his drive. ESA’s solutions are data-driven, minimizing personal biases and ensuring transparency and sincerity in their delivery. This approach is greatly appreciated by their clients.

Handling Setbacks and Industry Observations

When faced with failures or setbacks, Vineet and his team focus on mending the broken aspects and reworking larger plans for the future with increased offerings. They bounce back stronger, turning setbacks into opportunities for growth. Vineet observes that consumption-led industries such as FMCG, durables, electronics, and apparel are growing, along with infrastructure development driven by government expenditure. However, private investment in industry remains low. While startups have received considerable support, MSMEs continue to struggle with challenges like international competition and inadequate funding.

Future of Consulting and Innovation at ESA

In the next five years, Vineet expects a growing need for consultants who can mentor clients and deliver results, as the number of companies expands and competencies remain in short supply due to the young workforce. Finding the right skills is crucial, and consultants will play a vital role in filling this gap. Innovation is at the heart of ESA’s success. The company has been at the forefront of using technology in its solutions. They have developed tools operating on cloud platforms for universal and quick access, and have been utilizing data analytics and visualization techniques long before these became mainstream. Techniques like OKR (Objectives and Key Results), used by companies like Google and Intel, are employed for quicker project delivery. ESA’s projects involve extensive data analytics, and they help clients migrate to sales automation and leverage data for daily operations and insights.

Looking Ahead and Advice for Aspiring Leaders

Looking ahead, ESA aims to continue growing and adapting, partnering with B2C organizations to focus on business health analysis and transformation. Their commitment to tangible results and innovation will drive future success. The company embraces the digitization of business, providing data-backed transformation solutions not just in marketing but also in sales. With an expanded team of professionals, ESA is now targeting more industries for transformation. Vineet advises aspiring business leaders to continuously learn and adapt. Curiosity fuels growth, and it’s essential to unlearn and relearn constantly. Networking relentlessly is crucial—learning from peers, mentors, and even rivals can provide valuable insights. He also emphasizes the importance of failing forward, viewing each setback as a lesson in resilience.