How indian companies are using latest technology to reach new customers
India is one of the largest consumer markets in the world with its population of middle and higher class consumers expected to reach 300 million in 2030. Indian Government is rethinking new strategies in the Era of Covid 19 pandemic to adapt new changes to increase the pace of its businesses. Indian companies have a different way of attracting potential customers, how do they do that, it’s mainly the skill and psychology. We do find tremendous difference between 19thand 21stCentury. The differences create opportunities and opportunities create dynamics.
Majority of Indians do not have access to indoor plumbing or electivity and even the rural citizens also not accessible to high quality health care and schools. Digital technologies can really address many of these challenges that can improve economy, health and welfare outcomes, The most successful consumer goods companies in India use digital technologies to connect with millions of rural consumers, expand markets by improving economic opportunity, and improve the health and welfare outcomes, Good example in the prospect is a Reliance Jio a telecom company founded by Mukesh Ambani in 2016. Many of us must be wondering how he is doing well because he offered consumers low cost phones with free 4 G data. All this for seven months to build the customers, Now Jio is valued at $65 million. Multiple companies, including Facebook, have acquired a stake in it.
Today as customer we receive 5 times more information everyday as we did 30 years ago. Technology has completely dominated as a result we have brands like Google and Amazon which have manage to dominate the whole business world. Their future think tanks plan ahead of times so their business strategies give success to their brands. Let’s talk about today’s technologies.
SMALL AND MEDIUM ENTREPRENEURS CAN REACH NEW CUSTOMERS AND MARKET.
The success of IndiaMART, an e-commerce platform, shows how companies plan and expand their own market opportunities by connecting local businesses and consumers to the outside world. Digital technologies facilitate these interactions at macro and micro levels; they provide an opportunity to tap both large groups and niche audiences. Building new connections between sellers and buyers can foster prosperity and spending power for SMEs, IndiaMART has enjoyed exponential growth and recently launched an initial public offering.
MARKET MODERNIZATION
Innovative Businesses have encouraged using new technology online and offline with this they can meet less wealthy customers or customers living outside metropolitan markets. Indian retailers are skipping big shopping centres and selling digitally. Grofers, flipchart and JioMart are some e-commerce companies whose revenue is going to be $64.8 thousand billion in 2022. Digital technology boosts the wellbeing of rural and urban customers as seen in Gurugram.
LATEST MARKETING STRETERGIES
- GO BEYOND STORY TELLING
Great brands just don’t focus on storytelling to sell their products but their strategy resolves around principle of positive utility. Maggi, a 2 minute noodles a subsidiary by Nestle. Their marketing campaign was pretty simple, targeting the kids and the mothers.
- BRAND AWARENESS
Make sure to create specific strategy of brand localization, brand building and awareness creation. New entrants to the market may wish to consider a product launch or media conference to announce their arrival in India. The brand awareness used by “Surf Excel”, a detergent brand. It had an emotional connect with the consumers with a simple tagline “Dirt is good” and aired various ads where kids are shown playing and having fun in dirt and mud. When they come back home, either their moms or their grandparents instead of scolding them are shown having a smile because they have Surf Excel.
- DEMOGRAPHIC DYNAMICS
Indian upper and middle class household in larger cities are demanding quality across the wide range goods and services. Majority focus on health and education whereas rural customers are not very aware of theses contents. So these have ample opportunities of growth in this sector.
- PRODUCT AND SERVICE ADAPTATION
We need to adapt our product to meet Indian preferences and requires adding local regulations, tastes and cultural preferences this will differently ensure success.
- BRAND MARKETING AND ADVERTISING
Language, culture and symbolism are important when marketing and advertising in India. You can adapt English name for your company however if you chose to adopt a name with more local flavor when registering your company will benefit your business. Advertising is subject to some regulations in India
- MOULD YOUR TECHNOLOGY TO THE MARKET, NOT THE MARKET TO YOUR TECHNOLOGY.
India is a still developing country with the less logistic supply chain then other developed countries. This causes delays in getting goods to the market and consumers. Companies must modernize the logistics Our Government needs to look in this area to enhance in this direction in this new normal situation.
- EMPOWER YOUR CUSTOMER
In India, where on digital channels people speak 22 languages and 99 other languages. The Pradhan Mantri Ujjwala Yojana, an initiative launched during May 2016 substituted chulhas to Ujjwalan Yojana programme, this aimed to provide free liquid petroleum gas (LPG) connections to the households below the poverty line, as a partnership between the Social Cops, the Minister of Petroleum and Natural Gas and three petroleum marketing companies. This was Governments effort to empower the customers.
This may be the time to reset. Never before has the world come to a standstill where one can pick apart the many moving pieces – like Tom Cruise in Minority Report. We have the opportunity to rethink everything. If we do things right, we may be able to fix challenges that face humankind – environmental damage, inequality etc.