New Delhi: Marketers across Indian industry are finding it tough to sell products and are busy trying to find solutions to the problem.
Points out Arvind Singhal, chairman, Technopak Advisor: “Companies have too go back to the drawing board to rethink what they can do to products to seduce the consumers. The slowdown has only put more emphasis on competition.”
So it is not surprising that Evalueserve, a market research company, finds that more and more companies are approaching it for conducting market research.
Surviving a slowdown is not easy, but companies are learning. Armed with market research they are changing tactics.
No wonder, Hero Honda has been in a hurry to expand its distribution network and ground level presence. It has also initiated a number of branding and advertising activities in urban and rural India for the same.
Senior Vice President for marketing and sales Anil Dua says that his company has redesigned its product range to address consumer needs at each price point. “For our rural markets, the emphasis has been on reducing prices while offering the same quality and features. We are making sure that out offerings are value for money.”
Tata Teleservices meanwhile is reorganizing its corporate structure to give more decision making power to marketing executives at the regional level.
With inflation at a 16 year high and consumer spending slowing, companies across India are discovering that they need to go the extra mile for a share of the consumer’s wallet.
That has made FMCG company Hindustan Unilever tweak its products to address different consumer segments. Vice President-Home care Sudhanshu Vats says that HUL is trying to address the need for penetration and increasing consumption by offering different pack sizes. “We have introduced sachets for penetration and big bottles for concentration. We aim to reach all target segments,” he says.
For big-ticket products like motorcycles and tractors, the emphasis is on providing finance solutions for fuelling purchases. “Finance is like a tonic for us,” says Dua.
Escorts Tractors too is trying to tie up with different financial sector service providers to ensure that lack of money does not hinder consumers from purchasing its products. Rohtash Mal, ED and CEO, Escorts says that his company is tying up with banks that are more aggressive in financing and are looking at marketing money.