3 Top Strategies for Marketing to India
This was one of the most anticipated podcasts where I had the pleasure of chatting with THE Peyush Bansal. The co-founder of the eyewear retail chain, Lenskart, is now a household name, thanks to his stint at Shark Tank. He shared insights into his journey from Microsoft to Lenskart and everything in between. We struck up a conversation about an interesting topic, how to market to Indian customers.
As one of the fastest growing economies, India has the attention of everyone in the world. By 2030, its domestic consumption can potentially grow to a $6 trillion opportunity, according to a report published by the World Economic Forum (WEF). This is backed by one of the youngest populations in the world that is adept at digital technology. It provides a golden opportunity for every entrepreneur to present their products and services in a thriving market.
1. Marketing to the appropriate customers
Customer is king when it comes to any business. Hence, it is crucial to understand the customer’s psyche and demands before marketing a product. An in-depth analysis of the potential users can help accurately identify the target audience. There can be a difference in preference based on income, demographic, and digital literacy.
With the middle class holding the most purchasing power in the foreseeable future, entrepreneurs will benefit by marketing their products in this segment. There is also a rapid growth in rural per capita consumption, owing to better access to internet connectivity. This trend also predicts the possibility of the urban-rural division shrinking significantly, which can be convenient for both mid-priced and premium goods and services.
2. The quest for value
Another strategy to create a solid customer base is to offer value products. As consumers become more and more aware of the inner workings of every product, it becomes essential for them to make the right decision while buying anything. Whereas the emergence of a thousand new brands offers hope to upcoming entrepreneurs, the buyer’s extensive knowledge about each product establishes the importance of quality.
And the product itself is not always the deciding factor. The packaging, positioning of the brand, and its messaging and core values can also play an essential part in the purchasing decision. Therefore, it is always a good practice to ask how your product or service adds value to your audience’s life.
3. Online presence for the digitally influenced generations
With the ‘Digital India’ movement, India has seen exponential growth in its number of internet users, which also impacts its marketing strategy. Furthermore, WEF also reports that 77% of India’s population will consist of Millennials and Generation Z by 2030. This allows businesses to leverage the full potential of the digital space.
With the steady rise of eCommerce platforms, there is no question that the future is digital. A robust digital footprint also lowers the cost of branding through other channels. A large portion of this traffic comes from mobile users. So, being internet-friendly is not enough; the brand must be mobile-friendly. Any marketing strategy without a well-built digital presence will mostly fail to grab the users’ attention.
The complexity and volume of the Indian consumer market always pose a particular challenge that may seem overwhelming at first glance. But focusing on a concentrated target comprising only your target audience usually offers excellent clarity.
There can be many more of these strategies that will be exclusive to your business. You can always brainstorm ideas on what works and what does not and create a customized list based on the nature of your products.
However, researching and segregating the target audience, offering value-for-money products, and allocating resources to increase a steady online footfall can be a basic outline where you can start. Build it from here and keep evolving as the consumers and their needs evolve.
Listen to my podcast here for more such strategies, tips, and conversations with inspiring entrepreneurs.
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