BY ROBIN GHOSH
(ECONOMIST)
KOLKATA, 3 JUNE 2023:
We keep on getting messages that to corner larger market share in this volatile market place – we must reinvent market strategy with skillful and innovative marketing tactics.
What are innovative marketing tactics?
Simply said, it reaches the customer’s mind in the quickest possible way and help him to understand the value proposition of the product. And motivate him to press the buying button. This is just a text. A practical example would be of help to budding entrepreneurs . Take a case study of Tanishq, the jewellery brand of Titan Co. Ltd.
Currently, the jewellery market is going up and down due to the fluctuating price of gold. To keep the sales on a particular threshold and attract new customers,Tanishq created a new bag full of marketing moves. Look what they did !! Target : Attract new customers for additional sales.
Overall Strategy:
Encourage customers to exchange old gold for new collections of studded and wedding jewellery.
This move is based on two logics:
- It is good for the customers – because there is no point of gold lying in the locker.
- We would love people to wear rather than accumulate.
- It is good for the planet – you are mining less gold.
- It is also good for the country as you are importing less.
Note what Ajoy Chawla, CEO of Jewellery Division Titan Co. Ltd. has to say :
“exchange programmes will draw in shoppers to buy jewellery for the wedding season. May and June is the wedding season and during weddings, exchanges are anway big driver. A lot of people have accumulated gold in the long run. It allows consumers to complete purchases without anxiety about gold price.”
Post script: Since 2011,Tanishq exchanged 100000 kg of gold. 1.8 million customers have exchanged their old gold.
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