V-Guard Big Idea Business Plan for Stabilizers and LT Cables Marketing Strategy
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V-Guard is a Kerala-based company that manufactures electronics and electro-mechanical products like stabilizers, pumps, water heaters, and UPS systems. It has over 50% market share in South India but is looking to expand to North India. The business plan discusses conducting market research to understand consumer needs and identify problems with current products. It proposes innovative product features like voice alerts on UPS systems and developing an online customer service portal. The marketing strategy involves tying up with real estate developers and targeting industries, retail outlets, and rural areas through demonstrations and sales agents. Financial projections estimate a 20% profit increase over three years by leveraging current energy trends and utilizing an aggressive sales strategy.
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V-Guard Big Idea Business Plan for Stabilizers and LT Cables Marketing Strategy
- 1. V–Guard Big Idea Business Plan Team BG09
- 2. About the Company Product Portfolio stabilizer pumps water heater digital ups fan 2014 lt cable ups solar water heater 2012 2010 1996 • Kerela based company • Electronics • Electro-mechanical • Other - Household 2009 • Market share > 50% in South • Total sales revenue – 85% in South and 15% in North market Current trends • Electricity shortage • Cap on gas cylinders • Product Knowledge • Expedient and convenient • Network of customers. • Expertise in communication, installation and maintenance. • Rapid order and delivery • Point of Purchase, Word of Mouth, Direct Sales
- 3. Current Market Scenario Impact of Power Crisis in the North Urbanization in the North Entry of International Brands Consumer Knowledge Prevalence of Gated Communities Brand Loyalty in the South Restriction on Gas Cylinders
- 4. Market Segmentation Structural Segmentation North East Region Western Region Needs-Based Segmentation Rural Urban Sales Based Segmentation AP, Manipur, West Bengal Gujarat and Maharashtra
- 5. UPS Inverters Marketing and Sales Strategy
- 6. Study Your Competition - Research Target Market Household Industry Rural Sector Distribution channel Retail outlets Contracts with builders Wholesalers Medium of Research Questionnaire Telephone calls Online review Sales Strategy Gated Communities Industries Rural Areas Feasible Solution Voice over Service through electronic media Sleek Tabletop Design Identify Problem Beep sound After purchase service Bulky design Price Analysis Rs.5000 to Rs.8900 Domestic Competition Su-Kam Microtek
- 7. Think Different – Innovation 1 • Voice over • Changing modes 2 • Customer service • User Interface • Inverter On – specifies when the electricity is cut, and inverter is in working mode Tabletop to place mobile phones/magazines • Customer Hotline – 24/7 • Battery Low – specifies when battery is low and needs to be charged • Sleek Design • Usability • SMS Service – Register complaint • Inverter Off – specifies when the electricity is back on and inverter is in dormant mode 3 • User Interface – Suggested inverter depending on the inputs • Inverter Overload – specifies when the consumption of power is more than specified • Power Off – specifies when the inverter is switched off Plug Sockets Handle bar • Facebook/Tweet -- Feedback/complaints • Discussion Forum – Expert advice • Aesthetic appeal • Table top for gadgets • Power socket for charging mobile phones and laptop Extendable loft for battery
- 8. Action Plan - Sales Contracts with real estate • Contracts for long term relationship • Promotion through kiosks and demonstration • Good margin for urban sector Gated Community Consumer Knowledge Sales Strategy International Industries Urbanization and Brand Identity Retail outlets and Office Buildings • Setting up inverters in high raised buildings • Brand recognition through retail showrooms in the city • Local retail stores near rural areas Manufacturing units and showrooms • Insight about electricity outage • Competitive pricing and promotion Rural haats and LIC model • Product knowledge and demonstration • Referring potential consumer for commission on sale
- 9. Stabilizers and LT cables Sales Strategy
- 10. Study Your Competition - Research Feasible Solution Target Market • Electrical companies • Retail outlets • Price range – Rs.800 to Rs.7500 • Boosting morale in retailers • Ensuring availability of products • Tie up with other products to increase sales Identify problem • 80% consumer - poor knowledge on brands • Advised by retailers or sales person Distribution Channel • Retailers • Wholesalers • Direct sales to construction companies Advertising & Promotion Feasible Target Market Identify problem solution Market research Distribution channel Advertising Promotion • Retail outlets • Print adds • Media advertising
- 11. Sell Different – Action Plan Retailers Achieve sales target – Commission Incentives – Bonus prizes and vacation Tie Up Sales Inverters – LT cables in Real Estate and Industries Household appliances Stabilizers along with Fridge, TV Availability Mobile SMS – Notify stock of items IRS System – Record transactions Interaction – Quarterly meetings
- 12. Induction Stove Marketing and Sales Strategy
- 13. Market Segmentation Structural Segmentation Southern Region Needs-Based Segmentation Urban Market Sales Based Segmentation Tamil Nadu, Kerela, Karnataka
- 14. Study Your Competition - Research Target Market Bachelors Married Couples Joint Families Distribution channel Retailers Direct Sales E-Marketing Medium of Research Questionnaire Telephone calls Distributors Sales Strategy Trade Shows Live Demonstration E-Marketing Feasible Solution Battery Backup Green User Manual E-Learning Tutorial Identify Problem Less Knowledge Consumes Electricity Traditional Method Price Analysis Rs.2000 to Rs.8500 Domestic Competition Preethi TTK Prestige
- 15. Action Plan - Sales Understanding the Product Specialized Market • Trade shows • Exhibition • IT Offices • Shopping Malls Taking Advantage of E-Marketing Social Media • Shopclues.com • Snapdeal.com • Pepperfry.com Free Offers Offers • Complementing utensils • Free detergent and scrubs
- 16. Think Different - Innovation 1 Power backup • Battery Backup – 20 minutes power backup during power cut • Niche Market – Additional feature for a higher price 2 Green manual • Consumers less energy than gas cylinder • Go Green user manualTips and instructions on how to use induction cook tops to save energy • Example: Use of utensils Time to cook type of food 3 E-learning tutorials • Visual scenarios and interactive sessions – Educate the consumers on how to use the induction cook tops • Cd-Roms and You Tube – Provided along with the product
- 17. ADVERTISING AND PROMOTION Induction chef contest TV and Print Ads • • Retail Showrooms • Viral Marketing South India contest for the best chef using induction cook tops Registration-Should create a recipe using V-Guard’s induction cook tops and post the video on You Tube. Collation: This will result in many You Tube posts of V-Guard’s induction stove. More Click, More Views - This promotes viral marketing through social media • Advertisement - Contest details during TV shows with highest TRP ratings such as famous TV serials • Print Ads – Newspaper and Magazine
- 18. Organizational Chart - North Chief Marketing Officer - South North Regional Manager Sales Sales Manager Sales Executive Marketing Customer Relationship Manager Customer Service Representative Internet Marketing Manager Social Media Manager Website Co-ordinator Marketing Manager Copywriter/Vi sual Designer Marketing Executive
- 19. Financial Plan • Conservative approach • 20% increase in Profit in a span of 3 years • Keeping in mind - policy paralysis and worst case scenario
- 20. Financial Plan
- 21. • Brand Awareness – Low in North • New Market Segment – South • Existing Competitors – Brand Loyalty • Demand is high – Penetrative Pricing Competitive Advantage – Unique Product/Service Innovation Advantage of Current Trends Electricity and cap on gas cylinders Aggressive Sales Strategy Competitive Pricing Models WEAKNESS STRENGTHS SWOT – Where do we stand? • Urbanization – More international companies setting foot in India • Go Green – Demand for solar UPS and low consumption of energy • Use of various types of Social Media and Online Marketing • New Entrants in to the market • Expansion of existing brands into the same segment • Low Margin of sales due to high competition THREATS OPPORTUNITIES SWOT ANALYSIS