‘Finolex Cables Announced CapEx Of 580 Crores To Enhance Manufacturing & Launch Products’
In a new episode of Pitch BrandTalk - a video series that engages with the senior management of brands to churn out innovative insights - Pitch had an insightful conversation with Amit Mathur, President - Sales & Marketing, Finolex Cables Limited. Recently, Finolex Cables unveiled the latest iteration of its ‘No Stress, Finolex’ campaign to promote its smart switches, irons, and switchgear. The campaign's innovative approach has already made significant waves across digital platforms and social media. Campaign Insights and Evolution While reflecting on the campaign’s success, Mathur shared, “Our recent campaign was a great success. It's already on the digital platform, social media, and on TV as well.” Discussing the major insight behind this campaign, Mathur explained, “Being a 65-year-old brand, we have observed a disconnect between the young generation and our brand. We've taken Kartik Aryan and Kiara Advani as brand ambassadors. The latest campaign features Kiara and a cute Lhasa dog named Zoe, emphasizing the ease and reliability of using Finolex products. Our focus is to promote our switchgear range, touch switches, and the newly launched irons.” Elaborating on the synergy with the brand ambassadors, Mathur stated, “Kartik is the young generation's crush, and Kiara is at the peak of her career. Their chemistry has been very effective. The pet parenting theme also resonates well with millennials and Gen Z. After this campaign, we feel the connection with millennials and Gen Z is better, resulting in improved brand recall.” Market Position and Strategy On the metrics of the campaign’s success, Mathur noted, “The main metrics were brand recall and increased reach. Finolex is number one in electrical wires and communication cables, and this campaign aimed to reinforce that. The campaign was in five languages across India and has led to an uptick in sales.” Addressing the need for innovative strategies in a competitive market, Mathur said, “It's very difficult to stand out in a cluttered market. We've targeted 30-40 markets across India with innovative OOH campaigns. Our creative holdings, like the one with a big fan giving air to Kiara's skirt, went viral with 2.6 million views on one social media page.” Target Markets and Regional Focus Speaking about Finolex's strong and weak markets, Mathur mentioned, “We are very strong in the southern market, with 45% of our sales coming from there. We are also strong in the western and eastern markets but weaker in the north. Our strategy is to cover weaker markets in the north, such as Uttar Pradesh and Bihar, and continue our presence in strong markets like Kolkata and Mumbai.” Mathur also highlighted the approach for rural and tier 2/3 markets, stating, “We have products specifically for rural markets, like submersible pump cables. Our communication is in local languages, and we participate in local events like Kisan Melas. Approximately 40% of our sales come from rural markets.” Digitised Distribution & Future Plans Discussing the impact of digitisation on distribution, Mathur shared, “We started our distribution journey four years back with a well-designed distribution software. This software helps us track live sales and connect with two lakh retailers. Around 40% of our sales now come through this distribution channel.” Looking ahead, Mathur stated, “We aim to be in the top three in electrical goods within three to four years. Our growth journey from 2750 crores to 5200 crores in the past three years shows we are on track. We have announced a CapEx of 580 crores to enhance our manufacturing capabilities and launch new products.”