Even as economies, industries and companies continue to pivot to the newly declared most populous country (and consumer market) in the word, India's FMCG industry is displaying signs of recovery, as evidenced by a 10.2 percent increase in value growth during the first quarter of 2023. After experiencing six consecutive quarters of decline, rural areas are now witnessing a positive volume growth of 0.3 per cent, while urban areas continue to show growth at 5.3 per cent. This growth in rural consumption is particularly encouraging, considering that more than two-thirds of India's population resides in rural regions.
Among the made-in-India companies making the most of this growth is Bikano, Bikanervala’s packaged brand. exchange4media spoke to Kush Aggarwal, Head of Marketing, Bikano, about the brand’s advertising and marketing strategies, media planning and how it whets the different appetites of various consumers.
“Our marketing philosophy is based on a simple principle: we remain attuned to the ever-changing consumer trends. As the use of digital platforms continues to gain popularity among consumers, we will strategically allocate our marketing resources accordingly,” says Aggarwal, adding that the company’s approach encompasses a wide array of marketing avenues, including above-the-line (ATL), below-the-line (BTL), and digital platforms, guaranteeing a seamless presence across multiple touchpoints.
Given the significance of market segmentation and the fact that different markets possess unique characteristics and consumer behaviours, Bikano tailors its strategies to effectively address the diverse needs and preferences of various market segments.
“For metropolitan markets, where urbanization and modern retail infrastructure are prevalent, we focus on leveraging digital platforms, innovative marketing campaigns, and partnerships with modern trade outlets to enhance brand visibility and capture the attention of tech-savvy consumers. We also emphasize product innovation and differentiation to cater to metropolitan areas' diverse tastes and preferences,” explains Aggarwal.
In semi-rural markets, they adopt a more localized approach. “We invest in extensive distribution networks to reach remote areas and build strong relationships with local retailers. We take into account the specific cultural nuances and consumer behaviours in these markets, ensuring that our marketing messages are relevant and resonate with the semi-rural population,” he says.
The FMCG sector is the fourth-largest industry in India, contributing nearly 20% to the Gross Domestic Product. And with brand India’s stock surging at the moment, given the country’s exposure on the international geopolitical and economic stages, desi is quite du jour, meaning a growing appetite for Indian consumer goods.
“When it comes to foreign markets, we conduct thorough market research and analysis to understand the local culture, consumer behaviour, and the competitive landscape. We adapt our products and marketing strategies to align with the preferences and expectations of the target market,” he says.
Localization plays a crucial role, including product modifications, packaging adjustments, and effective communication that resonates with the local audience. “Building strong partnerships with local distributors or retailers helps us establish a strong presence and navigate any cultural or regulatory challenges,” adds Aggarwal.
According to him, at the core of Bikano’s marketing philosophy is a belief in the power of diversification, and the company understands the significance of leveraging various channels to effectively reach a wide range of individuals and ensure that their brand message resonates with consumers.
“When it comes to our media mix, we strive to generate excitement through multiple platforms, including print, digital, and radio, complemented by extensive on-ground activations. To establish a strong connection with our consumers, we allocate investments towards a blend of online and offline initiatives,” says Aggarwal, concluding, “Our commitment lies in leaving no channel or mode unexplored in our quest to engage with our valued customers. Additionally, we prioritize affordability and value for money, recognizing the price sensitivity prevalent in these regions.”
