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Branding The Jewellery & Gold Business
By Harish Bijoor,
Founder, Harish Bijoor Consults Inc.
2nd India Gold & Jewellery Summit,
New Delhi, India
23 November, 2018
For a startā¦.. ā¢ Letās define a brandā¦. ā¢ What is a brand? ā¢ A nameā¦.a sloganā¦a
symbolā¦.an identityā¦..a reliabilityā¦.a trust markā¦ā¦.
ā¢ My definitionā¦. ā¢ The brand is a thought! ā¢ A thought that lives in a
personās head! ā¢ Different peopleā¦different
headsā¦different thoughts! ā¢ Of the same brand! ā¢ The brand is Maya!
Does Gold & Jewellery in India Possess This Maya?
ā¢ Users and Buyers think so!
ā¢ Manufacturers and marketers donāt think so! ā¢ The market for Jewellery & Gold in India as largely a
commodity market
ā¢ Our study across 2878 Jewellery outlets in India reveals glaring facts!
ā¢ See some top-line summations!
ā¢ Some āOuchā points!
Ouch!
ā¢ Jewellery is not āLuxuryā in India
ā¢ Jewellery is a āBasicā want, need, desire and aspiration! ā¢ The commodity value connect is just too deep in the categoryā¦. ā¢ The price-quality equation is rooted in the commodityā¦. ā¢ Attitudinally, jewellery is the basic birthright of a woman in India
ā¢ Therefore, 97.3% of all jewellery sold in India is not about the āluxuryā mindset at all!
ā¢ Therefore: Never treat your jewellery business as a āluxuryā business as yet!
ā¢ Not yet!
The Jeweller is on the Morph!
ā¢ The decades have seen a change in the profile of the jewellerā¦
ā¢ Gen. 1: The small family small goldsmith (āSheth-Maamā) ā¢ Gen. 2: The Royal Goldsmith of repute (The Maharajah of Mysoreās
preferred goldsmith)
ā¢ Gen. 3: The Retail jeweller | The multi-outlet oriented jeweller | The designer jeweller
ā¢ Gen. 4: The Corporate Jeweller
ā¢ Gen. 5: The e-jeweller
ā¢ Gen. 6: The library-jeweller?
ā¢ And this is still evolving!
An Important Definition of a Brandā¦ ā¢ The Brand is a Premium
ā¢ Brand = Premium
ā¢ How much premium you get defines if you are a brandā¦
ā¢ A Quasi-brand: Close-to-commodity brand
ā¢ Or a commodity
ā¢ If you still fight on Gold-price, Gold-loss & making-charges as a USP, you are a commodity!
ā¢ If your advertising still talks this, you are a commodity!
ā¢ If your promotion still offers this bait & lure, you are a commodity!
ā¢ You must not be one!
ā¢ The future lies in the Brand!
ā¢ And the Brand is a Premium you donāt get today!
The Consumer is on the Morph!
ā¢ In terms of age: the old versus the young
ā¢ In attitude: Traditional versus modern
ā¢ In regionality: Indian to International
ā¢ In usage: Cosmetic to functional
ā¢ In duration: Occasional to Daily
ā¢ In storage: Locker to Home
ā¢ In weight: Heavy to light
ā¢ In design: Chunky to designer
ā¢ In promiscuity: From one look to many (variety| differentiation)
ā¢ Jewellery is the real āShringaarā accoutrement! ā¢ Jewellery is a the new BB Cream!
ā¢ In attention span: Patient to Impatient
ā¢ In flaunt: Overt to Covert
ā¢ And this is still evolving as well!
Important Point!
ā¢ As the Jeweller morphsā¦
ā¢ And as the Consumer morphs as wellā¦
ā¢ The twain need to meet!
ā¢ And the Jeweller needs to stay just one step ahead of the Consumer!
ā¢ This is not the caseā¦.normally! ā¢ Either we are far too stuck in the pastā¦. ā¢ Or are just too many steps ahead of the Consumer! Rarely!
ā¢ In fact: The medium-sized jeweller in India is just taking baby-steps in this space and 83% of the market is this!
ā¢ Tentative baby-steps!
ā¢ Sometimes doing things just because the other jeweller is doing it
ā¢ Sometimes out of fear
ā¢ Sometimes out of a want to be seen doing things
ā¢ Sometimes Anecdotal
ā¢ Most times anecdotal!
India incidentallyā¦. ā¢ Is the capital of innovation and entrepreneurship!
ā¢ A nation of entrepreneursā¦
ā¢ A nation of shop-keepersā¦
ā¢ A nation of growersā¦
ā¢ A nation of manufacturersā¦
ā¢ A nation of service-providersā¦
ā¢ We are a nation of ENTREPRENEURS!
ā¢ And a nation that believes in āJugaadā!
Disruption is Life!
ā¢ A part of the way we live!
ā¢ We live! Do we?
ā¢ Or are we dyingā¦one day at a time?
ā¢ And dying is disruption for sure!
ā¢ The Brahma| Vishnu| Maheshwara cycle is a reality!
ā¢ Disruption is life!
And Digital Disruption!?
ā¢ Is all around us!
ā¢ And literally all of you are on them already!
ā¢ The ideal marketplace to buy is Amazon?
ā¢ The ideal money is digital cash?
ā¢ The ideal way to see a tiger is on Discovery channel!
ā¢ The ideal Media-buyer is a machine?
ā¢ The ideal Matchmaker is Tinder?
ā¢ The ideal ticketing experience is IRCTC.co.in?
ā¢ The ideal counselor is Tony?
ā¢ Digital promises to disrupt everything ahead!
ā¢ Every business has a digital sweep to it!
ā¢ EVERY BUSINESS NEEDS A DIGITAL INTERFACE TO IT!
Digitalism
ā¢ Every 100 years a new āismā dominates our lives, and more importantly our passions and imagination points!
ā¢ That āismā of the next 100 years is DIGITALISM! ā¢ A new passion
ā¢ A new religion even!
ā¢ Digitalism is the religionā¦
ā¢ And Smart tech is the evangelist!
ā¢ Jewellery is felt digitally
ā¢ Jewellery is crafted digitally
ā¢ Jewellery is transmitted digitally
ā¢ Jewellery is bought digitally!
And Digital Disruption!?
ā¢ Is all around us!
ā¢ And literally all of you are on them already!
ā¢ The ideal marketplace to buy is Amazon?
ā¢ The ideal money is digital cash?
ā¢ The ideal way to see a tiger is on Discovery channel!
ā¢ The ideal Media-buyer is a machine?
ā¢ The ideal Matchmaker is Tinder?
ā¢ The ideal ticketing experience is IRCTC.co.in?
ā¢ The ideal counselor is Tony?
ā¢ The ideal Sex is on Ashley Madison?
ā¢ Digital promises to disrupt everything ahead!
ā¢ Every business has a digital sweep to it!
ā¢ The Jewellery NEEDS A DIGITAL INTERFACE TO IT!
ā¢ Butā¦.in parting, see this!
Analytics, Data &DigiLiving Today: A Promiscuous Life! ā¢ My PHONE sleeps with my REFRIGERATOR
ā¢ My REFRIGERATOR sleeps with my GROCERY STORE
ā¢ My GROCERY STORE sleeps with 40,000 CUSOMER PHONES
ā¢ My CUSTOMERS sleep with CREDITCARDS
ā¢ My CREDITCARD sleeps with my BANK
ā¢ My BANK sleeps with ICRA
ā¢ ICRA sleeps with my INSURANCE COMPANY
ā¢ My INSURANCE COMPANY sleeps with my CAR
ā¢ My CAR sleeps with TATAMOTORS
ā¢ My TATAMOTORS sleeps with AADHAAR
ā¢ My AADHAAR sleeps with my PANcard
ā¢ My PANcard sleeps with my JEWELLER
ā¢ My JEWELLER sleeps with FACEBOOK
ā¢ And FACEBOOK sleeps with CAMBRIDGEanalytica!
ā¢ Ouch
ā¢ AND NO ONE KNOWS!!!!!!!
ā¢
Thank You
ā¢ Letās Keep in touch
ā¢ Email: [email protected]
ā¢ LinkedIN: harishbijoor
ā¢ Or for Moreā¦. ā¢ Follow me on
twitter.com @harishbijoor
The Road Aheadā¦.. ā¢ Is an exciting one for the medium-sized jeweller
ā¢ Depends how you look at itā¦. ā¢ With the lens of yesteryears?
ā¢ Or the lens of tomorrow?
ā¢ Re-inventing your business for the years ahead is not a matter of choice anymoreā¦.if growth and relevance is the objective.
ā¢ If you donāt , others will!
In Sumā¦ā¦
ā¢ Choose your business modelā¦. ā¢ Model 1: Business-model that make things
happen!
ā¢ Model 2: Business-model that watches things happen!
ā¢ Model 3: Business-model that wonders what happened!
ā¢ If you choose Model 1: Re-inventing is it!
Thank You
ā¢ Letās Keep in touch
ā¢ Email: [email protected]
ā¢ Or for Moreā¦. ā¢ Follow me on
Twitter.com @harishbijoor