branding strategy - jaipur rugs.ppt
DESCRIPTION
Assessment Solution for Jaipur RugsTRANSCRIPT
Sagar AgarwalMBA, IIT Kanpur
About Jaipur Rugs
Present Branding Issues
Work Plan: Branding Strategy
Phase 1 – Analyze
Phase 2 – Plan
Phase 3 – Deploy & ReviewJaipur Rugs: Strategy Work Plan 2013-14 2
ContentsContents
Present IssuesPresent IssuesThe Mission and Vision statement:
Seems driven by Jaipur Rugs FoundationLacks any mention of core competencies
Low Customer intimacyNo channel for end user feedback / review of productsCan the users tailor products as per their needs ?
Lack of Brand Awareness, leads to lower marginsCreating a sense of exclusivity which leads to market pullCreating a exclusive ethnic Indian brand for the west !
Low brand penetrationLack of customized Branding Strategy for different export
marketsConsumer Behaviour and buying patterns differs across
geographical regionsA marketing strategy for Americas may not fit European
Customers ! Jaipur Rugs: Strategy Work Plan 2013-14 3
Phase 1 - AnalysisPhase 1 - AnalysisAnalyze Corporate Identity - Stakeholders view about the
company and products• Interaction with Customers and Employees• Market Surveys and Customer engagement• Get review about products through online channels
Facebook page Company’s online sales portal
Analyze the branding strategy of key competitors• How do customers perceive competitors brand (Perceptual
Maps)• Branding and communication channels deployed by
competitorsAnalyze the YoY sales and business data for all the regions
• Analyze in which markets are growing in terms of sales and customer awareness
• Analyze in which markets we need improvement in sales, marketing, and branding
Quantitative Assessment of current brand equityJaipur Rugs: Strategy Work Plan 2013-14 4
Phase 2 - PositioningPhase 2 - PositioningConverge on the Positioning for Jaipur Rugs, Based on,
- Results of Phase 1
- Resource mapping.
Consolidate Positioning, get corporate brand clear
within internal organization, a priori.
Internal seminars and workshops to introduce
employees to new branding and positioning strategy
Regular mailers to reinforce the message passed in
step 1.
Jaipur Rugs: Strategy Work Plan 2013-14 5
Phase 2 – Action PlanPhase 2 – Action Plan Creating a prominent brand logo which is prominently identified across
the Globe Leverage the authentic Indian touch of products
Create and ship brochures along with product, depicting the story behind making of product
This will create stronger brand association and increase the exclusivity feature
Tie up with leading home décor companies which endorse the brand Jaipur This can be done on regional basis and can be promoted through
online portal. Will create a strong perception of quality among end users
Product Categorization Exclusive Products – On which company can charge premium – Ex –
Hand Knotted Silk products The Catalog information would be synonymous with exclusive
brand image Regular or value for money Products – Ex Durries
Promotion through Trade Fairs & Art Galleries Brand Associations- Celebrity endorsement [Long Term]Jaipur Rugs: Strategy Work Plan 2013-14 6
Phase 2 - Customer EngagementPhase 2 - Customer EngagementInform existing & prospective customers about
new product launches and innovations• Direct mailers • Facebook pages• Print Brochures• Selected Magazine Columns.
Collect feedback on the recent purchases through web page
Custom Design Option• Allow users to create their own design online• Jaipur rugs will subsequently ship them customized
final product
Jaipur Rugs: Strategy Work Plan 2013-14 7
Phase 3 - Deploy and ReviewPhase 3 - Deploy and ReviewDeploy the new branding strategy in select
regions• Evaluate region wise performance of the
branding strategy• Based on the customer feedback do deployment
in other geographical locationsAnalyze the impact through metrics such as
ROM (Return on marketing) = Increase in sales/ (Branding + Marketing ) Expense
Feedback the leanings of the outcomes into the next stage
Jaipur Rugs: Strategy Work Plan 2013-14 8
Future Brand ExtensionsFuture Brand ExtensionsLong Term StrategyLong Term Strategy
Depending upon the Positioning [derived from core
competency] for Jaipur Rugs, some example for
future brand extensions are presented.
• Interior Designing Services leveraging our design and
innovation.
• Product List Extension to enhancing the cultural
richness of our offerings.
Jaipur Rugs: Strategy Work Plan 2013-14 9