Developing a Strong Core & Sustainable Growth model will be the key for us
By Akshay Modi, Managing Director, Modi Naturals Ltd.
The pandemic has resulted in a difficult couple of years for everyone. And now as a larger number of people get vaccinated, business and the world is gradually opening up and moving on to some part of normalcy with a hope for a positive 2022. During the last year, we saw a surge in Oil prices which created a very difficult situation all around, but with the better management of our internal resources we were able to fend off such challenges and came out even stronger. Further, focusing on our three pillars i.e. Social, Economic & Environmental commitment, our aim is to grow the organization sustainably.
From the 2022 point of view, we have made some commitments to ourselves and our customers.
Creating a strong Consumer & Customer growth model:
With plans to further expand our existing distribution network, Modi Naturals Ltd.’s complete focus will be to establish itself as one of the best distributed FMCG brands. Along with the same we will be engaging in consumer engagement activities in order to highlight the strengths of our company. Recently brought in Former Miss Universe Lara Dutta as a Brand ambassador for our Brand Oleev, thus promoting Holistic health benefits for the entire family.
Lateral movement towards RTC & RTE products:
To leverage our existing distribution, it is always helpful to expand into related categories. To sustain and grow further in the ever-evolving Food & beverages segment, it’s essential to focus more on RTC & RTE products. We are geared to move towards the future with the launch of various such related products like Peanut butter, Popcorn, Pasta, etc. looking towards building a connection with a newer set of consumers who have a higher affinity towards both health and convenience.
Understanding Consumer trends through Research:
We engage quantitative & qualitative research tools to get actionable insights into consumer behavior. Over the past year, we observed that the experimentation in the kitchen, awareness, and interest to whip up new culinary items are not limited to just Metro & Tier 1 but also consumers from Tier 2 and 3 cities/towns and we are working around the same route to serve consumer needs better. A significant contribution to our existing volume comes from tier-2 and 3 towns, so it makes sense for us to drive more focused efforts in that direction. Going further we will engage in more such approaches towards better consumer understanding.
Improvisation in marketing strategy for changing Food & Beverages Landscape:
With the ever-evolving Marketing scenario, we have always kept the Brand aligned with the ongoing market practices to serve our customers better. That includes looking at other horizons in not just traditional marketing but also new-age digital media vehicles i.e. focus on Social media integrations such as influencer marketing and OTT platforms. It has helped us in segmenting our consumers via regional and psychographic segmentation.
Continued focus on E-comm:
Post covid boom in E-commerce has led to many brands establishing a growth model specifically on these platforms. E-com has helped us in getting better insights into understanding consumer behavior and their shopping patterns. With a significant proportion of our portfolio being present in premium product categories, this data has helped us understand the consumers’ actual requirements so that we can provide them with relevant products.
