Promonitions 2008: Gold's role in powering sales
Equal emphasis was placed on the glittering metal's ability to serve as the ideal gift for corporates wishing to recognise employees' performance.
By Amit Sharma, ET Bureau |
| From L to R: Pummy Narang, managing consultant, PwC, Milind Phatak, co-CEO and country manager, Buongiorno Hong Kong Ltd, Avik Chattopadhyay, head, corporate marketing, Apollo Tyres Ltd and Pratibha Somani, head, marketing, e-business and partnerships, Citi Financial India | |
NEW DELHI: Promonitions 2008 brought the stalwarts of the corporate world and those of the gold industry under a common roof to discuss the role played by gold in powering sales promotions.
Equal emphasis was placed on the glittering metal's ability to serve as the ideal gift for corporates wishing to recognise employees' performance.
"Brand promotions are vital in today's market environment. Due to its immense importance in Indian culture, gold occupies a unique position. It can therefore go a long way in helping companies reach out not only to the customers, but also to their employees," remarked Ajay Mitra, managing director, World Gold Council, India.
Some of the leading names in the gold industry graced the occasion, sharing their past experiences and discussing practical initiatives that brands engaged in. Some brand gurus too shared perspectives on the exercise.
"Marketing campaigns with gold have had a great response over the years. This is true for products and services across categories. We had recently done a campaign with Coca Cola in the UAE. It elicited an overwhelming response benefiting both the brands concerned," said K Venugopal, general manager, Joy Alukkas Traders.
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Agreed Sandeep Kalia, senior vice president and director, sales and marketing, Valvoline Cummins, "Brand promotions are truly the lifeline for marketers in today's context. It is a fact that gold is so well entrenched in Indian consumers' minds that it is an extremely important tool for brand promotion." It is true that brands that are wisely promoted, cleverly positioned are instant hits in today's marketplace. Pummy Narang, managing consultant, PricewaterhouseCoopers, who also moderated a panel discussion, shed some light on varied options for brands.
"The great expansion in media has meant that today, there are a plethora of options for brand promotions. There is the traditional media, and then there is the Internet and mobile phones that present a huge opportunity. It is heartening to know that companies are fast realising the importance of brand promotion and giving it due attention," he said.
"The competition today is intense in every sphere. So it is very important to build a strong brand identity and access for every brand. Gold can play a crucial role in this. Moreover, with the onset of the festive season, gold is arguably the best promotional spend that companies can make," said RK Sharma, executive director, PC Jewellers.
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"The festive season is the most important part of the year for us in India that is the biggest market for gold in the world. We are also organising other festivals and undertaking initiatives this year in order to boost the demand for the gleaming metal. Despite price fluctuations, demand for gold is expected to shoot in the country this year," said Mr Mitra. Commenting on the importance of events like Promonitions, Lokesh Naidu, business head, Dharampal Satyapal Ltd said, "Such events are important for advocating new methods of brand promotion. It is enriching to hear different perspectives and experiences. These should stand many in good stead in the future, eliminating room for a trial and error approach to brand promotion."
Apart from discussions on the many successful campaigns featuring gold, listeners were also enlightened with varied approaches to brand promotions. From instilling practical market wisdom to professing newer, maverick ways of promotions, eminent panelists shared know-how of thriving in an increasingly competitive market environ-ment.
"It is important to effectively reach out to the consumers. Trained personnel are vital in ensuring this. That is why training is so very important in our trade. Also, innovative, simple and convenient solutions are the order of the day, a challenge that we are taking head-on," said Debashis Sarkar, senior director and chief marketing officer, Max new York Life, who was one of the panelists.
Meanwhile some like Vinod Tejwani, director, Pranda Jewellery, chose to highlight the latest trends in corporate gifting through gold. "Design and form are the crucial factors when it comes to gold accessories used for gifting. This year, we are expecting good sales through corporate clients in the festive season," he said.
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