Passionate in Marketing caught up with Mr. Jitin Masand, Founder & Managing Director of OKIE
Can you take us through the journey of OKIE and its growth in the TV industry?
OKIE embarked on an extraordinary venture in the television industry in 2019. Realising a significant gap in the market for innovative products, especially in tier 2 and 3 markets encompassing TVs and sound systems, our primary goal was to offer exceptional products at competitive prices. We meticulously curated a diverse range of TVs, spanning from 24″ to 86″, integrating cutting-edge features, impressive display quality, and immersive sound systems, all tailored to meet the discerning needs of our customers.
Having identified the immense growth potential in the smart TV market, projected to reach a staggering 80,000 crores, OKIE astutely seized the opportunity to deliver top-notch products to these markets. Despite the challenging business environment caused by the pandemic, the company exceeded expectations and achieved remarkable success. As the fiscal year 2022-2023 came to an end, we proudly celebrated the sale of nearly 100,000 TV sets across seven states. This accomplishment fills us with immense pride, as it demonstrates our unwavering dedication to the industry and our commitment to delivering high-quality products to our valued customers.
How has OKIE evolved over time, and what sets it apart from its competitors?
At OKIE, we believe in understanding what our customers want and need, so we can make products that are perfect for them. We’re different from other companies because we focus on developing and customising products in a way that makes our customers happy.
We know that TVs are really important for entertainment in homes, and having good sound is a big deal. That’s why our TVs have special Boom sound technology that gives a movie-like experience. This makes our TVs stand out from the ones you find in other stores.
Additionally, we are committed to bringing the latest technology to our customers at an affordable price. We work hard to quickly bring new technology from big cities to smaller towns and cities so that our customers can benefit from it. We are faster and more accessible than our competition. This commitment helps us stay ahead in terms of technological advancements and provide our customers with the best technology solutions available.
How would you approach building relationships with potential retail partners and customers?
In tier 2-3 markets, our approach to establishing relationships with potential retail partners and customers revolves around effective communication and comprehensive training. We understand the unique challenges faced by customers in these markets, particularly in staying informed about the latest product features. Given that communication channels may be less robust in these areas, we have taken proactive measures to address this issue.
Within our company, we have developed a robust training and support system for our retailers. We recognise the importance of clear and consistent communication, ensuring that our retailers are well-versed in the latest features of our products. This involves conducting regular training sessions and providing ongoing support to address any inquiries or concerns that may arise.
By investing in our retailers, our ultimate aim is to enhance the overall experience for our customers. We are fully dedicated to delivering the highest level of service and support, regardless of geographical location. Our objective is to bridge the communication gap, ensuring that customers in tier 2-3 markets have equal access to product knowledge and support, just like those in larger markets.
What strategies would you employ to ensure a strong distribution network and maximise market penetration?
To ensure a strong distribution network and maximise market penetration, we employ several strategies that focus on channel selection, partner selection, communication, and service stability.
Choosing the Right Distribution Channel: Developing a well-defined channel strategy is crucial for aligning with our target market. By considering various channels such as Super Stockiest, Distributors, Direct Dealer Billings, wholesalers, and E-commerce platforms, we can evaluate the advantages and disadvantages of each. This evaluation enables us to determine the most suitable channels that effectively reach our target market.
Selecting the Right Channel Partners: The role of reliable and capable channel partners cannot be overstated in building a strong distribution network. Identifying partners who have a strong market presence and share our company’s values and goals is essential. Evaluating their infrastructure, resources, and commitment to effective distribution allows us to leverage their expertise and expand our market reach.
Regular and Effective Communication: Establishing open lines of communication with our channel partners is key. By sharing regular updates, product information, marketing campaigns, and market insights, we keep our partners informed and motivated. Actively seeking feedback and promptly addressing concerns and issues further strengthens our partnerships and ensures a collaborative and efficient distribution network.
Strong Service Stability: To maximise market penetration, we prioritise strong service stability. This involves establishing robust service setups that promptly address any challenges or issues that arise. By providing excellent customer service and addressing market concerns swiftly, we build trust and loyalty among our customers and channel partners, giving us a competitive edge and expanding our market presence.
Could you share OKIE’s future plans for growth and expansion in the TV industry? What are the key strategies and initiatives in place to achieve these goals?
At OKIE, we have ambitious plans for growth and expansion in the TV industry, leveraging the latest advancements in electronics and technology. Our key strategy revolves around our ODM (Original Design Manufacturer) model, which allows us to develop and design cutting-edge products in-house. We firmly believe that by staying at the forefront of emerging technologies such as AI, AR, VR, 5G, and the Internet of Things, we can drive innovation and create unique television experiences for our customers.
To achieve our goals, we are focused on establishing strong partnerships with leading technology providers, both locally and globally. These partnerships enable us to access the latest components and technologies, ensuring that our products are always at the forefront of industry trends. Additionally, we are investing in research and development to constantly enhance our product offerings, incorporating advanced features and functionalities.
Staying up-to-date with the latest technology trends and innovations is essential in the TV industry. How do you personally stay informed about these developments, and how would you apply that knowledge to drive product innovation and maintain a competitive edge for your brand?
As an individual with a profound passion for staying at the forefront of technological progress, I strongly believe that it is vital to continuously stay informed about the latest advancements and trends in the TV industry. To achieve this, I employ a multifaceted approach. Firstly, I regularly attend industry conferences, workshops, and trade shows to gather insights from experts and thought leaders. These events provide invaluable opportunities to network, learn about emerging technologies, and gain a deeper understanding of market dynamics.
Additionally, I actively engage with online communities, forums, and social media platforms that focus on technology and TV innovations. By participating in discussions and following influential voices, I can stay updated on the latest developments, product releases, and customer feedback.
Applying this knowledge to drive product innovation and maintain a competitive edge for my brand requires a proactive approach. By closely monitoring technological advancements, I can identify opportunities to integrate new features and functionalities into our products. Additionally, I emphasise collaboration with cross-functional teams to brainstorm ideas and explore innovative solutions to customer needs.
Moreover, I understand the significance of aligning our supply chain with the latest technologies. By leveraging automation, data analytics, and efficient logistics systems, we can optimise operations, reduce costs, and deliver products to customers faster. This, coupled with exceptional after-sales support, will further enhance our brand’s competitiveness.
Furthermore, to maintain our competitive edge in the TV industry, we prioritise competitor analysis. By monitoring the market and analysing our rivals’ products, we identify opportunities and gaps to our advantage. Our approach involves understanding technology trends and adopting a customer-centric mindset. This enables us to exceed the expectations of our target audience and differentiate ourselves from competitors by staying updated with industry advancements.
Lastly, innovation is at the core of our product development process. By utilising the insights gained from competitor analysis and aligning them with our customers’ needs and desires, we are able to drive innovation and create products that are truly unique and compelling. This customer-focused approach, combined with our expertise in technology trends, allows us to consistently deliver cutting-edge solutions that set us apart from the competition.
Can you share your understanding of the unique challenges and opportunities when it comes to expanding market presence in Tier 2 and Tier 3 cities of India for a TV brand startup?
Expanding market presence in Tier 2 and Tier 3 cities of India for a TV brand startup presents both unique challenges and opportunities. These cities boast a significant population and a growing middle-class consumer base, showing immense market potential. Due to increasing levels of disposable income and a rising fascination with consumer electronics among the younger population in these urban areas, there is a strong eagerness to adopt emerging technologies. This created a favourable opening for a startup TV brand to introduce inventive functionalities, smart TV capabilities, and interactive content that align with the preferences of this technology-savvy demographic.
Market Potential: Tier 2 and Tier 3 cities in India boast a substantial population, and their middle-class consumer base is steadily growing. These cities often witness an increase in disposable incomes and a rising demand for consumer electronics, including televisions. This presents a significant opportunity for a TV brand startup to tap into this expanding market and establish a strong presence.
Price Sensitivity: Consumers in Tier 2 and Tier 3 cities are more price-sensitive compared to their counterparts in Tier 1 cities. Affordability plays a crucial role in their purchasing decisions. Therefore, it is important for a TV brand startup to offer products that cater to various price points, providing affordable options without compromising on quality. Implementing effective pricing strategies and offering attractive discounts or instalment payment options can help capture the attention and loyalty of price-conscious consumers.
After-Sales Service: Providing reliable after-sales service is of paramount importance for customer satisfaction and retention in Tier 2 and Tier 3 cities. Consumers in these cities place a high value on prompt and efficient service. Therefore, a TV brand startup should prioritise building a robust service network that extends to these cities. This entails establishing service centres and deploying well-trained technicians who can address technical issues and provide timely support and help.
How would you tailor marketing and distribution strategies to effectively tap into these markets and connect with the local consumer base?
In order to effectively tap into new markets and connect with the local consumer base, it is crucial to tailor marketing and distribution strategies to their specific needs and preferences.
Enhancing Localised Marketing Strategies: One important aspect is to create marketing campaigns that deeply resonate with the local culture, language, and values. This involves gaining a thorough understanding of the target market’s customs, traditions, and beliefs. By incorporating regional languages in advertisements and promotional materials, you can create a sense of familiarity and relatability with the local audience. Furthermore, integrating regional festivals or events into your marketing activities can help establish a genuine connection with potential customers.
Building Relationships with Local Retailers and Distributors: Collaborating with prominent local retailers and distributors is essential for successful market penetration. These partners possess valuable knowledge of the local market dynamics, consumer preferences, and distribution networks. By fostering robust relationships with them, you can gain access to their expertise and leverage their established customer base. This collaboration can also help in adapting your product or service offerings to better suit the local demand.
Customer Support and After-Sales Service: Emphasising the provision of reliable customer support and after-sales service is crucial for building trust and enhancing customer satisfaction. By ensuring prompt and effective assistance, you can address any concerns or issues that customers may have, thereby fostering loyalty and repeat business. This can be achieved by establishing a dedicated local customer support team or by partnering with local service providers who understand the specific needs of the target market.
After-sales service and customer support are critical factors in building brand loyalty and customer satisfaction. How would you ensure effective after-sales service and support for OKIE in Tier 2 and Tier 3 cities, where accessibility and infrastructure might pose challenges? What strategies would you implement to address customer concerns and provide a seamless experience for the customers in these areas?
When it comes to ensuring effective after-sales service and support for OKIE in Tier 2 and Tier 3 cities, where accessibility and infrastructure might pose challenges, I would implement the following strategies:
Comprehensive training: We provide extensive training to our after-sales service team to equip them with the necessary knowledge and skills to address customer inquiries. This training includes product knowledge, troubleshooting techniques, and effective communication skills.
Clear flow of communication: To ensure clear and accessible communication channels for customers to reach out for assistance, we would establish a dedicated helpline, email support, live chat, and a customer support portal. These channels will enable customers to easily connect with our support team and receive prompt assistance.
Nationwide toll-free number: We operate with a nationwide toll-free number where customers can register and track their complaints in their preferred language. This initiative aims to overcome any language barriers and provide a seamless experience for customers across Tier 2 and Tier 3 cities.
Extensive service centres: Before activating any new area, we prioritise establishing extensive service centres in place. These service centres will ensure that customers have easy access to our after-sales services and support, reducing the turnaround time for addressing their concerns.
10-day replacement policy and 2-year warranty: To build trust in the brand and provide peace of mind to customers, we offer a 10-day replacement policy and a 2-year warranty. This exceeds the industry standard of providing only one year of warranty, demonstrating our commitment to customer satisfaction.
Service managers and spare inventory: We have dedicated service managers in each state who are responsible for managing sufficient spare inventory. This proactive approach ensures faster redressal of customer concerns by minimising the time required to procure necessary parts and components.
Integration with WhatsApp: We plan to adapt new technologies to enhance our customer support experience. One such initiative is integrating with WhatsApp, a widely used messaging platform. This integration will enable customers to reach out to us conveniently through WhatsApp, allowing for real-time assistance and seamless communication.
