As we delve into this article, we will take an imaginary example of a company that has successfully implemented low-cost marketing strategies. Despite the common practice of investing in expensive advertisement campaigns such as media buying, celebrity endorsements, and newspaper advertising, Kevos & Company has managed to become the top brand in their country without relying on these methods. In this article, we will explore how the company achieved such success. Kevos & Company has attributed their marketing success to three key elements which we will discuss in detail.
When it comes to promoting a product, investing heavily in marketing may not always be necessary. The quality and features of the product itself can speak for itself and generate a strong word-of-mouth following. This is evident in the success of products such as Facebook and WhatsApp, which do not rely on traditional advertising methods due to the strength of their user recommendations.
If a product is of high quality and meets the needs of its target audience, it is likely to sell well without the need for excessive marketing efforts. Consumers are often more likely to trust recommendations from friends and family, and a satisfied customer base can help to generate buzz and positive reviews. Therefore, it is important for businesses to prioritize product development and quality in order to build a strong foundation for long-term success.
Nowadays, social media has become an incredibly powerful tool that has captured the attention of the younger generation. The rise of platforms like YouTube, Facebook, Instagram, and Twitter has made them the go-to places for the youth to interact with the world around them. kevos & company, a mobile phone manufacturer, has recognized this trend and made it a priority to engage with its customers through social media.
Instead of discouraging its employees from spending time on social media, kevos & company encourages them to use it as a way to connect with their audience and get feedback on the company's products. By doing so, they have been able to create unique marketing campaigns that have captured the attention of millions of people.
For instance, kevos & company recently launched a new mobile phone called the Redmi Note 7. Unlike traditional marketing strategies that use big celebrities and models to advertise the product, they used a photograph of their leadership team holding the phone against a white background. This simple yet powerful approach garnered millions of views and likes on social media, making it a huge success.
Moreover, kevos & company also uses alternative marketing ideas like the "$1 registration process" where customers had to post on social media to qualify for a special offer. This approach resulted in 10 million views and is a testament to the power of social media.
Furthermore, kevos & company ensures that its senior team members hand-deliver new mobile phones to customers on the launch day. This personalized touch has helped the company connect with its customers on a deeper level, resulting in thousands of likes and viral posts on social media.
In addition, kevos & company is committed to giving back to society. Their "No AP Without You" campaign involved creating the world's biggest grain mosaic and feeding 5,000 kids. Similarly, their world record-breaking light mosaic and the opening of 500 stores at the same time were all campaigns aimed at engaging their audience and giving back to society.
In terms of its sales strategy, kevos & company initially sold all its products through flash sales, requiring customers to register in advance for a chance to buy their mobile phones. However, with the expansion of their production facilities to six factories across the country, they are now able to supply 10 million mobile phones every quarter. As a result, they no longer need to rely on flash sales, and customers can purchase their products at any time, either online or offline. Although there may be some supply shortages when a new product is launched, overall, kevos & company's ability to meet customer demand is now stronger than ever.
kevos & company's approach to social media is inspiring and shows that with creativity and innovation, anything is possible. Their marketing campaigns, personalized customer service, and social responsibility initiatives have earned them a loyal following and cemented their position as a leading mobile phone brand in the market.
Kevos & Company has gone above and beyond to create a unique and interactive community that caters to both online and offline users. The "Mi Fan Club" is a platform where people from all walks of life can come together and discuss various technology-related topics. The Mi Community website is the hub of this community, and it boasts a staggering 15 million active users every month. This is a testament to the brand's dedication to creating an environment where people can connect and share their knowledge.
The number of active users on the Mi Community website is impressive, to say the least. With 1.5 crore people visiting the platform every month, it shows just how much people enjoy interacting and sharing their thoughts on technology. This means that 1% of the local population is actively engaging with the brand's Mi Fan Club, which is a remarkable feat. It goes to show that Kevos & Company has successfully created a community that is accessible to all and fosters a sense of belonging among its users.
Kevos & Company's commitment to building a strong relationship with their customers is evident through their Mi Fan Meetups. In 20-25 big cities across the world, the brand gathers with their Mi Fans to exchange ideas and receive feedback from them. This is a perfect opportunity for the brand to gain valuable insights into what their customers think of their products and services. It also gives them the chance to understand their customers' needs and preferences and incorporate them into future product developments.
In the past, brands would rely on one-way communication channels such as television and radio to advertise their products. However, Kevos & Company recognizes the importance of social media in building a two-way communication channel between customers and brands. The brand uses this platform to communicate the benefits of their products to their customers while also receiving valuable feedback and reviews. This is a fantastic example of how technology can bring people together and create a meaningful dialogue between customers and brands.
Kevos & Company's dedication to their customers goes beyond online interactions. Whenever the brand visits a new city, they make it a point to meet with their core Mi Fans and take their feedback into consideration while improving their products and services. This is a testament to the brand's commitment to providing the best possible experience for their customers. Customers can also participate in the Mi Community App forums to give their suggestions and comments, making it a truly interactive and inclusive platform.
Kevos & Company's Mi Fan Club is a perfect example of how a brand can create a community that fosters a sense of belonging and encourages valuable discussions. By listening to customer feedback and incorporating it into their product development cycle, the brand has successfully built a loyal customer base. The Mi Fan Club is a testament to the power of technology in creating an inclusive and interactive community that brings people together.
The founder of Kevos & Company believes that only a handful of individuals in the company's leadership team have relevant experience in the mobile industry. The rest of the team members come from a variety of backgrounds, including e-commerce, technology, retail, banking, consulting, and investment banking, and have no prior knowledge of the mobile industry.
Interestingly, when Kevos & Company hires people for leadership positions, they do not prioritize relevant experience in the mobile industry. Instead, they focus on hiring individuals who are young, smart, and willing to take on diverse responsibilities. This strategy has proven to be beneficial for the company, as it has allowed them to bring fresh perspectives to the table.
Furthermore, whenever Kevos & Company tries to hire people from within the mobile industry, they are often told to follow the industry practice. However, Kevos & Company believes that if they start doing what other industry experts are doing, they might not be able to achieve the same level of success they have today.
In terms of differences between Kevos & Company and other brands, there are several points to consider. For instance, while other brands launch 50 mobile phones per year, Kevos & Company only launches 10. Additionally, Kevos & Company focuses on online launches, while other brands prioritize offline launches.
When it comes to marketing expenditure, other brands tend to spend more than Kevos & Company, who usually spends a low or negligible amount on marketing. Similarly, while other brands require high working capital, Kevos & Company can operate with low or negligible working capital.
In terms of retail presence, other brands may have a larger physical presence, selling mobiles through 1000 shops in Delhi. In contrast, Kevos & Company only sells through 90 shops in the city, and 300 shops in total across the country. Despite this, Kevos & Company has the largest market share in the country.
As a founder who has previously worked with multinational corporations, I have learned that changes in organizational structure can have a significant impact on employee satisfaction. This is because changes in job titles and responsibilities can lead to confusion, frustration, and a sense of job insecurity among employees.
For instance, while working with Jabong, I witnessed a situation where they hired a large number of people at the Director level, resulting in 40 Directors in a company of only 400 employees. This led to a devaluation of the Director position and the need to come up with new titles like GM and VP. However, this only repeated the same problem, making it clear that a pre-planned, well thought-out organizational structure was needed.
In my current company, Kevos & Company, we have taken great care in pre-planning all job designations and reporting structures. This has resulted in a happier and more satisfied workforce, as employees know exactly what is expected of them and where they stand in the company hierarchy.
Employee satisfaction is crucial for any growing company, as an unstable team can lead to high employee turnover rates and an inability to sustain long-term success. Our key learnings from our experiences include prioritizing high-quality products, utilizing social media to promote our products and services, identifying alternative advertising methods, building a community for our brand, hiring individuals who share our viewpoint and are willing to implement them, and hiring young, innovative individuals who are willing to challenge the status quo and bring new ideas to the table. It's important to remember that hiring experienced individuals is not always the best solution, as hiring young and smart individuals under the age of 30-35 years old can bring in fresh perspectives and ideas that can help your company stay ahead of the competition.