50% Marketing Spends Is Allocated To TV Ads: Amit Mathur, Finolex Cables
With a legacy spanning over 65 years, Finolex Cables has evolved from being a prominent player in wires and cables to a comprehensive electrical solutions provider, including fans, water heaters, MCBs, switch gears, room heaters, and other appliances.
In an exclusive conversation with BW Marketing World, Finolex Cables' Amit Mathur, President of Sales and Marketing delved into the brand's transformative journey, its product offerings, innovative marketing strategies and more.
Beyond Wires and Cables
Finolex Cables was initially known for its wires and cables. However, in the past 7 to 8 years, the brand diversified its product range. The expansion now includes fans, water heaters, MCBs, switch gears, room heaters, and various home appliances, positioning Finolex Cables in the FMEG (Fast-Moving Electrical Goods) sector.
Mathur highlighted the company's goal stating, “We have expanded our product portfolio and we want to give a complete electrical solution to our consumer. We want to move beyond traditional product lines.”
Connecting with Gen Z
Recognizing a gap with the younger generation or Gen Z, Mathur stated, “We enlisted Bollywood actors Kartik Aaryan and Kiara Advani, along with two cute dogs for the 'No Stress, Finolex' campaign. We started the campaign 12 months ago and now we can see our connection with Gen Z is much better.”
He explained that the multi-faceted marketing strategy included a pan-India TV campaign across diverse channels and languages, such as Kannada, Bengali, Tamil, and Malayalam. The product integration within the TV shows coupled with the presence on digital platforms and OTT.
“We also started on our digital marketing campaign from last year only and we are spending heavily on digital marketing this financial year. We installed 40,000 boards across India in the main electrical outlets. We installed many hoardings in many big cities in the main prominent places and we were present on print media also. So, we began a 360 degree campaign and that is how we started this campaign”, said Mathur.
Smart Products and Home Automation
Responding to market demands, Mathur shared that the company introduced various smart products in the last 7 to 8 months and plans to introduce many more smart products in the coming months.
He shared, “Recently, we launched a smart switch where you can control the switch with platforms like Alexa and Siri to control the entire automation of your home with the smart switch. We have also launched a smart lock with an integrated video door phone, providing a two-in-one solution for enhanced security.”
Looking ahead, the company also aims to expand its home automation portfolio and explore partnerships with platforms like BlinkIt and Zepto to cater to the growing demand for smart home solutions.
Mathur emphasised that the marketing strategies for Finolex Cables differ for B2B and B2C segments. “For B2B engagement, the company focuses on electricians as influencers, offering loyalty programs, training sessions, and incentives. There's a team targeting consultants, contractors and builders influencing their product choices in the initial stages of project planning.”
Leveraging Customer Data for Personalisation
In the era of data-driven marketing, Finolex Cables is leveraging customer data acquired through various channels, including its mobile app, Finolex House and traditional retail interactions.
Stressing on personalisation, Mathur outlined, “A lot of localisation and personalisation is a blend of both is what Finolex cables is adapting in order to reach out to more consumers. The collected data, now totalling two lakh retailers, enables targeted communication through portals, websites, and email campaigns.”
He also highlighted that the brand is exploring loyalty schemes for architects and builders, acknowledging the role of personalised attention in strengthening customer relationships.
Recognising the significance of digital platforms, they invested in strengthening its online presence through SEO, targeted digital marketing and OTT platforms. Mathur stressed that the company strategically collaborates with social media influencers, including Aaryan and Advani to enhance its digital footprint.
Talking about the bifurcation of marketing spends, Mathur asserted, “Our marketing strategy mirror a balanced mix with 50 per cent to TV advertising, 20 per cent to comprehensive digital campaigns including OTT platforms, and the remaining 30 per cent is invested in experiential marketing through holdings, shop boards, and displays.”
Additionally, he also shared that a separate budget for IT initiatives has seen a significant increase of 30 to 40 per cent for enhancing customer experiences through innovative applications and immersive technologies.
Financial Performance
In recent years, Mathur revealed, “In pandemic, our turnover was 2700 crores and last year we crossed 4500 crores. We have registered a growth of 38 per cent followed by an additional growth of almost 20 per cent.”
Despite uncertainties, he mentioned that the company remains optimistic about sustained growth, evident in its plans for a 500 crore capex in the next 18 to 24 months. The financial success is attributed to a mix of traditional and digital marketing efforts, a diversified product portfolio, and a keen focus on customer engagement.
