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myTrident, the domestic home furnishing brand of Trident Group is coming up with aggressive expansion plans and innovative marketing strategies for the Indian market.
At a recent five-day Associate meet, the brand unveiled its Fall-Winter '24 collection wherein Rajneesh Bhatia, CEO, myTrident shared insights into the company's growth trajectory and marketing initiatives.
Targeting National Presence
The company is aiming to double its revenue to over Rs 1000 crores in the next three years. The key to this goal lies in the brand's expansion strategy. "We want to become a national brand and to become a national brand, what is needed is a national presence," Bhatia explained.
The company plans to increase its retail touchpoints from the current 4800 stores to 6000 stores in the near future, with a vision of being available within 3 km of every consumer.
This expansion isn't limited to traditional retail but is also making inroads into quick commerce, partnering with platforms like Blinkit. While quick commerce currently represents a small percentage of overall sales, Bhatia sees immense potential for growth in this channel revealing, “In terms of percentage of the overall business with BlinkIt, it might stay at 10-15 per cent but jumping hundred per cent is a very big number when we take it from zero.”
Drawing a clever parallel to the familiar family planning slogan 'Hum Do, Hamare Do' (We Two, Our Two), Bhatia suggests applying the concept to towel ownership. "Every house has the right to health and hygiene, and should have two towels," he asserts.
Marketing Approaches
MyTrident's marketing strategy is multifaceted, focusing on consumer education, brand visibility and leveraging celebrity endorsements. Bhatia emphasised the need for educational marketing in an unorganised market that's striving to become organised. "The first challenge that we have in India is to have consumer awareness and consumer marketing," he states.
MyTrident has also signed Kareena Kapoor Khan as their brand ambassador. Bhatia shares plans for an extensive campaign featuring Kapoor across various media platforms during the festive season.
"In coming three to four months, you will see a lot of us on outdoor, both on print and digital, on OTT," he says, hinting at an upcoming marketing blitz.
The brand is also innovating in its outdoor advertising, with Bhatia describing campaigns that literally think outside the box. He asserts, “There is a frame and we are going outside the frame in our outdoor campaigns. Either Kareena is hanging out or the bed sheet is hanging out, and it is lit in that way that you cannot miss that attention.”
Moreover, the brand has also roped in veteran actress Sharmila Tagore, Kapoor's mother-in-law, marking the first time a mother-daughter-in-law duo has featured together in a campaign. Bhatia describes this as a 'homecoming' concept.
Targeting The Youth
Understanding the importance of connecting with younger generations, MyTrident is focusing on three key areas - availability, quality and authenticity. Bhatia noted that for these consumers, "There are three things which are very important - availability, experience and quality. Also, they are very wise. Now, you can't bring in wrong statements and wrong claims. If you are saying you are sustainable, you have to be what you are claiming. With the evolving generation, you will have to provide an evolving product."
Data-driven Decision Making
The company is leveraging data analytics to understand regional preferences and tailor their products accordingly. Bhatia shared an example stating, “Typically I would make twelve designs and make very different kinds of designs put in the market and I will see that two designs did very well in north, south, west and east and then make a decision.”
The company is also placing a strong emphasis on retailer feedback, with Bhatia stating, “I pen down everything in a show which they tell me and I bring it in the next six months.”
With these strategies in place, MyTrident appears optimistic for growth. Bhatia confidently remarks, “We grew by 70 per cent this year and this year we are on track to be 2x. If we reach our target then by the end of the year we will be around Rs 500-550 crores.”
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