Bulk tea producer McLeod Russel India Ltd has disclosed its plan to sell its Vietnam subsidiary, Phu Ben Tea Company Ltd, to TLK Agriculture Joint Stock Company (TLK) for a sum of $2.15 million, as announced on Thursday.
As per a regulatory filing, the company has indicated that the sale is anticipated to be finalized by December 24, 2023.
McLeod Russel India Announcement:
McLeod Russel India has announced that its wholly-owned subsidiary, Borelli Tea Holdings Ltd, intends to transfer its entire capital stake in Phu Ben Tea Company Ltd (PBTCL) to TLK.
In the last fiscal year, PBTCL contributed approximately $3.6 million to McLeod Russel India’s revenue.
The decision to sell PBTCL aligns with McLeod Russel’s strategy to prioritize its core business operations within India. The company has encountered financial difficulties in recent years, prompting the divestiture of non-core assets.
In August, the company had reached an agreement to sell 15 tea estates in Assam to Carbon Resources, a manufacturer of electrode paste, for approximately INR 700 crore. This deal is expected to aid the company in reducing its debt burden.
The Kolkata-based company maintains a total of 33 tea estates in India, with 31 situated in Assam and two located in the Dooars region of West Bengal.
Kaivalya Vohra & Aadit Palicha - Co-Founders of Zepto
Zepto, the 10-minute grocery delivery service, experienced a remarkable 14-fold growth in the fiscal year ending in March 2023. However, the Mumbai-based company also saw its losses increase by more than three times over the same period.
Experiencing a 14-fold expansion, Zepto recorded INR 2,024 crore in revenue during FY23. In the previous fiscal year, FY22, the company generated INR 142.36 crore in revenue but incurred losses amounting to INR 390 crore. However, in FY23, the company’s losses significantly increased to INR 1,272 crore.
“We are heads down executing today. We still have a huge amount of work to do and problems to solve, but if we nail it, we will build an insanely big business,” said Aadit Palicha in a statement.
According to the company, it has made substantial progress in enhancing its Profit After Tax (PAT) margin, reducing it from -277% to -63% in FY23. Zepto further stated that it is on a trajectory to attain EBITDA breakeven, excluding ESOP and other statutory non-cash items, within the next 10 months.
Zepto recently secured $200 million in a Series E funding round, resulting in the company’s valuation reaching $1.4 billion. This also made the firm India’s first unicorn of 2023. It has raised over $560 million in funding to date.
The company offers a selection of 6,000 products spanning groceries, fruits, and vegetables, catering to customers in seven cities: Delhi-NCR, Mumbai, Bengaluru, Kolkata, Hyderabad, Pune, and Chennai.
Mumbai, Bengaluru, and Delhi-NCR stand as the company’s three leading markets in terms of sales.
After the completion of the Series E round allocation, Nexus Venture continues to hold the most significant external ownership stake in the company, amounting to approximately 19.98%. Collectively, the company’s co-founders, Palicha and Kaivalya Vohra, along with their family, maintain a combined ownership of over 22.4% of the firm.
The Hotel And Restaurant Association (Western India), also known as HRAWI, submitted a formal request to the Chief Minister of Maharashtra, Eknath Shinde, along with the Deputy Chief Minister and Finance Minister, Ajit Pawar, as well as Tourism Minister Girish Mahajan, and other relevant authorities. Their request sought a reversal of the recent 5 percent increase in Value Added Tax (VAT) on alcoholic beverages served in bars and restaurants throughout the state.
HRAWI, expressing both concern and astonishment regarding the unanticipated rise in VAT on alcoholic beverages, has emphasized that this substantial tax hike will detrimentally affect the hospitality sector, with a particular focus on restaurants and bars. Consequently, it is expected to have a ripple effect on the state’s tourism industry. The association has earnestly requested the government to reassess this decision, taking into account various concerns, including its potential impact on tourism, state revenues, the potential loss of business for hospitality establishments, and the heightened risk of bootlegging, among other issues.
Why HRAWI Urges VAT Reversal on Alcohol?
“Tourism is a vital contributor to the country’s economy, accounting for approximately 9 percent of the GDP and employing over 12 percent of the workforce. The affordability of liquor is crucial in the tourism sector.
Many States, including Goa, Haryana and Chandigarh, recognizing this fact, have reduced duties or levies on liquor to drive sales and boost tourism. The increase in VAT in our State is in stark contradiction to this, and will adversely affect both domestic and international tourism.
Affordability is key for tourists, and this decision hampers the initiatives taken to attract visitors. We urge the Government to reconsider the decision to increase the VAT, keeping the larger picture of our economy in mind,” said Pradeep Shetty, president, HRAWI.
alcohol (Representative Image)
During the post-pandemic era, there has been a notable upswing in domestic travel, underscoring the importance of maintaining affordable liquor prices as a means to draw in customers. HRAWI has emphasized that reduced prices not only bolster state revenues but also serve as a compelling incentive for domestic travelers to opt for Maharashtra as their preferred destination.
The association has underscored that elevated prices are likely to result in a downturn in restaurant business and impact those holding FL 3 licenses. Consumers may opt to avoid bars and permit rooms due to successive price hikes, inadvertently giving rise to illicit activities such as bootlegging.
“This is the second increase in prices, the earlier one being on account of an increase in excise license fees by 10 per cent. An increase in yearly excise fees followed by the doubling of VAT on liquor is likely to have a negative effect on businesses. On the other hand, reasonable liquor prices encourage spending, boost revenues and enhance the overall appeal of our State as a tourism destination. The hospitality industry is just about recovering from the pandemic’s blow. Further price hikes will dampen the spirit of business owners and may lead to undesirable outcomes, such as increased illegal activities. We appeal to the Government to consider the long-term consequences of such decisions,” said Chetan Mehta, vice president, HRAWI.
HRAWI has additionally highlighted that the government established a committee with the specific purpose of investigating the decrease in beer sales in the year 2020. The aim of this committee was to ascertain whether this decline could be attributed to an uptick in excise duty.
“The increase in VAT directly affects the livelihoods of thousands of license holders and their employees. We urge the Government to roll back this decision and work collaboratively with the industry to ensure sustainable growth and prosperity for all. We remain open to discussions with the Government and stakeholders to find a solution that supports both the State’s revenue goals and the hospitality industry,” concluded Shetty.
GOAT, the esteemed dining and cocktail restaurant brand, has partnered with the globally celebrated Indian footballer Bhaichung Bhutia to introduce an upscale dining establishment in the vibrant center of Siliguri.
This marks Bhaichung Bhutia’s first venture into the realm of dining, offering a culinary journey where the fusion of culture and culinary passion weaves a dynamic dining masterpiece.
Why Bhaichung Bhutia Joins GOAT?
In an ode to the city’s cultural diversity, GOAT exults in the seamless fusion of Siliguri’s various cultures, immersing visitors in a vibrant atmosphere that encapsulates the essence of invigorating flavors. As soon as guests set foot in GOAT, they are welcomed by its lavish ambiance, which effortlessly combines refinement and perfection, providing patrons with a tranquil dining experience that serves as a delightful escape from the everyday hustle and bustle.
Bhaichung Bhutia GOAT News (Representative Image)
Bhutia said, “As a religious admirer of immersive dining experience, I wanted to curate a gastronomic dining experience that was nothing short of ordinary. With them, we wanted to cultivate a space for the culinary aficionados where they indulge in finely crafted culinary delights, savouring in the sumptuous ambiance and luxurious service, ultimately elevating Siliguri’s dining landscape to exceptional pinnacles.”
GOAT distinguishes itself from the competition with its wide array of culinary choices. The meticulously crafted, diverse menu stands as a testament to culinary creativity, offering a burst of distinctive flavors that delight the palate.
Elated about this innovative venture, Nitin Aggarwal, managing director at GOAT said, “In a city yearning for a culinary establishment that truly resonates luxury, They has successfully filled this void by fulfilling this city’s desire for a dining haven, where eminence, exclusivity and extravagance reign supreme. With Bhaichung Bhutia’s vision, Company has transcended the realms of traditional restaurants and is crafting unforgettable evocative dining experiences, revolutionising Siliguri’s premium dining scene.”
Enhancing this gourmet dining experience is the centerpiece of the evening – GOAT’s Speakeasy Bar, an enclave of refinement designed to provide guests with an elite and intimate space for relaxation.
Furthermore, Company is supported by a skilled culinary team led by Swaraj Singhi, a prominent figure in the hospitality industry. Singhi’s impressive track record of transforming dining concepts into thriving establishments has played a crucial role in shaping GOAT into an epicurean journey of monumental proportions.
Koa, the beloved Bohemian-inspired haven that mesmerized Thane, is poised to cast its Bohemian spell upon the heart of Juhu, beckoning the town into its enchanting embrace once again.
The brainchild of restaurateur Prasuk Jain, It draws its essence from the liberated ethos of the Bohemian lifestyle. With its grand arrival in Juhu, Founder Prasuk Jain effused, “Introducing Koa to Juhu embodies our unyielding dedication to culinary artistry and inventive expression.
Koa New Venture in Juhu!
At Company, we’ve meticulously interwoven flavors, textures, and design nuances, inviting our guests on a captivating sensory journey that encapsulates the true essence of elevated dining. Juhu is poised for an unparalleled gastronomic voyage.”
Radiating an ambiance of open-air allure, the new Juhu establishment channels the Mediterranean vibe through its sophisticated, airy layout and echoes of Greece’s awe-inspiring aesthetics. It’s a space meticulously crafted to merge modern sophistication with timeless allure, creating an inviting sanctuary where guests can unwind and savor shared moments amid meaningful connections.
Audience Persona Playbook: Understanding your audience is essential for success in the ever-changing world of digital marketing. But comprehending your audience goes beyond knowing their basic demographics. It entails probing deeply into their behaviours, pain areas, and desires. Making a thorough persona, or profile, of your target market can make all the difference in the world. This post will discuss how important it is to create audience personas and offer doable methods for creating a playbook that directs your marketing campaigns.
An audience persona is a semi-fictional representation of your ideal customer. It fleshes out demographics with intricate details, such as aspirations, challenges, and preferences. Here’s why they matter. The personas help you create tailored content and messaging that resonates with specific audience segments.
Apart from that, understanding your audience’s interests allows you to craft content that speaks directly to them. Meeting the needs and expectations of your audience leads to increased customer satisfaction and loyalty.
Crafting Audience Personas: A Step-by-Step Guide
To create audience personas that drive your marketing efforts, follow these steps:
1. Research Your Audience:
Conduct surveys and interviews with existing customers to gather data.
Analyze website analytics and social media insights for demographic information.
2. Identify Pain Points and Goals:
Determine the challenges and goals of your audience. What problems do they need solutions for?
3. Create Detailed Profiles:
Develop comprehensive profiles of your personas, including their name, age, occupation, and income.
Dig deeper to include information like their hobbies, favorite websites, and social media usage.
4. Define Their Journey:
Map out the typical customer journey for each persona, including the touchpoints and interactions they have with your brand.
5. Craft Targeted Messaging:
Use the information from your personas to create messaging that speaks directly to their needs and interests.
6. Personalize Content:
Tailor your content strategy to address the preferences and pain points of each persona. For example, a tech-savvy Millennial may prefer video content, while a senior executive may favor in-depth whitepapers.
Parameters of Audience Persona Success
To evaluate the effectiveness of your persona-driven marketing efforts, consider the following metrics:
1. Audience Engagement: Monitor the engagement levels of each persona with your content and messaging.
2. Conversion Rates: Assess how effectively personas lead to desired actions, such as sign-ups, downloads, or purchases.
3. Customer Satisfaction: Gather feedback from customers within each persona group to evaluate their satisfaction.
4. Marketing ROI: Calculate the return on investment from persona-specific campaigns and content.
Audience personas are the foundation of effective marketing strategies. By crafting detailed profiles of your target audience, you gain invaluable insights that allow you to create content, messages, and experiences that resonate with your ideal customers. In a world of digital noise, the persona playbook can be your guide to delivering the right message to the right people at the right time. It’s a powerful tool that will help you stand out in the ever-competitive realm of digital marketing.
In the vast and varied landscape of modern marketing, businesses often find themselves on a quest to cater to the unique tastes and preferences of their audiences. This is where niche marketing shines. Rather than casting a wide net, niche marketing involves diving deep into specific, passionate communities and delivering precisely what they crave. Here, we’ll explore the art of niche marketing, its importance, and tactics to satisfy the hunger of a niche audience.
Niche marketing isn’t about reaching the largest audience; it’s about connecting with a highly engaged and dedicated subset of people who share a particular interest, passion, or need. This approach has several key advantages:
1. Laser-Focused Relevance: Niche marketing allows you to provide content, products, and services that are highly relevant to the specific interests and needs of your audience.
2. Less Competition: The narrower your niche, the less competition you’ll face. This can lead to higher visibility and a stronger market position.
3. Enhanced Customer Loyalty: When you meet the unique needs of a niche audience, you foster a sense of trust and loyalty that’s hard to replicate with a broader approach.
Niche Marketing Tactics
To successfully cater to a niche audience, consider these tactics:
1. Audience Research: Thoroughly understand your niche audience by conducting in-depth research. Explore their preferences, pain points, and the language they use. Tools like surveys, interviews, and social listening can be invaluable.
2. Tailored Content: Create content that speaks directly to your niche audience. This might include blog posts, videos, podcasts, or social media updates that address their specific interests and concerns.
3. Product and Service Customization: If your niche marketing involves a product or service, tailor it to your audience’s unique needs. For instance, if you’re in the fashion industry, design items catering to a specific subculture or style.
4. Niche Influencer Collaboration: Partner with influencers within your niche to leverage their credibility and reach. Influencers can help you connect with your audience on a personal level.
5. Community Building: Create or participate in online communities relevant to your niche. Engage with your audience directly and foster a sense of belonging.
6. Hyper-Targeted Advertising: Use digital advertising to target your niche audience specifically. Platforms like Facebook and Google allow for incredibly detailed targeting.
Measuring Niche Marketing Success
Niche marketing success can be measured through various indicators, such as:
1. Engagement Metrics: Monitor metrics like likes, shares, comments, and shares within your niche community.
2. Conversion Rates: Track how many niche audience members take desired actions, whether it’s signing up for a newsletter, making a purchase, or attending an event.
3. Customer Retention: Assess how many of your niche customers become repeat buyers, indicating their loyalty to your brand.
4. Feedback and Reviews: Positive reviews and feedback within your niche community can signify satisfaction and trust in your brand.
Niche marketing isn’t about the quantity of the audience; it’s about the quality of engagement and the depth of relationships. By understanding the unique needs, preferences, and passions of your niche audience, you can create a tailored, personalized experience that resonates deeply. As you cater to their cravings with precision and care, you’ll find that niche marketing can be a recipe for sustained success in the diverse world of modern marketing.
Businesses can no longer afford to ignore the complex web of interactions that characterise their relationship with customers in a time when customer experience is king. It is no longer adequate to map the customer journey using the traditional method of just identifying points of contact. In order to fully comprehend and enhance the customer experience, we must look beyond these touchpoints and explore the intricacies of technology, emotion, and human interaction.
Traditional customer journey mapping often starts and ends with identifying touchpoints where customers interact with a business, such as visiting a website, making a purchase, or reaching out to customer support. While these touchpoints are undeniably important, they don’t paint the full picture of the customer experience. Here’s where they fall short:
1. Isolated Perspective: Focusing solely on touchpoints offers a fragmented view of the customer journey. It doesn’t consider the customer’s broader context or emotional state.
2. Linear Assumptions: Traditional mapping tends to assume that customers move in a linear fashion from one touchpoint to the next, whereas in reality, the journey is often non-linear and dynamic.
3. Emotional Blind Spots: It often overlooks the emotional aspects of the customer experience, which are critical in building loyalty and satisfaction.
Beyond Points of Contact: A Holistic Approach
To accurately map the customer experience, businesses should adopt a holistic approach that considers the following aspects:
1. Customer Personas: Develop detailed customer personas to understand the unique needs, preferences, and behaviors of different customer segments.
2. Emotional Mapping: Recognize and address the emotional aspects of the customer journey. Emotions greatly influence decision-making and brand loyalty.
3. Omni-Channel Integration: Today’s customers interact with brands through multiple channels, often simultaneously. An integrated approach that considers the omni-channel experience is crucial.
4. Feedback Loops: Establish mechanisms for gathering customer feedback at various stages of their journey, allowing for continuous improvement.
The Role of Technology
Technology plays a pivotal role in accurate customer experience mapping. Here’s how it can be harnessed:
1. Data Analytics: Leverage data analytics to gain insights into customer behavior, preferences, and pain points. Advanced analytics can reveal patterns that help optimize the customer experience.
2. Customer Journey Mapping Tools: Use specialized tools and software to create visual representations of customer journeys that take into account multiple touchpoints, emotions, and feedback data.
3. Artificial Intelligence (AI): AI-powered solutions can provide real-time insights into customer interactions, allowing businesses to personalize their responses and offerings.
A Real-Life Example: Amazon’s Customer-Centric Approach
Amazon is renowned for its customer-centric approach, which involves understanding and exceeding customer expectations at every touchpoint. They analyze vast amounts of data, employ predictive algorithms, and focus on customer feedback to enhance the user experience. By continually mapping the customer journey and adapting, Amazon has maintained its position as an e-commerce leader.
Measuring the Impact of Customer Experience:
To evaluate the success of your customer experience mapping efforts, consider these key performance indicators:
1. Customer Satisfaction (CSAT) Scores: Measure customer satisfaction after specific interactions or transactions.
2. Net Promoter Score (NPS): Assess how likely customers are to recommend your brand, which reflects their loyalty and overall experience.
3. Customer Effort Score (CES): Evaluate the ease of customer interactions, as easier experiences tend to be more positive.
4. Conversion Rates: Monitor the percentage of customers who complete desired actions or purchases, which reflects the effectiveness of your customer journey.
In a hyper-competitive business landscape, accurate customer experience mapping is not a luxury but a necessity. Beyond mere points of contact, businesses must embrace a holistic approach that considers customer personas, emotions, and omni-channel interactions. Leveraging technology and continuous feedback loops, they can create more personalized, engaging, and effective customer journeys. Ultimately, a deep understanding of the customer experience can lead to enhanced customer satisfaction, loyalty, and the sustainable success of a business in the modern age.
Social media, with its instant messaging and viral trends, has completely changed how we communicate, interact, and—inevitably—react to emergencies in this day and age. Social media’s introduction has brought about an era of unmatched opportunity and vulnerability for brands.
The Need for Crisis Readiness:
In today’s digital landscape, news, opinions, and controversies can spread like wildfire on social media. A crisis, whether sparked by a product issue, a public relations misstep, or a global event, can escalate within minutes. In this context, crisis readiness is not just a buzzword but a fundamental necessity for brands.
1. Speed is of the Essence: Social media operates in real-time. In a crisis, every minute counts. Brands must respond swiftly and effectively to manage the narrative.
2. Transparency is Key: Social media users value authenticity and transparency. Brands that are open about their challenges and actively work to resolve them often receive a more positive response.
3. Negative Impact is Inevitable: Crises on social media can be highly damaging, impacting brand reputation and financial stability. Being unprepared is not an option.
The Elements of Crisis-Ready Brands:
To become crisis-ready in the realm of social media, brands should consider these crucial elements:
1. Preparation and Planning: Anticipating potential crises is the first step. Brands should create detailed crisis response plans, including protocols for communication and roles and responsibilities within the team.
2. Monitoring and Early Detection: Brands should use social media listening tools to monitor mentions, trends, and potential issues in real-time. Early detection allows for quicker responses.
3. Quick, Sympathetic Responses: A rapid response is essential. Acknowledging the issue and expressing sympathy or empathy is often the first step to managing a crisis.
4. Transparent Communication: Honesty and transparency are vital. Brands should communicate openly about the issue, the steps being taken to address it, and the expected timeline for resolution.
5. Consistent Brand Voice: The brand’s voice should remain consistent, conveying its values and commitment to resolving the issue.
6. Learning and Improving: After the crisis, brands should conduct post-mortem evaluations to learn from the experience. These insights can help in refining crisis management strategies for the future.
Measuring the Impact of Social Media:
To gauge the effectiveness of crisis readiness, brands should consider these metrics:
1. Response Time: Measure the time it takes for the brand to acknowledge and respond to a crisis.
2. Sentiment Analysis: Analyze the sentiment of social media mentions during the crisis and afterward.
3. Follower Engagement: Look at how engagement metrics change during and after the crisis, including likes, shares, and comments.
4. Media Coverage: Assess media coverage and its tone in response to the crisis.
Social Media – Bottom Line:
In the digital age, being crisis-ready is no longer a choice but a necessity for brands. The speed and reach of social media can amplify even minor issues into major crises. Brands that prepare, monitor, and respond effectively can not only mitigate damage but also emerge stronger, demonstrating their commitment to transparency, accountability, and, above all, their customers. So, in the age of social media, adaptability and readiness for crises are the keys to long-term brand resilience and success.
Engaging users has become more important in the dynamic field of digital marketing. Brands are utilizing crowdsourced creativity to create content instead of just putting it in front of inert audiences. Companies can create a community, access a wealth of new ideas, and ultimately power their brand’s content engine by allowing users to contribute to the creation of content.
The Rise of Crowdsourced Creativity
Crowdsourced creativity is all about turning your users into active participants in your content creation process. It’s a two-way street where your brand and your audience collaborate to produce engaging and authentic content. This shift is driven by several factors:
1. Authenticity Matters: In a world filled with polished and often impersonal content, authenticity stands out. Crowdsourced content is inherently authentic, reflecting the diverse voices and perspectives of your user community.
2. Engagement and Community Building: Inviting users to contribute to your content fosters a sense of community and engagement. People want to be heard, and crowdsourced creativity gives them a platform to share their ideas and creativity.
3. Fresh Perspectives: Your users have unique insights and perspectives. Crowdsourcing content allows you to tap into a wide array of fresh ideas and viewpoints.
Leveraging Crowdsourced Creativity for Your Brand
Here are ways you can harness the power of crowdsourced creativity for your brand:
1. User-Generated Content (UGC): Encourage users to share their content, such as reviews, testimonials, images, and videos related to your products or services. Showcase UGC on your website and social media.
2. Contests and Challenges: Run creative contests or challenges that encourage users to submit their content. Whether it’s art, stories, or ideas, contests can spark the creative spirit of your community.
3. Collaborative Content Creation: Work with your audience to create content together. For instance, ask for their input on product development, or co-create a brand story.
4. Curate User Stories: Collect and curate user stories that highlight their experiences with your brand. Share these stories as a part of your content strategy.
5. Q&A Sessions: Host Q&A sessions with your community where users can ask questions and provide their insights. These sessions can be a goldmine of content ideas.
Case Study: GoPro’s User-Generated Content
GoPro, the action camera company, is a stellar example of crowdsourced creativity. They’ve built an entire brand around UGC. Users capture their adventures with GoPro cameras and share these experiences. GoPro then features this UGC in their marketing, creating a vibrant community of enthusiasts and an endless source of authentic content.
Measuring the Impact:
To gauge the effectiveness of your crowdsourced creativity efforts, consider the following metrics:
1. Engagement Metrics: Track engagement levels, such as likes, shares, comments, and participation in contests or challenges.
2. User-Generated Content Volume: Monitor the quantity of user-generated content being created and shared.
3. Conversion Rates: Analyze how crowdsourced content impacts conversion rates, such as the number of users who make a purchase after engaging with UGC.
4. Brand Sentiment: Pay attention to the sentiment surrounding your brand in user-generated content. Positive sentiment can improve your brand image.
The Bottom Line
Crowdsourced creativity is a powerful tool for brands looking to engage their users, build authentic content, and foster a sense of community. By involving your audience in the content creation process, you not only unlock a treasure trove of creativity but also create a brand that resonates with its community on a profound level. So, embrace the era of crowdsourced creativity and watch your brand’s content engine roar to life.
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