The Rise and Fall of Old Monk | Business Case Study

Summary

The video script narrates the legendary tale of Old Monk, an iconic Indian rum brand that soared to global fame in the '60s without marketing, becoming the world's third-largest selling rum. It delves into the brand's unique production process, the factors behind its initial success, and the challenges that led to its near bankruptcy. The script also discusses Old Monk's recent resurgence, drawing business lessons on product quality, market adaptability, and the importance of diversification.

Takeaways

• 😀 Old Monk was once the third largest selling rum globally, with a unique taste considered as 'the drink of gods and lords'.
• 📚 The brand's success was achieved with a zero marketing budget, relying solely on word-of-mouth publicity.
• 📉 Despite its past glory, Old Monk faced a significant downfall, with the company incurring losses of 20 crores and near bankruptcy.
• 🔍 The Indian business ecosystem has largely overlooked the story of Old Monk, with business schools not covering its rise and fall.
• 🍾 The classification of alcohol is crucial, with Old Monk being a distilled beverage made from sugar cane, which was abundant in India.
• 🏆 Old Monk's success was attributed to its exceptional taste, availability of raw materials, aesthetic packaging, high import duties on foreign alcohol, and branding as a 'tough man's drink'.
• 🚫 The Indian government's policies and state regulations played a significant role in Old Monk's decline, with some states favoring local brands over Old Monk.
• 🌐 Liberalization in 1991 opened the Indian market to new players, increasing competition and leading to Old Monk's struggle to maintain its market position.
• 💼 The brand failed to innovate and adapt to the market's shift towards premiumization, which was a missed opportunity for growth.
• 🔄 Despite its setbacks, Old Monk made a comeback in recent years, selling 8 million cases per year as of 2021, though the reasons behind this resurgence are unclear.
• 📝 Key business lessons from Old Monk's story include the importance of product quality, the need for continuous innovation, and the risks of relying too heavily on a single product.

Q & A

What is Old Monk and why is it iconic in Indian liquor history?

Old Monk is a brand of rum that has been sold since the 1960s and is considered iconic in Indian liquor history due to its widespread popularity and status as the third largest selling rum worldwide at one point. It was known for its strong presence in the market with a zero marketing budget and was once considered the drink of gods and lords.

How did Old Monk achieve its success without any marketing budget?

Old Monk's success was attributed to its iconic taste, which was achieved through a meticulous aging and blending process in oak barrels for seven years. Its availability, unbeatable taste, aesthetic packaging, high import duties on foreign alcohol, and branding as a tough man's drink contributed to its popularity without the need for marketing.

What factors contributed to Old Monk's decline in the market?

Old Monk's decline was due to liberalization in 1991, which allowed new competitors to enter the market with different products. Additionally, the rise of premiumization and Old Monk's failure to innovate and cater to the premium market, along with government policies favoring other brands, led to its downfall.

How did the Indian government's policies impact Old Monk's sales?

Government policies, particularly at the state level, had a significant impact on Old Monk's sales. For instance, Tamil Nadu's decision to abolish private parties in the liquor business and Uttar Pradesh's granting of wholesale rights to a single individual, both led to Old Monk being sidelined and experiencing heavy losses.

What is the significance of oak barrels in the production of Old Monk?

Oak barrels play a crucial role in the production of Old Monk by imparting unique flavors through the natural compounds in oak wood, such as vanillin, tannins, and lactones. They also contribute to oxidation and evaporation, which mellow the rum's flavors, and charring or toasting, which releases additional flavors like caramel, smoke, and spice.

What is the current status of Old Monk in the Indian liquor market?

Despite its decline, Old Monk has made a comeback, selling 8 million cases per year as of 2021. The exact reasons for this resurgence are not clear from the script, but it indicates a renewed interest in the brand.

What are the business lessons that can be learned from the rise and fall of Old Monk?

The business lessons from Old Monk's story include the importance of product quality for market favor, the need to build barriers to entry, the danger of relying too heavily on a single product, and the necessity to innovate and adapt to market changes.

Why was Old Monk considered the drink of the Gods and Lords?

Old Monk was considered the drink of the Gods and Lords due to its rich and natural taste, which was achieved through a careful aging process in oak barrels, setting it apart from other synthetic-tasting drinks in the market.

How did Old Monk's packaging contribute to its popularity?

Old Monk's packaging, with its distinctive square base and rounded edges, gave it a unique appeal that stood out among other drinks. The aesthetic bottles were even repurposed into drinking glasses and decorative items, further enhancing its visibility.

What role did the Indian army play in Old Monk's branding?

Old Monk was carefully branded as a tough man's drink, partly because it was distributed in the Indian army and navy. This association with the armed forces contributed to its image and appeal as a strong and robust drink.

How did the Indian economy's liberalization in 1991 affect Old Monk?

The liberalization of the Indian economy in 1991 opened up the market to new players and products, increasing competition. Old Monk failed to adapt to the changing market dynamics and the rise of premiumization, which contributed to its decline.

What is the significance of the 8 million case sales figure for Old Monk in 2021?

The figure of 8 million case sales in 2021 signifies a remarkable comeback for Old Monk after experiencing a low point in sales. It suggests that the brand has regained some of its lost market share and popularity.

Outlines

00:00

🍸 The Rise and Fall of Old Monk: An Indian Icon

This paragraph delves into the history and cultural significance of Old Monk, a rum brand that became an emblem of nostalgia in India. It was once the third largest selling rum globally, achieving this feat without any marketing budget. The paragraph highlights the brand's humble beginnings, its legendary status, and the mystery surrounding its sudden disappearance from the market, despite its previous success. It also introduces the video's aim to explore the brand's journey, including its mistakes and lessons for business students.

05:01

🌾 The Making of Old Monk: A Distinctive Taste and Legacy

This section provides an in-depth look at the production process of Old Monk, emphasizing its unique flavor profile and the factors that contributed to its popularity. The use of abundant sugar cane as a raw material, the meticulous aging process in oak barrels, and the brand's distinctive packaging are highlighted. The paragraph also discusses how Old Monk's taste, coupled with its strong association with the Indian army, helped it become a symbol of strength and a market leader for decades.

10:01

📉 The Downfall of Old Monk: Market Forces and Government Policies

This paragraph examines the factors that led to Old Monk's decline. It discusses the impact of liberalization in 1991, which opened the Indian market to new competitors, and the shift towards premiumization as India's per capita income increased. The paragraph also details how government policies, particularly in Tamil Nadu and Uttar Pradesh, negatively affected Old Monk's sales by favoring local brands and distributors, leading to a significant drop in the brand's market presence.

15:03

🚀 The Resurgence of Old Monk: A Comeback Story

The final paragraph discusses Old Monk's surprising resurgence, with sales increasing from 2 million cases in 2014 to 8 million cases per year by 2021. It invites insights from Old Monk representatives on the reasons behind this comeback. The paragraph concludes with key business lessons to be learned from Old Monk's journey, emphasizing the importance of product quality, innovation, and diversification to maintain market relevance.

Keywords

💡Old Monk

Old Monk is an iconic Indian rum brand that has been sold since the 1960s. It is a central subject of the video, symbolizing a brand that once dominated the market without marketing. The video discusses its rise to becoming the third-largest selling rum globally and its subsequent fall, illustrating the importance of adapting to market changes.

💡Market Dominance

Market Dominance refers to a brand's significant share and influence in its market segment. In the video, Old Monk's market dominance is highlighted by its status as the third-largest selling rum worldwide at one point, selling 8 million cases a year without any marketing budget.

💡Zero Marketing Budget

A zero marketing budget implies that a product is successful without any financial investment in promotion. The video emphasizes Old Monk's success with a zero marketing budget, attributing its popularity to word-of-mouth and product quality rather than traditional advertising.

💡Rum Production

Rum production involves fermenting sugar cane with yeast and then distilling the liquid to evaporate and concentrate the alcohol. The video explains the process of rum production to provide context for Old Monk's manufacturing and the factors contributing to its unique taste.

💡Oak Barrels

Oak barrels are used in the aging process of rums, including Old Monk, to infuse flavors and add complexity to the drink. The video details how oak barrels contribute to the taste of Old Monk through flavor infusion, oxidation, evaporation, and charring, which are essential to its unique and rich flavor profile.

💡Import Duty

Import duty is a tax levied on imported goods, which can affect the price and competitiveness of products in a market. The video mentions that high import duties on foreign alcohol in India protected domestic brands like Old Monk from international competition, contributing to its market dominance.

💡State Government

In India, the state government has jurisdiction over alcohol-related matters, including laws, rules, and taxes. The video discusses how state government policies, such as Tamil Nadu's decision to control liquor sales, negatively impacted Old Monk's sales and market presence.

💡Liberalization

Liberalization refers to the economic policy of reducing restrictions and barriers to trade and industry. The video mentions the liberalization of 1991 in India, which opened the market to new players and products, increasing competition for Old Monk and contributing to its decline.

💡Premiumization

Premiumization is the trend of consumers moving towards higher-quality, often more expensive, products. The video describes how, as India's per capita income increased, consumers began to prefer premium drinks, and Old Monk failed to adapt to this trend, leading to a decline in its market share.

💡Barrier to Entry

A barrier to entry is a factor or condition that deters new competitors from entering the market. The video suggests that Old Monk did not build such barriers during its period of dominance, making it vulnerable when new competitors entered the market with different products and strategies.

💡Product Reliance

Product reliance refers to a company's overdependence on a single product for its success. The video warns against this by discussing how Old Monk's reliance on its rum led to its downfall when market dynamics changed and the company failed to innovate or diversify.

Highlights

Old Monk is an iconic Indian liquor with a history dating back to the 1960s.

It was once the third largest selling rum worldwide without any marketing budget.

Old Monk's unique taste was considered the drink of gods and lords, setting it apart from competitors.

The brand sold 8 million cases annually, significantly outperforming its competition.

Old Monk's success was attributed to its exceptional taste, zero marketing, and high demand.

The company faced a downturn, with losses of 20 crores and near bankruptcy.

The rise and fall of Old Monk has been largely ignored by the business ecosystem of India.

The video aims to extract wisdom from Old Monk's journey for business students.

Old Monk's story began in the 1900s during the British Raj, with the launch of Asia's first beer, Lion.

After India's independence, Narendra Mohan bought a majority stake in D breweries, a bold move for an Indian entrepreneur.

Old Monk's launch in 1954 capitalized on the lack of strong alcohol manufacturers in India at the time.

The brand's popularity led to a black market for Old Monk, with prices tripled.

Old Monk's success was due to the availability of raw materials, unbeatable taste, aesthetic packaging, and high import duties on foreign alcohol.

The brand was carefully branded as a tough man's drink, associated with the Indian army and navy.

Old Monk's downfall began with the liberalization of the Indian economy in 1991, introducing new competitors.

The brand failed to adapt to the premiumization trend and did not launch new products to cater to the changing market.

Government policies and state interventions negatively impacted Old Monk's sales and distribution.

Despite the setbacks, Old Monk made a comeback, selling 8 million cases per year as of 2021.

The video concludes with key business lessons from Old Monk's experience, emphasizing the importance of product quality, innovation, and diversification.

Transcripts

hi everybody old monk is one of the most

iconic drinks in the Indian liquor

history sold since the' 60s as Russian

to the FIS but still going

[Music]

strong okay so now I like that this is

the monk who won't sell his

Rari and while most people see old monk

as a symbol of college Nostalgia what

they don't know is that back then old

Monon had been such a legend in the

Indian market that once upon a time old

Monon was the third largest selling rum

all across the world and its taste was

so iconic that it was considered to be

the drink of gods and Lords

old mon was so far ahead of its

competition that while its competitors

were selling 2 to 3 million cases a year

old mon alone was selling 8 million

cases a year and you know what old mon

achieved all of this with a zero

marketing

budget I think ofk one two being present

everywhere the only publicity it needs

is word of Mone MTH but sadly today

somehow old mon seems to have suddenly

disappeared from the market and today

old Monon is nowhere close to being a

market leader and from what I last read

the condition of the company was so bad

that it was bleeding with 20 crores in

losses and was almost on the verge of

bankruptcy but even then somehow the

business ecosystem of India has clearly

ignored the rise and fall of this Legend

and it is so sad to see that a legendary

Indian company Rose to the top of the

world and disappeared and yet no

business school has ever covered the

case study of the rise and fall of old

monk so we decided to pull up our socks

to help you get these Pearls of Wisdom

from the rise and fall of the legendary

brand of old mon so in this episode

today let's do a deep dive and try to

understand how did old monk become a

best seller all across the world with a

zero marketing budget after rising to

the top how did old monk start bleeding

with Crowes and losses what are the

biggest mistakes that old Mong made

which got it close to bankruptcy and

lastly as students of business what are

the lessons that we need to learn from

the remarkable rise and fall of old

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[Music]

best people before we dive into the

story of old Mong you need to understand

the classification of alcohol and how

each of these products is

produced if you look at the alcohol

Market the major categories today are

beer Vine whiskey rum and vodka and

fundamentally on the basis of their

production process they are divided into

two categories fermented and distilled

beverages so if you look at the

production of beer grains like barley

are soaked and dried and then they

mashed with water and hops of flavor

after that yeast is added to ferment the

mixture mixure and this yeast turns the

sugars into alcohol and creates carbon

dioxide Bubbles and when this liquid is

filtered and carbonated it gives you a

wonderful pint of beer if this is very

very clear to you let's come to

distilled beverages to produce distilled

beverages a fermented liquid is heated

to an extent where the alcohol actually

starts vaporizing and then this vapor is

condensed back into a liquid form so

this way the concentration of alcohol is

very high in distilled drinks for

example if you look at the production of

rum to produce a bottle of rum sugar

cane is fermented with yeast and then

this fermented liquid is heated to

evaporate the alcohol eventually this

alcohol is condensed and concentrated

and then starts the aging process

whereby this alcohol is preserved in

barrels to add flavor and color and if

you see this chart beer Vine and cider

fall into fermented beverages with a 4

to 15% alcohol concentration whereas if

you look at Whiskey RAM and vodka they

are distilled beverage

with an alcohol concentration of 35 to

50% if this is very very clear to you

let's come to the story of old

[Music]

monk this is a story that dates back to

1900s India and during that time India

was under the British Raj during that

time the market condition was such that

the only way to enjoy a cold beer in

India was to import it all the way from

England by ship so obviously it was a

very costly and very Troublesome process

this is when a man named ed Edward Dyer

started a company called D breweries in

1855 you know who this guy was this guy

was the father of the infamous General

Dyer who ordered the Jalen Wala B

Massacre Edward soon launched Asia's

first beer called lion which quickly

became a favorite drink among the

British officers but fast forward to

1947 India gained independence and the

Brits wanted to pack their bags from

India and go back home and during this

time while the entire world saw India as

a poor country which was surviving on

British money this is when a proud

Indian man named named Narendra Nat moan

raised funds traveled all the way to

London saw the owners of the brewery eye

to ey and bought a majority stake in the

dire making breweries and with this

purchase mohanji put out a bold

statement Indians still have the

audacity and money to buy off the Brits

and Indian entrepreneurs have utmost

faith in the growth story of India

little did the Brits know that day that

this Indian company would go on to beat

their own companies to become the third

largest selling rum in the world but

coming back to our story India just had

gained independence and there were very

few companies making strong alcohol or

Spirits like RAM and whiskey in India so

there was a huge market and there were

very few manufacturers so in 1954 the

son of Narendra Mohan launched a

legendary drum that we all know today as

old Monon and you know what magically as

soon as old monk was launched it won the

hearts of millions of Indians all across

the country and it became so popular so

popular that there was a plan black

market for old Monon Yes you heard it

right there was a black market for old

Monon in fact an army veteran told me

that if old mon was available in the

market for 20 rupees then in the black

market old mon would sell for 60 rupees

and that is because the demand for old

Monon was very high this is how old mon

went on to become the third largest

selling rum in the world with a sale of

8.4 million cases annually and all of

this happened without spending a single

rupee on ads or marketing so the

question over here is what was so

special about old mon that it became so

popular so quickly and that to with a

zero marketing budget well there were

four simple reasons number one was the

availability of raw materials long story

short to make whiskey beer brandy or

Vine we need barley wheat corn or grape

vine as raw materials but if you

remember back then in the 1940s India

was struggling with food shortages but

when it came to sugar cane specifically

sugar cane was one of the few crops in

India which was always produced in such

large quantities that we always had

extra sugar cane in India if you look at

this chart for every 5-year plan India

always had extra sugar cane from 1951 to

1956 while we needed 18 tons we produced

19.3 tons from 56 to 61 we needed 25

tons but we produced 30 tons so raw

material for rum was very easily

available secondly old Monon had an

unbeatable taste in the market for those

who don't know old Monon is a carefully

orchestrated Symphony of flavors which

is achieved through a meticulous process

of aging and blending and the secret to

it lies in these Oak barrels where old

Monon is kept for Aging for seven long

years and here's why ladies and

gentlemen the magic of Oak barrels

presents itself while most people see

Oak barrels as just containers what they

don't know is that these Oak barrels

actually transform rum from just another

alcoholic drink into a masterpiece of

flavors and this happens because of

their three magical properties and by

the way guys even if you have never

tasted an old monk just listen to what

I'm saying and you will feel the taste

of old monk in your mouth you don't

believe me listen to this firstly the

oak barrels participate in flavor

infusion because the beauty of oak wood

is that it contains natural compounds

like vanillin tannins and lactones so

vanillin provides a vanilla Aroma to the

drink as the tannins have a drying

puckering sensation on the tongue like

the feeling that you get after drinking

black tea or red wine and then the

lactones contribute to the coconut and

Woody notes then comes oxidation and

evaporation so if you look at the nature

of ok wood it has pores and these pores

allow a small amount of oxygen to

interact with the ram in such a way that

this oxygen oxidizes the drink and this

process Mellows the harsh edges rounds

out the flavors and adds a subtle nutty

and dry fru note to the rum additionally

a portion of rum evaporates Through the

Wood and it concentrates the remaining

liquid eventually it starts intensifying

its flavors and lastly there is charring

and toasting so many of these Oak

barrels are charred or toasted on the

inside before filling them with rum and

this process caramelizes the woods

sugars in such a way that it releases

additional flavors like caramel smoke

and spice to the rum So eventually at

the end of 7even years what you have is

a drink with a rich Aroma and with

lingering notes of vanilla Oak coconut

and spice this is what makes old monk an

unforgettable experience for the pette

and while all other drinks tasted

synthetic old Mong had this Rich natural

taste that made it stand out in the

market this is the reason why it was

such an iconic drink during that time

that it was considered to be the drink

of the Gods and LS now you tell me guys

merely by listening to the symphony of

all these flavors you were able to taste

a tasty drink in your mouth right well

this is what made old monk an

unforgettable experience for the pette

and while all other drinks tasted

synthetic old monk had this Rich natural

taste that made it stand out in the

market and cherry on the cake old monk

had such an aesthetic packaging that

even if there was a rack full of

imported drinks old monk always stood

out again if you've seen an old monong

bottle you would know that it has this

distinctive shape with a square base and

rounded edges and this crack-like design

gives it a unique appeal in fact it

looks so good that the empty bottles of

old Monon are handcrafted into drinking

glasses and decorative items so again

old monk gained visibility due to its

aesthetic bottles thirdly because import

Duty on foreign alcohol was as high as

100% it was very difficult for any

company to enter India because the

population was extremely sensitive to

price and lastly old mon was very

carefully branded as as a tough man's

drink why because we are one always made

sure that a small amount of old monk was

always distributed in the Indian army

and since it started to be stocked in

the Indian army old monk by default

became associated with the Indian army

and the Indian Navy this is how the

image of old Monon was created as a

strong man's drink so it carried the

aspiration and appeal of the Indian army

this is how with unbeatable taste with

no competition due to import regulations

due to lack of raw materal for other

drinks and with the aspiration of the

Indian army and Indian Navy even with

zero rupees spent on marketing old monk

went on to become one of the best

selling rums and soon enough old Monon

even exported to other countries and

went on to win some of the most

prestigious Awards in the world this is

how old Monon became a legend in the

Indian liquor market and dominated the

market for five long decades but then

the question over here is when old Monon

was able to dominate the Indian market

for five long decades what exactly

happened in the next two decades that it

fell on the verge of bankruptcy well the

reasons for downfall were pretty

straightforward liberalization happened

in 1991 the Indian economy opened up and

many other players entered the market so

old Bon wasn't the only choice and there

were several other players who were

entering the market with different

products like whiskey rum vodka and even

beers secondly as the per capita income

of India increased premiumization

happened in the Indian market so people

people started tasting more Le drinks

like scotch and imported drinks and

while all other companies were trying

hard with different marketing strategies

different flavors and more products you

know what old Mong did old Mong did

nothing to cater to this premium market

and while the sales were falling they

did not launch new hero products at all

they did launch a few products but none

of them really caught in the market to

become a hero product and instead of

launching premium products they tried to

decrease the price of their existing

products with the hope that Indians will

look at the prize and prefer old Monk

and obviously that did not help because

India was on the race of premiumization

and to make matters worse The Godfather

started punishing old monk Now who is

the Godfather over here The Godfather is

none other than the government of India

so the question over here is why exactly

did the government of India punish old

Bonk well here's where the complex story

of the state governments come in you see

guys alcohol in India comes under the

State subject so it's not the the

central government but the state

government that takes decisions on

alcohol related matters so the state

government can set their own laws rules

and taxes and the first problem for old

Mong started with Tamil Nadu and back

then Tamil Nadu contributed 20% to Old

Mong sales but in 2003 the state

government of Tamil Nadu completely

abolished the interference of private

parties in the liquor business and give

exclusive privilege of both wholesale as

well as retail sales to the Tamil Nadu

State marketing corporation which is a

government undertaking which means the

Tamil Nadu government itself became both

the wholesaler and the retailer of the

liquor Market in Tamil Nadu and as soon

as the government took over they started

favoring those companies that were

operating from Tamil Nadu and started

discarding the brands that came from

outside of Tamil Nadu so old Monon

practically vanished from the shells of

Tamil Nadu as a result 20% of their

sales were completely cut off sounds

shocking right well the story doesn't

end here in 2009

the mayawati government turned a man

named Ponty chadda into a monopoly by

giving him the complete wholesale rights

to distribute lior in uttar Pradesh this

was the first case in India where an

individual person got complete control

over distribution of liquor in the

entire State and that to uttar Pradesh

and what did chaji do chaji favored his

own brand and started to choose which

brands would be available in Up's retail

outlets so guess what again old Mong got

sidelined and and their LNO Distillery

shut down and their beer market got

wiped out by Chad's wave beer and this

is when the sales manager of moan Mak

famously said that their top selling

product became a ghost in the market I

repeat their top selling product became

a ghost in the market and since up was

one of the biggest consumers of alcohol

in India old monk again suffered very

heavy losses this is how because of the

entry of new brands in the market

because old monong failed to catch up

with premiumization as the Godfather of

the state Market started favoring other

players old Mong went from being a

legend to a ghost in the Indian liquor

Market but you know what guys strangely

old Monon has actually started making a

comeback from a low of Just 2 million

cases in 2014 old Monon made a stunning

comeback by selling 8 million cases per

year as of 2021 now we couldn't find the

exact reasons for this comeback so if

there is anyone from old Bon who's

watching this episode please let us know

because we would love to do a podcast

with you and understand the rise of old

monk in the Indian liquor Market again

and this brings us to the most important

part of the episode and that are the

business lessons that we need to learn

from the rise and fall of old monong

lesson number one people if you build a

formidable product the market is bound

to favor you regardless of your

marketing budget in this case while

other rums were synthetic tasting old

monong stood out in the market and

dominated the market for five decades

only due to its quality and taste lesson

number two this F favor of the market

for your great product will only last

for a limited time so in this limited

time you need to build a barrier to

entry for yourself in such a way that

even if the competitors enter the market

with a billion dollars in their pocket

they must find it hard to catch up with

you in this case while old Monon was

resting on its Laurels for too long if

you remember Sula wines kept on

innovating with Sula Fest Sula Resorts

and new products that kept it way ahead

of its competition and more importantly

Sula also built a barrier to entry with

12E contracts with the grap Vine farmers

and lastly always remember never be too

reliant on a single product in this case

while old Monon was reliant on its rum

apple was once too reliant on Apple 2

and Microsoft was once too reliant on

Windows and as entrepreneurs what we

need to realize is that while your hero

product looks like your greatest

opportunity if you become over dependent

on it the same product will become your

greatest threat in the market

these are the lessons that we need to

learn from the rise and fall of old Monk

and I just hope you learn something

valuable from this case study that's all

from my side for today guys if you learn

something valuable please make sure to

hit the like button and not to make youy

Baba happy and for more such insightful

business and political case studies

please subscribe to our Channel thank

you so much for watching I will see you

in the next one bye-bye

[Music]

[Music]