आख़िर एक सामान्य से कपड़े के व्यापारी ने कैसे बना डाला 30,000 करोड़ का ब्रांड? | Manyavar Case Study
Summary
TLDRThe video script narrates the inspiring journey of Ravi Modi, who transformed a small clothing store into the renowned Manyavar brand, worth Rs 30,000 crores, with 600+ stores globally. Modi's business acumen, starting with a Rs 10,000 capital and a Rs 20,000 loan from his father, led to his rise as the 50th richest person in India. The script delves into four business strategies and seven lessons, emphasizing practical insights over formal education. It highlights the importance of early business exposure, leveraging market gaps, and the power of branding and marketing. The case study showcases Manyavar's unique growth through strategies like FOFO (Franchise Owned Franchise Operated), data analytics, and reinvestment in marketing, proving that with the right mindset and strategies, one can achieve significant business success.
Takeaways
- 💼 **Self-Reliance**: Ravi Modi's story exemplifies how a small businessman can grow a brand to a multi-billion-dollar enterprise without loans or investors, solely through hard work and business acumen.
- 🛍️ **Market Gap Identification**: Modi recognized a gap in the market for Indian and ethnic wear, which was dominated by Western trends, and capitalized on this insight to create a unique brand identity for Manyavar.
- 👕 **Cross-Selling and Up-Selling**: A key sales strategy employed by Modi was to sell more than what the customer initially intended to buy, a concept he learned from practical experience rather than formal education.
- 🏢 **Starting Early**: The script emphasizes the importance of starting businesses at a young age to gain early market understanding and experience, as seen with Haldiram and Warren Buffett.
- 🤝 **Family Business Dynamics**: Disagreements in family businesses can lead to new opportunities, as evidenced by Modi's decision to start his own venture after a dispute with his father.
- 🔑 **Business Expansion Models**: Manyavar adopted different business models like LFS, COCO, FOCO, and FOFO to manage growth, with FOFO proving to be the most effective for rapid expansion.
- 🎬 **Power of Branding and Marketing**: The brand's success is attributed to strategic marketing, including in-theater advertising, celebrity endorsements, and targeted campaigns that resonate with various customer segments.
- 💰 **Reinvestment Strategy**: Modi reinvested profits back into the business, focusing on marketing and growth rather than personal luxury, which contributed to the company's exponential success.
- 📈 **Data Analytics**: Utilizing data analytics to understand customer preferences and behaviors allowed Manyavar to minimize wastage and maximize sales, with only a 3% unsold rate.
- 🚀 **Choosing the Right Niche**: The importance of entering a field with low competition and high potential for growth is highlighted, as it allows for significant market capture and less rivalry.
- 🌟 **Belief in Success**: The script concludes with the motivational message that belief in one's ideas and the willingness to learn from the market can lead to remarkable business success.
Q & A
What was the initial capital that the businessman started with for his clothing store?
-The businessman started with an initial capital of just Rs 10,000 for his clothing store.
How much was the brand worth after 23 years and how many stores did it have?
-After 23 years, the brand was worth Rs 30,000 crores and had 600 Indian stores along with more than 12 international stores.
What is the name of the brand that the businessman created?
-The name of the brand that the businessman created is Manyavar.
What was Ravi Modi's personal net worth and his ranking among the richest people in the country?
-Ravi Modi's personal net worth was 20 thousand crores, and he was the 50th richest person in the country.
What is the concept of 'Cross Sell and Up Sell' as mentioned in the script?
-The concept of 'Cross Sell and Up Sell' refers to selling additional or complementary products to a customer who is making a purchase. 'Cross-sell' involves selling a related product that is different from the original purchase, while 'up-sell' involves selling more or higher-value products to the same customer.
What is the business lesson number one according to the script?
-Business lesson number one is that if you want to start a business, it's essential to understand that business is about common sense, practicality, and market understanding. It's better to start as soon as possible and learn from real-life experiences.
What was the insight that Ravi Modi had which led to the creation of Manyavar?
-Ravi Modi's insight was that the market was saturated with Western wear, and there was a gap for Indian and ethnic trends which were not being adequately addressed. He decided to focus on this niche, which eventually led to the creation of Manyavar.
What is the meaning of the acronym FOFO as used in the script?
-FOFO stands for 'Franchise Owned Franchise Operated'. This is a business model where the franchisee owns and operates the store, while the parent company is responsible for design, marketing, and supply chain.
What is the significance of the strategy 'Re-investment in Business' as mentioned in the script?
-The strategy 'Re-investment in Business' emphasizes the importance of reinvesting profits back into the business for growth and marketing. It highlights the idea of prioritizing business expansion over personal luxuries.
What is the role of data analytics in Manyavar's business strategy?
-Data analytics plays a crucial role in Manyavar's business strategy by helping them understand customer preferences, behaviors, and trends. This information is used to manage inventory, reduce wastage, and tailor marketing efforts effectively.
What is the final business lesson mentioned in the script and why is it important?
-The final business lesson mentioned is 'You Can Do It'. It emphasizes the importance of self-belief and the idea that with the right mindset, understanding of the market, and hard work, anyone can achieve success in business, regardless of their background or initial resources.
Outlines
🚀 Entrepreneurial Success: From Small Business to Billion-Dollar Brand
The script narrates the inspiring journey of Ravi Modi, who transformed a modest clothing store into a Rs 30,000 crore brand, Manyavar, in just 23 years. Starting with a mere Rs 10,000 capital and a Rs 20,000 loan from his father, Modi built a business empire with 600 Indian and over 12 international stores, selling more than 40 lakh pieces annually. The case study emphasizes the importance of hard work, business acumen, and a strong mindset. It outlines four business strategies and seven lessons, encouraging aspiring entrepreneurs to overcome challenges and achieve success without external loans or investor support.
🛍️ Business Expansion: From Family Dispute to Market Insight
The narrative delves into Ravi Modi's early business experiences, including disagreements with his father over business strategies and the decision to venture out on his own. Modi's insight into the untapped potential of Indian and ethnic wear led him to establish Manyavar, focusing on kurtas and pajamas. The story highlights the importance of identifying market gaps and acting on them, even in the face of family opposition. It also underscores the significance of branding and marketing in building a successful business, as well as the strategic decision to adopt the FOFO (Franchise Owned Franchise Operated) model to facilitate rapid expansion.
🎬 Marketing Mastery: Leveraging Celebrities and Media for Brand Growth
This section of the script discusses Manyavar's innovative marketing strategies, including targeted advertising in multiplexes and strategic brand endorsements. The company's association with high-profile figures like Virat Kohli and Anushka Sharma significantly boosted its brand value. The case study also illustrates the power of data analytics in understanding customer behavior and preferences, which helped Manyavar maintain a low unsold inventory rate. It emphasizes the importance of reinvesting profits into marketing to drive sales and the company's commitment to creating a unique brand identity for different market segments.
📊 Data-Driven Decisions and Strategic Growth
The final paragraph focuses on the strategic use of data analytics to minimize waste and maximize sales, with an unsold product rate of just 3%. It also touches on the company's outsourcing strategy, which allows for a high profit margin and return on investment. The script concludes with a motivational message, encouraging entrepreneurs to believe in their abilities and to choose business fields with low competition and high growth potential. The story of Ravi Modi serves as a testament to the power of vision, determination, and strategic planning in achieving business success.
Mindmap
Keywords
💡Entrepreneurship
💡Brand Building
💡Market Strategy
💡Cross Sell and Up Sell
💡Franchise Model
💡Data Analytics
💡Marketing
💡Reinvestment
💡Business Lessons
💡Market Segmentation
Highlights
A small businessman turned a Rs 10,000 capital into a Rs 30,000 crore brand in 23 years.
The brand, Manyavar, has 600 Indian stores and more than 12 international stores.
Founder Ravi Modi's personal net worth is 20 thousand crores, ranking him as the 50th richest person in the country.
The business was built without loans or investor support, relying solely on hard work and business acumen.
Ravi Modi learned sales strategies like 'Cross Sell and Up Sell' from real-life experience rather than formal education.
Business Lesson 1: Start a business with common sense, practicality, and an understanding of the market.
Ravi Modi's initial success came from identifying a gap in the market for Indian and ethnic wear.
Business Lesson 2: Great businesses are formed from insights into market trends and demands.
Ravi Modi's decision to open his own shop, Vedant Fashion, led to the creation of the Manyavar brand.
Initially, Manyavar targeted Large Format Stores and other retailers with a low-margin, high-volume sales strategy.
Business Lesson 3: Sometimes it's necessary to pursue your own business ideas, even against family advice.
Manyavar transitioned to a 'Franchise Owned Company Operated' model to expand quickly while managing operations.
The 'Franchise Owned Franchise Operated' model allowed for rapid expansion with minimal financial burden.
Manyavar's branding strategy focused on creating a unique identity associated with marriage and celebrations.
Business Lesson 4: Utilize different marketing strategies for different segments to maximize reach and appeal.
Manyavar's marketing included multiplex advertisements, IPL sponsorships, and celebrity endorsements.
Business Lesson 5: Reinvest profits back into the business, particularly in marketing for sustained growth.
Data analytics played a crucial role in understanding customer behavior and minimizing unsold inventory.
Business Lesson 6: Choose a field with low competition and high future potential for sustainable business success.
The importance of believing in one's own abilities and ideas as a key to business success.
Transcripts
An ordinary and small businessman with a capital of just Rs 10,000 opened a clothing store and
made it a brand worth Rs 30000 crores, that too in 23 years, today that brand has 600 Indian stores,
more than 12 international stores
and it sells more than 40 lakh pieces every year. How?
The owner of this shop took Rs 20000 from his father in a small argument, leaving his father's shop and starting his own shop,
and today his personal net worth is 20 thousand crores and he is the 50th richest person in the country.
That too without any loan, that too without the support of any investor, on the basis of own hard work and business sense,
Today's case study is super special, it is close to my heart because you will get to learn
how to start a business? how to build a brand?. How to do marketing?
how a small shop reach big heights without a loan and investors support and just on the power of mindset
The brand name is Manyavar and the name of the businessman is Ravi Modi.
and In today's video, we will discuss 4 business strategies and 7 business lessons of Manyavar
which can make your business the next Manyavar
So, let's start the video!
All the people who are doing business or want to do business, watch this case study till the end
as whatever your excuses are, I am a small businessman, what should I do? I have no money, no one is giving me the loan
how will I handle so much employees, how will I bring so much money, the competition is very high
hence, this story will tell you that excuses are just excuses, if you want to do,
there are many ways specified in the case study like what type of difficulty can come and how are they overcome?
then watch the video till the last and I have a super special request for any individual who has work
related to clothes or do any business related to marriage
this video should be on every individual mobile
Either consider it my request, I will not tell you to like or subscribe to the video
But I will tell you to share the video with each businessman who is connected more to marriage or clothes
A business starts with a businessman and our story will start with Ravi Modi
Ravi Modi's father had a small shop of 140 sq. ft. in Kolkata
And like it happens in every businessmen family where children are called to the shop from a young age
So, from the age of 13, Ravi Modi started coming to the shop
like going to shop after school, on Saturday and Sunday at the shop,
He worked 9 years at the shop and learn things closely in the sales areas
He had a saying that if a customer has come to buy one shirt and you have sold one shirt only, then you are a postman, what have you done,
If a person came to buy one shirt, then you sold him three shirts. Then only you are a salesman
This concept is called "Cross Sell and Up Sell" in technical language
Like, if someone comes to buy a shirt, and sell him paint, this is a cross-sell
and if someone has come to buy one shirt, sell him two shirts, then this is up-sell
He didn't learn this concept from the book M.B.A
but he learned it from life M.B.A
So, here comes your business lesson number one - If you want to start a business
business is nothing, business is common sense, and business is practical,
business is understanding the market and it is better to start it as soon as possible
Haldiram came into business at the age of 11 and Warren Buffett at the age of 12
So, if you are a business family and you have kept thought already that you want your child to be in business today or later,
So, I am not telling you to do not let him teach to write, but yes, give him a habit of shop or business as early as possible
so he could understand and grow better in the surrounding
and if you do not have a business family and you are in the job,
then also make start your internship as soon as possible.
The books are on their side, and the format is particular but the thing that the market and world teach, no one can teach that
therefore, it is the first business lesson. Remember it.
Now the same thing happened at the shop where the father and child work together or two brothers work together or in any family business
"Dispute"
Fathers have their own thinking, children have their own thinking,
He is saying to the father that you are doing business in pants, shirts, jeans and t-shirts,
Let's do this for Kurtas and Pajama as they also have a trend in the market
so his father said - Will you teach business to your father? it doesn't happen this way. I have been selling in this way till today
My experience is good.
Ravi Modi agreed with this but one day father went away for seven days and he secretly brought 100 pieces of Kurtas
When his father came back and told the father that he has bought 100 pieces of Kurtas, his father filled with a lot of anger
but his father came to know that 80 kurtas were sold in 7 days and so,
the anger cooled down a bit, but his father said, you have taken decisions from behind me today, do not take them again
but Ravi Modi is a businessman, a businessman has a worm and so he says, Today I will do this, tomorrow I will do this and so,
this experiment, that experiment
and so, Ravi Modi has now taken any decision at his level, which his father didn't like, then one day
his father scolded him with harsh words like saying you are taking wrong decisions and one day it will ruin us all and
because of you that I had to commit suicide because of you. It struck Ravi Modi's heart
that my father made said this because of a small decision of Rs 20,000,
He said to his father - From tomorrow, I will not come to the shop tomorrow, Jay Jay Ram!
In that situation, Ravi Modi went to his mother and said mother, I want 10000 rupees and I will open my own shop
and I will do my business in my way as I am not able to understand Father thought
So, taking 10000 Rs from his mother, Ravi Modi opened his own shop with the name Vedant Fashion
Ravi Modi got married at 21 age and had children at 22
His child's name was Vedant and so, he opened this shop in his child's name
Business Lesson No. 2 - "Great businesses are formed on insights"
Insight means some trend is being clicked into your mind when you are doing business in the market
Like this thing has a demand, people are ready to pay and nobody is doing this, should I do it?
So, all the big businesses have this thing behind them
Ravi Modi here got an insight that the market is filled with western, western, western and all big companies are
selling Western products. Sellers are also opting for Western trend
no one is paying that much attention to Indian and ethnic trends and demand also comes for this trend
So, this is the gap if and if I do cover this, then something will happen
Contrary to his father's wish, he started to work on that trend and then how big that brand has become in the future
we are going to discuss this surely but in that particular beginning, I will do this, it was seeded from there
and this is where business lesson number 3 comes and
this is going to be controversial, so I give a disclaimer
What I mean to say is that sometimes what happens that when in a family business,
when two people work together (father and son, brother and brother) and both of them have different thinking,
then sometimes we are not able to implement a very good idea due to some reason
I am not saying to not listen to your father, I am not saying leave the business and do your own business
, but I am saying that if you are convinced about an idea, you have seen a trend in the market, proved it with data, experimented
and have a strong voice from the inside, so don't wait for what the world is saying
as today's that father is saying that - "Ravi Modi, my lovely son"
You have done so much today. So, if you are right and you believe that you are right
then try something once. You can, but don't jump out suddenly, but don't think that
I had an idea in my mind, so-and-so implemented it, don't keep crying
The name of the company was Vedant Fashion, but, there was a thought that what brand will be made by the name of Vedant,
said that we need a different name for the brand name. What could be it?
He said that I want respect, which was not given by my father and I want it from the market. So, what name should be kept?
I want that everyone gives me respect and so let's keep the name "Manyavar"
The company had first targeted LFS - Large Format Stores
Pentalon, Vishal Mega Mart. Considering 20% to 30% of the business, what they did is to
sell the goods in cash on a low margin and the remaining 70% to 80%, they sold to other retailers but kept a heavy margin
because no one was giving that product in the market.
Think that, everyone was in the business of paints, shirts, jeans and t-shirts
and Manyawar was alone in a kurta, pyjama and which is why the products were sold out very quickly
and on the margin (price) they decided, it was selling on that margin only
and while doing this, in a few years, their turnover reached Rs 20 crore
Now they said that there is a problem in LFS (Large Format Stores)
they do not share customer data like who purchased my product and what they liked and what they didn't.
Until I am not able to get what the customer is thinking, what are their insights, what should I do in manufacturing, what should I make
there was much confusion about these aspects
So, let's do one thing that establishes our own store because when our own customers come to the store, we will take data
and we can know what trend is going on in the market?
and in this way, they set up their first store in Bhubaneshwar and started learning these things from there
So, let's understand one thing that their products are going to Large Format Stores (LFS)
something to retailers and they also opened their own store
and they opened another one and a third store as well
But now, they got a tension that it takes a lot of money to open a store, and
top of that, they need to handle so many people like hiring, employees management and whether they come or not and so, are so many tensions
So, if we are getting such issues in 3 stores only and when we reach 30 or 300 stores, it will become a difficult situation
So, they will now not go further with COCO (Company Own Company Operated) method
So, they decided to opt FOCO method and what is this?
"Franchise Owned Company Operated"
So, they started giving out their brand franchise
You put money and open a store, and we will handle the operations.
So, they also started to work in the market on this model
where people took franchisee and they started handling it.
Now they saw one thing that by giving a franchise, the problem of money has ended,
they do not need money as the world is investing there, but handling aspect still persisted
this is also not needed, then what to do? They said if we want to expand more quickly, the FOCO method is not the right one
Let's work with the FOFO method. So, what is the FOFO method?
"Franchise Owned Franchise Operated"
You set up the franchise, you keep the staff, you sell the products, and I will do only three things
my responsibility will be designing, marketing and supplying and delivering the goods to your shop
because I can make these three things done in a centralised way
like making the products and sending them to particular locations, what to be developed and marketing.
However, I cannot manage all stores and once they adopted the FOFO method
it got super hit. Why these 600 stores were grown? because of FOFO. It was not possible in COCO or COFO
business lesson number 4, if you want to grow with the speed of a rocket and I want to go fast
So, the best method for you is FOFO because if you grow slowly like the D-Mart where it says
that I will only make, I will do it only and its speed is slow and that's why it takes the company so many years to open such a number of stores
Things come into fast in which method? FOFO method. Remember it.
Now, you could have questions like, what happens with opening a store, we can open 10, 20 and 50 stores
but customers are not coming, this is the real trouble
For this, Manyawar says that I have a second strategy
"Creation of a Brand"
All the people who have attended my Vyapari to CEO class
on Sunday, which I do from 10 to 2pm on every Sunday
In that, you remember I say one thing again and again
that the customer does not come these days, the customer has to be called
and the activity to call the customers is marketing
Before doing the marketing, we first need to do branding because if you say that
we sell everything, we sell everything, then people will not know you, will not recognize you and you will get lost in the crowd
if you want to be unique in the crowd, then you need to create a brand and a unique identity
So, Ravi Modi said how to create identity, tell me?
Marriage is the biggest festival in India, with as much happiness, celebration and expenditure and
as much income as a businessman and as much sale in marriage, it is nowhere as much in the marriage
People connected or related to marriage know this very well
Every year, there are 1 crore marriages in India
and if assume the average budget is 10 lakhs, then it is a market of 10 lakh crores, but there is no
Indian brands in such a big market and the entire market is unorganized
And Ravi Modi saw that all the shopping for clothes is 95% un-organised
Everyone is holding their own man, there is no big brand, so if
we make the brand in this area, we could have a different identity
So, they said not to sell all the clothes, whenever you remember the Manyavar then remember it when there is a marriage
and they do their 100% branding, and 100% marketing in a way like "Marriage means Manvayar"
Where to start it? where to do marketing?
He said - Do it in a place where there is money in someone's pockets and what do rich people do? They watch movies in multiplex
Hence, they started their ads in the multiplex. When a man is sitting with popcorn worth 500 Rs and there
is no place to come and go within 2 minutes, the Manyaver ad comes, very emotional, with a celebrity,
where the people think that the brand is right
this time in marriage, we will try this
hence, the sales increase by doing ads in the multiplex. With the increase in sales, they do more marketing and gradually established in IPL and
it starts sponsoring three teams of IPL and the biggest master strategy of Manvayar was in 2017,
they signed Virat Kohli and in the same year, he became captain and thus, more value increased
and after Virat Kohli came, the company gave a thought like at present
Marriage means Manyavar and we should say any celebration means Manyavar, Every festival
should be Manyavar, so they started an ad with Virat Kohli started that "every festival is India's festival"
and in that, Manyavar launched that we are not wedding wear, we are celebration wear and at that time only,
Virat Kholi was having an affair with Anushka Sharma and there were rumours of marriage going on
So, the company said that there is no better couple than them available in India
Let's do one thing, we should also sign Anushka and so, and they signed Anushka
and launched a new brand with her, Mohey.
as Manyavar will be for men and Mohey will be for ladies
Brand Launch!
Now, learn here a brilliant lesson about marketing and branding
If the company wanted to, they could come up with girls' wear under the Manyavar brand. However, they have chosen not to do so.
There will be a different brand for each segment, and there will be a different brand for each category
So, Manyavar is for Men's and what brand is for women? It is Mohey
Then they said that in Manyavar, clothes are going in the range of 20 thousand,
if they want to sell more expensive clothes, if they want to target the upper-middle class
They launched another brand i.e., Twamev
and now they said that now, middle-class people are taking this and if lower-class people want to purchase?.
So, they launched another brand - Manthan.
Now, they have different brands for lower categories, for middle categories and for upper categories
, and to impress everyone, they have different ads,
For instance, if they want to attract the couple, here comes Virat Kohli and Anushka
If they want to attract the youth, then Kartik Aaryan comes and Ranveer Singh comes
and if they want to attract women only, then Alia Bhatt is seen everywhere
Hence, Business Lesson No. 5 - Every marketing will not be done under one umbrella
Every product's audience is different, every person's pocket is different,
first, grab one segment, market it, cover it, then second, then third, then fourth, then fifth, then everything is yours
So, as you are seeing this case study and you will learn many aspects from it
However, if you want to learn marketing in detail, like how to find each audience in the market, how to find their pain,
how to make a campaign, then there is a separate course on marketing, I have given the link below, go there
You can see that, it is of two to three hours and you will get to know many secrets
In the competition market where similar products of yours are sold by 100 more people and if you want to create a brand in between, there is a separate course
And when I said, there are two classes every Sunday from 10 am to 2 pm of Vyapari to CEO
, if you want to attend that also, the link is given in the description
hence, go to the description and click on all three links
and marketing, branding and Vyapari to CEO, watch all these three in detail.
Now let's move further in the case study.
Now you may think that who will do so much marketing, from where can we get the money for doing marketing in multiplexes
, We don't have the money to sign Alia Bhatt or Virat Kholi, Manyavar has such an amount
Manyavar has a strategy and, Strategy No. 3 - "Re-investment in Business"
look at the year 2003, Ravi Modi started earning during much money first time and it is a normal tendency of these people i.e., "Show-Off"
so, he said that he will buy Mercedes and there was his same father who make him run away just for 20000 Rs
and so, his father said Son - what are you doing? Ravi Modi replied - Father, I am going to buy Mercedes
His father said - Whom you want to make you Mercedes see?
Do invest the money in business. This Mercedes is just for show-off. It will be forgotten after two days
If that Mercedes money goes into business, there you can get more Mercedes in future
Ravi Modi tied his father's words. As much as profit earns, he doesn't use it on personal terms
and In 2003, the business was so much successful that he has the capacity to buy Mercedes but
he didn't buy Mercedes
and drove Honda City for 15 years till 2017
At the time when they were signing up Virat Kohli, still they were driving Honda City
However, in 2017, someone in the family of Ravi Modi met with an accident, then the family members said, the accident happened, one can anytime die
and therefore, he bought Mercedes for safety, in 2017, then what lesson can be learned from this story is that whatever sells is there
, invest a certain percentage of its marketing, the revenue that comes from it, invest it back in marketing,
we need to understand their sales, in 2019, the sales were 800 crores, in 2020, it became 915 crores, and then come as a pandemic, it reduced to
574 crores. Now, after coming out of the pandemic, then it has achieved sales of 1040 crores,
They do not even spend a large part of its revenue on marketing, they spend 7.6% on marketing, that is if there
is a sale of 1000 crores, then they will spend only 75 crores on branding and their profit multiple on marketing,
it is 6.6 means. It means for every 1 Rs spent on marketing, their profit increases by 6.5 Rs. It is not a matter of revenue, profit
So, why not do marketing?
In Vyapari to CEO course and advanced classes, what I say most of the time is that in doing marketing, everyone makes it small but
if that amount is re-invested again and again, the budget increases, profit increases, and sales increase though your product must be good
Their profit margin is the highest in the industry,
their profit margin after tax is 30%. Their return on investment every year is 75%.
as much as they invest like if they spend 100 Rs, 75 Rs comes back in the same year
Then see what will come next year, because they
do not do their own manufacturing, they outsourced it. They give the design and outsourced and sell it.
They haven't meddled with manufacturing
They have more than 450 vendors all over India from which they make their products manufactured and keep them in one place
and gets them delivered;
Secondly, how much they developed, all the products are sold out completely
Their unsold products are only 3%
Now your question - If they make so many products, all can't be sold out
and if sold out, then how? what is this magic?
Now, here comes strategy No. 3 - "Use of Data Analytics"
They understood, understand the mind of the customer and the behaviour of the customer. You will understand what he
wants, what he doesn't want, and then everything will be accomplished.
So, since the time they opened the first store and second store,
they see the data in the software that in which city, which colour, which design, which price range goods have been sold
So, the type of colour in the city, type of design, what is this type of thing used in winter, what is it used in summer, what is used in Diwali
This is used in Hyderabad, but it is used in Mumbai only. If Eid comes
it is sold in this area. This all data are kept by the company and they manage things accordingly,
then the wastage comes to 3% only and there is no
"End of the Season Sale" in Manyavar unlike other big brands
3% of products were left out. They either burn it or donate it, they don't sell it
Business Lesson No. 6 - Data is King
See, one takes a chance in small businesses. For instance, I think this can be done and this cannot be.
If one wants to do big business or to reach a big level, without data, it is not possible.
Your thinking and your chance can make only 1 to 5 crore sales. For making 200 or 500 crore sales, data is much important
So, get into the habit of data from now on.
and last, the most important business strategy which probably should be mentioned first but I am doing it last at the
end of the video, so that it can be communicated to serious individuals rather than unwanted ones
Choose a field with low competition and emerging trend
What is this? Choose such a business where people are not interested now, the competition is less, but going forward,
its potential is high in future. It means you are seeing any particular thing that is a trend
in the market, and it is everywhere going into the market.
and You will jump in and you are feeling that it is only going into the market
then thousands of people like you will also jump in and will give competition, and then that opportunity will end.
Hence, where people will not see the opportunity, you have to play your game at that spot only.
But if you are playing (strategising) at a place where there is nothing
is nothing ahead then you will die. Hence, where there is nothing today but there is something ahead, pay attention to such a place
What happens in the share market? Grab the company at such a particular time when no one else is paying attention as if you will get a less amount
but when everyone attention, the price will go up. In this game, you have to play
and last most important, most important, most important
business lesson - "You Can Do It"
There is a dialogue in Badmaash Company that
The biggest business is bigger than a big idea, not money
So, you have seen today that that person has no degree and not much capital and no support,
He just saw the empty market, saw the idea,
put his heart and understood something. Today, how big businessmen are studying his case study, today I am
also telling you something and you are listening and learning from it, he is a normal businessman,
who did not learn from books but understood from the market.
So this interesting case study ends here!
There are many more case studies about to come
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