MORNING TO MIDNIGHTâ€”MARKETING
Marketers are now borrowing this line to target the discerning consumer increase sales. With changing lifestyles, Indian consumers too have involved into a new breed that is happy to stock to malls at midnight, watch a morning show at a multiplex, or visit a drunk at odd hours. This is called 24 hours and 7 days a week retailing or in short 24 x 7.
Making a cue from this, home-grown and savory store â€˜Monginisâ€™ decided to open its stores early in the day to attract the ever busy office goers. In Mumbai, Monginis stores are strategically located near suburban railway stations. By opening these stores an hour before the regular time each day, Monginis has managed to catch the office goersâ€™ attention even before he rushes to catch the suburban train or bus. Office goers are very busy and often skip breakfast. By opening the store early, it enables them to grab a bite before they get to work.
This strategy has worked for Mongnis. The savory business of the predominantly cake company has increased to contribute 15-20% of its turnover in major cities of India. All that Monginis did was to advance its store timings from the earlier 10-10.30 am to 9 am.
Prompted by this, Monginis also decided to keep its stores in the suburbs open till 11 in the night to catch the workers returning home late so that they can indulge in a pre-dinner mini snack.
Many have introduced â€˜happy hoursâ€™ during lean times to boost sales. On the anniversary occasion at Big Bazaar super market chain they are open till mid-night a case in point to note. During happy hours, malls woo consumers with freebies and discounts. If the customer walks into a Mall during happy hours to pick up a shirt, there are chances that he may walk out with two in hand on account of freebies.
Cinemax a multiplex in the city of Mumbai too found a new slot for a 10oâ€™clock morning show which is available at an affordable price. It is called the Red Lounge and is targeted at senior citizens and college students.
Cinemax conducted a research and concluded that there was a need for an early matinee show which could bring in the target audience. Therefore the Red Lounge introduction by a few multiplexes in metro cities.
This acts as a differentiator to competition. Standard Chartered Bank has disclosed that they have a large proportion of working and self-employed customers. These customers typically prefer to come to bank after office hours and conduct routine transactions. They work five days a week and hence prefer to visit bank branches on Sundays. This makes the bank work even on Sundays.
The branches which operate 24×7 are typically located at places which have residential as well as commercial buildings. This is targeted at party goers who can deposit and access their Gold ornaments to attend marriages and parties and also for any emergency cash needs at night, such as hospitalization.
The evolved consumer is clearly breaking old traditions of time. The services are provided accordingly to meet consumersâ€™ expectations which are fuelling the customer evolution further.
According to a Marketing Consultants company this opportunity of tapping the discerning consumer by using time as a variable has been in existence for some time now. It is the marketers who have realized this need a little late. Using Brand Time as a variable, sales could go up by as high as 42% and customer satisfaction could go up as high as 69%.
A few of the consumer marketing retailers have decided to go 24×7 and are available for clients through mobile and email for any advice.