Charu Malhotra
The Indian steel industry, often considered a traditional and technological sector, is undergoing transformation as the country's steel production is expected to grow by 4-7% in FY24. The project provides durable products and highest quality that add value to customer projects
Additionally, a company can build a reputation as a trustworthy and reliable company through key strategies such as making its brand synonymous with excellence:
- Shift from product marketing to brand-driven marketing: As the industry evolves in the building materials segment, brand equity, awareness and meaningful customer interactions become essential. As a result, companies are changing their marketing approach from product-based marketing strategy to brand-based marketing strategy. The goal of this change is to create a brand vibe that resonates with both customers and the general public. The move aims to create a deeper connection with customers, thereby placing the company at the forefront of nation-building. Additionally, offering personalized solutions and superior customer service differentiates the company in a market where standing out is essential for success.
- Humanize your brand image. These days, humanizing your brand is not just a business strategy, but an effort to create authentic, trusting connections with customers. In the next few years, companies should focus on integrating sustainability into the fabric of their brands. In particular, any large business must have a broad goal. Therefore, more and more companies are choosing to be eco-friendly in all their manufacturing operations, which also helps in reducing carbon emissions. They should combine traditional and new marketing mixes like television, digital and print to convey the technical intricacies of the steel industry to the people, thereby increasing brand awareness among stakeholders and the public.
- Use brand ambassadors: Companies succeed in building customer confidence in their products by aligning their brand image with respected and renowned brand ambassadors. For example, APL Apollo's recent partnership with the famous and legendary Amitabh Bachchan as its brand ambassador provides a strong connection between the industrial product and the mass audience. These partnerships not only improve a company's visibility, but also create a sense of trust and authenticity, as representatives give the brand a human face and are able to connect with customers on a personal level, thus humanizing the brand image.
- Connect with influencers. The brand's marketing strategy emphasizes trusted relationships with various channel partners and influencers such as builders, contractors, architects, structural consultants, project owners, government professionals, government officials and diplomats. Businesses understand the impact of this connection on consumer purchasing decisions, especially in the B2B-focused steel industry. So, businesses can follow a targeted approach by connecting with influencers through loyalty and engagement programs.
- Digital access. Businesses are now realizing the importance of creating a digital identity that resonates with their target audience and creates a lasting impression in the virtual world. Therefore, it is essential to create informative video content to engage today's consumers, especially to explain the intricacies of the steel industry. Moreover, using digital platforms to spark new thinking and ideas presents transformative possibilities for any industry in the new digital age.
- Thought leadership: Sustainability is at the heart of modern business. By striving to be thought leaders, companies demonstrate their commitment to innovation and forward-thinking approaches. By actively participating in industry discussions, forward thinkers can share deep knowledge about the evolving industry landscape. Through forward-thinking, brands can inspire change and push the boundaries of what's possible in steelmaking. Large companies can demonstrate their industry expertise by promoting industry standards and best practices with a strong, authoritative voice. By engaging in in-depth, informative conversations and actively participating in industry discussions, companies hope to strengthen their position in the industry.
Through a constant pursuit of excellence and the highest quality standards, as well as clearly defined marketing strategies, next generation brands are poised to play a dominant role in the future of the steel industry. As we navigate the changing landscape of today's economy, our history is a testament to the potential of local businesses to drive the nation's growth.
The author is a Brand Manager and Group Marketing Manager at APL Apollo Tubes.
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