Customer Relationship Managemant At Titan

April 7, 2023

:Ashish Porwal

April 7, 2023

Titan Industries is the world's fifth largest Established in 1984, has emerged as a watch, eyewear & jewellery brand Customer base of 80 million, add 1.2 million customers every year

Major Highlights of its Success are :

247 exclusive ‘World of Titan’ showrooms in 110 cities 12000 outlets in 2500+ cities International presence in 30 countries Manufactures 8 million. Watches, 1.5 lac pieces of jewellery 700 after sales service centers A world−class design studio (R&D)that constantly invents new trends in

wrist watches

The Brand Titan

April 7, 2023

Titan sells around 7-8 million watches annually

Timex sells under 1.2 million watches

Other Brands (all put together sell less than 0.5 million watches)

The Japanese – Citizen, Casio, have been present, while Seiko has not made any significant moves in India.

The Swiss – Rolex, Omega, Rado, Tissot, Tag, Longines, Cartier, Ebel and a host of others.

The fashion brands – Esprit, Giordano, Tommy Hilfiger, Calvin Klien, Fossil, Swatch and many more have recently entered the Indian market

The Competition in India

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An Indian Company Offering International

Quality

USP

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Mass marketing (undifferentiated marketing): offering the same product to the

entire consumer population

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Marketing MIX

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PRODUCT

WATCHES JWELLERY EYE GEAR

CHAINS

EARINGS

PENDANTS

EDGE

NEBULA

RAGA

FRAMES

SUNGLASSES

READY READERS

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Titan prices according to the features and value delivered.

They get the maximum market share from Sonata. Since there is no one offering pure gold watches and jewellery watches so it is able to skim the market with their distinct products.

Titan comes out every year with a price discount sale on watches.

  TITAN PRICING Pricing Objectives Survival (i.e. Titan Exacta) Market share (i.e. Titan Sonata) Market skimming (i.e. Titan Nebula) Product quality

PRICE

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Advertising: through print media in leading newspapers and fashion magazines.

TV Commercials: on all leading channels.

E-promotion: through social media like Facebook, twitter etc. and other most visited websites to target youth which is target market for watches.

Direct Marketing: through invitation to potential customers to visit stores via email or calls and other techniques like promotional display of watches.

PROMOTION

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Sales promotion Sponsorship Seasonality Promotion through

Contests  

Titan tagline: Be more  Fast track tagline: How

many you have?

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People are a defining factor in a service delivery process, since a service is inseparable from the person providing it therefore we need to train staff for better public dealings

Complaints department Servicing and Warranty department Receptionist Sales force Accounting and billing

PEOPLE’S

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The last element in the service marketing mix is a very important element a services are intangible in nature. However, to create a better customer experience tangible elements are also delivered with the service to differentiate in service marketing.

Luxurious interiorMagazinesMusicElegant packaging boxes for watchesWell dressed staff

Physical Environment

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The process of service delivery is crucial since it ensures that the same standard of service is repeatedly delivered to the customers.

All services need to be underpinned by clearly defined and efficient processes. This will avoid confusion and promote a consistent service.

In other words processes mean that everybody knows what to do and how to do it.

Speedy delivery of watches in e-shopping. Payment by new and fast methods including cards and cash payment. Good way of greeting customers by sales force and ensuring customers are

attended.

Process

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Strategic Marketing

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ATTRIBUTE POSITIONING ( Raga, exclusive watches for women )

USER POSITIONING ( Fastrack Digital, with “techno-geek” image )

BENEFIT POSITIONING ( Fastrack, contemporary, sturdy & reliable )

COMPETITOR POSITIONING ( Edge, slimmest collection of watches )

QUALITY OR PRICE POSITIONING ( Sonata, ‘value for money’ )

POSITIONING STRATEGIES

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Mechanical technology was the norm - Quartz had not really taken off in India. Titan built its line based on quartz

Styling was basic - This was a constraint imposed by technology. Titan decided to make style a table-stake.

Choice was limited - You had 200 models to pick from, that was it. Titan decided to inundate consumers with a wide choice in style, functions and price. The initial range was 350 models.

Shops were dark, dingy and uninteresting - no importance given to presentation. Titan brought in the concept of retailing in watches.

Advertising was expenditure - Titan saw this as a vital investment. Right from Day 1, Titan invested significantly in advertising.

Breaking the Rules

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CRM strategies to acquire, retain and extend customers are:

Feedback

Membership Cards

Delivering higher value

Potential customer data bank

Differentiating from rivals

Advertising and promoting

Social customer

CRM Strategies

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Titan has given a headway in CRM.

Implemented no. of small, yet significant measures

Watch Care Centre’s : Receptionist – Local Language Posh showrooms Late working hours No Lunchtime 24 Hrs. Voice mail

Increased Consumer Loyalty And Brand Awareness

Customer Relations Management

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CRM Strategies By Titan (SIGNET PROGRAMME)

Titan launched “THE TITAN SINGNET” in May 1995 at exclusive world of Titan.

The Titan Signet is a select club that recognizes the loyalty of customers at World of Titan showrooms.

It is designed to give these select members, exciting rewards as well as tangible benefits in recognition of their loyalty to the World of Titan showroom.

These rewards and benefits increase in value as the members increase their purchases from any World of Titan showroom or Titan Watch Care Centre participating in the Signet programme.

The Titan Signet also provides a platform for direct feedback from these valued customers.

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The key to availing rewards and benefits is the Titan Signet enrolment and the Titan Signet membership card.

You win some …. and then you win some more . That's the idea behind The Signet Rewards Scheme.

Any customer at The World of Titan can become a member of The Titan Signet if he / she has bought:

•Any single product worth Rs 2000 or more.

•Any Titan Raga Watch (irrespective of price)

•Any Fastrack watch or eye gear worth Rs.995 or more

• A total bill value of Rs.3000 or more which may include Titan Gift Vouchers

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Service Policy

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Sustainability of brand reputation comes from service excellence.

Service excellence

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Employing the physically challenged

Women's empowerment

The Titan school and the Titan Foundation for Education

The Titan Scholarship The Titan Township -building a sustainable community in Hosur providing a home to

1300 residents.

Community Development Forums - Eye care camps, Eye donation initiatives - Aids Awareness- Programs for the differently abled - No tobacco drive, Children's programs.

Partnering with NGOs like CRY, Concern India and Ashraya.

Improving the quality of life for children - the TATA -TCCI -TITAN Bal Bhavan

Children's park project at Cubbon Park , Bangalore 

CSR RELATED PROJECTS

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The quality of watches is impressive.

Innovation is core to its strategy.

Visual Merchandizing has been Titan’s strength ever since its inception.

Good retail network by “WORLD OF TITAN”

Excellent customer service.

Strengths

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Rural India does not form a substantial part of customer base.

Kids are fascinated with mobile phones rather than watches and incidentally, they show the time.

Weaknesses

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Only 35% (approx) of Indian population possesses watches.

Watches positioned as a fashion wear rather than just utility products.

Huge market in the exchange business.

Rural market may be tapped

Opportunities

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Chinese Watches

Big Multinationals

Unorganized Sector/Grey Market

Fashion Trends keeps on changing

Threats

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Titan Positions the Generic Device-Watch-As an Ornament

Distribution and Promotion Further Strengthened

Always remember the USP 

Don’t neglect Public Relations 

 Communication – tagline

TV commercial

Increase penetration in tier 3 cities

Retaining existing customers

Increase service centers

Recommendation's

April 7, 2023

Titan watches account for a 60% share of the total Indian market and are also sold in about 40 countries through marketing subsidiaries based in London, Aden, Dubai and Singapore.

Titan watches are sold in India through retail chains controlled by Titan Industries.

  Titan Industries announced the launch of its first Titan flagship store,

located at Opposite Shoppers Stop, Bandra Linking Road, Mumbai, India.

Titan Industries acquired Swiss watch maker Favre-Leuba for Euro 2 million.

In October 2012, Titan partnered up with Zee Watch Group, becoming the sole distributors of Titan watches in the U.S.

RECENT TRENDS

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http://titansignetclub.com/titansignet/

http://www.tata.in/article/inside/Rmjp4NJztqU=/TLYVr3YPkMU=

http://www.indiacsr.in/en/?tag=titan-industries

http://www.ibscdc.org/Case_Studies/Marketing/Brands%20and%20Branding/BBP0101C.htm

http://projectsera.blogspot.in/2009/11/titan-industries-projects-on-watches.html

http://marketingboyz.net/marketing-mix-of-titan-industries/

Reference's

April 7, 2023

THANK YOU