7 Lessons Learnt from Tanishq

Tanishq, is a TATA entity in the gold & jewellery vertical. The TATAs are a business family since over a century now. Though they are not listed in the Forbe's Richest people, I bet they are the richest in terms of their market reach.

Today, my mom got a call from a local Tanishq entity, almost after 3 years she had made a big purchase for a wedding in the family.
My dad picked up the call: "Good afternoon Sir, I am XYZ from Tanishq, Mrs. ABC is our one of the 200 most valued customer in the city. We would like to speak to her. They wanted an appointment from my mom. He persuades my mom to visit her at home for her interview. My mom cleared up the living room of a few unnecessary & out of the place items lying on the side table just to welcome this interviewer, she was so excitedly waiting for them, she didn't even take her regular afternoon nap.

Lessons Learnt from Tanishq

1. Make a personal connection

They are going directly to customers' homes and getting more customers, instead of hiring big Bollywood starts to promote the brand. I have not seen even a single TVC from Tanishq, how smart! it goes by the very fundamental and subtle way of marketing- word of mouth, it never fails, when you know you are the best!

2. Value the important things/people to your customers, and make them feel special

Two young guys in crisp white shirt and tie came home. They wanted to know my Mom's birthday, as well as everybody in our family's birthday, so that they could send gifts for them! Not only for mom, but everyone in the family, getting everyone in the family to enter Tanishq. Making it a family affair, not just one odd shopping from Tanishq.

3. Take time to understand your customer

They asked what kind of books & authors my mom likes, what kind of music, and singers she likes, so they can send personalized gifts for her which she adores! they have already put their food in the door, and now they are completely own the house.

4. Get your customer bring & recommend other customers

And the best part is, they sponsor kitty parties! my mom is part of some 5 odd kitty parties. They bear the lunch, games, gifts, everything, just for getting the whole kitty gang to the Tanishq first floor, where they educate the whole gang about jewels, and jewellery! see, whom they got now. They are smart, they just need to persuade the woman of the house, and the whole gang around her is in. Very smart marketing strategy, I would say.

5. Don't blow a single penny in the never ending well of the "MARKETING" trap,

let your customer be your marketeers. Tanishq is not spending money to market, instead, by sending two bright young gentlemen home, and collecting data, sending gifts in the future, they are investing in their customers instead.

6. Don't let VCs or Banks fund you, have your customers invest in your business.

The first ones to start this trend in the market is Tanishq. They started the scheme of depositing a fixed amount every month in the name of a person for 11 months, and Tanishq will pay the 12th installment to make your deposit mature to enable you to buy the 12 EMIs worth jewellery from Tanishq at the current gold price of the day. You get guaranteed loyal customers, and the best part is you get your customer's money in advance, which can be invested in your business!

7. Make your customers work for you

Mumbai Tanishq publishes a local newsletter, and features their gorgeous lady customers as models with an ultra professional photo shoot enabled by an expensive salon & stylists. What do you think, these ladies will go for the rest of their life for the jewellery shopping? And guess what, whom they show off their photos in the newsletter, EVERYBODY! Nothing works like customer recommending customers, works 100 times better than testimonials, or any other sales tactics.

Now you know now where all the ladies in my family will go to shop gold and other precious jewellery now!

- venus

COPYRIGHT © 2013 THINE, EXPLORER