Mia, the nine-year-old low-priced contemporary brand from Tata group's Tanishq, is targeting a double-digit growth in the current fiscal year. To achieve the growth target, the brand is working on a two-pronged strategy; increasing the number of stores and pushing sales through digital ad campaigns.
Mia, which runs 31 stores, plans to add 20 more in the current year.
In an interaction with BestMediaInfo.com Bhavishya Kelappan, Business Head, Mia, said the brand is looking forward to enter newer markets to increase business and revenue growth. However, Delhi and Mumbai will remain the biggest revenue-generating markets for Mia. Apart from the store expansion, the company will focus on creating awareness and desire for the brand in FY 2019.
Speaking on the growth and expansion, Kelappan said, “We are aiming towards a double-digit growth this year in comparison with last year’s revenue. For that, we are expanding our stores in regular markets like Mumbai, Delhi, Kolkata, Hyderabad and Chennai and targeting to enter newer markets like Coimbatore, Mysore, Jaipur, Indore, Ahmadabad, Patna and Vishakhapatnam. At present, we have 31 stores and have another four in the pipeline, which we will open by the end of May. We hope to open 20 standalone stores this year.”
To spend 65% of ad budget on digital
For Mia, digital marketing is the most beneficial as it solves all its marketing purposes. The brand spends more than half of the total marketing spends on digital. The brand has increased its digital marketing spends to 65%, which was 50% previous year.
According to Kelappan, “Digital marketing has become a way of life for brands. We are a digital-focused brand, so we are not much present on traditional media. A substantial amount of marketing budget this year will be dedicated to digital.”
“Being a fashion jewellery brand, a major learning that we analysed is that a jewellery brand should focus on marketing, building and maintaining connection to its consumers throughout the year and not only during festive seasons. Today, our TG is looking at digital far more than any other medium, and that’s the reason our marketing spends are more on digital,” she added.
The brand plans to spend 65% of its marketing budget in digital campaigns and the remaining on retail and OOH in FY 19-20.
“The budget percentage varies on the amount of visibility we plan for the brand. 35% of the total marketing budget is spent on ATL and BTL activities in which 20-25% is spent on retail branding and awareness and remaining 10% on newspapers, radio and hoardings. Digital takes the maximum space with 65% of the overall marketing budget spends,” emphasised Kelappan.
In continuation of last year’s campaign theme #MeInAction, Mia will soon launch a set of 20 new short digital campaigns this year.
Speaking on the upcoming digital campaigns, Kelappan said, “We launched MeInAction last year in August with an ad film. We are going to continue this campaign in FY 19-20. We are planning to do a series of campaign, where we are featuring women from diverse fields who are very successful in their life but very quiet about it. We have planned 20 such campaigns for this year. We have already finished shooting 12; we will break it in next 10 days. We are expecting a good ROI with our extension of #MeInAction series.”
“We are primarily focusing on short-format content rather than long contents, something that our TG can consume on the go. There are lot of clutter in the digital content these days; we are working with content partners who give us content that has relevance to the brand ideology and not cliché,” she added.
According to Kelappan, content marketing plays a very big role for a brand. “Content marketing gives a sniper effect in marketing. The most incredible thing about content marketing is that a brand can check whether the content is reaching to its targeted consumers or not. The other beneficial thing with this marketing type is one can see how many people have consumed your content and what effect it has on its consumers, how have they interacted with your content. The learning for brands is very fast as compared to any other traditional formats.”
“Many of the starter and younger brands are generating very good content. Fastrack and Titan Raga are some of the brands under our portfolio that generate very good content management and marketing,” she said.
Speaking on a shift that Mia has noticed, Kelappan said, “We used to categorise ourselves as work-wear jewellery but somehow we felt that we were restricting ourselves from the perspective of TG and product design. Last year we moved away from calling ourselves only work-wear jewellery and we opened up the brand both from a consumer perspective, communication perspective and product design perspective. We brought in a range of colourful stones, larger products. We got into silver as a brand.”