Marketing Strategy of Reliance Industries Limited
In 1957, Dhirubhai Ambani returned to India and started a little yarn trading business in Mumbai. He also founded Reliance Commercial Corporation in 1960. In 1965, he started the polyester business. He also started a business in the telecom sector and promoted the company as Reliance Telecom Private Limited. Later, they also started Reliance Gas by offering LPG in India. They also constructed the largest refinery in Gujarat. They are now one of the biggest business tycoons in India as well as in the world. This happened with hard work and an effective marketing strategy. If you want to learn the major success points of Reliance Industries Limited (RIL), then you have to read and understand the marketing strategy of Reliance Industries Limited.
Marketing Strategy of Reliance Industries Limited
Segmentation, Targeting, and Positioning:
Reliance Industries Limited as a company provides a diverse range of offerings to customers in the form of products. They offer these products through their outlets available across India. From telecom to gas stations and other services, they offer a variety of services. Due to this reason, they segmented its marketing into psychographic, demographic, and geographic. They also pay attention to different important factors such as region, profession, age, gender, etc.
Moreover, Reliance Industries Limited applies a diverse pricing strategy in order to target a potential audience. The company’s main mission is to craft value for all the stakeholders. They are trying to introduce innovation in their work and offering to take the edge of a competitive market. Plus, they also enhance the quality of products to improve the quality of life. That’s why they use the slogan ‘’Growth is Life’’.
Marketing Strategy of Reliance Industries Limited
Competitive Advantage:
Big Conglomerate:
No doubt, Reliance Industries Limited is a leading and biggest company with 85+ subsidiaries and associates. That’s why they are leading the market with a strong market share and position in India. In addition, these features make the company strengthen. They are very famous due to their petroleum services and have many outlets in urban and rural areas of India. With the help of associates, they are present in 5 continents. There is no competitor in India that can lock the horns with this heavyweight company. Here are some main competitive benefits of Reliance Industries Limited given:
- Reliance Industries Limited has a strong brand name in the Indian market due to its wide offerings and services. This thing helps the company to show a positive and credible image or reputation to its customers.
- They received many performance-based awards that’s why very popular in India. Its powerful financial position and excellent profitability also help them to boast a positive reputation in front of stakeholders and investors.
- Due to the diverse range of offerings such as telecom, retail, petrol, energy, and many more, Reliance Industries Limited is very popular among customers. Above all, its powerful marketing or advertising on different channels such as TV, print media, billboards, online ads, and more enable the company to create a resonating impact on the consumers. This thing helps them to achieve strong brand loyalty.
- Besides all the advertising and promotion, Reliance Industries Limited actively promotes sports in India. They are the owner of one of the biggest IPL teams Mumbai Indians. However, they also promote football and other sports in India. These qualities help the company to achieve brand recognition.
BCG Matrix in the Marketing Strategy of Reliance Industries Limited:
The retail business of Reliance falls in the star category of BCG Matrix due to the average share in metros, Tier1, and Tier2. Its Jamnagar refinery global management service recently introduced Telecom Service which is also held star segment. Reliance farms, oil and gas, and Biopharmaceuticals contain a good market share in relevant segments that hold the status of Cash Cow. Its broadband service, petrochemicals, and other digital mediums need more investment, that’s why they are in the Dog sector of the BCG Matrix. There is a big question mark on the performance of Reliance Petroleum due to the presence of different heavyweights such as Bharat Petroleum, Hindustan Petroleum, etc. These companies hold a bigger market share in the respective segment.
Distribution Strategy in the Marketing Strategy of Reliance Industries Limited:
There is no doubt that Reliance Industries Limited holds the largest service network supply chain network in India. They use both innovative and outdated distribution strategies according to the situation of the area. With more than 3300 stores, the company is growing exponentially and creates a strong brand image in the eyes of investors and customers with a strong distribution network. To be very honest, Reliance Industries Limited is the biggest retailer in India.
Brand Equity:
It holds the 8th position in the top 250 worldwide energy companies in Platts. They also hold 8 percent of the country’s total merchandise to more than 108 countries. They cross the 100 billion dollar market share in 20007 and become the 1st Indian company. Moreover, it was also ranked in the Fortune 500 list of largest corporations in 2017. Plus, they also grab the 189 positions in the top 250 global retailers list in 2018. That’s why they have strong brand equity and a powerful consumer base.
Marketing Strategy of Reliance Industries Limited
Market Analysis:
The market capitalization of Reliance Industries Limited was more than 820000 crore, but its market capitalization is doubled with the launch of the telecom sector. In addition, the petrochemical and refinery business is also very profitable due to effective marketing strategy. Jio has managed to disturb the telecom segment by offering better quality and services to customers. Recently, they experience huge profits in this sector and with the entrance into the media industry. That’s why they are leading in the market capitalization with other firms. With this effective strategy and offerings, they crossed the 100 billion dollar mark.
Customer Analysis:
From oil to telecom, Reliance Industries Limited offers a diverse range of products and services to its customers. Now, its products and services used in every household. From middle-class groups to high-class citizens, every kind of person uses its services and offerings. Its tagline ‘’Growth is Life’’ successfully implement in the lives of people and they are doing an excellent job in different segments. People are heavily obsessed with its high-quality offerings and products. Moreover, they can’t even think about any other product due to the presence of Reliance Industries Limited.
Marketing Strategy of Reliance Industries Limited
Promotional Strategy:
As compared to other giants, Reliance Industries Limited believes in less promotional spending but they believe to attract customers with a suitable price policy. They stick to BTL advertising because it is less expensive and effective. Its customer-centric promotion helps the company to flaunt a positive and strong image in the eyes of consumers and stakeholders. Additionally, they are also trying to create an emotional and social connection with customers by investing in several rehabilitation programs and EFA.
They also support underprivileged students with their educational funds. Reliance Industries Limited also sponsored different sports and activities in India. They are the owners of IPL’s team Mumbai Indian and in football. These types of promotional strategies have become very beneficial for the company. In addition, they advertise their products and offerings on TV, print media, and other online platforms. These kinds of marketing strategies are very beneficial for Reliance Industries Limited. With the help of these promotions, they create a strong emotional and social connection with their consumers.
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