Baba Ramdev owned ayurvedic products manufacturer Patanjali, brings the sudden shift in the Indian ayurveda industry. Credit for Patanjali's huge success goes to the yoga guru Baba Ramdev knowledge, connections, reputation and the unique thinking of combining technology with ayurveda. Entrepreneurs can learn a lot from the business strategies that are being applied by Patanjali to become the biggest player in theayurveda market. In India, myriad startup launches every year but only a few survive by the end, so there is a lot to learn from the given strategies used by Patanjali to become the most prestigious company in its space.
Think Big Dream Big
Baba Ramdev follows the principle which really helped the business to grow. It states that there is no need to be afraid of the failures and risks that are there in the environment, you do what you believe in. The principle further dictates that the success is yours if you have a long-term perspective. Starting a business is surely a challenge but to take it to the next level is the task which one must focus on. If your business is going through a rough phase then think what your long-term objectives need to be and try to take decisions in order to accomplish the goal.
One thing that everyone must learn from Baba Ramdev is todo something which you are good at. The main success of the brand is the Babas knowledge about ayurveda. If you are specialised in a certain field then focus on that rather than looking for other options. One must understand that the business can grow if entrepreneur knows thoroughly what it is all about.
Be your own brand ambassador like Baba Ramdev. He also used his knowledge, expertise and followership to make consumers believe that Patanjali is the best choice for them. He gained the trust of customers by showing them that he uses the products himself. It was a clever marketing strategy that he used because a manufacturer knows the best about the product and no one else can promote the product that good.
It is important to do a market research for all the businesses before venturing into a new segment. Patanjali also did a market research and analysed that in ayurveda FMCG market, there are only a few competitors manufacturing impure products. This gave Baba Ramdev the idea of manufacturing natural products. The company tagline Prakriti ka aashirwaad is also focused on purity of products only. The quality of the product is the driving factor of success for the company.
Price, Quality and Quantity
The reason that Patanjalis products sale surged is that they focused on all the relevant aspects which are price, quality and quantity. The products offered by the company are cheaper than the competitors and the quality they provide is better. Baba Ramdev himself involves in all the company's processes just to ensure the quality and quantity of the products. If you are thinking that raw material of the products enhances the product quality then you are wrong as the suppliers used by HUL, ITC and other companies are the same for Patanjali as well. Its the natural herbs and plants used by the company to enhance the products quality.
Like Baba Ramdev, nowadays it is mandatory for brands to be different than their competitors. He used a barter trade system with a news channel for their products promotion and marketing activities. This shows how determined he is to grow this company by any means available. This is the ambition which all entrepreneurs need to have. Also, he ventured after 20 years of yoga, the reason being that he was building connections and goodwill. He also started the manufacturing in Haridwar where the demand for these products is the most. So it is important that you plan ahead of things.
Another success driving strategy that Patanjali used was to set up stores in different cities all over India so that with increasing demand the supply could also be met. It is important that entrepreneur focuses on all the functions as everything is linked to one another which boost the company's growth.