Panasonic has hiked overall spends by 2.5x on social media marketing in FY24: Sunil Narula

Over the last five decades, Panasonic Life Solutions India (Formerly known as Anchor Electricals) has managed to capture the attention of every citizen in this country. It started with a humble vision of manufacturing electrical products of outstanding quality at a time when the market involving electrical switches or wiring devices was handled by the unorganised sector.

Anchor and Panasonic’s synergy in 2007 resulted in products that cater to better energy generation, management and conservation. With Panasonic’s cutting-edge technology and Anchor’s vast customer support network, Anchor Panasonic today delivers a seamless and vast range of innovative electrical, lighting and ventilation products that exceed global standards.

Panasonic Life Solutions India recently launched the second edition of #WelcomeToAdulthood – a guide to empower young adults through the intricate journey of adulthood. The campaign focuses on the next step to adulting and, aims to connect with couples who are in their mid-to-late twenties ready to explore their new phase of relationship. In this transformative chapter of life, setting up a home with one’s partner comes with its own set of excitement and challenges. #WelcomeToAdulthood, crafted in collaboration with The Scribbled Stories, addresses these real-life incidents through a light-hearted, animated storytelling to deliver an even more enriching experience.

This year’s #WelcomeToAdulthood edition will continue to provide valuable buying guides to young audience. Panasonic has curated a series of comprehensive buying guides and emphasizes on the pivotal role appliances play in various stages of life, underscoring the significance of selecting durable and sustainable options aligned with current and future needs.

The campaign is live on all social platforms – Instagram, Facebook, Twitter, LinkedIn.

In an exclusive conversation with Adgully, Sunil Narula, Senior Vice President - Sales & Marketing, Panasonic Life Solutions India, speaks at length about the festive plans of Panasonic, the marketing activities undertaken by it, how there is an increasing demand for modular switches in the rural markets, and how it has increased overall spends on social media marketing by 2.5 times, and much more.

What are the opportunities and challenges which are facing Panasonic in reaching the target audience?

We serve multiple categories, Anchor is a mass brand that deals with products that are on the value for money side, Panasonic is a brand that sells premium products. These are two distinctive brands that serve target audiences as a result the communication differs drastically. Like any other industry, there is rising competition from the unorganised sector, which has intensified the competition. However, we have seen increased demand for all of our products as purchasing behavior shifts to modular electrical devices.

How has the first half of the year 2023 been for Panasonic? How has the pandemic impacted Panasonic’s growth trajectory?

Currently, the sector provides a lot of opportunities to everyone, which has resulted in increased competition with several other brands stepping in. We have seen a steady growth in the wires business, higher than the market growth. Wiring devices and Switchgear businesses have witnessed industry average growth in the first half of the year. Our lighting business has grown faster than the overall market growth. We, however, are seeing rapid price erosion in this category.

How are rural markets emerging as a new target group for brands? What is the marketing strategy employed to reach out to them more?

Rural markets are growth drivers and are developing at a faster pace. In India, 65% of the market is still rural and as a brand, we have deep entrenchment in the rural space. We continue to make efforts to further strengthen our presence there with the help of our channel partners. Also keeping in mind the change in consumer behaviour due to increased exposure to urban trends, we have seen marked change in preferences. We have crossed the Rs 200-crore sales mark for our entry level modular switches (Ziva Range), this product range was launched to take early advantage of the changing trend in the rural market from non-modular to modular switches.

What are the marketing activities launched by Panasonic during the first half of 2023? How has the marketing strategy of Panasonic evolved over the years?

First half of this year has seen the launch of our Panasonic digital-first lighting campaign. The campaign focuses on the lighting products offered by Panasonic for every occasion. We have worked extensively in improving engagement with our influencer by launching multiple incentive campaigns through our Smart Saver App.

What are the trends to be observed and expectations for the festive season this year? 

As an electrical equipment and lighting company, the festive season is an important period for us. Over the years, there has been an increase in demand for lighting, switches and other electrical accessories during the festive period as customers are engaged in home renovations and allied activities at this time. There is a strong focus on our premium range of electrical switches and the market demand is also buoyant. We are expecting a very healthy growth in our premium offering this festive season. A new 360-degree advertising campaign for the power business would be launched this festive season.

How is Panasonic leveraging social media to market its products and services?

With the increased interest and usage of social media by users today, Panasonic has picked up pace too and has increased overall spends by 2.5x this financial year on social media marketing. With the changing trends and evolving user interest we have been focusing towards creating educational and engaging content to ensure higher level of engagement with our potential consumers and influencers.

Which category of products has dominated Panasonic’s sales during the past two years till now? What are the newly introduced product innovations at Panasonic?

Wiring Devices is our core category. Anchor is the market leader in this space with a market share of 38%. Last two years has seen the launch of couple of new product lines in the wiring devices space which has helped us in growing aggressively in the premium range.

Lighting is another category which has shown progressive growth over the last two years. Introduction of strip light, new models of batten and downlights have contributed to healthy growth and gain in market share.

What are some brand collaborations of Panasonic during 2023?

This year, we are focused on influencer engagements for our upcoming Anchor by Panasonic 360-degree campaign.