Customer Acquisition simply put refers to the gaining of new customers for the company. For the acquisition of new customers for the company a customer has to be heavily persuaded to buy the new product or service which is offered by the company. Customer Acquisition has been defined as, “finding the right customers that provide a profitable return.
All companies and organisations first consider the cost of acquiring customers based on how much value would they bring to the specific business. The Big Bazaar group employs various customer acquisition tactics by which it acquires customers.
Big Bazaar is one of the biggest supermarkets in India. It is owned by Pantaloon Retail India Limited which is the flagship Retail chain of the Kishor Biyani led Future Group.
When Big Bazaar was launched in the beginning there was no precedent for a supermarket in the country and was one of the first supermarkets to open in the country based on a western model keeping in mind the concerns of the Indian mind-set. The main objective of any organisation. appropriate customer acquisition strategies help companies to grow, and targeted customer acquisition programs help companies cost-effectively acquire the right customers and to get a maximum market share through customer acquisition.
This paper A Study of Innovative Marketing Practices in Retail Marketing Sector with Special Reference to Big Bazaars in Maharashtra State is referred to in respect to Business models.
Although the Kishore Biyani owned Big Bazaar was based on the model followed for the ‘Sarvana Stores’ which is established in Chennai. The business model worked on the philosophy ‘Low margin, High turnover’. The difference between Sarvana Stores and Big Bazaar is that the former is a conservative family-run chain while the latter is not.
Big Bazaar is aggressive in its expansion plans. It has developed innovative and eye-catching tag lines like “Is se sasta aur accha kahin nahi”. Big Bazaar specifically targets the working and the household women as they are the primary decision-makers of the family.
It has incorporated the Indian value in a European concept and had succeeded on a grand scale.
Customer Acquisition Strategies
Big Bazaar has aggressive Customer Acquisition strategies which it uses to lure in customers on a large-scale basis.
Big Bazaar has various strategies like
Big Bazaar has teamed up with Google to create SMART SEARCH. Smart Search is a digital-enabled Sale by Big Bazaar on google where the customers could get good offers and deals on good quality products. Smart Search enables people to search for products from Big Bazaar directly on google. These type of offers pique a customer’s interest in a way that they will be intrigued to see how this offer work.
One of the biggest retail chains Big Bazaar has come up again with Another Sale Named Wednesday Bazaar which will take place weekly on Wednesday. It is being called ‘Hafte Ka Sabse Sasta Din’. There will be a huge discount on all types of products sold at Big Bazaar.
This was a card which was launched by ICICI Bank in collaboration with Big Bazaar. This card is called the Future Card. When a customer uses this card they get a 3% discount on any purchase at big bazaar. This also helps in a way to improve the sales of both the bank as well as the retail chain.
Pay by Junk
‘PAY BY JUNK’ This is the name of Big Bazaar’s new scheme where the customer can take any of their old useless stuff and get discounts on their purchases on any outlets of the brand.
It had originally started as a single day promotional offer across the retail stores. Now over the years, it has grown into a 6-day bi-annual promotional sale. It caters to the entire needs of every single customer walking through the doors of Big Bazaar.
The Great Exchange Offer
In this offer, the customer can exchange old goods for discount coupons across all big bazaar stores in the country. The coupons can also be redeemed across the country at any big bazaar store.
Findings and Suggestions
From this study, we have found out that Big Bazaar has good retail formats but should they should improve on the way they interact with the customers. They should have more personalised interactions with the customers and should improve on the customer acquisition ideas in the future. Low prices do not work all the time as even quality matters as sometimes the quality of the product at Big Bazaar sometimes is not as good as it claims to be. Amusement units and children zone ought to be given in retail locations so more clients can enjoy their time. The after deals administration of retail locations ought to be useful and powerful. This after-sales service makes faithful clients.
With an ever-increasing number of new participants into the Indian retail showcase, Big Bazaar is finding it difficult to crush out a larger number of discounts for clients than its rivals and also look after benefit. Presently Big Bazaar possesses 30 distinctive chains spreading over 4 unique classes – food, fashion, home and general promoting, out of which the food production network is the most significant, as it is the most disorderly yet an undiscovered wellspring of tremendous overall revenues. Although the chains are all efficient, improvements can be made over a certain period to all sectors of the company to increase its efficiency so that it remains top of the way. We can, therefore, conclude that Big Bazaar is an amazing brand with a good view of what it wants to achieve but like all brands, it will always have a scope for improvement.