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AVINASH MISHRA
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Digital Marketing
  Table of content 1) Introduction 2 2) Current and Prospective Customers 2 3) Customer Segmentation 3 4) Consumer Buying Behaviour 3 5) Product Suggested 4 6) SWOT Analysis 4 7) Potential Competition 5 8) Target Market 5 9) Comparative Analysis 6 10) Marketing Mix (4Ps Strategy) 6 11) Pricing Strategy 7 12) Customer Value 9 13) Market Survey 9 14) Value Proposition 10 15) Go to Market Strategy 10 16) Challenges faced 10 17) Recommendation 11 18) References 11 Printvenue Introduction: PrintVenue is an India-based e-commerce company for small business and individuals and offers a new standard of quality and service for online printing on products with personalised embroidery, laser engraving and sublimation. The headquarter of PrintVenue is in Gurgaon, Haryana. PrintVenue offers service to B2B and B2C clients. It tries to establish itself as a one-stop shop for Indian customers. They offer a variety of products for commercial and individual use by printing messages, logo and customizing the prints on supplies as ordered by the customers. Incepted in 2012 with seed capital of one million Euros, PrintVenue is a common name among the online printing portals offering personalised accessories. The company has been expanding its operations to Indonesia, Thailand, Malaysia, Singapore and Australia. Saurabh Kochhar founded it in June 2012. PrintVenue’s plan is to operate in 15-20 countries with over 100 million dollars in revenues. Rocket Internet did the initial funding in Printvenue. The portfolio of Printvenue consists of more than 600 products including business cards and mobile skins. Current and prospective customers of PrintVenue In the last one year, PrintVenue’s business has grown significantly, as more customers are discovering the convenience, choice and quality that it brings to them through an assortment of products they offer and the best of quality available to them. The company’s portal is said to have over one million customers and service more than 2000 orders every day. PrintVenue believed in bringing to the Indian consumer ease of ordering from the comforts of their home. Therefore, those consumers did not have to haggle with the printing vendor and local suppliers. The company is targeting corporates for customized printing in accessories used in day-to-day work in the office. In the days of consumer markets, it is well known that the influence of children is critical for the purchases such as toys, stationeries, etc. If business markets are considered, the analysis typically focuses on the buying centre. The individuals or a group may make the buying decision. The company must also access the viability of potential markets or customers that may arise the future. This involves looking ahead of situations that may increase the firm’s ability to gain new customers. For example, firms around the world are particularly excited about the 1.4 billion new customers in the Chinese market. Customer Segmentation The practice of dividing a customer base into groups of individuals with similarities in specific ways such as age, gender, interests and spending habits is known as customer segmentation. PrintVenue should operate under the fact that customers are different and they can better serve them if they target specific and smaller groups that would find their messages relevant and lead the customers to buy something. PrintVenue should try to gain a deeper understanding of their customers' preferences and needs. They should look at the idea of discovering what each segment finds most valuable. The different types of segmentation are- 1. Geographic Segmentation: Most of the revenues of PrintVenue comes from metros, tier I and tier II cities, so the marketing strategy of PrintVenue should concentrate on this specific market segment. 2. Demographic Segmentation: Every small, as well as large corporate houses, can be targeted for stationery items and office supplies. PrintVenue can render its services to the youth community who follow the latest fashion trends. 3. Behavioural Segmentation: The customers that would be most attracted to services of PrintVenue are urban upwardly mobile customers that would have some disposable income, and looking for adding aesthetic value to inanimate objects in their life, and improving the appearance of their surroundings. People who only look for utilitarian value in objects would be out of the scope of the merchandise segment of print venue but could be considered as a segment for economic reasons for B2B business. 4. Psychological Segmentation: The Psychological profile of the customer segment of the B2C market of Print Venue would be- High Openness to experience, indifferent to conscientious, high on extraversion, low on Agreeableness, and low on neuroticism. Consumer Buying Behaviour The acts of people and decision processes involved in buying and using products is called consumer-buying behaviour. The e-commerce observers expect that the Indian e-commerce will cross $100 billion marks by 2020. Earlier, people visited retail outlet or departmental stores when they needed different products in one place at the same time. However, as the world is speeding up every day, this practice is decreasing with the current generations. They like things to be delivered to their doorsteps to minimize their time and energy consumption. There will be a greater demand in the e-commerce industry as the market grows and customer’s purchase ability rise. Product Suggested PrintVenue should invest their resource in printing customized t-shirts for different professional clubs and movies. It is observed that there is a market gap for this particular product. The proposed product will be high in quality and low in price. SWOT Analysis 1. Strengths: Strengths of PrintVenue lies in the fact that it offers customized printing services/products over the internet, backed by professionalism, and a guarantee of quality. Its payment mode is also very secure. On top of it, PrintVenue has diversified its business in this particular niche and does personalized digital printing, embroidery, laser engraving, and sublimation. 2. Weakness: PrintVenue is costlier than local retail engravers, and its customers are only a few big brands. On top of it, inventory management is a big challenge to PrintVenue. The brand is largely unknown among the urban youths. The price charged by PrintVenue for various products and services can be a bit high for a few customer segments. The shipping charges of PrintVenue products are quite high due to which cart abandonment is very high and customer conversion rate is significantly low. 3. Opportunities: Opportunities for PrintVenue lies in the expansion, both at home and abroad. At home, it needs to penetrate the seasonal market of wedding cards, and expand globally. In this way, it would be able to diversify its market and smoothen seasonal demand. It can venture into the merchandise market and target the fans of various professional cricket and football clubs around the globe. The firm should try to increase its customer base in more countries. 4. Threats: Threats to PrintVenue is competitors like VistaPrint, Printo, Printbazaar, & PrintLand. On top of it, PrintVenue also has to face competition from local sellers and barriers to entry in PrintVenue’s sector is very low. Since the firm is not operating on a large scale, it may not make a sufficient profit margin to sustain in the coming years. Potential Competition Identified: Since the barrier of entry in this sector is low, the potential competitor is numerous. Biggest among them are: 1. PrintLand: PrintLand is PrintVenue’s primary competitor in India. PrintLand was started in 2011 in New Delhi. PrintLand is in the Photography field. 2. VistaPrint: VistaPrint is headquartered in theVenlo, Netherlands, and was founded by Robert Keane. It also operates in retail distributor space. 3. PrintBazaar: It is a company launched to make printing convenient, accessible, and affordable to all. All these companies are comparable to that of PrintVenue in revenue. On top of it, this field is populated with retail printers who are entrenched and have a loyal customer base due to word of mouth. Target Market PrintVenue appeal to people who appreciate aesthetics and have some money to spare on the aesthetic improvement of everyday items. Another target market for Print Venue is MSMEs who need to get their stationery printed in bulk. Corporates are also target market for a company like PrintVenue. They need to target college students and young crowd with funky customized T-Shirts. Comparative Analysis The PrintVenue position itself as a premium brand, which excels in providing value to customers by improving aesthetics of items of their everyday use. It is positioning itself as a premium brand in the field of printing on inanimate objects. But there is a market gap, in low-price, high-quality segment. Therefore, Printvenue needs to capitalize on it. Marketing Mix 1. Product: The product of PrintVenue is the customized printing services over inanimate objects of value to consumers. PrintVenue brings the base product on which printing has to be done while PrintVenue prints that design. Some products in PrintVenue’s roster are Key Ring, Pen stand, Wallets, Cushions, Greeting cards, Mobile cases, Caps, Photo Mug, Ash Tray, Tote Bag, business cards, greeting cards, & home and kitchen items. 2. Place: PrintVenue’s area of operation is urban India. It is in Indian cities where people have enough disposable income to afford aesthetic improvements in their day-to-day objects. Even MSME offices are in towns, if not cities. 3. Price: Pricing is a big challenge in India as prices in India are 1/4th of the other countries PrintVenue operates in. PrintVenue has adopted a strategy of keeping price low with extensive automation. 4. Promotion: In order to acquire customers, PrintVenue gives flat 50% off on first order (CODE: FIRST50), and has promotional discounts like 40% off on special occasions like Valentine day. It also ran a series of TV commercials and merchandised AAP during Lok Sabha election. It has engaged services of Keptify in order to retain customers and increase revenue. Pricing Strategy Pricing With the help of design cell of IIM Kashipur, we got to know the printing technologies used and approximate expenses associated with it. We understood that mainly three factors influence the cost of printing: • Type of t-shirt and the colour of the t-shirt you want to print on. • Number of ink colours on each side of the product. • Quantity of the order. Mainly three types of printing technologies are prevalent. These are: Screen printing: It is mainly used for bulk printing and price with quantity. Approximate cost is Rs 150 to Rs 250 per A4 page of print. It uses advanced technology. Digital printing : Mainly used for individual printing. It uses the latest technology. Approximate cost is Rs 100 to Rs 150 per A4 page of print. Rubber printing: Used mainly for bulk printing. Customisable options are less here. It uses old technology and is prevalently used by local vendors for bulk orders. The cost ranges from Rs 15 to Rs 50, depending on the number of shirts. The next challenge for us was to know the price charged by Printvenue. Although the price of different items for the individual product was available on their site, the pricing for bulk purchase was unknown. So we decided to call Printvenue and know the same. We called Printvenue as potential customers who want to order 1000 printed t-shirts for our college fest and according to their instructions, we sent a mail regarding the same. They responded to that mail with a price quotation which helped us to understand the premium pricing of Printvenue compared to local vendors. The screenshot of the same is given below. Customer Value The value for customers (B2C) buying customized accessories lies in psychological comfort they get from the aesthetic object or in some cases when a print has emotional value. The value that B2B customer gets is that he gets a creative product that adds value to his business by enhancing recall. Market Survey We felt that Printvenue can utilize the low price and high-quality segment. Therefore, we did a market survey for the same. We asked three main questions. First Would you be interested in buying merchandise related to movies and sports.? Around 78% agreed to buy that type of product. Second Would you rather create the design on your own or choose the design from the ones available? We found from the survey that customers are happy with available and customized designs. They do not prefer making their own designs. Third Buying Preference? 67% of people were ready to buy online even if it was 10% expensive. While 22% of people prefer buying online. From the available market survey, We came to know that customers are ready to buy products online even if they are 10% expensive. Also, people are interested in semi-customized T-shirts belonging to a particular franchise or movie theme. For instance - Rajasthan Royals T-shirt. Therefore, if we can sell such T-shirts with very good quality at a cheap price online, We will be able to fetch a good market share. Value Proposition 1. The proposed product is unique in the sense that customers will get the t-shirts and other merchandise of their favourite clubs and movies in customized design. 2. The proposed product will be sold to the customer at a reasonable price. 3. The proposed product will be high in quality. 4. The proposed product will attract the sports enthusiasts and movie lovers. Go to Market Strategy In order to increase the brand equity, they should create a good presence in the social media platforms. They should create a dedicated YouTube channel in which they can display different products. They can also start advertising their products on social media platforms like Facebook, YouTube, Instagram, Google +, Twitter. The customer should be made aware of the quality of the products and they should relate themselves to the brand. Challenges faced PrintVenue realized that they had to do work to optimize their sales funnel as they were losing a considerable amount of sales revenue due to cart abandonment. Despite the properly set user experience, their cart abandonment rate was still 65%. Some of the other challenges faced by them are: 1. Creating awareness of the different existing product lines. 2. Competing with the online and offline stores in the customized printing market. 3. Increasing their customer base. 4. Hiring more designers in order to compete with the existing market players. Recommendation: 1. PrintVenue has to plan for an aggressive marketing strategy to create and rebel the brand awareness among the customers. 2. PrintVenue should promote intensively through social media platforms and television advertisement. 3. PrintVenue should cut down shipping charges by maintaining good logistics. 4. PrintVenue should try to tie-up with top apparel brands like Adidas, Nike. References (n.d.). Retrieved from http://www.printvenue.com/ (n.d.). Retrieved from https://economictimes.indiatimes.com/south/mobile-internet-users-make-koramangala-printvenue-saurabh-kochhar-co-founder-and-md-printvenue-com/articleshow/46094097.cms (n.d.). Retrieved from https://www1.udel.edu/alex/chapt6.html (n.d.). Retrieved from https://en.wikipedia.org/wiki/Printvenue (n.d.). Retrieved from https://techcircle.vccircle.com/2012/10/16/rocket-internet-backed-printvenue-claims-to-cross-20k-orders-in-3-months-will-low-key-marketing-hamper-growth (n.d.). Retrieved from http://www.printweek.in/Features/-8220-biggest-challenge-online-printing-domain-pricing-8221-printvenuecom-8217-sourabh-kochhar-17533 (n.d.). Retrieved from https://www.flexiprint.in/
Parth Joshi