The Vice President of Malwa Industries LTD is a Non-govt company, incorporated on 30 Mar, 1993. It’s a public unlisted company and is classified as ‘company limited by shares’. Company’s authorized capital stands at Rs 8000.0 lakhs and has 95.83287% paid-up capital which is Rs 7666.63 lakhs.[/sc_fs_faq], Mayank Jain, has been a pro at multitasking throughout his eventful career. After all, his company — the largest textile group in Southeast Asia (one of the top manufacturers of denim, indigo wool, knitwear, yarns and threads) — plays a crucial role in the global arena. They identify the right products and price points for different, dynamic markets around the world. We caught up with Mayank to find out more about his journey, marketing tools he wishes for and challenges his industry currently faces. Read on!
Tell us a bit about your journey.
During the Summer of 2000, my career began when I got my first job in a textile company. Today, I’m the Vice President of this large conglomerate – Malwa Industries Limited.
It has been challenging but an amazing journey – I have discovered and re-discovered myself in various situations that life has put me through. And, I have the zeal to explore even more, to cover even more distance.
I also run a start-up venture – Moon Technovision.
What are the top two challenges your industry faces today?
Privacy concerns and data protection are the biggest challenges, more so because the legislations bring in stricter and harsher penalties. Zero customer-loyalty is another major issue in our industry as we encounter buyers today who would only care about bringing their costs down, and wouldn’t mind switching over to cheaper-options, valuing the relationships and quality of merchandise much lesser.
What is one of the hardest aspects of online marketing?
Digital marketing is a relatively cheaper mode of reaching out to masses. However, the lasting effect of online marketing isn’t actually quite “long lasting.” Once you’re immersed in it, you always need to be engaged in it, everyday, all the time.
What do you think differentiates average marketing from results-driven digital marketing?
For me, results-driven marketing is the only way to go. Anything else would just be waste of time and resources. You can only strategize your next set of moves and maximize on the effort spent if you get measurable results.
What are some of the marketing solutions and tools you wish existed?
If AI can start responding more emotively, the competition for inappropriate products will get harder, and only the better ones will survive. It will make the market-place even more mature.
Imagine, if you are looking at 10 options on the shelf, or on-screen, and AI processes all the thoughts, and comes out with the best-fit product for you in just a few seconds!
Indeed, as Mayank pin-points in his interview, privacy concerns, data security and lack of customer loyalty are becoming big issues that impact digital marketers across several industries. In 2014, a survey by Accenture indicated that 87% consumers didn’t feel enough safeguards were in place to protect personal data, 70% were worried about a lack of transparency regarding how data is used. With new rules surrounding GDPR present across Europe, it’ll be interesting to see if other continents adopt similar guidelines and what sort of challenges and opportunities this brings. Similarly, as customers continue to be spoiled for choices, brand positioning will become even more crucial, as well as special programs and incentives to maintain loyalty – we’re already witnessing this trend with luxury hotel brands and fashion e-commerce portals.
For more information about Malwa Industries Limited, visit www.malwagroup.com.
