360° Marketing Strategy of Prakash Industries – With STP Analysis

About Prakash Industries – Company Overview 

Prakash Industries Limited (PIL) was founded in 1980 with the goal of becoming an integrated steel and power firm. PIL is now known for its high-quality products at cheap costs and delivers sustainable value to all of its stakeholders. The company has expanded its wings throughout India’s geographical limits over the years. PIL has always come up with new ways to cut costs and make better use of resources.

In the state of Chhattisgarh, the company has built a state-of-the-art technological integrated steel plant. The company also owns iron-ore mines and has facilities to make Wire Rods, HB Wires, and TMT bars. The company currently runs a captive power generation plant, which is entirely self-reliant in power for its integrated steel factory and future expansion plans.

The company is chaired by Mr Ved Prakash Agarwal. As per the audited financial statements of Prakash Industries Limited for the financial year 2021-2022, the company is a profit-making company with a net profit of Rs.168.82 crores in the year ended March 2022 as compared to a net profit of Rs.95.33 crores in the previous year ended March 2021 (an increase of 76.99%).

Marketing Strategy of Prakash Industries Limited

Now, let’s learn about the marketing strategies adopted by Prakash Industries: 

Segmentation, Targeting, and Positioning 

Since Prakash Industries Limited has a B2B business model, its target audience is the business which operates in the construction, power, agriculture, and automobile, etc. This includes owners, CEOs, company directors, and advisers, as well as senior and middle-level steel plant managers. Hence, all the services provided by Prakash Industries target this segment of customers i.e. businesses that have power, iron, and mining requirements. 

In the 1980s, Prakash Industries primarily installed a plant at Champa Madhya Pradesh with an installed capacity of 1.5 lac pa. The company received a good response from its target audience and thereafter, started to expand its marketing efforts by implementing several new projects and starting technical collaborations with Germany for its iron and steel plant

PIL made its positioning in the market by providing excellent customer satisfaction through quality management by professionally trained human resources. It also aimed at providing the best quality products to its clients at affordable prices. 

Marketing Campaigns 

Marketing campaigns are an excellent approach to connecting with your consumers, clients, and prospects. They have the potential to be the game-changer in securing meetings with consumers or prospects. A campaign with multiple touchpoints will capture someone’s attention more effectively than single advertising.

It has been observed that Prakash Industries has not carried out any significant marketing campaign in the recent past, may it be a television commercial, newspaper advertisement, video advertisements, brand awareness campaign, public relations campaign, etc. 

Prakash Industries should carry out frequent marketing campaigns in the form of advertisements wherein they provide valuable information to their target audience along with promoting their brand. Here is a list of the 12 best B2B marketing campaigns and how companies can learn from them.

Social Media Marketing

Prakash Industries has social media presence on the following platform:

• Linkedin- 5.16K followers 
• Instagram – 1.7k followers

Most of the articles posted by Prakash Industries on LinkedIn focus on providing the latest updates about any new activities and projects taken up by the company.

As compared to its competitors such as JSW Steel, Tata Steel, etc, the company is lagging far behind in its social media activities. 

In the present times, engaging with the customer and providing them with the information they care about is a must. Social media has emerged as one of the most powerful tools for businesses to establish a connection with their customers. Prakash Industries could expand its social media efforts by exploring more channels and posting helpful content.  

SEO Strategies 

According to SEO rankings, the number of keywords less than 500 is bad, more than 1000 is good and more than 10,000 is excellent. Prakash Industries has a volume of 429 organic keywords which is very less. 

The company also has nearly 10,000 organic monthly traffic which is quite below the standards (organic monthly traffic of above 20,000 visits a month is considered good). The company should focus on having a good SEO strategy in place which will boost its ranking in google organic SERP results. 

Influencer Marketing 

The company has never onboarded an influencer for its marketing campaigns. Since Prakash Industries is a B2-B company and has operations in the manufacturing industry, there is no need of carrying out influencer marketing activities. 

E-Commerce Strategy

Prakash Industries Limited doesn’t have an E-Commerce website. It appears that the company is still relying on traditional methods of taking orders from their customers by visiting them personally or through telephonic conversations. 

If we compare Prakash Industries with its leading competitors in this domain such as JSW Steel, Jindal Steel, Tata Steel, NDMC, etc, it is found that these companies have an outstanding e-commerce website which makes the entire order placing process transparent, easy, and seamless. 

Mobile Application 

Prakash Industries does not have a dedicated mobile application for its customers. It is noted that the company is still relying on traditional ways of conducting its business. If we look at their biggest competitor i.e. JSW Steel, they have a separate mobile application where users can place orders, track the order status and stay up-to-date with the latest information about the company. 

Content Marketing Strategies 

As discussed earlier, Prakash Industries does not have an active presence on social media. The company interacts with its customers through posts on Linkedin and by press releases on its website. Through both of these modes, the company only focuses on providing updates about its major new projects and other advancements. 

JSW Steel’s website (a competitor of Prakash Industries Limited) has a dedicated page for posting blogs and articles for its customers. The company covers the topics which are of interest to its customers and tries to have a healthy conversation with them on its various social media channels. You can check out our extensive marketing strategy of JSW Steel – to know more about how JSW Steel conduct its marketing strategies.

PIL should consider having a good content marketing strategy to retain its customers along with attracting new ones.

This ends our elaborative marketing strategy of Prakash Industries. Let us conclude our learning below from the marketing strategy of Prakash Industries.