In the previous article, we learned about the marketing strategy of Prakash Industries – which is India’s largest cement manufacturing company. In this blog, we will dig deep into the marketing strategy of Prakash Industries – one of the largest diversified companies having core operations in the mining, power and steel industry in India.
This article focuses on how Prakash Industries carved out its niche in the Indian steel industry and emerged as one of the key producers of value-added steel products and made its way to the 20 Best Steel Companies in the country.
Marketing is one of the most important pillars contributing to the growth of a company. The use of the internet has increased dramatically in recent years, and the majority of businesses have implemented digital marketing strategies.
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Want to learn more about Prakash Industries’ success in the construction industry? This blog will teach you about the Marketing Strategy of Prakash Industries. Before we begin, learn more about the Prakash Industries company, including how it was founded, its products, financial position, and competitors.
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%).
|Industry||Mining, Steel and Power|
|Market Share/ Revenue||The current revenue stands at Rs. 3928.72 crores (FY 21-22)|
|Vision||The company will establish itself as a preferred supplier by offering quality products to its customers.|
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 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.
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.
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.
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.
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.
Conclusion – Where are Prakash Industries Limited’s marketing efforts falling short?
Nevertheless, Prakash Industries is a very strong player in the Indian Steel Industry and has been tapping new opportunities in this sector but, it is not carrying out its marketing activities effectively. Although it is a B2B company, still there are many important marketing strategies in place for companies having a business-to-business model.
Marketing is a critical component of every company’s success, and in today’s world, the area is fast digitizing. The company should start giving strategic importance to various digital marketing techniques such as social media marketing, content marketing, SEO, running digital campaigns, etc. These techniques are high in demand in the current job market. If you would like to learn more and develop skills, check out IIDE’s 4 Month Digital Marketing Course to learn more.
We hope this blog on the marketing strategy of Prakash Industries has given you a good insight into the company’s marketing strategies.
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