In the picture the colorful bangles wrapped up in the nondescript plastic bag were no ordinary bangles.
This Puja (the biggest festival in Bengal) they were simply winners, winning all their way into the hearts of beautiful Bengali girls and ladies.
What made them winners? It was the Designers’ unique business strategy.
A) Design features:
1. Completely sustainable — no glass, no metals used. Made of renewable material — cotton.
2. Reliable — would not break or crack like the traditional glass bangles.
3. Comfort — soft to the touch. Does not make odd noises.
4. Variety — more colorful than other bangles with infinite variation of color patterns.
5. Flexibility — wriggles past and fits most wrists – one size fits all.
6. Affordable — dirt cheap — only Rs 10/- (20 cents per piece)
B) Distribution & Positioning
1. Sold by pavement vendors just outside the rich markets and malls.
2. Sold by many vendors. Each vendor carries a limited stock of material.
3. When exhausted they refer other vendors — their friends
4. 50% credit allowed.
5. Brought into the market just on the eve of Puja
6. By the end of Puja the offering vanished (exclusivity and scarcity).
1. Word of mouth
2. Positioning in richer areas of the city.
1. The sales of these bangles by each vendor was brisk.
2. In a matter of 10 days each vendor sold a minimum of Rs 50,000 ($ 1000)
3. Total vendors in the business in each area were around 10
4. Sales in each area = Rs 5,00, 000/- ($ 10,000)
5. Sold at 5 places. So total sales in 10 days = Rs 25,00, 000/- ($ 50,000)
1. Profit per bangle = 70%
2. Total profit = Rs 17,50,000/- ($35,000)
3. Number of persons involved in the business = 10 (all designers)
4. Profit per head = Rs 17,50,00 ($ 3500)
5. In business it is profitability and not turnover that counts.
In India, this money is enough to comfortably run a family of 4 for a year.
And all that money coming in ten days flat. All cash. No taxes, I suppose.
Hats off to the designers
Hats off to creativity.
Creative people can create opportunities and earn money in many unusual ways.
They don’t depend on jobs.
Who says there is a dearth of opportunity and jobs in India?
You just got to think about it creatively.
RapidInnovator — ‘Harnessing Uncertainties to Create Possibilities’
Reliability Management Consultant Pvt. Ltd.