In a bid to counter the slowdown of sales, leading players in the colour television industry (CTV) are splurging money on major advertising plans to woo prospective customers.
According to Philips India Ltd., the only way to fight the slowdown is to aggressively advertise. With effective advertising plans company’s sales have increased by 200 per cent over last year.
Philips India Limited has earmarked almost four per cent of its revenues for the adspend in the next few months. According to industry analysts, the CTV industry has spent over Rs 120 crore on advertising alone in the last three months
Videocon International Ltd., has earmarked an ad spend of Rs 15 crore to promote its CTV range in December 2001. According to the company sources, normally its adspend is around Rs 10 crore every month. But, it has decided to hike the adspend to Rs 20 crore per month in October and November this year.
Not to be left behind, the Rs 730-crore Mirc Electronics Ltd., is all set to launch a high-voltage television campaign to promote its Onida Black television range soon.
Mirc Electronic Limited had marketshare of 8.7 per cent in June and with its advertising strategy it has risen to 12 per cent in October, thus becoming the second leading company in the CTV segment. The company has earmarked Rs 3 crore adspend for the next few months.