Kishore Biyani - Big Bazaar Failure, DMart, Branding & Retail Business | FO137 Raj Shamani
Nov 1, 2023
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Kishore Biyani, founder of Pantaloon and Big Bazaar, shares his insights on starting successful businesses, spotting trends, and scaling. He discusses brand-building strategies and how the Indian market has evolved. He also suggests looking at Thailand and Indonesia as role models. The podcast covers the challenges faced by Big Bazaar, the success factors of Dmart, and the difficulties of securing funds for traditional business owners.
Understanding local market dynamics and adapting business strategies accordingly is crucial for success.
Adapting marketing strategies to cater to different consumer segments and building strong emotional connections with customers are essential for effective brand building.
Religion plays a significant role in shaping consumer choices and preferences, especially in traditional and religiously conscious cities in India.
Deep dives
Insights: Understanding consumption patterns in different Indian cities
The speaker shares insights about different Indian cities and their consumption patterns. He discusses how each city has its unique characteristics and preferences, and highlights Banares as a fascinating city with organized retail and a rich cultural heritage. He also mentions Hyderabad and Ahmedabad as cities that have undergone significant transformation. The speaker emphasizes the importance of understanding the local market dynamics and adapting business strategies accordingly.
Challenges of brand building in a changing market
The speaker reflects on the changing dynamics of brand building in India. He discusses the shift in communication mediums and the rise of social media, which has disrupted traditional advertising channels. He emphasizes the need for strong emotional connections with customers and the importance of adapting marketing strategies to cater to different consumer segments. The speaker also points out the significance of location and resource allocation in achieving business success.
The role of religion in shaping consumer behavior
The speaker highlights the enduring influence of religion in India and its impact on consumer behavior. He notes that religion plays a vital role in shaping people's choices and preferences, particularly in traditional and religiously conscious cities. The speaker also touches on the role of religion in the rise of e-commerce festivals and the significance of spirituality in marketing.
Insights from specific Indian cities: Kolkata, Mumbai, and Delhi
The speaker shares observations about specific Indian cities, including Kolkata, Mumbai, and Delhi. He discusses the emotional and relationship-driven nature of Kolkata, the fashion-consciousness of Mumbai, and the combination of aspiration and consumption in Delhi. The speaker also highlights the differences in spending patterns and consumption habits among these cities.
Lessons learned and areas for improvement
The speaker reflects on his journey running Big Bazaar and the Future Group and identifies areas for improvement. He mentions the need to think big but also to focus on practicality and meritocracy. The speaker emphasizes the importance of allocating resources strategically and being open to learning and adapting. He also mentions the challenges faced in raising institutional funding and the importance of connections and pedigree in securing financing.
Order 'Build, Don't Talk' (in English) here: https://amzn.eu/d/eCfijRu Order 'Build Don't Talk' (in Hindi) here: https://amzn.eu/d/4wZISO0 Subscribe to Our Other YouTube Channels:- https://www.youtube.com/@rajshamaniclips? https://www.youtube.com/@RajShamani.Shorts 📺 Watch Figuring Out episodes on YouTube: https://youtube.com/playlist?list=PLE0Jo6NF_JYO5-phess8GKafKMtPv3tfZ Smell good, feel confident. Use my code Raj10 to get additional 10% off all Blanko perfumes: https://hi.switchy.io/BlankoxRaj Today we have one of the most successful businessmen in India. We have Kishore Biyani in conversation with Raj Shamani. He had a net worth of $1.78 billion. He is the founder of some of our most loved brands Pantaloon and Big Bazaar. In today’s episode, we will dive deep into Kishore Biyani’s stories, ideas, and observations that led to such successful businesses. We talked about the young days that shaped him into such a brilliant person. The habits we can inculcate to become exceptionally great at what we do. He shares an interesting story and breakdown of how he started Pantaloon and Big Bazaar. He talks about how to spot new trends, and how to include them and scale the business. We talked about different brand-building strategies used while building a brand for different consumer segments. Towards the end, he also shared which cities in India fascinate him and the reasons behind them. He explains the difference between how the Indian market and consumption pattern has changed over the years. I also asked him two things that he would change if he had a chance to start everything from scratch and his answer was quite different from what I expected. This episode was one of those episodes where I was constantly surprised by the detailed observations he was sharing about business, market, and consumer behaviour. If you are a budding entrepreneur then this episode will give you a new perspective to look at business. Timestamps: