Q] What was the objective behind the launch of Neo Bharat Latex Paint and how does it align with Asian Paints’ vision for innovation in the Indian market?
The core value of the brand has been bringing joy and happiness to people’s lives. As part of that, one of the objectives has been ‘Har Ghar Khushali’, aiming to turn every home into a celebration. We felt that today, many people residing in smaller homes, particularly in rural India, lack options to enhance the beauty of their homes. Therefore, we focused on the concept of a new India awakening, utilising the colours of progress as a strong element. Our goal is to offer people high-quality products at affordable prices and provide them with a diverse range of colour choices, enabling them to smartly upgrade their homes.
Q] What are the specific technological advancements that help differentiate Neo Bharat Latex Paint from others in the market? Also, what differentiates this category from other categories in the market?
This product features a unique latex technology that offers a high level of durability, smoothness, and washability. These are quite essential in the Indian context. Therefore, offering latex technology at this price point represents a technological revolution. We believe this signifies the awakening of the new Bharat, showcasing a smart technology that is affordable and durable. This is where the technological wonder lies.
Q] Virat Kohli as the brand ambassador for the campaign adds a significant touchpoint to the promotion of Neo Bharat Latex Paint. How do you think this collaboration will contribute to the brand’s messaging and consumer engagement?
Virat is a self-made cricketer to a great extent. He brings a strong sense of connection with the masses of India, as well as a feeling of accomplishment, aggression, and pride for the country. We aim to leverage these values for our brand Neo Bharat. Additionally, we believe in utilizing cricketing scholarships to engage with younger kids in smaller towns, giving them the opportunity to join cricket academies and aspire to be like Virat. This creates a significant connection. Therefore, as we move forward, we will continue to explore opportunities to connect with Virat and millions of customers across the country.
Q] Accessibility and affordability are crucial factors in catering to the diverse needs of Indian consumers. How does Asian Paints ensure that products like Neo Bharat Latex Paint strike a balance between technological advancement and affordability?
Technology today spans across all segments, whether it’s the smart upgrade at the bottom of the pyramid, as seen in Neo Bharat, or the luxury segment, exemplified by our product called Royal Glitz, which boasts an anti-crack feature with a peel-like finish. At Asian Paints, innovation is a constant across various categories and markets. The marvel of technology is its ability to be price-independent, allowing us to introduce innovations at all levels. This is precisely what we had aimed to achieve with Neo Bharat.
Q] The paint industry in India has seen significant growth and transformation over the years. How does Asian Paints foresee the market evolving in the coming years, and what strategies does the company have in place to maintain its position as a market leader?
India is a very strong consumption market, and this market will continue to grow because the per capita consumption of paint is much lower compared to Western geographies. India offers a unique opportunity for consumption and growth in the paint industry across all segments, from the bottom of the pyramid to the luxury level. Therefore, we will continue to vigorously promote the brand. One of the main reasons people choose our brand is because they trust and respect it for its innovation and overall quality. So we aim to continue to leverage and invest in the brand. Additionally, there is a robust supply chain with a strong distribution network. We will continue to invest in the latest technologies to ensure our supply chain operates efficiently. Innovation is a constant focus at Asian Paints.
Q] Digital advertising and consumer engagement have become increasingly important in today’s landscape. How does Asian Paints leverage digital platforms to connect with consumers?
As we assess our current approach, we find that Digital media plays a significant role in our overall media strategy. Approximately, 15 to 20 percent of our budget is allocated to digital platforms. We utilise various forms of digital channels to engage with our audience. This includes Digital films distributed across various Digital platforms and an active presence on social media platforms. Our website portal also serves as a strong platform, attracting over 4 crore visitors annually.
Q] The painter community plays a vital role in the success of paint companies. What initiatives has Asian Paints’ undertaken to support and empower painters?
We are dedicated to training and upskilling painters in a comprehensive manner because our goal is to enhance their capabilities and improve their livelihoods. Therefore, we consistently invest in upgrading the skills of painters. Currently, we operate 23 academies across India, reaching nearly 6 lakh painters annually. This substantial investment, amounting to approximately INR 45 to 50 crores, underscores our commitment to empowering painters with better skills and livelihood opportunities. We firmly believe that by investing in their skills, we enable them to execute their jobs more effectively, ultimately contributing to their overall success.
Q] Painting monuments or public spaces can have a significant impact on community aesthetics and pride. Has Asian Paints been involved in any such initiatives, and if so, could you share some examples and the rationale behind them?
Asian Paints has been a pioneer in this regard. We have forged a strong partnership with Street Art, a startup foundation. Over the past 10 years, we have completed approximately 450 murals across more than 26 cities nationwide. This demonstrates a robust programme that we have implemented. Additionally, we have established seven design districts across the country. Through street art, we aim to democratise art and foster connections with people. For instance, we participated in the Mumbai Urban Art Festival last year, showcasing our strong presence and involvement in various areas of Mumbai, and attracting a significant audience. We believe that this initiative has greatly elevated our brand presence.
Q] Sustainability has become a focal point across various industries. How is the paint industry incorporating sustainable practices, and what initiatives is Asian Paints undertaking in this regard?
Today, we believe that we are one of the most sustainable players globally. We are water-positive, meaning we generate more water than we consume. Our electricity generation comes from solar and wind sources, accounting for 65 percent of our energy usage. Additionally, we focus on reusing waste generated during our processes. From an environmental perspective, we adhere to American and European standards, which are not commonly adopted in India for paint specifications. Overall, we are significantly ahead in contributing positively to the ecological and environmental factors of the country.
Q] Lastly, how does Asian Paints stay ahead of the curve in terms of market research and consumer insights to anticipate changing preferences and adapt its strategies accordingly?
We believe that to stay ahead in the market, it’s essential to listen to what consumers are saying and observe their consumption patterns closely. Therefore, we continuously invest in understanding Indian households, their evolving behaviours and changing consumption patterns. We also segment consumers based on demographics, including the younger generations such as Gen Z and Gen Alpha, in addition to millennials, to understand their paint consumption preferences. Ultimately, we have a comprehensive research mechanism in place, which guides our marketing strategies to align with the insights derived from the research.
