9 business management principles of Baba RamdevVedika Jain
Baba Ramdev is the well-known yoga practitioner (guru) who attracted a zillion people in a short span of time. And this was only possible through his experience and practice.
The brand Patanjali is blindly trusted by people across the country.Started as a Swadeshi campaign 20 years ago, Patanjali has now become the country's most prestigious brand. The company has a turnover of over 2,000 crore. It clocked Rs 450 crore in revenue in 2012.
Thus, if you are planning to start up, Baba Ramdev’s management principles should definitely be taken into consideration. These ideas will give you an overview or help your business get bigger profits.
Work on something which you have enough knowledge about and practice
You cannot reach the pinnacle in a single day, so hold strong expertise on the subject before starting up. However, Baba Ramdev also did not become successful overnight. Behind his muscle flexing and knowledge about nature, lie years of practice and building an expertise in yoga and products of Patanjali. Patanjali is now a well-known brand. Baba Ramdev has enough knowledge about Ayurveda and this is the main reason behind the success of the brand.
Market research is very important
Before starting any business, market research is very important. Patanjali Ayurved Limited is an Indian FMCG company, which is located in the industrial area of Haridwar. The place has full-time security cover of 35 armed Central Industrial Security Force (CISF) commandos. And this was possible because Baba Ramdev did a proper market research and established it accordingly in Haridwar, where people are into pure herbal products. According to CLSA and HSBC, Patanjali is the fastest growing FMCG company in India because of the fact that there were already many mixed impure products, but he made it an advantage by finding the demand of people and worked accordingly. If you have enough and right information; your catch in the market will be strong like Patanjali.
Save money regarding the brand ambassador
Baba Ramdev focussed more on the quality rather than quantity,that is he increased sales by advertising through some other channel. He did not waste his money on any brand ambassador, instead he promoted it himself. Building a brand is not an easy task, but you can do well by following Ramdev Baba’s mantra of pleasing his audience himself.
Company of skilled people
For building a business, you will require people with knowledge and skill sets a bunch of qualified people is required to execute the plan. Baba Ramdev build a successful brand by selecting qualified people (two lakh currently working), especially in the field of science and biology or the ones with PhD, who are dedicated towards work and production of the product. Even for yoga, the instructors who are under him are all flexible and well-versed in it. No cutting corners for this one.
Generally, people are not sure about whether the brand ambassadors are themselves consuming the product or not. But is his case, people are sure that he being the ambassador uses the product every day. He teaches yoga to people every day. Via these sessions, the audience get a direct connection with Baba Ramdev. Since he is directly connected to people through his yoga sessions, it is easier for him to build trust.
No one knows better about your production yourself. Keep this in mind and move forward confidently meeting new people with high-level contacts. In case of yoga, Baba Ramdev met a lot of people including Prime Minister Narendra Modi. He directly spoke to people, which increased his credibility. For example, he met Lalu Prasad Yadav and made him as a model for his special cream and energy bars.
Try to keep the product cheap
The biggest mantra to success is best quality product with cheap prices. According to the company, all the products manufactured by Patanjali are made from Ayurveda and natural components,which are cheaper than other alternatives in the market due to lesser production and marketing costs. The quality of Patanjali is better and comparatively cheaper than other products in the market. To stay ahead of the competition, you should always keep in mind the price, quality, and quantity produced.
For any business, it is important for the company’s product to be easily available anywhere at a reasonable market price. Patanjali Ayurveda sells through nearly 4,700 retail outlets as of May 2016. It also sells its products online and is planning to open outlets at railway stations and airports. It tied up with Pittie Group and Kishore Biyani's Future Group on October 9, 2015.The company manufactures 444 products including 45 types of cosmetic products and 30 types of food products, which are all easily available. The plus factor of Patanjali is that whether you buy it from a mall or a retail shop, the price for the product is always same and easily available.
Get complete information about the other brands that are going to compete with you at the time of launch. For example, when there was a controversy related to Maggie, Ramdev Baba launched instant noodles on November 15, 2015. You should launch your product as per the demand of the consumers in the market.
You may love him, you may hate him, but you cannot ignore him.