“Tap rural markets,” exhorted MS Sundara Rajan, chairman and managing director, Indian Bank, while inaugurating a two-day seminar on ‘Strategies for the bottom of the pyramid’, organised by Madras Management Association.
Rajan stressed on the need for innovative schemes to tap the rural market. He mentioned the case of EID Parry tying up with Indian Bank branches in Cuddalore district, Tamil Nadu, to set up information kiosks within the branch for the rural public.
Sharing Indian Bank’s experience of extending loans to rural and semi-urban areas, he said the credit extended by the bank to such areas was growing by at least 20 per cent every year.
Ramesh Viswanathan, executive director, CavinKare Pvt. Ltd, said marketers must think of innovative products to break into rural markets. He shared examples of how products such as Chik shampoo, Chinni’s pickles and UB Export beer wre launched in rural markets. While the shampoo and pickles were made available in 50 paise sachets, the beer brand was made available at less than half its original price with some portion of cost refunded if the empty beer bottle was returned.
The seminar, also the sixth All India Management Students’ Convention, consists of sessions made up of guest and student presentations.