The Indian arm of Dutch consumer and healthcare electronics giant Philips on Wednesday said that it is entering the Rs.1,900-crore modular switches market with actor Ranbir Kapoor as its brand ambassador for its Rs.15-20 crore marketing campaign.
"The current market size of switches in India is assesed to be around Rs.3,500 crores and 55 percent of which is accounted for by modular switches," Sumit Joshi, marketing head at Philips Lighting India, said.
"The modular switches market is growing at a compounded annual rate of 11.7 percent. Our aim is to drive higher brand recall and brand preference in this category," he said, adding the company hoped to log double digit growth within two years.
"Although the products will also come with a 10-year warranty, we are trying to show that our products are more durable than the competition," Joshi said. "We also expect Philips Lighting to turn into a growth engine for the company, thanks to modular switches."
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Explaining the brand strategy, the top Philips executive said:"We realised that for our company to establish a strong foothold in the modular switches category, it was imperative to make some disproportionate marketing investments and come up with a clutter-breaking communication."
"The TVC (TV commercials) will powerfully connect with consumers and introduce them to unique propositions of Philips' modular switches that spell durability, safety and elegance. At the same time, they will also reinforce Philips brand promise of 'innovation and you'," he added.
The company said actor Ranbir Kapoor was being roped in for the commercials under the marketing campaign. "In the television space, we are planning to spend around Rs.10-12 crore," Joshi said. "We have renewed our contract with Ranbir for two more years."
According to the company, the modular switches, which have dual shutter safety, are water resistant and are tested to 2 lakh clicks, are made with impact resistant plastic.