Established on 1st April, 2011 in Mumbai, with other branches in Bangalore and Delhi, Neoniche is a marketing extension for clients and they indulge in marketing, digital marketing & events, at the same time. Business2Business got into an exclusive interaction with Prateek N Kumar, CEO, Neoniche Integrated Solutions to explore more about Neoniche and their business model:
Q1. What motivated you to start Neoniche?
Before starting NeoNiche I had worked in this industry for 10 Years and realised that there were lot of things that needed change like better working environment in terms of holidays and leaves, payment of salaries on time, vendor payments, shared value creation, etc. The opportunities were there. Moreover, the value creations are limited when you try to push your ideas through an existing system, especially if you have ideas that are different than the existing norm. This led me to found NeoNiche Integrated Solutions, as we wanted an inclusive growth based on the premise of ideas, innovation and insights.
Q2. What is unique about your business? Is there a competitive advantage that you have over the rest?
We hire the best talent and then nurture them to work in a process driven environment which is happy and competitive at the same time. Based on our DNA of ideas, innovation and insights we have always tried to create some value for the clients that we served. We have produced some of the innovative events right from “Silent Theatre Conference” where the entire conference was conducted through Bluetooth headsets and mikes, Blucasted Exhibition pavilion with real-time contests running through the pavilion. Virtual Events on the desktop crowd sourced installations and more. We have also created a profit sharing module for start-ups and SMEs as we think this segment needs a level playing field and due to lack of marketing resource and budgets takes more time to scale up.
Q3. We would like to know more about your working models?
The company works on two major business models. The retainer module, where the clients pay a fee for the services. The second is the retail profit-sharing model. It also has a hybrid model of sorts for small and medium enterprises (SMEs)—SME Konnect—where it offers low-cost basic marketing services even as a separate team partners with the SMEs to build and execute their event needs. Our immediate focus is to add value in the startup and SME space where we think a profit-sharing model will work better.
Q4. How important is the global market for you. What are your plans and strategies for capturing a good market share in other countries?
We have clients who are spread across globe and some of them bigger names from Fortune 500 list. However, we perceive that Singapore is the gateway for APAC region and UAE is equally important for MEA region. Both these geographies are important for organisations trying to build global footprints. Having said that, NeoNiche's plans for 2016-17 include establishing branch offices in Dubai and Singapore.
Q5. For a start up, investment in sales and marketing is a must. What are your views on the same?
While Marketing is all about what to sell, whom to sell and where to sell …..Selling is the ability to convince people to spend their money is probably the most valuable skill in business. To some, it comes naturally. Others get better with time. In this era of globalisation and technology advancement, time to market without being intrusive and gratification achieved by the customer is the difference between success and failure. Marketing must be part of the everyday fabric of a startup business. You need to assess your sales and marketing activity continually, learn from your mistakes, build on your successes and remain open to new methods.
Q6. When we say a complete range of marketing services, what all comes under the same?
NeoNiche is an experiential marketing agency that promotes brands through on-ground events, road shows, exhibitions, conferences, online digital & social marketing, customer contact programmes, and PR. Essentially what we do is to align Brands with Buyers, Companies with customers, and Products with Prospects by deploying marketing practices across different medium.
Q7. What are your future plans and projects in the pipeline? Can you share the growth numbers that you are projecting?
We are planning to work on our top 10 goals for this year some of which includes achieving top-line of 60Cr, Review and refine processes of NeoNiche, increase our market share in BFSI and Automobile industries, NeoDelight for all our stake holders and increasing our global footprints.
Q8. How is marketing growing and how are the current marketing techniques different from traditional solutions?
80’s and 90’s were an era of ‘one size fits all’ in the brand marketing world, an ad across TV / Radio / Print would ensure enough traction from the audience for brands to gain a sustainable market share. While today technology advancement and digitisation over the years have unlocked doors to various channels to connect with your customers in unbelievable, convenient and flexible ways making the marketing world flat. Customer today is the king where he has the power to choose information wherever, whenever and however he prefers to acquire. Marketing from being one way passive communication has become active conversation.
Q9. What is the best piece of advice for young entrepreneurs?
It is always difficult to score your first win – be it hiring the first employee, closing the first vendor or getting the first project but if you are consistent and are able to deliver it’s just a matter of time before people start trusting you. As an entrepreneur specially as a start-up, you need to be passionate and believe in what you are doing than only the world will notice, you need to be a scavenger and without ego. If the business means you have to wait outside a prospective client’s office for hours you just go ahead and do that. Look at creating value, and profits will follow. And last but not the least it’s NOT about ‘who you know’ but ‘what you know’ that stands between success and failure.