A well-executed brand refresh is vital for long-term growth
POWER & RENEWABLE ENERGY

A well-executed brand refresh is vital for long-term growth

What factors drove Polycab to consider a brand refresh? With over four decades of experience, Polycab has established itself as a prominent player in the Indian wires and cables market. However, in recent years, the landscape has grown increasingly competitive, presenting several challen...
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What factors drove Polycab to consider a brand refresh? With over four decades of experience, Polycab has established itself as a prominent player in the Indian wires and cables market. However, in recent years, the landscape has grown increasingly competitive, presenting several challenges, including heightened competition from both domestic and international rivals, shifting customer preferences and the imperative to venture into new markets. To effectively address these challenges, we embarked on a brand refresh initiative aimed at crafting a more contemporary and aspirational brand identity, which appeals to a broader spectrum of customers. This strategic decision was underpinned by several key drivers. Primarily, we sought to maintain a competitive edge within the rapidly-evolving market, necessitating a revitalised brand presence. The aspiration was to connect with a wider customer demographic including younger audiences, untapped markets and our evolutionary journey. Successful execution of the brand refresh resulted in a more appealing and contemporary brand identity, enabling the company to resonate with a broader customer base. Importantly, it bolstered its competitive standing and leadership position within the sector. We also considered additional benefits such as strengthening the brand image, increasing recall, fostering deeper customer connections, enhancing loyalty and attracting new clientele. A well-executed brand refresh is integral for any company's long-term growth strategy. Of the company’s cabling solutions in power, building and control and instrumentation cables, etc, which product segment is most demanding in view of doubling in infrastructure development? The power cable segment stands out as the most demanding for our company amid the recent surge in infrastructure development. The increased demand for reliable power transmission solutions especially in major construction projects, has significantly contributed to the sector's profitability. Our focus on innovation and efficiency in power cable manufacturing positions us well to meet the evolving needs of the growing infrastructure landscape. Kindly suggest legislation to deal with real estate developers who are not quality conscious. To ensure the usage of quality electrical products in real estate projects, there is a need to revise the existing electrical installation standards. In view of this, BIS recently published the revised National Electrical Code (NEC) 2023, which aims to ensure electrically safe low voltage installations in India. NEC has established and enforced stringent quality standards and penalties for non-compliance. Collaboration between industry stakeholders, regulatory bodies and law enforcement is crucial to create a robust system that ensures the use of genuine and high-quality electrical products. Creating awareness by educating consumers and industry professionals about the risks associated with substandard materials will play a pivotal role in safeguarding the integrity of electrical installations. Data centres contribute to emissions and account for around 3 per cent of global electricity consumption, which will increase to 4 per cent by 2030. What measures can reduce the carbon footprint? The company recognises the environmental impact of data centres and advocates measures to reduce their carbon footprint. This includes promoting energy-efficient cabling solutions, supporting the adoption of renewable energy sources for their operations, with our wide range of solar products and encouraging the implementation of innovative technologies to enhance overall energy efficiency. By prioritising sustainability in cabling infrastructure, we aim to contribute to the industry's efforts to mitigate their environmental impact. Mining and refining of Copper and aluminium can cause soil and water pollution, habitat destruction and greenhouse gas emissions. So how is Polycab gearing up to produce carbon-neutral products? Our commitment to environmental responsibility is reflected in our efforts to produce sustainable products. We are actively investing in research and development to explore sustainable materials and manufacturing processes that minimise carbon emissions during production, use and disposal. This includes exploring recycled materials, responsible sourcing of raw materials and adopting eco-friendly manufacturing practices. By aligning production methods with stringent environmental standards, we aim to reduce soil and water pollution, habitat destruction and greenhouse gas emissions associated with mining and refining processes. How has widespread digitisation, rise in AI and proliferation of the Internet of Things (IoT) assisted the growth of your sector? The increased connectivity and data transmission requirements have driven the demand for advanced cabling solutions. We have adapted our product offerings to cater to the specific needs of industries undergoing digital transformation. Our high-performance cables play a crucial role in supporting the seamless integration of AI systems and IoT devices, providing reliable connectivity to facilitate efficient data transmission. As industries continue to embrace these technologies, the demand for sophisticated cabling solutions is expected to further drive the growth of our sector. Governments extend support through incentives for locally manufactured IT components. What are your expectations for the sector in 2024? Looking ahead to 2024, our sector's wish list includes a continuation of government support through incentives that foster sustainable practices, research and development, and skill enhancement. We advocate policies that encourage the adoption of eco-friendly technologies in the electrical cable manufacturing process. Additionally, we hope for initiatives that promote the responsible disposal and recycling of cables, contributing to a circular economy. Incentives such as subsidised land, power subsidies and exemptions on locally-manufactured IT components will further encourage growth of the sector, fostering innovation and competitiveness on a regional and global scale.

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