Livspace’s foremost objective throughout the festive season Revolves Around Enhancing Brand Visibility & Recognition, As Expressed By Kartikeya Bhandari.
artikeya Bhandari, Chief Marketing Officer, Livspace shares insights into their current campaign with brand ambassadors Virat Kohli and Anushka Sharma, goal during the festive season, and their efforts to encourage customers to shift from the unorganized
segment.
The festive season goes hand in hand with the revitalization of living spaces, and the demand for home decor and interior renovations surges as consumer sentiment
remains positive. A recent report from Bharat Lab has illuminated this trend, revealing that 87.4% of respondents are ready to invest in new home decor, while 50.5% of
individuals across various income brackets are committed to embarking on house renovations during the festive season.
Kartikeya Bhandari, the CMO of Livspace, has articulated their primary objective during the festive season: “Our goal is not only to capture immediate demand but to enhance
our brand visibility and recognition.”
Bhandari explained that Livspace’s approach is distinct from that of many consumer brands which heavily depend on the festive season for a significant portion of their
annual sales, often constituting nearly 60% of their yearly revenue. Livspace’s customer base includes a substantial number of individuals moving into new apartments
throughout the year, leading to a consistent influx of customers. Since interior renovations typically span six to nine months, they do not experience the same
seasonal fluctuations as some other industries.
He added, “This approach provides an excellent opportunity to introduce our brand and message to a wider audience.”
Bhandari emphasized that Livspace’s brand image is underpinned by four key pillars: convenience, peace of mind, design, and quality assurance.
Livspace made its debut in the market in 2014 when the founders, Anuj Srivastava and Ramakant Sharma, college friends turned entrepreneurs, embarked on a journey to
design their dream homes. They recognized the fragmentation within the industry and the pain points experienced by many in identifying the right professionals, coordinating
tasks, and ensuring fair pricing and quality. To address these challenges, they co-founded Livspace.
The market has undergone significant transformations since then.
Bhandari remarked, “Over the past several years, there has been a shift from unorganized to organized players in the home interior industry. When we started, the
organized sector represented only about 2-3% of the market, with the remainder dominated by unorganized players like carpenters and contractors. Fast forward to
2023, and the organized sector now accounts for about 15% of the market.”
Living on Social Media
Livspace’s strategy to reach its target audience encompasses a multifaceted marketing mix that places digital media at the forefront of its advertising strategy for effective
audience engagement.
Bhandari noted, “Typically, our marketing expenditure at Livspace ranges from 10% to 15% of our total revenue, with variations depending on the specific market.”
The brand boasts 410K followers on Instagram, 144K on YouTube, and more than 3.5K on X (formerly Twitter).
Bhandari highlighted the brand’s collaborations with influencers and opinion leaders who genuinely share an interest in home transformations. Through these partnerships,
Livspace renovates specific parts of their homes.
The brand’s social media content predominantly revolves around these transformations, often featuring home tours to showcase their products in action
In 2022, Livspace enlisted Virat Kohli and Anushka Sharma as brand ambassadors, marking the commencement of their collaboration for the second phase of the ongoing LivspaceYourSpace campaign. Bhandari emphasized that this celebrity couple perfectly embodies Livspace’s core target audience.
Bhandari underscored that through this campaign, Livspace aims to establish a robust brand presence and fortify its customer relationships across diverse regions. Timed to
coincide with the ICC Men’s Cricket World Cup, the campaign will employ a multifaceted strategy, integrating digital and social media with connected television to effectively
engage with the relevant audience.
He remarked, “The campaign doesn’t center around promotional offers or generating a sense of urgency for immediate action. Instead, it focuses on showcasing our brand and
accentuating our core strengths.”
Bhandari also pointed out the brand’s recognition of the significance of physical interaction and the customer’s need to experience products before making a
commitment. To address this, Livspace has introduced Experience Centers as a vital component of its business.
He elaborated, “In these centers, customers can engage with our brand and immerse themselves in the design process in a hands-on manner, making it a pivotal element of
our marketing mix.”
Looking ahead, Livspace plans to integrate offline media into its strategy, with a focus on localized and city-specific approaches, including cinema, outdoor advertising, radio,
and print. This initiative is currently in the planning stage and will be rolled out on a city-specific basis.
