OYO mainly focused on market capture. They started with the areas with a maximum number of crowds like near to popular malls, railway stations, airports etc. OYO started tie-ups with small hotels on the condition that if a loss occurs it would be owned by OYO and profit would be shared by both of us. it helped hotels to improve their infrastructure and quality. After their starting success, many hotels started to tie up with OYO rooms and now OYO rooms valuation is 5.7 billion dollars according to Livemint.
There are 4 P's of marketing which we should learn from OYO rooms venture.
1- Product :
There is a lot of potential in small products also if they got proper improvement in quality and services for eg. OYO did a partnership with 0 to 2-star hotels and even guesthouses and standardized them.
2- Place :
If you will take OYO's example, you actually don't need any asset in term of place or property. Instead, you could invest in management quality improvement, followed by proper marketing. It would be win win situation for you and your partner companies. Also, we should focus on maximum market capture like near to popular malls, railway stations, airports etc.
3- Price :
Oyo targeted each type of customer either economic customers or rich customers. that's why they have a price range of 800 to 4k approx. Price should provide equal returns to the customer . because if your price returns are satisfactory then the customer will return for sure.
4- Promotion :
Like OYO we should focus on mass as well as on digital marketing. use all means of social media by targeting potential customers based on their interest and parameters.for eg. OYO organised several campaigns on social media like dubsmash contest, "Aur kya chahiye" videos on YouTube. Promotion should be interactive as much as possible.
Finally, I would like to end with the words of none other than OYO founder Ritesh Agrawal -
"It is extremely important to build or focus something that a 100 people absolutely love using rather than make something that a 1000 people would just, kind of, like."
Comments
Naveen Bagga
Live Life Aam Aadmi Size. A loyal Arsenal and Kings XI Punjab fan (Yes, life hasn't been this easy for me), currently pursuing MBA in IME, IIT Kanpur. A former employee of EY, EX-SRM-ITE. Blockchain enthusiast and Interested in Analytics.
Nice one!
22 Jul 2019, 08.01 PM
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Harshit Agrawal
An enthusiast in Marketing and Analytics. Pursuing MBA from IIT Kanpur.
Thanks Naveen
22 Jul 2019, 11.55 PM |
Animesh Saxena
Student
Beautiful!
22 Jul 2019, 08.29 PM
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Harshit Agrawal
An enthusiast in Marketing and Analytics. Pursuing MBA from IIT Kanpur.
Thanks Animesh
22 Jul 2019, 11.55 PM |
SONAM JAIN
I am currently a student at IIM Visakhapatnam. I am always eager to learn new things. I am passionate about the work I take and I feel empathy is the one virtue that we all should have as I feel, this is the only thing that differentiates humans from machines. Also, My ethics are my biggest strength.
Very well articulated (y)
22 Jul 2019, 08.30 PM
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Harshit Agrawal
An enthusiast in Marketing and Analytics. Pursuing MBA from IIT Kanpur.
Thank u so much sonam
22 Jul 2019, 11.55 PM |
Shweta Sachdeva
I am a student of IIM Visakhapatnam PGP 2019-21. Before this, I was working with TCS Gurgaon as System Engineer. I have done my undergraduation in B.Tech Computer Science.
Well written!!
22 Jul 2019, 08.31 PM
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Harshit Agrawal
An enthusiast in Marketing and Analytics. Pursuing MBA from IIT Kanpur.
Thank u Shweta
22 Jul 2019, 11.56 PM |
Swati Jain
Like like
22 Jul 2019, 08.58 PM
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Harshit Agrawal
An enthusiast in Marketing and Analytics. Pursuing MBA from IIT Kanpur.
Thanku Swati
22 Jul 2019, 11.56 PM |
Anshul Shah
I am Currently pursuing MBA from IIT Kanpur, Worked as ORMB Developer at Infosys from 2017-2019. I did my BE in Information Technology From IET DAVV. I like Singing, Swimming, Playing Badminton, Playing Chess.
Nicely Portrayed
23 Jul 2019, 01.14 AM
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Harshit Agrawal
An enthusiast in Marketing and Analytics. Pursuing MBA from IIT Kanpur.
Thank u Anshul
23 Jul 2019, 01.20 AM |
Saurabh Sagar Singh
Good analysis
23 Jul 2019, 01.23 AM
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Harshit Agrawal
An enthusiast in Marketing and Analytics. Pursuing MBA from IIT Kanpur.
Thanks Saurabh
23 Jul 2019, 01.24 AM |
tushar goyal
Very well written Harshit
23 Jul 2019, 01.32 AM
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Harshit Agrawal
An enthusiast in Marketing and Analytics. Pursuing MBA from IIT Kanpur.
Thanks Tushar
23 Jul 2019, 07.48 AM |
Ayush Goyal
Ayush
Nicely articulated 4 P's of Marketing
23 Jul 2019, 02.26 AM
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Harshit Agrawal
An enthusiast in Marketing and Analytics. Pursuing MBA from IIT Kanpur.
Thank u Ayush
23 Jul 2019, 07.48 AM |
harsh pandey
Good one
23 Jul 2019, 07.00 AM
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Harshit Agrawal
An enthusiast in Marketing and Analytics. Pursuing MBA from IIT Kanpur.
Thanks Harsh
23 Jul 2019, 07.49 AM |
Yash Shukla
well written and informative
23 Jul 2019, 09.27 AM
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Harshit Agrawal
An enthusiast in Marketing and Analytics. Pursuing MBA from IIT Kanpur.
Thanks yash
23 Jul 2019, 10.49 AM |
pinky pal
Very informative article, but it can be more presentable, it's too lengthy sometime to read.
23 Jul 2019, 09.38 AM
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Harshit Agrawal
An enthusiast in Marketing and Analytics. Pursuing MBA from IIT Kanpur.
Ok thanks I will keep this in mind
23 Jul 2019, 10.49 AM |
Akhil Sharma
Beautifully Described.
24 Jul 2019, 11.35 PM
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Harshit Agrawal
An enthusiast in Marketing and Analytics. Pursuing MBA from IIT Kanpur.
Thanks Akhil
24 Jul 2019, 11.36 PM |
Mayank Singh
Great article brother!
24 Jul 2019, 11.35 PM
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Harshit Agrawal
An enthusiast in Marketing and Analytics. Pursuing MBA from IIT Kanpur.
Thanks Mayank
24 Jul 2019, 11.37 PM |
Shubham Tyagi
Bhot badhiya. 20 lakh se uppar jaega kam se kam.
24 Jul 2019, 11.39 PM
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Harshit Agrawal
An enthusiast in Marketing and Analytics. Pursuing MBA from IIT Kanpur.
Pata ni waise thanks bhai
25 Jul 2019, 12.11 AM |
Pragya Verma
Nice one sir!!
24 Jul 2019, 11.43 PM
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Harshit Agrawal
An enthusiast in Marketing and Analytics. Pursuing MBA from IIT Kanpur.
Thanks Pragya
25 Jul 2019, 12.11 AM |
Vaibhav Chopra
Very well penned!
25 Jul 2019, 03.15 AM
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Harshit Agrawal
An enthusiast in Marketing and Analytics. Pursuing MBA from IIT Kanpur.
Thanks Vaibhav
25 Jul 2019, 11.27 AM |
Archita Babuta
Superb!!!
25 Jul 2019, 11.21 AM
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Harshit Agrawal
An enthusiast in Marketing and Analytics. Pursuing MBA from IIT Kanpur.
Thanks Archita
25 Jul 2019, 11.27 AM |
Aniket Singh
25 Jul 2019, 12.33 PM