24 Feb 2017, 10:29 — 7 min read
Delving into a sector where the market is unorganised can present both a challenge and an opportunity. The challenges are such that it takes considerable drive and know-how to make the most of the opportunity afforded. Cornerstone Marketing Services, with interests in event management, insurance and e-commerce has now ventured into the burgeoning yet challenging market for LED lights, with its company LUCOR LED lighting.
Sandeep Tandon, Director, Sales & Marketing, explains how LED bulbs suffer from misconceptions because of poor quality products provided at cheap prices by some suppliers. LUCOR LED lighting aims to correct those misconceptions and make a mark in a space that is growing and will continue to grow. Their USP is that they refuse to compromise on quality. Armed with the virtues of quality of reliability the company is now looking to expand its client base globally.
In conversation with GlobalLinker (GL) Sandeep Tandon (ST) shares the journey of LUCOR LED lighting with its challenges and vision for the future.
GL: Tell us about your business.
ST: Cornerstone Marketing Services, established in 2009, has diversified business interests in the fields of event management, insurance, e-commerce and has recently ventured into LED lighting. With evolving technology and fast changing world of illumination, a large gap emerged between the scale of requirement and product availability. This was further exacerbated by lack of information and limited choices on offer. We felt a responsibility towards customers and a strong need to fill this gap by making products that promise quality. In the past decade we have put our learnings to the advantage of our customers by expanding our business to bring innovative solutions to lighting, backed by thorough research and a deep understanding of the market.
GL: What are the challenges you have faced in establishing your business?
ST: We have been in business for more than two decades now and there have been many pitfalls, and each of those offered great learnings. Expanding our business into the field of LED lights – LUCOR LED Lighting, in a price conscious market has been tough. Reaching out to customers and raising awareness of the customers that quality comes for a price has been challenging.
Besides, the unorganised market in the trade of LED is doing a great harm to the growth of an excellent cost and energy saving technology. Low priced products offered through this unorganised market are often of poor quality and make the end user believe that while LED lights come for a price more than the regular options, these are of no good. This is impeding the growth of business.
While the government is promising support in terms of policy measures, yet actual implementation of such measures remains limited. Quality parameters are still not insisted upon and the buyers, including the public sector which buys through issuing of tenders tends to focus on the price of the products and not on quality, despite knowing that products which are priced lower are often found to be compromising on quality and do not last long. It is taking sustained and concerted efforts to influence the demand, increasing the gestation period more than what we had planned for.
GL: What is the USP of your business?
ST: With reference to Lucor LED lighting, we have concentrated our operations on corporate sales of our indoor and outdoor product range. This resolve has helped us achieve exclusive range, best quality and affordable pricing. We are probably the only Indian company offering warranty of up to ten years, which is not promised by other providers.
Our continuous research to find innovative lighting solutions helps us plan the launch of a product range to meet the needs of the client, and even exceed the expectations at times. We will be the first company to launch LED bulbs with power-bank to work with and without electricity, which we are going to launch very soon.
GL: What are some of the milestones of your business.
ST: Since the launch of LED lights in early 2015, we have gained support from some big corpo-rates, where in we have been appointed as their exclusive source, both for indoor and outdoor LED lighting, owing to our extensive investments in quality.
GL: What role do you feel GlobalLinker plays in connecting and assisting SMEs?
ST: GlobalLinker is an excellent initiative to bring together SMEs. GlobalLinker is a great platform for connecting with fellow businesses and also establishing new networks with potential customers. This platform would enable us to harness the full potential of the powerful digital medium to reach out in the global market. Some of the promising services being offered by GlobalLinker would help us maximise our revenue by bridging the gap between us and the customers as well as fellow/associated businesses through strategic networking.
GL: What is your big business dream?
ST: Promoting the concept of ‘Make in India’, we are looking towards going global with LUCOR LED, expanding the range of products we offer and increasing the number of clients. Our vision is to grow our client base by constantly improving upon the quality of our product range and building our capacity to scale up the value of our company. We are committed to deliver quality at best prices in a professional and efficient way, such that trust is maintained among our existing clients and is established among new clients, which will enable us to reach further heights in business.
GL: What is your message to aspiring entrepreneurs?
ST: Don’t be afraid of taking risks. At the same time, it is equally important to make informed choices, based on evidence and not on assumptions. Another aspect which I feel very strongly about is that it is natural to encounter obstacles, not every business transaction will end up as you would want it to— you win some, you lose some! I would strongly urge all the aspiring entrepreneurs to embrace uncertainties and never get disheartened and lose focus. Always have a thorough business plan, but be open and receptive to new ideas.
Deliver more than what they can expect. It is crucial to understand the fundamentals of business, to invest only that much what you can afford to lose, but along with all this, to focus on the needs of the customers and deliver more than what they expect you to.
Seek advice and insight from all your customers, make needed adjustments and continue relentlessly.
Disclaimer: This article is based solely on the inputs shared by the featured member. GlobalLinker does not necessarily endorse the views, opinions & facts stated by the member.
Posted byGlobalLinker Staff
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