The primary goal for Spinny Cars Founder and CEO Niraj Singh is to keep the company scaling, improving market share, and financial growth. With roots dating back to 2015 in Delhi-NCR, Spinny has now expanded throughout most regions in India.
Their latest business endeavor has been an experiential car park in Bangalore, India– their largest market. In an interview with e4m, Singh discussed used car retailers’ potential in India, the company’s ad spending strategy for the next several years, and additional topics.
He spoke about the initial difficulties, saying:
“When we entered the market, it was very crowded. There were already lots of players. So, it was really difficult to convince people that there is still room for a new entrant. Not coming from an automotive background, it was difficult to prove that we will be able to make a dent or we will be able to solve the way we dreamt of solving right. We were told on multiple fronts about the kind of business model we were proposing, whether it at all made sense, and whether was it a quality-controlled experience or not. The scalability of the business model and our ability to execute the business model were also questioned.”
He continued by saying that people had lots of questions about our business despite us proving ourselves. They were wondering if the company could Scale the company, overtake other businesses, and make a name for itself. With most investors already committed to other players, they doubted if Spinny could raise enough funds too. So now he feels like Spinny is in a much better spot.
In the future, the company will focus more on what has been successful for us in the past and rinse and repeat those processes. He says that the company has fewer external dependencies and risks now, so it is less about worrying about what others are doing or saying. Everything moving forward depends on how well they execute internally as a team.
In addition, Singh spoke about Spinny’s marketing strategies, expressing that they want to encourage organic user-generated content (UGC). He continued by saying that other than taking some initiatives in this direction, another avenue that works well for them is brand marketing and advertising for popular cricketing events.
He spoke to exchange4media-
“Digitally we have been very aggressive and very active already for the last two or three years. So, we ensure that if a customer starts doing any kind of online research, they get to know about us. In a way, we have already been able to achieve that. Given that our word of mouth is very strong, over the last one and half to two years or so, the ad expenditure was close to 10% of the total budget. The budget, going forward, will keep coming down. So last year, it was 8-9%. This year, it is already down to 4.5%. Two or three years down the line, it won’t be more than 2% of our budget.”
Overall, Singh is confident that Spinny’s unique business model and market positioning will help them continue to succeed in the Indian used car industry. With their focus on organic UGC and reducing ad expenditure, he hopes that Spinny will continue to grow in the coming years.
Shivendra Tiwari is an Engineer and an MBA in Marketing. He is the Content head at Marketing91 and a thorough Online Marketing enthusiast. Shivendra loves to follow different brands and study their Business and Marketing tactics.