The Marketing mix of Crossword analyses the 4Ps of Crossword, which include the Product, Price, Place, and Promotion of Crossword. Crossword Bookstores is of Indian origin and is a subsidiary of its parent company, Shopper’s Stop. It is a chain of bookstores in several parts of India under its brand name. The company is associated with the retail industry, and since its inception in 1992, the firm has based its headquarters in Mumbai, India. Some of its competitors in this field are as follows:
- Om Book Service
- Amazon
- Flipkart
About Crossword
- Type: Bookstore chain
- Industry: Retail
- Founded: 1987
- Founder: N. R. Narayana Murthy
- Headquarters: Mumbai, India
- Area served: India
- Key people: N. R. Narayana Murthy (Chairman) and Kinjal Shah (CEO)
- Number of employees: 1,500
Table of Contents
Crossword Product Strategy
Crossword has targeted a wider audience with its unique product portfolio. It is undoubtedly a great bookstore with many books and magazines for every age group.
The product mix of Crossword in 2023 is as follows(Source):
- Books: Fiction and non-fiction books, Bestsellers, Literature and classics, Mystery and thriller novels, Science fiction and fantasy books, Self-help and personal development, Children’s books, Academic and reference books.
- Stationery: Notebooks and notepads, Pens, pencils, markers, Art supplies, Office supplies, Diaries and planners, Folders and organizers, and Calendars.
- Gifts and Novelties: Greeting cards, Gift wraps and bags, Candles and home decor items, Puzzle games and brain teasers, Toys and games for kids, Bookmarks and reading accessories, Journals and writing sets.
- Educational Materials: School textbooks, Study guides and reference materials, Exam preparation books, Educational toys and aids, Workbooks, and practice papers.
- Multimedia: DVDs and Blu-rays, Music CDs, Educational software and CDs.
- Magazines: A variety of magazines covering different interests and topics.
- E-books and e-readers: Some Crossword stores may also offer e-books and e-readers for digital reading.
- Cafe: Many Crossword outlets have an in-house cafe where customers can enjoy coffee, snacks, and meals while reading or studying.
- Book Launches and Author Events: Crossword hosts book launches, author signings, and literary events to engage with customers and promote reading culture.
Crossword Place Strategy
Crossword Bookstores is a fully-owned division of Shopper’s Stop and has various outlets in every part of India. It is the largest bookstore chain in India and has nearly eighty-three branches. Outlets are projected as Lifestyle bookstores that are spacious with great ambiance. These well-laid stores with cheerful interiors encourage customers to browse every section, like toys, music, and books. Methodical classifications, simple product innovations, clear signage, attractive displays, and an inquiry counter have helped this outlet become one of the best bookstores where a person can enjoy browsing to his/her heart’s content.
Customers are encouraged to satisfy their curiosity for hours as it has a welcoming atmosphere with chairs, reading tables, and even a toilet. Crossword attracts families to its stores because the brand has focused on projecting this outlet as a safe, friendly, and fun-filled place. Bookstore also encourages online shopping from a person’s residence or office. Crosswords aims to become a social, business, and cultural point of interaction where people can easily gravitate towards entertainment and information.
Crossword’s place strategy, also known as its distribution and location strategy, can be summarized in five key points:
- Multiple Retail Locations: Crossword strategically places its bookstores in high-traffic, urban areas and shopping centers to maximize visibility and accessibility for its target audience. This includes locations in malls, commercial districts, and popular neighborhoods to ensure convenience for customers.
- Geographic Expansion: Crossword is in multiple cities and regions across India, including major metropolitan areas and tier-2 cities. This geographical expansion allows the brand to tap into diverse markets and reach many potential customers.
- Store Ambiance and Layout: Crossword stores are designed to create a welcoming and comfortable reading environment. They typically have well-organized sections, cozy reading corners, and sometimes in-store cafes, creating an enticing atmosphere for book lovers to browse and spend time.
- Online Presence: Besides physical stores, Crossword has an online platform that enables customers to purchase books and other products conveniently from their homes. This omnichannel approach caters to the needs of both in-store and online shoppers.
- Marketing and Events: Crossword frequently hosts book launches, author events, workshops, and literary festivals in its stores. This strategy drives foot traffic and fosters community and engagement among its customers, making the physical stores more than just retail outlets.
Crossword Pricing Strategy
Crossword has several outlets in India and has become very popular amongst book enthusiasts because of its diversified products and realistic prices. Shopping at this bookstore is a pleasure as it provides a great environment and because the prices of its products are marginally lower than those of other markets. Under its promotional pricing policy, the brand has tie-ups with several brands and provides incentives, offers, and discounts at regular intervals. This helps the brand to maintain its reasonable pricing policy because of affordable prices. Crossword has realized that reasonable prices will help penetrate other markets and bring customers to its stores.
- Value-Based Pricing: Crossword follows a value-based pricing approach, wherein the prices of books and related products are determined by the perceived value they offer customers. The brand places a premium on the quality of its book collection, stationery items, and overall shopping experience, allowing it to charge slightly higher prices than mass-market retailers.
- Competitive Pricing: While Crossword maintains a premium image, it also monitors the pricing strategies of its competitors in the market. This helps the brand balance offering competitive prices and maintaining its superior status. Crossword occasionally offers discounts and promotions to stay competitive while safeguarding its margins.
- Loyalty Programs: Crossword has a loyalty program that rewards frequent shoppers with discounts, special offers, and exclusive event access. This program encourages customer retention and repeat purchases, enhancing the perceived value of shopping at Crossword.
- Bundling and Cross-Selling: Crossword employs bundling and cross-selling techniques to maximize sales and enhance the customer experience. For instance, they may offer discounts when customers purchase books from a particular genre and related stationery items or introduce themed gift sets during festive seasons.
- Dynamic Pricing: Crossword may also employ pricing strategies for specific products or events. For example, they might adjust prices for newly released books or tickets to popular author events based on demand and market trends.
- Premium Services: Besides product pricing, Crossword offers premium services such as gift wrapping, personalized book recommendations, and gift registries, which come with an additional fee. These services cater to customers seeking a more personalized and convenient shopping experience.
Crossword Promotion Strategy
Crossword has developed strategic plans to encourage its brand’s vision and mission. A part of its promotional policy is to promote gift coupons among its customers. Vouchers of Rs 100, 500, 250, and 1000 denominations are available at outlets that can be a perfect gift for family members and friends. These are valid for one year and can be redeemed in any of its stores. Other essential customer services provided by Crossword are fax-a-book, dial-a-book, and email-a-book, and this helps them shop online from any convenient place. It has an efficient and trained staff to meet customer demand successfully as it helps them find the correct CD, book, or gift. Crossword also has a return, refund, and exchange policy for most products.
Loyalty amongst customers is rewarded through promotional offers, discounts, and emails about the current prices of products available in stores. As part of its marketing strategy, the store has been visited by several famous authors like Arundhati Roy, Vikram Seth, Vikram Chandra, Kiran Desai, Shobhaa De, and Jack Canfield.
Crossword employs the following promotion strategies:
- In-Store Events: Crossword hosts book launches, author signings, and literary events to engage customers and create community.
- Loyalty Program: The company offers a loyalty program with discounts and exclusive offers to reward and retain loyal customers.
- Online Presence: Crossword promotes its products through its website and social media channels, leveraging advertising and email marketing to reach a wider audience and drive online sales.
Some Recent Video ads and Print ads of Crossword are:
Liked this post? Check out the complete series on Marketing Mix
