Scene 1: (a typical middle class family. a conversation between a mother and her grown up son)
Mother: son, today i am planning to buy you a new gold chain... like a good guy you will wear it always henceforth.
Mother: ya, today it's the auspicious day of akshaya tritiya. buying new gold will will bring us more prosperity. and will keep you in good health.
Son (a logical thinker): but mom, I 'am' healthy!!! and we are happy the way we are now. besides i am not really interested in wearing gold n all...
Mother: stop being a smart ass (not the exact words, since it's a Indian middle class family) and do as I say...
Son: what about the play station 2 which I've been asking you for such a long time. or maybe you can give me the money, so I can modify my bike...
Mother: No No! those things are just waste of money. you are a grown up now. you shouldn't be wasting money on video games anymore. It has to be gold. period.
Son (thinks): Oh crap!!!
Scene 2: (the conference room or a really luxurious hotel. a meeting of all top jewellers of the country - 8-10 year ago)
Jeweller 1: gentlemen, sales has really been bad over the past few years. I am sure all of you will agree to this...
Others: yeah! yeah! yes, Haan ji! aamam sir!
Jeweller 1: the situation now is, we get bulk orders for weddings etc, maybe 5 times a month. otherwise it is all small purchases, not worth selling. You all very well know the problems that we face. inventory holding costs, bribes that we have to pay the officials and policemen, the advertising expences etc. Considering all this, we must have massive returns, other wise their is no point in doing this business. This is a great area to do business, all we need is to click the right button.
Jeweller 3:what we really need is a great marketing strategy.
Jeweller 2: yes! it is not really about survival, it's all about minting money to the maximum extent.
Others: agreed! agreed!
Jeweller 1: like in the case of textile retailers, they make a kill during festival times. people are glad to spend on clothing 3 or 4 times a year. and that keeps them in good business. with a good strategy and proper advertising, I think we can also achieve a similar state! in our case even once a year purchase from a Major section of the population will keep us rich and happy for the whole year.
Jeweller 3: what is the segment that we are going to target?
Jeweller 2: Sir, it doesn't work that way! we have to target the whole spectrum of the population, then the strike rate would be much more.
Jeweller 1: the best way to do this is use the religious sentiments of the people. make them believe it's a must, to purchase gold. They are all so vulnerable in this area.
Jeweller 2: great idea! we pick a date and we call it "Must buy gold" day. we can easily liquidate all our inventory on this day. and the profit will be phenomenal.
Jeweller 4: when should this be?
Jeweller 2: Does it really matter???
Everyone: HA ha HA Ha hA!!!!!!
and that is 'probably' how Akshaya Tritiya came into existence.
This is the biggest marketing gimmick ever. and this concept of Akshaya Tritiya is a perfect example of how business people commercialize/capitalize on normal people's sentiments!
As the name denotes, Akshaya is a never ending, never diminishing, unlimited non-stop flow. That means, whatever we start and do on this day, will be with us forever and keep on growing as intended. I say plant a tree and watch it grow and give fruits, or start a new business, venture, or maybe a new good habit etc. WHY GOLD???
The sad state of our country is that, these days, people even borrow money from others to buy gold on this day. Banks put a board outside their gates: "today no banking transactions! only gold coin sales"!!!
I am pretty sure every country in the world will have such silly sentiments and practices, but this must be the king of all such things! it seems, on this day, last year a whopping 55 tonnes of gold were sold. To cash on this opportunity banks and retail players in gold jewelry segment have come out with lucrative offers (everyone is smart, except the common man).
Now what is really the downside of this.? investing in gold is a good thing right? only the consumer should know the answer to these questions. sometimes you buy 14 carat gold instead of 22 carat (thinking it is 22 carat gold). and not to mention about the adulterations etc that the jewellers do during these times.
Ever since the government became very strict about arbitrage, smuggling etc, these business people have thought about other means to make huge profits. This is one of those...
The future looks pretty bright for other businesses as well, with the consumers who will buy anything if properly advertised...
- "buy a rice cooker today, and your family will never go hungry : rice cooker day"
- "buy 5 kgs of Bt brinjal and make this special recipe and serve to your family before 8PM today :Bt Brinjal day"
- "this whole month is wrist watch month. buy a wrist watch in this month and be the best in time management, we also give you certificates for time management upon full payment for your watch"
- (this could be the worst) "buying property day: today buy your own piece of land or property and get the direct blessings of all the gods"
These are absolutely my own personal views. no intention to hurt anybody's feelings/sentiments!