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Lowe wins Multi Commodities Exchange of India business
O&M had also taken part in the pitch. According to industry sources, the size of the business is around Rs 10 crore
Lowe, Mumbai, has won the creative duties for Multi Commodities Exchange of India (MCX), an independent and de-mutualised multi commodity exchange. O&M was the only other agency invited to take part in the creative pitch. As of now, the media buying and planning is being done in-house by Lomesh Maniar, but a media pitch is expected to be called in a few weeks. Executives at MCX are preparing a brief to be given to media agencies.
Although both the agency and the client declined to comment on the size of the business, industry sources peg it at around Rs 10 crore.
So far, the four year old MCX has never used an ad agency; it occasionally turned to its in-house marketing department for the BTL work it needed for addressing its primary TG (the trade circle, including dealers who transact on MCX).
“However, with Lowe on board, we may even follow a B2C model in the future,” reveals Setu Shah, associate vice-president, marketing and branding, MCX. “However, our communication plans are still at the inception stage.”
MCX is likely to use a judicious mix of mass media and BTL vehicles, and is even open to the concept of leveraging television, a first for the brand.
Shah reveals that the reason for getting aggressive on advertising at this point is simple: the vision of the top management has changed. “We have around 70 per cent of the market share when it comes to multi commodities exchanges,” claims Shah. “So, it was time for us to build the brand, as well as expand the category through our communication.”
MCX offers a spectrum of opportunities to a large cross section of participants, including producers/ processors, traders, corporates, regional trading centres, importers, exporters, cooperatives and industry associations.
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