The Struggle for Survival: A Look at Old Monk and the Changing Liquor Industry in India
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- Опубликовано: 21 июл 2024
- Old Monk is a brand that has emerged out of India and become the largest selling rum brand in the world. But as with many brands, there are ups and downs, and Old Monk has had its share of struggles.
Old Monk was first introduced by Ved Rattan who established Mohan Meakin Limited, a well-known brewery and distillery company based in Ghaziabad, Uttar Pradesh. Old Monk's popularity soared, and it became the largest selling rum brand in the world. The brand's success can be attributed to its rich flavor, which is derived from a blend of carefully selected Indian sugar cane spirits that are matured in oak barrels for a minimum of 7 years.
However, despite its initial success, the brand tumbled upon a downward spiral in recent years. Sad, right?
After analyzing the situation, we've identified three main reasons for the brand's fall from grace: changes in consumer behavior, no advertising spend, and weak distribution. But here's the big question - do you think Old Monk can make a comeback and reclaim its title as the largest seller of rum in the world? Or is it doomed to go bankrupt? We want to hear your thoughts in the comments below! Let's start a conversation and see where this goes.
00:00 Could Old Monk be headed towards bankruptcy?
02:03 The genesis of Old Monk: How it all began
03:20 The medicinal properties of Old Monk: Fact or Fiction?
03:51 The Secrets Behind Old Monk's Phenomenal Growth
04:35 What Contributed to Old Monk's 50% Sales Reduction?
06:28 Old Monk's Zero Advertising Budget: Real or Just a Rumor?
07:24 Why this Elixir Drink is Hard to Find: The Distribution Factor
08:59 Changing consumer behavior
09:49 Will the new Old Monk's strategies help to the restore growth?
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Hey prateek, I just want to say when you speak I just want to listen carefully... u really work hard thanks for informational video.
Thanks Akash 🙌🏼
When it's an Indian hard core drink, we Indians should first support this and consume it regularly, people go for costly foreign liquor, they think OM is a cheap liquor, but for rum nothing is equal to OM. We Indians should support MM and see that the company is growing up again.
❤
As always, content has been awesome!
I really felt insightful!
I love the content u guys share... Pls keep doing what you do.. Looking forward to my next dose of awareness!
The clear narration is what makes us stick to the video.
Thanks 🙌🏼
There are hundreds of old monk drinkers but yeah distribution is the major problem. Bacardi is easily available to nearby stores so people are moving towards substitutes. Hope they look over this problem else no one can save the sinking boat.
I'm not a market researcher but based on my personal experience I think below are the causes of their downfall:
1. Poor taste, Old Monk tastes like plastic imo. When competition joined & offered better taste their sales were bound to go down. BTW, do try Amrut Rum, you'll forget everything else.
2. You rightly said purchasing power, I would personally drink once a week than say 3times but I want quality and I am ready to pay for it even if I have to shell out more money. (This might not be true for daily/regular drinkers)
3. Indian climate except J&K, Himachal, Uttrakhand and the North East is not suitable for drinking rum. I think that is one major hurdle when you want to sell rum in India.
Solution IMO: I would definitely work on making it a better tasting product and at the same time advertise and sell it in colder regions/countries of the world. Brands like Captain Morgan have exited the Indian market to sell their products elsewhere.
Good analysis Mayank.
You touched a very controversial point on the taste there 😂 but let’s say it’s subjective.
Amrut Rum addresses a different market segment and I believe does not directly compete with old monk, but will definitely add it to the weekend shopping list JUST because you suggested.
Cheers man 🥃
Editing ⚡🤯🔥
You have connected all the dots so wonderfully here. United Spirits seem to have found a distribution network in restobars as their premium drinks are popular across gender. Thanks for the marketing lesson.
Thanks Leno, we will definitely pick United spirits in one of our next videos 🙌🏼
@@PrateekSinghLearnApp yes Brother 🙏🏽
Well researched and informative content. Mohan Makin's principal banker is Punjab National Bank and our Mohan Nagar Ghaziabad branch operates from the premises of the company. SoI immediately got interested. Just as you summed up don't see a great future for this company. Account was always weak and irregular and restructured several times. I believe rum is a strong drink so most preferred by army personnel. So if they have reduced their purchasing from MM then things are worrisome
Thank you for sharing your experience ma’am, interesting to know a bankers perspective as well. Very useful 🔥
enjoyed ..sir....tq
We are glad 🙌🏼
Very insightful content
Thanks Piyush🙌🏼
I keep seeing it in my local bottle shop, I will try it out as soon as possible.
😂🙌
Wow Great analysis Prateek 😁and yes you are right the distribution system is poor but the customers just love it from a collage student to bollywood celebrities.
As a international student of MBA in UK it is completely relatable and even last week i was also looking for it in London.....many of wine shop owner had the same answer that they don't have in stock right now Please try next week and BTW only indian and african prefer this in UK not british people.
Man of culture I see 🙌🏼
Hope you find it soon, until then cheers 🥃
man content level !!!
Thanks Mayur!
1 Tsp. Rum with Honey and Lime is Really, Helpfull in Winters or Cold.
Isn’t it cold in Delhi today Mayur?
Cheers 🥃
I have never been so sad after watching a market analysis video😢
Yeah Stuti I felt the same actually. This drink is legendary
Great video.
Please make a video on Associated Alcohols & Breweries Ltd (ASALCBR) stock. Thanks a lot.
Well reserached piece mate! How about if MM begins selling premixed alco-pops with an indian twist. Instead of rum and cola (a la Bacardi) - try rum and kalakhatta and tie up with #paperboat . I have served Vodka and paperboat jaljeera to my friends in London and they have loved it!
Wow, interesting fusion! Not sure if alcohol brands would introduce them but Voda + Jaljeera definitely seems tempting to me..
Marketing is required first and make it available in tier 2 3 cities
I think old monk should create some new cocktail using the flavoured rum and attach the recipe to the label, i think most of the people don't know the different ways to consume....
The company will definitely need some changes. A pivot for the brand according to me is not the way to go for now but rather add products as they did (the flavoured rum). I feel they can cater to the market of the slightly older generation as rum is a type of alcohol you tend to drink slowly and enjoy (unlike what the younger generation does, lol). Basically start with the older generation and work their way down the age bracket., I feel bringing a more expensive line and start ADVERTISING will definitely help.
Hi Prateek, firstly I am a big fan of your videos they are very informative. Regarding old monk brand, you may be knowing about Netaji Subhash Chandra Bose the freedom fighter. There is a movie made on his life few years back called "Ghumnami", which claims that the old monk name was given after Netaji becoming a monk in his last age. I am not saying that the claim is accurate, but can we check this with any of the old monk business owners? If you know them.
Partha, thanks so much! Interesting what you’ve e brought up. I’ll check :)
Please cover detail video on United Sprits and their future plan. (Has so many whisky bands)
Done 💯 picking it up soon 🥃
Please analyse Globus Spirits
Done Prasanna🙌🏼
What your take on United spirits form here onwards?
Let’s do another video on it soon🙌🏼
Would like to know on Globus Sprits as the stock has fallen more than 50%
Also pls tell us the future plans of United Spirits as well
It will be a good comparison between those companies and their way of getting into market share
Definetly making a video on it soon Mahadevan 🙌🏼
Since OM was pioneer in the intial stages .......only Creative Adv.....Could save them wish would like to hear abt (JD)
Interesting! You mean Jack Daniels right?
@@PrateekSinghLearnApp yes Brother 🙏🏽
I can't believe wine sells more than whisky.please verify it.
they are like kodak company, if people loves whisky than make old monk whisky, they are in same shelll of kodak
The end of old monk is near. 750ml is not enough for 2. (M not a toper)
Johnnie Walker
Dude your ears are so big 🤪 take it as a joke 😊
Haha yeah yeah funny only :) I don’t mind