Mumbai: As burnout and sleep issues become more prevalent, people are increasingly recognising the importance of quality sleep for their well-being. In response to this growing awareness, the quest for both comfort and affordability in sleep solutions has intensified.
Magniflex, Europe’s leading luxury mattress brand with 63 years of Italian craftsmanship, is addressing this need in India’s price-sensitive market through its Magniflex Investment Plan (MIP). This initiative offers an EMI option, making high-quality mattresses accessible without financial strain. By combining luxury with affordability, the MIP campaign caters to evolving consumer priorities and enhances access to premium sleep solutions.
Indiantelevision.com's Arth Chakraborty caught up with Magniflex India’s managing director Anand Nichani to discuss the evolving consumer trends in sleep health post-pandemic, the inspiration behind the Magniflex Investment Plan (MIP), and how the campaign addresses the challenge of balancing luxury with affordability.
Edited Excerpts:
On the trends that are emerging among consumers regarding sleep and the need for high-quality mattresses, and the influence of pandemic on these trends
Post-COVID, we have observed that people have started prioritising their health over money; they are willing to go the extra mile and spend on products that make a positive difference to their well-being.
The Indian market is becoming very educated—by educated, I mean that today, due to access to information, people are aware of their choices. Moreover, with the increase in disposable income, people are inclined to spend on well-researched products.
Our sales grew post-COVID because of the technologically advanced products we offered and the certifications our products came with.
On the inspiration behind introducing the Magniflex Investment Plan (MIP) in India
Since its launch in 2010, Magniflex has been favored by a niche group of customers. However, post-COVID, we noticed a significant shift in customer behaviour. People became more aware of the critical role sleep plays in their overall health and wellness.
As interest in our mattresses grew, many customers began asking about EMI options. This inspired us to launch the Magniflex Investment Plan (MIP), an easy EMI option that allows customers to invest in high-quality mattresses.
To make this possible, we partnered with Bajaj EMI and ShopSe, offering no-cost EMI options at all our franchise and dealer stores. ShopSe also enables customers to opt for EMI options directly on our website. This shift in consumer priorities post-COVID has led to an increased demand for affordable luxury, and our EMI options provide an accessible way for customers to enjoy the comfort and benefits of our premium mattresses while spreading the cost over time.
On the MIP campaign addressing the challenge of balancing luxury with affordability
The EMI option allows customers to spread the cost of a luxury mattress over several months rather than paying the full price upfront. This makes the purchase more manageable for those who aspire to own a premium product but might be deterred by the initial cost.
By offering a luxury product on EMI, the campaign emphasizes the value of the mattress while reducing the immediate financial burden. Customers perceive that they are getting a high-quality product at an affordable monthly rate, which enhances the brand's appeal.
The EMI campaign democratises luxury by making it accessible to a wider demographic. It allows people from various economic backgrounds to experience the comfort and benefits of a premium mattress, reinforcing the brand’s commitment to offering luxury for all.
On the role that strategic product placements and media interactions play in the success of the MIP campaign
They help the brand reach a wider section of the target audience and help them understand why an investment in their health is crucial. This approach targets potential customers who might not have been actively searching for a mattress but could be persuaded by seeing the product in a relatable context.
Media interactions, such as features in respected publications or interviews on well-known platforms, lend credibility to the MIP campaign. When consumers see trusted sources discussing or endorsing the product, they are more likely to consider the MIP offer a reliable and beneficial option.
Strategic product placements can create an emotional connection with the audience by showcasing the product in settings that resonate with their lifestyle or aspirations. This connection can be a powerful motivator in driving purchase decisions, especially when EMI options make the product more accessible.
On the role that consumer education plays in Magniflex’s strategy for promoting the long-term health benefits of high-quality sleep solutions
Consumer education is essential to our approach. Often, customers visiting our stores aren't aware of the underlying causes of their health issues. Our sleep experts take the time to understand their sleep patterns and frequently discover that inadequate sleep is a major contributor. This prompts an examination of the mattress they’re using.
Our trained staff then identify the specific issues the customer is facing and recommend the most suitable mattress accordingly. In India, we’ve achieved a 99 per cent customer satisfaction rate, and we’re proud to note that our mattresses are rarely returned due to dissatisfaction.
