The disruption caused by the pandemic has pushed us into a world of volatility, uncertainty, complexity and ambiguity (VUCA). Product launches and purchases are no longer the same. Industries are feeling the pressure one way or another. Therefore, the marketing and advertising industry is moving more towards digital marketing to keep up.
India is home to new era business models such as payment app Paytm, electronic technology company Byju’s and food delivery restaurant aggregator Zomato. The pandemic’s push on digital payments, contactless procedures and lockdown restrictions have pushed the masses to turn to these business models. Their services, initially reserved for a community of users, have become essential for everyone. This category is set to grow.
Speaking at the ASSOCHAM Virtual Branding and Marketing Summit, Saugata Gupta, Managing Director and CEO of Marico Ltd, said: companies and entrepreneurs to experiment with new models. FMCG (fast moving consumer goods) companies are working on test-trial models that deliver results within 30-40 days, as opposed to the traditional six-month wait and watch period.
The marketing and advertising sector is moving more towards digital marketing and social media platforms. Data has become a source of strategic advantage. Insights from data have led to accurate marketing, through which new consumers can be brought into the fold. Economic models are built around data. This could probably lead to a bespoke custom products stage. Besides niche offerings, social media, crowdsourcing, and online marketing research could drive the organization’s agenda. “The word-of-mouth viral channel could lead to a surge of new online shoppers through technological tools. They help monitor consumer behavior, real-time feedback, and return on investment (RoI). All of this leads to a situation where campaign cycles have become shorter and products are more agile,” Gupta added.
In a digital setup, the tools allow marketers to reach consumers directly. Digital transformation must come from the top. However, companies need a clear view of the business model and then build a brand strategy for ROI and the right unit of economy.
Data assimilation could drive many companies into direct-to-consumer (D2C) sales. This helps boost sales and businesses can create a better customer experience and stronger customer relationships. D2C can be seen as a way for companies to build sustainable businesses.
Another aspect is that most products today are launched via omnichannel or multichannel where the purchase is done online from a desktop computer or mobile device, by telephone or in a physical store. . Businesses don’t have the luxury of stalling when it comes to product offerings. They are likely to rely on market trend analysis tools to position themselves accordingly.
“Since the pandemic, there has been a huge shift in the shopping trend, where the focus is on online shopping. New brands have sprung up to meet changing preferences,” Thomas noted. Varghese, Chairman of ASSOCHAM’s National Branding and Marketing Council and Business Manager – Textiles at Aditya Birla Group.
An economic downturn has forced companies to rationalize their budgets. It may not be possible to fix the VUCA environment, but you have to live with it. Thus, the marketing and advertising industry had to rethink its strategies to sustain itself in this difficult situation. “The rate of online consumption is increasing at a rapid pace,” said Basudev Mukherjee, Deputy Secretary General of ASSOCHAM. “Technology is the enabler. Digital tools and social media have helped large and small sellers reach the most distant consumers. »
A financial risk is something that many companies can avoid in the VUCA situation. On the other hand, short-term profits can probably click with them. “Most companies that have been rated on their profitability are now focused on acquiring more customers. Advertising agencies are looking for new tools to make products innovative and more agile. Customer-centric data illuminate customer preferences,” observed Sam Balsara, President and CEO of Madison Group. Hopefully, the advertising pie will not just grow, but perhaps also attract eyeballs for innovative offerings.
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