Serving Two Indias
What are some of the current macro trends impacting marketers in the year ahead?
I would say there are two broad macro trends impacting marketing. First is the phase we are currently witnessing that is marked with enthusiasm. Travel has re-emerged because people are going on revenge spending and prioritising moving and meeting socially over other forms. Even in consumption, brands are seeing a massive upswing in markets like India.
On the flip side though, there is a looming fear that the world is slipping into recession. There are some clear indicators, which most likely will translate into pessimism in spending. On the overall scenario, one may even say it is a bit of a paradox that India can use to drive the next set of growth and become an investment hub in a macro environment where other markets are crumbling around us.
How are the metaverse and artificial intelligence-driven changes shaping marketing?
It’s very important to take cognition of these technologies and understand them. There are many words thrown around the metaverse without really understanding what they are. As a marketer who plays in the digital ecosystem, I too am scratching the surface. This being said, there are examples of compelling marketing initiatives taken by traditional brands where AI-driven marketing has been used to customise messages for different consumers.
The other is being present in the metaverse. There is still some time and there are many players in the metaverse who are doubling down on this. Small disruptors such as MidJourney (AI text-to-image generator) are changing the creative landscape. But adoption cycles take time. As these platforms’ user-friendliness increases, marketers will be required to understand these formats and build programmes to target them.
How relevant is traditional media for marketing in this constant talk of digital growth?
There are two parts to this. Traditional media is relevant because people are buying products and offline journeys are still happening. This may change given the mass digital adoption not only in the top cities but in Tier 2 and smaller markets as well. However, even then, offline media such as TV and out-of-home are still effective in bringing in new consumer segments or new geographies to the mix.
Engagement with digital platforms is limited for some consumers. They use it if it is free but they are not ready to pay yet. Different ecosystems are at play. If you look at a platform where people pay to buy a product online, the maximum number of monthly active users would be between 150-250 million. There is another whole set of 400–500 million people who have adopted digital but are not transacting and reached offline.
