CMO Bullish On India As They Embrace Unprecedented Opportunities  

Indian economy is seeing continued growth and remains resilient in the face of global economic uncertainties. On the back of this, and factoring in positive consumer spending behaviour among other factors, marketing leaders in India are optimistic about the year ahead and predict industry growth. 

The Headroom For Growth 

“It’s been a dream year for us so far. Air conditioning is a booming industry right now,” said Girish Hingorani, Vice President, Marketing & Corporate Communications, Blue Star, adding, “The Indian air conditioning market is currently valued at 11 million units, while China's domestic market stands at around 90 million units, indicating a significant gap between the two countries. India’s penetration rate is just 7 per cent, suggesting immense growth potential.” 

As disposable incomes rise and urbanisation continues, an increasing number of households are expected to invest in modern air conditioning systems. The government’s push for energy efficiency and sustainable technologies is also expected to drive market growth in the coming years. 

The growth scenario is true despite global headwinds. “There is volatility in the global market, but the Indian GDP growth rate is quite bullish,” remarked Darshana Shah, Head Marketing & CX, Aditya Birla Group. She explained that consumption in the Indian market is increasing. “Many fintech platforms are coming. In the financial services category, we have seen good growth last year as well as in the last quarter. We are almost 26 per cent high. However, we work in a highly regulated sector. Therefore, global uncertainty and regulations by top regulatory authorities keep us on our toes,” she added. 

The Positive Changes 

In the real estate sector, the demand for larger homes has surged post-Covid, as many have realised the limitations of renting. This shift has significantly driven demand, with a noted decrease in available land. In 2019, the industry experienced its highest office absorption rates, but the pandemic drastically changed this. Fast forward to 2023, demand has surpassed the 2019 mark. 

“As of July 2024, 34 million office spaces were utilised in India, which is 18 per cent more than the previous year. India was always the most preferred offshoring destination in the world, and today it still stands,” said Shruti K. Agrawal, AVP, Tata Realty & Infrastructure. 

“In our industry, direct-to-consumer has not yet happened, and we do not see it happening in the next decade. But the dialogue between the brand and consumer has become far richer than what it was,” said Kavita Ganesan, General Manager, Marketing, TVS Eurogrip, discussing the market sentiment in the tyre industry. She added that consumers in the premium segment are more aware of what they are buying.  

The Best Of Times 

As Charles Dickens once wrote, ‘It was the best of times’, marketers in India are experiencing a similar high.  

“It is one of the best times for any marketer to enjoy work. We already had TV and print, and then digital came in. Now we have a creative community coming in with social media at its peak, and then finally artificial intelligence is here. This is the best time to get one’s marketing juices out and ensure that we use all these available options and integrate and get the best,” said Agrawal.  

The consensus among marketing professionals is that an effective strategy in today's landscape involves implementing an integrated marketing framework. This approach should blend print, television and digital campaigns to reach a wider audience. Additionally, there is a strong call to leverage the strengths of the creative community to enhance marketing efforts in the current dynamic environment. 

Jayant Basantani, Vice President, India Business, Mobavenue Media summed up these discussions by explaining that marketing requires creativity, which is not any one person’s job. A team that has the right set of people can only execute a successful marketing campaign from the grassroots. The traits that are highly desirable by marketing gurus when they are building their teams are passion, integrity, ethical values and attitude to get their hands dirty.  

These comments were part of the discussions that took place at the BW Festival of Marketing 2024 on August 29 in Delhi.  

Abhinav Kumar Jha

BW Reporters The author is a trainee correspondent at BW Businessworld.