Experimenting Must Continue

On brands playing catch up…

More than half the population of India, which is a very large consumer base by itself, is now connected. We are witnessing the rise of digitisation in a manner that is transformational for everything, people, organisations and businesses. The speed of connectivity is no doubt driven due to the impact of the last two years. Many brands have capitalised on and continue to make the most of this trend. But some still need to catch up. Therefore, there is a certain headroom for growth. 

Another aspect brands need to look at closely is the rise of artificial intelligence (AI) and machine learning (ML), especially when one is talking about digital marketing. Automation can now do the job of many for the mundane and mechanical aspects. This will allow teams to focus more on creative and strategic thinking.

On how the rise of tech is changing marketing…

A big advantage of AI, ML and other tech advances is that now we have much more access to data and insights on consumers. In creativity and messaging, we are moving beyond the traditional forms that were limited to texts and graphics. Storytelling is happening on Instagram and Facebook. The same campaign will be shown differently to different customers. Therefore, from research to creativity to distribution, marketing has changed in all important aspects. 

On the need to experiment…

We must get be cautious with the comfort of the budget. When there is enough money to spend, the human tendency to experiment and try newer things that may not be very popular yet is lesser. It is fine to do the tried and tested but experimenting ushers in innovation. Overall though, it is a great time to be in marketing. There are many new ways of looking at doing business and engaging consumers. Due to tech availability, we can easily test multiple variations of a campaign on different channels and know what is working and what is not. 

On spending trends…

The market is looking much better than it was last year. Even though we hear a lot about revenge spending and pent-up demand, which is the case, there is a lot of cautious spending happening as well. This may continue given some of the broader economic changes that we are seeing.