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A year followed by economic resilience and technological shifts, however, 2024 emerges as a year with strategic recalibration and growth for the marketing sector. As businesses increasingly focus on short-term gains, marketers find themselves balancing the power of brand building with the demand for immediate results.
More With Less
Tushar Malhotra, Director of Sales and Marketing at Bisleri International offers a nuanced perspective on the year's marketing expenditures. "When we look at the marketing budget growth, marketing budgets generally grow in line with the sales and the economy has been buoyant so far," Malhotra notes. However, he emphasises that the true measure of success lies not just in the size of the budget but in its judicious application. "How you smartly spend the marketing budget is also an important aspect of it. And what eventually you need is you achieve more with less. But sometimes less is enough if you smartly find it," he adds, highlighting the industry's shift towards efficiency and targeted spending.
The approach reflects a shift towards efficiency and precision in marketing expenditure, emphasising a maturing industry that values impact over sheer spending volume.
Precision Marketing
As per the Pitch Madison Advertising Report 2024, India's print media sector is bucking global trends with a projected 7 per cent growth in 2024. Elections played a crucial role in this as political campaigns embraced print media as a favoured platform.
Ankit Kapoor, CMO & Business Leader affirms the positive outlook while offering a broader perspective on the market dynamics. "It's definitely a strong year. Spends are back," he confirms.
Girish Hingorani, Vice President of Marketing & Corporate Communications at Blue Star presents an even more optimistic view. "I think from a budget growth, it was very good. The ADEX grew quite well in 2024. Thanks to even the elections which happened this year. I think the growth has been really good," Hingorani states.
Highlighting the need for precision in marketing strategies, Hingorani asserts, "It's not about one mass bombarding strategy. It's about microsurgical strikes". He views the current era as particularly exciting for marketers, especially those who have witnessed the industry's evolution. "We have marketers who have seen the first generation which is just television and print. I've seen digital and I think I am very fortunate to have seen both sides of the coin," he reflects, underscoring the rapid technological changes that have transformed the field.
Kapoor also notes an intriguing shift in the allocation of the increased budgets observing, "There is also a very interesting balance that's playing out between new age versus traditional media." While digital advertising continues its explosive growth, traditional media like print and radio are far from obsolete, showing resilience and even growth in certain sectors.
As 2024 is unfolding itself, the growth in both television and digital spending also suggests a market that's not just growing but fundamentally transforming.
Market Opportunities
Nonetheless, Hingorani also points to broader demographic shifts in the marketing terrain. "India is now a very large market. We're going to add supposedly 20-30 million urban consumers from rural they've become urban. So there's a huge opportunity there," he explains. This urbanisation trend presents both challenges and opportunities for marketers, necessitating a more nuanced approach to consumer engagement.
However, Kapoor points to areas that could further strengthen the industry's growth. "We probably hope that the economies across the world kind of bounce back a little bit more and rural India in particular bounces back as expected," he says. He highlights the interconnected nature of global economies and the particular importance of rural market recovery for sustained growth in India's marketing sector.
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