Rising Incomes Are An Opportunity. Marketers Need To Adapt: Harit Nagpal, Tata Play

Harit Nagpal, Managing Director and CEO of Tata Play delivered an insightful opening session at Goafest 2024 on day 1, urging the industry to embrace disruption and adapt in order to thrive in today's times.

Drawing from personal anecdotes spanning generations, Nagpal drove home the point that disruption is neither new nor something to be feared. “Invention of fire, the wheel, concrete, the combustion engine, penicillin - we adapted and our lives improved. More recent disruptions like the World Wide Web, mobile phones and AI - we stepped on them and got better”, he said. 

Nagpal stressed that the pandemic though disruptive initially, became an enabler after adapting business models. “We adapted to it and I am actually working much better off than we were then”, he remarked. He cited examples like 76 per cent of subscribers recharging online and 80 per cent of customer calls being serviced from homes.

He advocated a mindset of driving disruptions when required to stay ahead. “If disruption is not there, then we create it and post adapting we move on. That's what we do - disrupt, adapt and thrive”, Nagpal stated.

He cautioned against complacency being the biggest obstacle to disruption. “The best time to disrupt is when you feel comfortable because that's when others will make you uncomfortable. Either you disrupt and eat your own lunch or someone else will”, he stated. He proposed a consumer-centric disruption approach rather than incrementally building on existing models.

On monetising customer segments strategically, he stated, “20 per cent of your customers give 80 per cent revenue. These better be on you.” Highlighting missed opportunities, he added, “I've seen competitors perish as we give them easy, non-profitable customers.”

Nagpal urged marketers to proactively adapt strategies to evolving customer segments and income levels. “Rising incomes are an opportunity. Marketers need to adapt”, he said, citing examples of rising penetration of shampoo and toothpaste over decades due to growing affordability.

Concluding his spirited address, Nagpal spoke about his new book aimed at helping businesses harness the energy of disruption to thrive. His keynote was a clear call to ‘adapt to thrive, not just survive’.

Reema Bhaduri

BW Reporters The author is the Editorial Lead at BW Businessworld. Majorly writes on marketing, advertising, experiential marketing and retail. She closely looks upon the vertical of BW Marketing World and BW Retail World.