Speaking at the business conclave of the Goafest 2010 that kicked off in on the 8th, Piyush Mathur, MD, Nielsen south Asia, called 2009 the “pit stop of a car race” and said that the future of Indian advertising lay in rural markets and ‘indo-vation’.
Now that recession is over and the economy is getting back on track, Mathur explained that the key drivers were threefold: one, that each of the 28 states of India should be treated as a country; two, opportunity in rural India should be exploited, given the growth of FMCG in those markets; and three, ‘indo-vation’ — “innovation happening on the streets of India” — should be emphasised.
He added: “FMCG industry grew rapidly in 2008 but slowed down in 2009. From 342 new channels in 2006, we had 430 plus in 2009. Despite a 10 per cent de-growth in the media industry in 2009, there has been more regional media consumption.”
On the concept of Indo-vation, a concept unique to India (India+innovation), Mathur gave examples of thumb-print branding in banking for illiterate rural consumers, the Nano technology and the ‘Gateway to printer’. “Whether it’s using shovels to fry eggs or photographers at the Gateway in Mumbai fishing out printers and giving instant prints of pictures for less than a dollar, the future lies in India’s innovation industry,” he said.
Goafest 2010, Indian advertising industry’s annual event, is being held from April 8-10 at Cavellosim in south Goa. The theme this year is ‘Time to Grow’.