The new Bharat is a different marketplace
Consumers today are choosing to buy Indian products instead of international ones. Brands that are about rootedness and collectivism are the ones that are doing well. Know more in Episode 9 of HT Brand Studio Live, Season 2.Updated: Dec 10, 2019 10:15 IST
“We are finally realising that brands that become too focused on the individual and the change payoff are actually falling off. Brands that are about rootedness and collectivism are the ones that are doing really well. The idea is to move forward basis our roots,” said Dheeraj Sinha, MD, India and Chief Strategy Officer, Leo Burnett - South Asia.
The ninth episode of HT Brand Studio Live, Season 2, had industry stalwarts like Sinha discussing about the convergence of ‘India’ and ‘Bharat’, which has made way for a ‘new Bharat’.
HT Brand Studio Live is a series that gets the brains behind India’s top brands to decode marketing innovations and more. It is anchored by Rameet Arora, Chief Operating Officer, HT Digital Streams, and co-hosted by HT Brand Studio and DMAasia.
Nimisha Jain, Managing Director and Partner of the Boston Consulting Group, had the same point of view. “My favourite theme is what I call ‘pride in India’. Consumers today are choosing to buy Indian products instead of international ones. So, the new Bharat is a period of absolutely unprecedented change,” she added.
The penetration of digital media is much-talked about, but it is still important to focus on other mediums to reach out to consumers.
“There are 400 million smartphones, but if you actually look at how many have cut the cord, it’s around two million only. Coming to the US, the projected population of cord cutters is 21% in 2022. So, it’s only like everyone has moved to digital. Also, TV subscriptions are far cheaper than any other OTT subscription. So, television does play a large role in even talking to the new Bharat,” elaborated Archana Aggarwal - VP - Media, Airtel.
She added, “Even the Google’s of the world use traditional media to advertise their product, because on digital, discoverability is the biggest issue.”
According to her, “Digital is supposed to be the most measurable medium, but it is actually the most unmeasurable medium. There are several walled gardens. There are innumerable metrics to measure in digital, while television has one metric.”
For brands all over the world, it is about getting the pulse of the audience. Puneet Das, Vice President - Marketing, India, Tata Global Beverages believes that “it is about matching the national aspiration, but also hinting that you are the regional expert. That balance is what will make you very successful.”
The nature of communication is not just about giving information, but also about fitting into their lives. Nikhil Kakkar, COO, Gold’s Gym India, said, “We are 145 gyms across 95 cities. You have to customise the product - in a metro, when you set up a gym, it takes Rs 3 crore. You can’t replicate the same business model in small towns, because the dynamics, population density and penetration are different. Based on our experience of 17 years, we have curated different formats,” he added.
Since the digital medium is evolving at a rapid pace, one really can’t predict what’s going to happen next. “This medium is evolving - you can never say you know everything. You have to keep learning,” said Archana.