By Abhik Banerjee
“Jab mai villain banta hu toh mere saamne hero bhi nahi tikta” – Shah Rukh Khan, Jawan.
The India entertainment ecosystem is at war right now, as to how fast can they catch up on Jawan. However, what’s important in the dialogue is “The villain gives rise to the hero.”
Every problem calls for an innovative solution. It is the same for emerging trends or solutions in the media and marketing industry which experiences unique challenges.
Some of the top trends to look for in the space are –
Shared consciousness by consumers and brands: Youth today is becoming increasingly cautious about their choices. And today, brands are trying to earn the reputation of being responsible by CSR and ESG initiatives. This won’t suffice. In the future, brands will have to share consciousness goals with consumers and empower them with products that balance sustainability, design, and excellence.
Advantages of having disadvantages: Both CTV and OTT are growing at their own pace. Compared to linear TV, the base is much lower, but brands can generate targeted reach with customised communication. This is a simple, clutter-free way of reaching an evolved audience.
India continues to be a ‘cricket loving country’: Regardless of how much cricket is played in India, Indians will always be like “Dil Maange More”. With the ongoing love for cricket, the country is steaming with positivity with Neeraj Chopra’s win. Then there’s the Indian Men’s 4×400 relay team qualifying for World Champions in Budapest Olympics 2024, which should definitely see traction from Indian viewers.
Emergence of ONDC: When existing e-commerce players have a high commission range, ONDC enters as a savior promising to take only less than 4 percent commission. This will take the reduced cost game even further across the ecommerce industry. However, the most exciting thing is that consumers will definitely benefit from more competitive pricing.
Leveraging tech powered hyper-personalization with the help of AI: With time, the entire tech ecosystem will be smarter. Consumers will get tailored product recommendations, personalised marketing campaigns, a dynamic website based on their requirements, personalised pricing, etc. Consumers will consume what they prefer to consume. Amazon DSP from an advertising perspective will grow further as a trend. Delivering the right solutions to the exact problems.
Data privacy is a must – Digital Personal Data Protection Act, 2023: On August 11th, 2023, India’s GDPR equivalent, the DPDP (Digital Personal Data Protection) act received the presidential nod. Its implementation is now a matter of time. With the implementation of DPDP, consent will become even more critical for tracking online behaviour, further restricting the utilization of third-party cookies. In this scenario, contextual advertising will gain more prominence as context is expected to gain more importance. Brands which talk about consumers’ data privacy will thus gain credibility.
Less is more- ROI, ROI, ROI: The world of startups has taught us how to use funds in the most efficient manner. Tools that will increase efficiency will be used on a larger scale. From tentpole associations to drive CTAs to influencers driving cost per conversion campaigns, more and more category B and category C influencers are expected to gain prominence as each geography is different and hence local celebrities can leverage this better. Eventually, we are talking about lower CAC (Customer acquisition cost), better ROAS (Return On Advertising Spend),and CPRs (Cost Per Result).
Abhik Banerjee is chief operating officer, Madison Media Infinity and Madison Media Plus.