The world in which the connected consumer is living has changed today. India has as yet not reached the inflection point of the technology revolution but we are headed there at the right pace. In the last few years every breakthrough has taken a certain amount of time to begin showing its impact.
“Let’s look back at the industrial revolution. It had taken decades after we saw the emergence of the revolution to the time that James Watts increased efficiency of burning coal. Today, the chip that you hear in greeting cards, that we take for granted, has more computing power that all the allied forces in 1945. This is how far we have come,” observed Piyush Mathur, President, Nielsen India Region.
Mr Mathur pointed out that today there is technology staring at us that will get commercialised in the near future. Algorithms will not just lead to predicting and avoiding accidents but also see a future of driver-less cars. He spoke about the rise of virtual reality, the evolution of neuroscience that can delve as deep as the thought process of consumers, analysing and predicting along the way upping the science quotient in the art and science of marketing.
For a long time, technology had first made its way to corporate and authorities and then to consumers. However, we are in a world where consumers are adopting technology ahead of companies. “Consumers are evolving faster and as an industry, we have to catch up. Marketers have to craft newer strategies just to stay in pace with the consumers,” Mr Mathur stated.
He quoted Tata Sons’ Harish Bhat from his column in the BW Businessworld Marketing Whitebook 2015 that “marketers should make a DASH”. DASH stands for Digital, Analytics, Speed and Heed. “We are talking of 25 billion devices by 2020. Marketers have evolved and they have gone digital. They started with some bit of digital advertising, moved to integrated campaigns and today they are faced with the opportunities of ecommerce. That being said, most marketers still treat the online marketplace and the advertising and selling of products as two different worlds. We believe this will change, and change soon,” Mr Mathur cautioned.
He also pointed out that marketers are becoming data rich but analytics poor. “The marketing profession will take a quantitative turn. There are many different sources of data available today but the application of this data and the analytics will be there differentiator,” he asserted while addressing the delegates at the launch event of the BW Businessworld Marketing Whitebook 2015-16.
The pace of speed in marketing is headed to real-time and paying heed to what people are saying and building opportunities for brands in the process will become cornerstone of a new age marketer’s strategy.