The lockdown caused by Covid-19 has caused a global digital revolution. As a result, digital advertising expenses have also increased. However, as the world expands, we will see a resurgence in the experience and consumption of digital pieces.
The panel of experts consisted of Jahed Ahmed, Senior Vice President, Digital Acquisition/Website/Content & Social Media Marketing, HDFC Bank; Rashid Sait, Vice President and General Manager, Experiential Marketing, George P. Johnson; Lalatendu Das, CEO, Performics India (a Publis Groupe Company) and Kshitij Saxena, Marketing Head, Audi Works, Jubilant Motorworks hosted the 18th Marketing Conference organized by Internet and Mobile Association of India ( IAMAI ):
While Sait and Saxena support experiential marketing, Ahmed and Das support digital marketing.
Arguments of experiential marketing
According to the website, the post-covid experience has made a significant comeback. He says marketers have realized that people are looking for human connection more than ever. “Malls, movie theaters, stadiums, anything that provides an immersive experience. To take advantage of this, marketers are putting expertise at the heart of their marketing mix."
He also cited the example of the Redbull brand, saying that its brand image is built solely on marketing experience.
"You rarely see Red Bull advertising because it's a purely experiential brand. They do stunts, they have F1 sponsors and they invest in any adventure. That's how customers become fans and fans become ambassadors. Today, Redbull is an 8 billion dollar brand. This is power. of experiential marketing".
Referring to the increase in costs, the Site cites a Gartner report: «As of the beginning of this year, digital budgets made up 70% of the marketing mix, and in 2022 it will drop to 56%, and the trend will continue. decline".
Support the Saxena website and talk about the importance of creating an emotional connection with consumers. He said "It's not about whether digital is important or not, it definitely will be. It's about your emotional intelligence (EQ) when communicating with your target audience."
"The biggest example of this is the FIFA World Cup. How many people have you seen shed tears of joy or anger while watching a match? Young generations are very excited to see their stars perform in concert."
According to Saxena, it is very important for brands to create an emotional connection with consumers. "The key is to keep doing activations that engage your audience's EQ. My take-home lesson, it's important for us to make sales. Fans will forgive, but customers will complain. When you connect with your customer base, you'll get a lot of referrals and sales for free."
Arguments for digital marketing
According to Ahmed, the rate of consumption of digital experiences will disappear the day people's basic needs shift to food, shelter, clothing and mobile phones. He said digital is a way of life.
"Let's see how digitization has entered industries where IRL is the only way of life. OTT at 20% CAGR and 2-3 hour online spending has led to multiplex apocalypse. E-commerce 256 is experiencing tremendous growth. % by 2022 India is now the world's third largest e-commerce market after the US and China. When was the last time you physically went to a bank to deposit money? This is the power of digital," said Ahmed.
All this has led to an increase in digital media spending. Ten years ago, digital accounted for 5% of all advertising dollars. It currently has a 38 percent share of advertising dollars. If digital isn't mainstream, it's certainly mainstream, and we'll soon be embracing it with CTV."
According to Das, nowhere else are advertisers spending more money than in the digital space. According to a FICCI report, the media and entertainment industry as a whole grew by 16% during 2020-2021. Meanwhile, digital marketing spending has grown by 29%. Where did the money go, he asked, if not digitally?
After the expert debate, the audience in attendance had the opportunity to vote and vote for the winner, and the jury chose to vote for the winning experiential marketing.
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