With the expansion of the digital ecosystem in India, there have been many a significant change in the pattern of media consumption and consumer behavior. These changes have led to a series of innovations and new opportunities in the fields of marketing and business development.
To decrypt these new trends, innovations, and challenges shaping the digital world today, ZEE5 in association with ETBrandEquity.com brings ConTech.Ed #BingeNomics, an initiative to endow an expert insight into the digital switch.
Shaili Chopra, Founder, SheThePeople, hosted the session and engaged in conversation with experts of the digital world – Anand Chakravarthy, MD, Essence; Ajay Kakar, CMO, Aditya Birla Capital; and Rajneel Kumar, Business Head – Expansion Products and Head of Products, ZEE5 India.
A surge of technology and its implications – the three Ps
Amid the lockdown, many people have stepped first foot into the digital world which has led to massive surge in the addressable base for digital content and advertising. The consumer pattern and shifts have rapidly transmogrified resulting into marketing shifts as well.
“Three new Ps have arisen, affecting the digital market – the first being ‘privacy’, as India has a data protection law in place. That has several implications over technology and advertising. Then there is ‘provenance’ to ensure that you have genuine customers. The third P is ‘personalization’, to experience the needs of your customer”, remarked Chakravarthy on the shifts that innovation has created in the digital market.
The crossroads of consumers, brand, data and technology
Growing technology has influenced the digital market, as brands today are increasingly using artificial intelligence and other technology for curating their product offerings. However, merely adopting new technologies is not sufficient – the brands need to also study the impact of technology on consumers. It must focus on solving a consumer problem or aiding consumer experience while maintaining business profitability.
Brands are making their way through technology to provide convenience, encouraging people to go online. And to map this transition and track progress, brands resort to data analytics. This, consequently, has led to growing demands of data strategy and analytics tools for understanding the targeted audience ecosystem.
Technology in Advertising
Technology has even paved ways for advertisers to outgrow the limits of conventional advertising. Brands and platform providers are being cognizant to ensure they make the most of these advertising capabilities. The digital innovations in this space are delivering more opportunities for advertisers to enjoy inclusiveness and customization.
For instance, Kumar talked about an initiative by ZEE5 to create an inclusive space for advertising, “We are now launching a self-serve platform in which brands can set up their platform, for advertising, with a credit card and then organize campaigns depending on the objectives they are looking at, and then be able to choose the target and deliver it.”
Knowing your audience is a crucial aspect to form creatives for advertising and optimize it for the targeted audience. Communication with people does not just take place with technology – it relies on analytics of the past activities and historical data, an understanding of sentiments, and along with them, the form of storytelling.
Kakar explained the importance of balancing technology with the human element, “Technology can tell what to say and when to say. But humans are about emotions, so the human angle of the experience will never be replaced by technology.”
This is the age of digital, and the audience is making certain preference changes – all of which are culminating into newer opportunities for brands to explore. It would require an ideal mix of technology, innovation and storytelling for brands to benefit from this massive uplift in digital audience base.
Watch the full episode here:-
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