Adgully Live | adasia 2011: Session 3; Decoding the New Age Consumers

As sessions passed by, Adasia 2011 caught up pace, where in the third session speakers tried to decode the new age consumers. Mckinsey presented a detailed paper highlighting the behavioral pattern, its impact on the market place. It aimed at understanding consumer and company realtions.

 

Adil Zainulbhai, MD – India, Mckinsey & Company Inc, said, “The scenario in a nutshell is that the world changing. It is changing at quite an equal pace in both developed and emerging markets. As we see it, there are five crucial crucibles of innovations, namely - the great re balancing, the productivity imperative, the global grid, pricing the planet and market state”.

 

Laxman Narasimhan, Director, New Delhi, Mckinsey & Company Inc said, “Connectivity is driving a social networking revolution around the world. In China almost 95% of the consumers has an access and is active on social networking sites. Almost 40% of Japanese consumers have multiple social networking sites accounts, while china has 50% of them. So what we see that, consumers and companies are engaging in a two way conversation, where both have several forums available to present themselves.

 

Remarking that the 3- dimension model of marketing is dead, and 4-dimensional marketing is the in thing, Narasimhan said, “Earlier, the scene was that a brand – revolved around three marketing aspects. First, functional i.e. better products, secondly, relationship – i.e. value for loyalty and lastly, process – i.e. simple and convenient interaction. But in a connected world, where consumers expect more, engagement is the way to fulfill the demands and desires of both the parties involved; thus making engagement as the 4th dimension to marketing.”

 

Elaborating further he said, “Consumer engagement drives purchase intent. And even in markets like China, Korea, India and Japan, now shed relatively higher importance to this dimension. We think that a radical transformation in marketing is required which can be done through embracing digital, new look at marketing functions, getting closer to the consumer, building better engagement eco system, developing new capabilities – media companies vs advertising and embedding product metrics- transform from traditional to online marketing.”

 

Koichi Yamamoto, GM, Global Solutions Center, Dentsu said, “Along with the 4d marketing model, now also needs to focus on the communication as well. With social media and engagement becoming highly important, we now use the SIPS model, which is sympathize, identify with the product, participate and share and spread your experience, especially online. That’s the new way to market your product and gain good benefits yourself”.