"Businesses are focusing on clearer ways to measure outcome from media spends"
Shrugging off the disruptions of the year gone by, businesses and agencies are looking for a strong revival in 2021. Over the next few weeks, Adgully – as part of our annual TRENDING NOW endeavour – will be presenting the strategies and views of a cross-section of industry leaders as they go about reclaiming lost time and market opportunities and build for a stronger future, armed with the lessons of 2020.
According to Ashvin Vellody, Partner, Deloitte India, organisations that know why they exist and who they’re built to serve are uniquely positioned to navigate unprecedented change.
Do you estimate digital advertising spends to outpace TV ad spends by next year?
The pandemic not only acted as a catalyst propelling the adoption of digital platforms and services, but also limited the traditional advertising channels. There was an increased spend in digital advertising with online videos, e-commerce advertisement, and social media being the top three spend areas. This is a trend that would most likely continue. As the economy recovers, we can expect a degree of spends to return back to the traditional channels. However, this is a habit that has been formed and digital advertising will continue to grow.
What are the business priorities in 2021 leading to adoption of digital media?
Businesses are focusing on clearer ways to measure outcome from media spends and there is a renewed focus on building authentic brand experiences online. The time is just right for marketers to increase adoption of digital media and design an organisational road map to make agile marketing a reality. This would require a single, unified organisational view of the customer, which can be gained through a customer data platform.
The year 2020 led to a momentous shift in the way we function as a society. What is the learning for traditional media business to adapt for future uncertainties?
To sustain and thrive in ambiguous times, agility and resilience serve as the framework to cater to the evolving needs of the customers. Organisations that know why they exist and who they’re built to serve are uniquely positioned to navigate unprecedented change.
Adopting an open mindset to experiment, innovate and form unconventional partnerships will help traditional media companies sustain in times of uncertainty. The other big learning from 2020 is the adoption of technologies to future proof your business.