Decoding the evolving mindspace of the Indian consumer
According to the recent Mary Meeker report, India has 12 per cent of the total internet users and that is at number two just after China at 21 per cent. One of the most interesting, evolving and challenging aspects for marketers has been that of consumer journey and experience. Few years back, one would not have reckoned with the burgeoning and compelling force of content taking various forms, shapes and sources. 79 per cent of the Indian smartphone users are hooked on to OTT platforms and according to PwC India, OTT video market is slated to grow at 21.8 per cent CAGR from Rs 4,464 crore in 2018 to Rs 11,976 crore by 2023. Moreover, 5G along with cheaper data packs along with continual automation in the ecosystem is leading consumer to more screen time.
Let’s observe 6 catapults to this evolving Mindspace:
Every company has data, loads of it. Easy availability of plethora of tools and technologies to gather relevant data which help to further take out actionable insights is now happening faster and with more precision keeping consumer experience at the centre. Also, although there are still challenges, the way internal mar-tech stacks are talking to each other today is evolving each year. To strengthen this piece, science has become data’s best pal. Data Science globally is as powerful as it gets.
Personalisation – pumping life into attention span
The way we do our banking, the way we consume content, the way we listen to music and shows has simply changed. My experience with YouTube, Spotify, Amazon Prime, Spotify, LinkedIn, Google podcasts has been getting awesome each day. It seems their algorithm not only knows your taste but what taste would you want to develop. Super recommendations. Not to forget shaping up deep personalised banking experience that has changed the face of the banking experience. The onset of OTT and music platforms has challenged and catapulted the space, where treating one individual as a unique person is changing the way we are looking at consumer behaviour.
Media Time Vs Advertising Spend = Mobile screen
The gap between the percentage of time spent in media vis-à-vis the advertising spends is closing in with mobile being the highest common factor. The Mindspace of the consumer today is in the mobile screen. Each moment of experience is being re-imagined on mobile first.
Attribution – from data to science
An individual is being bombarded by at least 2,000 marketing messages daily. Each email, banner ad, social media post, direct mail, product placement, and other marketing message, is fighting a war for your attention, the competition being intense with different emotions being targeted.
With all these messages competing for attention, how would a marketer know which touch points or certain combinations of touch points are most effective? What is changing the game is machine learning and artificial intelligence in better predictions of consumer psychology. Maybe we are not too far from a better multi-touch attribution. Machine learning allows marketers to track and build personalised models for each user or user segment, for example, then integrate tightly with real-time bidding platforms to serve the best ad for that person, get instant feedback and update the algorithmic model based on what happens. Attribution powered by machine learning delivers the flexibility, speed, automation and scalability that big data demands. Machine learning models do not rely on human assumptions. The most precise methodologies, such as the ensemble method, are smart. They use different and a times multiple algorithms, depending on the circumstances, to return the most accurate results.
Social Media – Influencer is the new avatar
The new manifestation of ‘social media’ is becoming ‘influencer media’. First word that comes to my mind when I think of social media is ‘followers’. This term will never be a cliché.
I recall the ‘ICQ’ days, the Orkut and then facebook, Instagram, LinkedIn, Twitter and many more mushrooming social platforms along with gaming taking over big time. Then WhatsApp disrupted the way we interact. However, it is now not about the platform, but how the technology is making individuals consume and connect while enabling themselves to become influencers and gain both fame and money. Almost everyone seems to be trying a hand at this because a platform offering a chance to make it big, build and earn recognition, followers, talent and a sense of accomplishment. Now, merge social media with the above four points and think how powerful this is and could be going forward.
Understanding the distinction between revamping and repurposing is essential in terms of content because your goals and strategy will not be the same. Revamping is just updating the content so as to stay relevant, but the purpose remains the same. Repurposing content will mean changing the format for a different target audience. In general, audience in each stage of a consumer journey funnel have distinct patterns of behaviour and consumption. Repurposing increases shelf life of content keeps alignment with new sets of consumers as constant process. This piece involves a gamut of marketing technology along with measuring what worked best when and where.
(Ankoor Dasguupta believes in the power of Energy, Energize, Community and Network Effect. He brings with him 19 years through the spectrum of marketing and advertising across functions in print, digital, mobile, events along with a strong C-Suite network.)