Rewind 2022: Consumer spending grew by an average 4K bn every quarter: Rajni Daswani

It’s time to review the most significant industry developments as the year 2022 draws to a close. Adgully is reviewing the year 2022 for M&E, Advertising, Digital, Marketing, PR & Communications, along with leading names in the industry as part of its annual Rewind series.

Recapping the year 2022 for the marketing communications ecosystem, as well as predicting some key trends for the coming year, Rajni Daswani, Director - Digital Marketing, SoCheers, sheds light on how there is a culture and habit shift in the form of the consumers getting used to shopping online due to the pandemic and how next year will see greater emphasis on short form video storytelling. She also pointed out about the integration of AI and ML that helps in gathering insights for a larger dataset allowing the marketers to create customised campaigns.

The year 2022 for Advertising & marketing communications

This year, the Indian Media, Marketing and Advertising ecosystem has grown exponentially, says Daswani. Undeniably, television has maintained its appeal to advertisers, promoting GenX or Boomers, while print gained its momentum after the pandemic. And digitally, the growth has been massive. 

We’ve also seen the overall consumer spending increase by an average of 4K billion every quarter over the last year and much more so during the recent festive season. Consumers were back and hence, marketers were back with bigger-than-ever budgets. Moreover, the pandemic got consumers used to the convenience of shopping online, which created a major culture and habit shift. This opened up new avenues of marketing and communication. So, we saw a lot of experimentation with newer formats in the advertising & marketing space. Almost all the social media giants have a dedicated section for videos, or more specifically short-form videos, pointing to the ever-growing popularity of the format. Moreover, its integration into social commerce helped this brand of marketing gain traction within the consumer base in novel ways.

Key trends & developments in Marketing

Digital marketing is constantly evolving. What’s trending one minute might be irrelevant the next. But some trends found their rhythm in 2022, gave us insights about the consumers and the marketing landscape, and can be expected to grow in 2023. 

Influencer marketing and the growing creator economy had consistently been the top trends over the last year. Add to it the popularity of video storytelling and we get a more comprehensive picture. Creators leveraged the video format to promote brands and campaigns, connect with their audiences in new and meaningful ways, and build a strong community for themselves. However, the focus for the next year might be specifically on short-form video storytelling as it is fast becoming the fan-favourite, across platforms. Another focus shift would be from macro to micro-influencers, as their power to connect with several niche Indian audiences is as yet untapped. The amplification of this trend can also be seen in the way brands are looking to develop a content and creator bank for themselves. We might even see a more substantial use of AI integrations in influencer marketing. 

Talking about AI (Artificial Intelligence) integrations is a strong trend that has been picking up the pace all through 2022. Using AI and/or ML (Machine Learning) helps gather personalised insights from the larger data, which in turn allows marketers to create customized campaigns. And customisation is the name of the game! We have already seen examples of its innovative use in Cadbury’s ‘Not Just A Cadbury Ad’ with Shah Rukh Khan, and the calibre and quantity of AI integrations are only going to increase in 2023. 

Overall performance of SoCheers in 2022

SoCheers had the opportunity to service several new brands this year, expanding our client portfolio to various new industries, like BFSI, FMCG, Retail and more, in addition to sustaining a growth journey with the existing clients. We strategically looked towards offering 360-degree creative solutions to them, building on the existing mandate. For instance, our social media efforts for Croma were backed by other digital aspects like influencer marketing and video production. This comprehensive approach helped the brands communicate with their consumers at multiple levels and in a more personalised way. 

We also directed considerable focus towards training our teams through various learning sessions and skill development seminars. And our team is stronger than ever! All of this led SoCheers to chart a phenomenal growth of 65% this year. It has also laid out an upward path for the upcoming year.