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Marketing And Strategy

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Marketing and Strategy

November, 2012

Introduction

In today's competitive global market, every business conglomerate is striving hard to invent newer and better marketing strategies to reach out to its clients. Global researchers have been releasing many forecasts about Indian consumer market segments. For instance, an industry body predicts that the size of India's retail industry would grow by more than 100 per cent to become worth US$ 1.3 trillion by 2020 from the current size for US$ 500 billion. Similarly, the Indian direct selling industry is anticipated to touch Rs 7,120 crore (US$ 1.29 billion) by the end of 2012-13, according to a study by Ernst and Young.

Advertising, Media & Entertainment

Advertising is one the most useful strategies used by marketers to reach out to present and prospective clients. And needless to say, advertising is an integral part of the media and entertainment (M&E) industry as well.

Television (TV) still dominates as the most effective medium for video and content consumption followed by the internet, according to Deloitte's State of the Media Democracy Survey - India 2012. TV, along with newspapers has been rated as the most influential way for advertising while almost 72 per cent of the consumers use the web on daily basis.

Online and Mobile Entertainment

Internet and digitisation in India have transformed every industry segment in a big way. There are about 137 million internet users in India according to iCube-IMRB survey for July 2012. The financial sector (consisting of banking, financial services and insurance) spends around Rs 1,500 crore (US$ 271.54 million) on advertising of which less than 10 per cent are spent for the digital medium. Another significant finding given by the study showed that one out of every 10 financial queries comes from a mobile phone. In terms of percentage growth for search queries coming from mobile phones (banking queries grew 85 per cent year-on-year (y-o-y), investment related queries grew 105 per cent y-o-y and insurance queries grew 75 per cent y-o-y). Investment-related queries in the mobile space are also the biggest category by search volume in the finance vertical.

Television and mobile devices are also being used increasingly for watching online content, according to a latest survey by market researcher NPD DisplaySearch. The study indicates that though consumers view online content majorly from desktop computers and laptops, mobile devices such as tablets and smart-phones, and television sets are becoming popular medium for the purpose.

Another survey conducted by Nielson on behalf of Google India indicated that 7 out of 10 of the buyers know the exact brand and model they want to buy with the help of online research before entering the store. This shift in consumer behaviour is attributed to easy access to information on the Internet - which has immensely boosted the concept of 'research online and shop offline'.