'Drive brand discovery to unlock growth this festive season: Industry experts'
Festivals are about shared celebrations. This festive
season however presents a special challenge of economic uncertainty
where consumers are re-evaluating their relationships with categories. Consumer
shopping this season may be about more considered choices that may impact
spending. Brands can play a special role in igniting celebrations in this
context. Discovery and inspiration, and reminding consumers of the emotions
their favourite brands evoke, can unlock brand growth. To be discovered, brands
need to be where consumers are and digital, particularly Facebook and
Instagram, are platforms where India discovers joy and inspiration. The recent
BCG study found that digital influence has risen to ~70% due to the ongoing pandemic
and nearly 80% of Gen Z and millennials say that their festive shopping is
influenced by Facebook and Instagram.
It’s no surprise therefore that industry experts recommend
marketers leverage social for driving brand discovery this season. With discretionary
spends decreasing and value-consciousness increasing, marketers need to nudge
consumers and to enter the consumer’s consideration set, eventually helping
consumers in their purchase decisions
In this light, industry experts from Facebook, Ogilvy and
GroupM share critical insights about driving brand discovery, understanding
evolving consumer media habits, and leveraging creative story-telling on
digital.
Marketers are looking forward
to turning the tide this festive
season. How can they drive brand discovery and business growth
in this season that is unique in many ways?
Sandeep Bhushan: With the drastic alteration in media consumption, this festive
season offers opportunities for marketers to connect with
consumers like never before. Consumers are discovering brands on social media,
and businesses need to focus on solutions that are relevant for the new normal,
such as hyper-localisation, creating virtual experiences, re-looking at the
media-mix to build efficiency, and focusing on truly incremental business
outcomes.
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