Having attended one of the coolest Digital Summit conferences in Philly last month , I was awakened to a plethora of possibilities, almost freaky in some way, in the Digital Marketing space.
There are no longer blurred lines between Digital & Traditional Marketing anymore, and unfortunately India has a long catch-up to accomplish in the true sense of Marketing & optimising marketing spend.
Unfortunately, our Indian Businesses are 3rd, 4th generation ones run by a sticky, old-school mindset and a ‘know-it-all’ attitude which however cool & suave and progressive today’s 30year olds may project themselves to be, they are still under the thumb of their fathers or grandfathers or uncles or aunts (shocking, but yes we still had awesome women at that time), when it comes to getting involved in family businesses.
A huge fear of the Indian way of SMEs & established businesses today is, that even though they can smartly leverage from a heritage asset to their credit by incorporating current branding & marketing techniques, especially in digital which provides an extremely healthy ROI compared to traditional marketing, the fact that they resist change may end up in them missing the boat and we all know how important timing is in today’s day & age.
Back to the insights I got from the conference, where most of the speakers (be it from MGM Resorts, Adidas, Lenovo, Google and so on) eventually converged to the ‘Age of Impermanence’.
A powerful concept that Brands in the US are also new to and must start understanding soon, and hopefully India will awaken to this concept quicker than than its slow clap to the Startup Boom, the Digital Transformation or any other western progression it wakes up to like a flickering light bulb!
What Brands need to know?
The most important question in a consumer’s mind today is “what exactly do I need to own?”
Once a Brand or Business figures that out, its a huge battle won. Selling me a product or service I dont need, will only fool me for a finite amount of time. Dont underestimate the prowess of the Indian mind.
From buying books from the book store and storing it and washing off dust from our Bookshelves, to joining a library where we went browsing every week and came back with virtually nothing, to on-demand reading on our sleek revolutionary Kindles, we have come a long way.
Same way we started off with CDs of music & movies, to blue-ray discs to downloading torrents, frustrated with lack of space on our PCs and Laptops, to creating a media space on an old PC & oh-so proud of it, to investing in multiple hard drives from 2GB, to a very affordable 2TB today, to finally once again reaching an On-Demand platform - yes!!!!! Netflix!!!
One of the speakers at the conference put this so eloquently – “ If we were discussing buying properties 5 years ago, and I suggested you buy an apartment with an extra bedroom to rent it out to a random stranger, you’d laugh at my face”….. And then you have AirBNB. Voila!
Similarly, if we were having a casual chat over a dinner table and someone suggested not buying a swanky new BMW 7 series with their superfluous savings, hell would break lose on a dinner table, but now we have shared rides on UBER – also creating employment with healthy payouts, and (hopefully someday), reducing traffic on our already hideous potholed roads.
If Snapchat had'nt rejected Facebook’s $3Billion offer in 2013, Facebook would have owned 99% of the total social media market share of the top performing Social Media platforms in 2016 (Facebook, Instagram, Snapchat, Flikr)
Top Photo Sharing Sites
Source: BI Intelligence
What is impermanence?
Impermanence asks Brands & Businesses to think about how to go about Marketing keeping in mind nothing lasts forever.
Want an e-comm platform, embrace Shopify!
Want to run Digital Ads, embrace Facebook/Instagram ads!
Want to share content, focus on its distribution more than its curation!
Want to give your clients updates, dont create a Youtube channel of your own, embrace Live Video & produce vertical mobile friendly content & run it on Instagram or Snapchat story!
Want to increase sales, invest in Analytics & shortlist your effective marketing mechanisms!
Click in and click out at the press of a button! Stay non-commital to investing huge sums of money on trying to customise marketing techniques that you dont even know will work or not. Use what’s out there and always remember that we live in an age of impermanence and focus on how to make your Business more fluid, flexible and adaptable to the ever changing surroundings.
Get the drift?? Well, if you dont you can always GET IN TOUCH with us for some words of wisdom! :-)
Aggregators & On-Demand businesses are the new boom all over, evinced by some of the most powerful companies in the World.
Im’ hoping majority of my readers are the 20 or 30-something fierce and driven entrepreneurial millenials who get inspired to create or aid the next Aggregator or On-Demand business or transform their existing one into something along that way.
It’s still not late to get on to the Forbes ‘30 under 30’ or ‘40 under 40’ now, is it!!