Between the 18th and the 19th century people fled to oil countries to seek jobs as it was one of the most valuable resources. A quick fast forward to the 21st century reveals that as time flies the focus shifts from oil to data.
“Data is the new oil”, stated Sunil Kataria, CEO, India & SAARC, Godrej Consumer Products Ltd at the Influence Now Communications Conclave. As he addressed the gathering he opened a potpourri of insights as to what it takes for a consumer company to have its brands stay relevant to the target audience. Consumers as exposed to a chunk of data on a daily basis which makes it difficult for a brand to build a rapport. Today brand equities are built over the short term and long term paradoxes. This can be generated through a 10-second video which can captivate the mind of the consumers and persuade them to use the products.
The Indian market is among the largest in the world for data consumption. This makes consumer companies strangulate data until the required information is extracted. Jobs are growing on a large scale in the field of analytics because FMCG companies are in the need to own the data that does not really belong to them. On the contrary communication and the creativity involved in storytelling to convey the message plays a significant role. People do not speak to listen which often leads to miscommunication of messaging. With the help of data, companies understand the tone of messaging that is adopted by the consumers which help in pushing forward the data that the consumers want to hear.
The best part about the Indian audience when it comes to conveying messages is that they do not overreact when messages are bombarded at them. This bridges the gap between the art of persuasion and irritation. By the end of the day, it’s all about how brands need to reinvent their code of messaging. In India, every marketer needs to make sure to consider both the target audience on an offline and online level. This is where human interaction and digital touch comes in place. Where on one side the e-market is booming the offline market needs to be given equal attention too.
Data analytics has helped in micro-targeting, which is the new joy. The data collected throws light on the purchase patterns and tastes of the consumers. It curates information to push forward the business to another level while also respecting the privacy of the audience.
The collection of data has opened channels of opportunities for FMCG companies. The power of understanding data is such that misinterpretation can also shut down the P&Gs and Unilevers of the world which are in business since centuries. Hence it is important for every marketer to stay connected to adopt this new magical journey.