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Tag: consumer research

  • Singapore is a strategic location for our expansion – Prateek Kumar

    Singapore is a strategic location for our expansion – Prateek Kumar

    Mumbai: Visionary entrepreneurship is not just vital for establishing a business setup but making a strong position in the eyes of the clientele. Yield goodwill is a long-term process with anticipation of the right marketing mix. A proactive approach is not just eye-catching but astonishes sustainability in the brand market. On different parameters about technology and transformation, we discussed with NeoNiche founder and CEO Prateek Kumar to know his perspective.

    Indiantelevision.com exclusively speaks with Prateek Kumar on data security, data integration, communication methods, marketing mix, differential clientele services in a dynamic environment whether it is AI, technology, metaverse, future prediction, and his visions.

    Here are excerpts –

    On ISO certification in 360 degree marketing –

    NeoNiche is not only ISO Certified in Data Security and Quality assurance but also is SOC2 and GDPR Compliant. All kinds of certifications hold significant importance for a “Full Services” and “Marketing Product Company” as they foster quality, credibility, efficiency, and responsibility. It aligns with the demands of a dynamic and interconnected business environment, contributing to the overall success and sustainability of a company and the Customers it serves.

    On differential services in NeoNiche agency –

    NeoNiche is “Digital First: full services agency where we merge creativity with technology. Our data-driven insights, A Partnership network across major global locations, Our International Branch in Singapore, and our extensive domestic network across India help us increase our “Speed to Market”

    NeoNiche is known for offering a wide array of services beyond traditional Marketing offerings, Marketing Automation, Managed Marketing Services, Outsourced CMO, Influencer Marketing, Performance Marketing, Data-driven insights, Content Studio, Experiential Marketing, and consultancy services. This diversified portfolio allows NeoNiche to provide comprehensive solutions to clients, integrating various aspects of marketing and communication strategies. We don’t believe in the “One Size Fits All” philosophy and have different offerings for Large B2B enterprises, SMEs, and startups.

    NeoNiche places importance on building strong and enduring relationships with its clients. A client-centric approach involves understanding the unique needs of each client and tailoring solutions to meet their specific goals. This focus on client satisfaction and partnership can set WPP apart in the competitive landscape.

    On AI in  advertising and its inclusive role of transformation in digital agencies –

    Yes, AI has a transformative impact on Marketing agencies’ digital services, particularly in the realm of inclusive advertising. Including Targeted Advertising, Content Creation and Optimisation, Language Translation and localization, Better Customer Insights and Analytics Chatbots for Customer Interaction, and Inclusive Representation as AI image analytics can align products with gender, ethnicity, and demographics. By leveraging AI technologies, agencies can create more personalised, representative, and effective advertising campaigns that resonate with a broad and diverse audience.

    On NeoNiche Strategical expansion in the Singapore Market –

    Different markets have different characteristics even in India different States react to a particular Marketing Stimulus in different ways our Growth and metamorphosis from “Marketing services Organization” to “Marketing Product and Services organization” as NeoNiche is catering to Enterprise in B2B marketing in a huge way be it our offerings like “NeoFlo”, “ Nsync”, “B2B Digital Marketing Services”, “Community Building”, “Managed Marketing Services” or more traditional “Experiential Marketing Services”

    Singapore is a strategic location for our expansion as Its proximity to major markets in the region, such as China, India, and other Southeast Asian countries, can provide logistical advantages for businesses. due to its dynamic business environment, strong infrastructure, and pro-business government policies. The city-state’s reputation as a regional hub for technology, finance, and innovation aligns perfectly with our growing clientele and our vision for future growth. Additionally, Singapore’s diverse talent pool and multicultural society provide us with the resources and expertise to effectively serve our clients across the Asia-Pacific and ANZ regions.

    On strike balance with affordability and quality including ROI –

    Balancing affordability and quality is a common challenge in any industry, but it’s crucial for success. Since we are no longer just an “Experiential Marketing” or an “Event Company” as we have long moved to a space where we have moved from a “Marketing services Organization” to a “Marketing Product and Services organization” this gives us a “Full Services Capability”; Our Products and Solutions provide deep insights and generates ROI on Every project that we undertake.

    On a journey to become an entrepreneur –

    NeoNiche was started with the single dream of bridging the gap between the marketers and the understanding of his/her hired agency. We started with the single aim to reinforce the relationship between the company & customers, brand & buyers, and product & prospects, by creating experiences, delivered in real-time across multiple platforms of Social, Digital, and on-ground Event experiences. While We embarked on this journey with our team, we realised this was only possible if we truly cared about people who mattered to us, our team, families, Our Suppliers, our customers, the society that we live in, and the law of the land.

    On generalisation of creativity-focused business –

    The proliferation of digital marketing agencies worldwide does indicate a significant trend in the business landscape. While the widespread presence of these agencies may suggest a generalisation of creativity-focused businesses, it’s important to recognise that not all digital marketing agencies operate in the same way or prioritise creativity equally.

    Digital marketing agencies serve a variety of purposes, and their services can range from basic advertising and social media management to more specialised areas like search engine optimization (SEO), content marketing, and data analytics. The level of creativity involved often depends on the specific goals of the client and the nature of the services provided. Also, consolidation always happens in any industry, remember the Dotcom boom of the early 2000s only the one that creates real value for customers to thrive and grow.

    On anticipation of industry performance in upcoming financial years –

    The pace of technological innovation is expected to continue, with advancements in areas like artificial intelligence, quantum computing, 5G, and the Internet of Things (IoT). Industries that effectively integrate and leverage these technologies may experience significant growth. As environmental concerns continue to rise, there’s a growing emphasis on sustainable practices. Industries involved in renewable energy, eco-friendly products, and sustainable technologies may see increased demand. Economic landscapes can impact industries differently. Global economic trends, trade policies, and geopolitical events may influence the growth and development of various sectors including Marketing.

    With the increasing digitisation of businesses and daily life, the importance of cybersecurity is expected to grow. Industries dealing with cybersecurity solutions and services may experience increased demand.

    Automation and AI adoption are likely to increase across industries, impacting jobs and processes. Industries that effectively integrate these technologies may enhance efficiency and productivity. While this is my guess it is important to note that unexpected events, such as global crises, technological breakthroughs, regulatory changes, or geopolitical shifts, can significantly alter industry trajectories.

    On the suitability of metaverse in the Indian continent –

    The metaverse offers various economic and business opportunities, ranging from virtual commerce to immersive experiences. Indian businesses could explore these opportunities, especially in sectors like gaming, e-commerce, education, and entertainment. It is important to note that the success of the metaverse relies heavily on robust digital infrastructure and widespread internet connectivity. India has been making strides in improving digital infrastructure, including the expansion of broadband access. The continued growth in this area would positively influence the adoption and success of metaverse technologies.

    It is also important to note that the adoption and success of the metaverse are influenced by a complex interplay of technological, cultural, economic, and regulatory factors. As the concept continues to evolve, ongoing developments in these areas will shape its impact on the Indian technology landscape.

    On over-dependency on AI and the quantum of work –

    While generative AI has the potential to revolutionize the media industry by improving efficiency and creativity, it’s essential to approach its adoption with caution. A thoughtful and balanced integration of AI, combined with human oversight, is crucial to harness the benefits while mitigating potential drawbacks. Regulatory frameworks and ethical guidelines can help guide the responsible use of AI in the media sector.

    On future objectives plans of NeoNiche  –

    NeoNiche has embarked on a transformative journey from being an Indian Experiential Marketing company to a global one, we strive to bring the richness of our heritage and a dynamic approach. We are mastering brand experiences in the vibrant Indian market, our vision extends beyond borders. As we evolve into a Global Full full-service marketing entity, our goal is to craft narratives that transcend cultures, break barriers, and inspire positive change.

  • Majority of millennials, Gen Zs prefer buying products directly from brands: Report

    Majority of millennials, Gen Zs prefer buying products directly from brands: Report

    Mumbai: More than two-thirds (68 per cent) of Gen Zs and over half (58 per cent) of millennials have ordered products directly from brands in the past six months, compared to 41 per cent on average across all age groups. The findings were published by Capgemini Research Institute in its latest report.

    The report titled ‘What Matters to Today’s Consumer’ explores the impact that the pandemic has had on consumer behaviour and buying trends. According to it, consumers have reported a better buying experience, and access to brand loyalty programmes, as a major factor compelling them to bypass traditional retail channels.

    Interestingly, the report also found that almost half (45 per cent) of all shoppers they interviewed said they are willing to share data on how they consume or use products and more than a third (39 per cent) say they are willing to share personal data such as demographic information or product preferences. However, 54 per cent of all shoppers say that offers, deals, and/or discounts would make it more likely for them to share their data directly with brands.

    “Younger consumers’ willingness to go straight to brands when purchasing goods presents a real opportunity for consumer product companies. This enables them to collect consumer data and helps create a more mature direct-to-consumer channel,” said Capgemini head of consumer goods and retail Tim Bridges. “Being data-powered enables the consumer product and retail organisations to translate supply and demand trends into intelligent decisions on where best to stock their products, customise products and services, and enhance customer experience.”

    Online not likely to replace in-store shopping entirely

    Contrary to popular notions, the report also found that the majority of consumers (72 per cent) expect to have significant interactions with physical stores after the pandemic subsides. In fact it indicates that the surge in e-commerce over the last two years due to safety concerns and the desire to avoid physical stores has now plateaued, and more consumers anticipate a return to in-store shopping experiences.

    At least 72 per cent of all shoppers expect to have significant interactions with physical stores once the pandemic subsides – up from 60 per cent pre-Covid levels. Globally, all age groups expect their level of in-store interactions post-pandemic to be higher than their online interactions.

    Delivery and fulfillment services gain importance in certain segments

    With convenience remaining a key priority for consumers, delivery and fulfillment are increasingly being transformed from a cost center to a growth driver for many organisations. In the health and beauty and grocery segments, shoppers place greater importance on delivery and fulfillment than in-store experiences. This is especially true for groceries shoppers across all age groups, where 42 per cent of shoppers say that delivery and fulfilment are the most important service attributes.

    To add to it, convenience of delivery is a major factor that can push shoppers to try new and emerging models of shopping. Slightly less than half of consumers (47 per cent) who have purchased products via subscription services do so for the convenience of home delivery.  However, shoppers are less willing to pay a premium for fast delivery. Across all shoppers, 3.3 per cent of the total cost is the average they would be willing to pay for two-hour delivery, down from 4.6 per cent in 2019. While younger shoppers with children remain the most willing to pay a premium, consumers increasingly expect fast delivery as a standard part of the customer experience.

    Health and sustainability are top of mind for consumers

    Health and sustainability look set to continue influencing consumer decisions going forward, and organizations should consider investment in empowering customers to make informed choices around these, cites the report. At least, 44 per cent of consumers are willing to pay a premium for grocery products that have sustainable packaging. This is more pronounced amongst Gen Z (64 per cent) and Millennials (54 per cent) than older generations like Boomers (30 per cent).

    As many as 10,000 consumers over the age of 18 years were surveyed by  Capgemini Research Institute in 10 countries around the world, including Australia, Canada, France, Germany, Italy, Netherlands, Spain, Sweden, the United Kingdom, and the United States. Consumers were qualified as “shoppers,” meaning they must have made a purchase of groceries, household and toiletries products, and/or health and beauty products at least once in the past six months.

  • Amazon, Asian Paints & Tata Tea emerge as ‘Most Purposeful Brands’: Kantar report

    Amazon, Asian Paints & Tata Tea emerge as ‘Most Purposeful Brands’: Kantar report

    Mumbai: Data insights and consulting company Kantar has released the 2021 edition of its annual BrandZ India report that unveils the year’s ‘Most Purposeful Brands’ in India. Amazon, Asian Paints, and Tata Tea emerged as the most purposeful leaders in India across technology, non-FMCG, and FMCG categories respectively, according to the report.

    The technology ranking has Amazon followed by Zomato, YouTube, Google, and Swiggy jointly in fourth place, followed by Flipkart. The non-FMCG ranking is dominated by telecom brands, with Samsung and Jio jointly second, followed by MRF, Tata Housing, and Airtel. The FMCG category ranks some of India’s biggest names: Tata Tea followed by Surf Excel, Taj Mahal, Parachute, and Maggi both in fourth position, and Britannia completing the list, as per the report.

    According to Kantar BrandZ data, consumers believe that these brands lead with a clear sense of purpose to make their everyday lives better. It also exhibits those that have taken a bolder social stance, as Covid-19 magnified the need for brands to do more than focus on profits alone. The findings tie in with longer-term trends in India and abroad to value brands on ESG criteria (environmental, social and governance) alongside traditional factors, such as valuations and earnings growth.

    While the fundamentals of brand-building remain the same as before namely – Meaningfulness, Difference and Salience, what has changed this time is the expectation that the brand will stand for something more. Kantar conducted an analysis of 418 brands across 30 categories from a total of over 12,000 respondents and found that in India especially, perceptions of a brand’s purpose, its ability to ‘make people’s lives better,’ is crucial to establishing a brand’s meaningful quotient and thus, boosting prospects for growth.

    The Indian consumer, as per the report, is on par with many of their Asian counterparts in actively engaging with sustainability. 77 per cent are prepared to invest time and money in companies that try to do good, the report stated.

    The 2021 Kantar BrandZ data for India, in conjunction with other Kantar consumer sentiment tracking, has also revealed several patterns in what Indian consumers deemed ‘Purposeful’ in 2021.

    Some of the key highlights are that it is critical to amplify or communicate the brand purpose, even as tech brands showed how everyday convenience contributes to brand purpose. These brands have been able to scale up and showcase a wide range of products plus enter new categories at a time when consumers were desperate for at-home & delivery solutions.

    For FMCG brands, taking a social stance by focusing on reducing their carbon footprint scored high, showing that purpose and profit can go hand-in-hand. The key is to do more than just meet consumers’ immediate needs, like non-FMCG brands that adopt marketing strategies that promote the brand in ways that look beyond the function of product or service.

    “Brand Purpose provides an anchor amidst constant uncertainty, both as a North Star for brands, but also as reassurance to consumers. Purpose as a contributor to brand equity is 10 times more important in India, in comparison to globally. This shows that a larger societal purpose is even more critical to success for brands in India,” said Kantar executive managing director for South Asia Insights Division Deepender Rana.

    “Of course, vague slogans and one-off ‘corporate charity’ events do not work, and it is not about jumping on the bandwagon of the latest fashionable cause either. Instead, real Purpose flows from and builds on, a brand’s existing core values and DNA. This reinforces the need to understand and measure if a brand’s Purpose is perceived as adding real meaning to consumers’ lives,” he added.

    Speaking about Kantar BrandZ’s report in India, Kantar managing director- client and quantitative Insights Division Soumya Mohanty stated, “Purpose can work as a strategy for brands, when it’s based on the right consumer insights, and executed effectively. In India, Kantar BrandZ data suggest that a brand’s Purpose ranking has a direct impact on its Meaningfulness score – which in turn is one of the cores, proven building blocks of brand value growth.”

    Methodology

    The Kantar BrandZ database was analysed from 2020-21 covering 418 brand cases for this project, with brand perception and brand equity metrics for brands across 30 categories from a total of over 12,000 respondents. The database includes 28 consistent attributes. A two-stage analysis process was used to arrive at the decision to centre Purpose in this year’s report.