The second session on ‘Decoding the new age consumer’ was all about numbers and new marketing models. Adil Zainulbhai, MD - India, McKinsey & Company Inc, started by drawing four different existing scenarios of developing global economies, the real scenario likely to emerge and the forces that will drive the forthcoming change and volatility. He said that it was a positive sign that about 59 per cent of the people had consensus on the emerging market development scenario; however volatility of markets, currencies and prices would remain high for the next few years to come.
Key driving forces for this volatility, according to Zainulbhai, would be – global grid, pricing of the planet (in terms of natural perishable resources) and growing role of the State regulation across the board.
Laxman Narasimhan, Director, New Delhi, McKinsey & Company Inc, shared a detailed study on the multiple forces reshaping consumer behaviour highlighted that social, local and mobile are the big shifts that are happening in the current market place. “3D marketing (function, process and relationship) is dead and 4D is in with Engagement added to it; consumer decision journey has changed and because of this people have to take a look at fundamental marketing functions for ensuring performance and long terms health of an organisation,” he summarised.
Koichi Yamamoto, General Manager, Global Solutions Center, Dentsu, spoke about the shifts in marketing models ever-changing marketing environment. According to him, the pre-networked model of AIDMA (Awareness, Interest, Desire, Memory and Action) had to change to AISAS (Attention, Interest, Search, Action and Share) with the emergence of digital and social media. However, according to him, the new model needed to be combined with the old one and there needed to be a shift from a funnel to a bell process. “The new model is SIPS (Sympathising, Identifying, Participating and Sharing) and with this one needs to get back to the fundamentals of communication.