“The new age is everything that’s instant, interactive and inclusive. It’s made access to information exceedingly democratic. And that’s something we should keep in mind as we look at doing advertising as well as the business of media for a new age company,” said Ambareesh Murty, co-founder and CEO, Pepperfry.com, speaking at at the Pitch Madison Media Advertising Outlook 2015. He pointed out that the new age has fundamentally changed the rules of the entire customer experience management. “The consumer today is connected, is socially aware and is leaping boundaries of space and time. Companies and organizations need to adapt to the consumer,” Murty added.
Murty spoke about the next wave of growth for companies, which will be about whether the information related to the nature of doing business for a particular company is actually going to go out there to the public domain or not. “And that transparency and that transparent access to information for consumers is what I think will define the next wave of growth across India,” he said.
He spoke about how e-commerce today is intrinsically a part of a consumer's method of shopping and that it would lead to subsequently higher spends in the media in 2015.
But he cautioned that things would also be different when it came to how new age companies interacted with the media. “When we communicate with this new age customer through advertising, our communication cannot talk down to them. Our communication has to be empathetic. The consumers know where they get great value; that's something that we need to imbibe or build into our every decision-making process,” Murty said. Citing an example, he pointed out how people buy electronics online only after a thorough price comparison, and said this shows that consumers know where and how much value they are getting.
New age companies would rather let consumers discover on their own, than push something down their throat, Murty said. “Discovery is the new black when it comes to shopping; it’s going to be about guiding a customer down the path, but then all the decisions, all the choices to be made, need to be discovered by the consumer, not pushed down their throat.” And this could be done best with the help of marketing that tells simple stories, he added. “The simplicity of story-telling and the simplicity of getting your message across to customers is something that I think will continue to be an integral part of any communication, any media choices that we make as new age companies going forward,” he stated.
Murty also spoke about teams at new age companies being adventurous, intuitive and willing to take large bets. “They understand effectiveness versus efficiency,” he said.
He asked advertisers to “help us think small; don’t help us to think big”. He stressed on the importance of geo-targeting for new age companies to help reach customers. “Being hyper-local would also ensure that supply chains get used more optimally and efficiently, driving up unit economics,” he stated.
Murty also spoke about how in this age of big data, it is more important to focus on the seamless communication between big data and small data to help new age companies figure out how their marketing monies were spent. He stressed that data collection needed to be more robust, especially when it came to the use of media monies and that small data would dictate how marketing dollars would interact with consumers.
“We want help in getting our customers talking about their experiences of shopping online, we want media in all its avatars to help us get into consumer conversations and therefore drive the network effect for us,” he said.
Murty highlighted the need for speed for a new age company. “We need to go from zero to live in four weeks because by then, there may already be new elements on my app and the communication campaign may be outdated,” he said.
“I’m a believer. The new age is less about companies and organizations, its more about the way the consumer interacts with your brand, your product or your service and therefore all of our processes, all of our systems need to become tailored to the new age customer,” he concluded.