exchange4media group’s IMA 2015, presented by Hindustan Times and powered by &TV, witnessed the presence of many eminent personalities from the marketing industry, who gathered under one roof to celebrate and felicitate excellence in the marketing. The keynote of the evening was delivered by Vineet Nayar,Founder Sampark Foundation & Former CEO,HCL Technologies. In his address, Nayar shared some insights into the changes that he expects to witness in the industry in the years to come.
Internet of Things & Marketing Disruption
On Internet of things, Nayar predicted, “Internet of things will bring what we call the ‘safe-mode’ which will filter the data and hence data will no more be the driving force. People are becoming more and more secure about their identity and about their data. With that you will have less data coming to marketers and by 2020, you will not be able to access data exactly the way you do not access data without information in healthcare.”
Speaking about marketing disruption, Nayar added, “The word ‘disruption’ implies a change of a magnitude that is not on the surface level. I truly believe that the old thought of marketing on a surface level is only going to make you obsolete and not revolutionary. The CEOs are being challenged in ways you have never ever imagined before. In the 18th century, India and China contributed about 60 per cent to the global GDP. With the rise of digital revolution, China and India’s GDP is up to 40 per cent and my prediction is we are going to see the 60 per cent figure very soon.”
Future of Banking and Augmented Reality
On the future of the banking industry he predicted,” The colour of money will change. People will do transactions with people and the arbiters called banks, their existence in the future is going to significantly come under pressure. I believe that with whatsapp and facebook coming in, the money exchanges will happen through messages. And therefore the question of marketing doesn’t exist.”
Explaining the trends in augmented reality Nayar stated, “The augmented reality system that is coming is going to make the entertainment industry cringe. People are not going to be satisfied unless every single entertainment is interactive on augmented reality front. Also the retail industry will be experiencing this in a very different way.”
Future of Marketing
Speaking about the future of the marketing industry, Nayar said, “If you have the understanding of the digital mindset and the disruptions, you can actually drive business and not campaigns. And therefore I predict that we are going to see more CEOs coming from the marketing background, but not for the same reason they came in the past, but for the reason that they understand the changing landscape of digital world. The marketing people will have to understand the definition of profits in a new paradigm.”
“The whole creative perspective is going to see a significant change. They will be moving away from the creativity to the idea. What is the idea behind what you are going to say, what idea do you stand for? More than the digital marketing, it is the idea. And if your idea catches digital fascination, the younger generation will search you,” he added.
IMA 2015 was held on 11 December 2015 at Le merdien, Gurgaon.