When brand owners, strategists, media planners and business gurus are all pointing towards emerging markets of India as the next growth destination, it is time everyone sits up and realises the importance of these markets.
We met some key decision-makers at the recently concluded ‘Real India Conclave’ – an attempt by Jagran and exchange4media group to shift focus to developing markets in India to discover why these markets have become important for brands, what are the initiatives brand managers are planning to target these areas, what are the factors that will make or break any brand in these markets and finally some key points that will give brands a great success in emerging India. Hear what they had to say...
Canon India is doing Rs 2000 crore worth business in India today, one third of which comes from developing India or small towns and cities. Alok Bharadwaj, Senior VP, Canon India stressed on the fact that it makes logical sense to evaluate the investment and returns from these markets. He shared how a brand such as Canon is benefiting from the emerging markets in India and why it is important to consider these markets separately for a brand.
While it took India close to 60 years to reach the $1 trillion GDP number, the subsequent trillion is expected to happen by 2014, a mere three years from now and this growth would come more from developing markets than the developed markets, opined Anisha Motwani, CMO, Max New York Life Insurance. But marketers will have to be cautious while playing in these markets as mindsets, behaviour and preferences of consumers are completely different. Motwani shared what are the key things markets should keep in mind while targeting smaller towns and cities of India.
VI-John is making strong moves in the rural markets and taking proactive measures to gain first mover advantage in some of these virgin markets. Vimal Pande, CEO, VI-John Group of Companies shared how his company is seeing a growth rate of 30-35 per cent in the rural areas of India as compared to mere 15-16 per cent in metros and tier I cities. He talked about how his company is tapping rural India while explaining benefits of these markets.
Bottom of the pyramid today wants to be top in status, revealed Dheeraj Sinha, Author and Brand Strategist speaking about aspirations of consumers in the growing India. However, these consumers are sceptical of brands, thinking about them as outsiders trying to extract their money. Sinha elaborated on what brands should do to score well with the consumers in these markets.
Satyajit Sen, CEO, ZenithOptimedia talked about the growing media consumption in the emerging markets and reasoned why it is necessary for brands to look at these markets from a growth perspective in the coming years.
Internet and television is now accessible to more and more people even in tier II, tier III cities in India. The aspirations of youth in these cities and towns thus are similar to that in metropolitan, highlighted Shashi Sinha, CEO, Lodestar UM. He shared how these markets are the future and why brands should consider these markets seriously.