The rapid evolution of media is changing the everyday life of consumers the world over and its significance is showing more evidence in fast-growing nations like India, suggests the latest Decision-Makers Survey 5 (DMS 5) conducted by ACNielsen ORG-MARG.
According to the latest DMS 5, media in India is gathering pace rapidly and is gaining progressive importance among key decision-makers. With print media competing neck-to-neck with TV for advertising rupees, the Economic Times has gained significant ground, recording an increase in readership from 78 per cent in 2004 to 91 per cent this time round. The Economic Times is ranked first in ‘average issue readership’ among business dailies, followed by Business Standard and Business Line.
DMS 5 brings together a composite understanding of the media habits and lifestyles of today’s business leaders. A successor to the popular DMS 4, the current survey was conducted among senior executives designated as General Managers and above across India’s top 500 private companies, top 100 public sector and 100 leading financial sector companies, including banks, merchant bankers and foreign institutional investors (FII).
Aimed at understanding this key target group better, the DMS enables marketers to better identify the ideal channels for communicating to these high profile consumers and provides insight into their media habits – newspaper and magazine readership, TV viewership, radio listenership and Internet usage – as well as lifestyle behaviour and product ownership of the corporate elite, whose average annual income is estimated at Rs 10 lakh plus.
Some of the other interesting findings of the survey include the information that as a newspaper Hindu has more readership among people working in Indian corporates, whereas Financial Express enjoys strong readership among Chairmen and Managing Directors. Business Line is popular among readers in the South and also with people working in the financial sector.
Faced with a plethora of TV channels, more corporate professionals are opting to watch news-based programmes followed by business shows and current affairs with CNBC-TV 18 topping the chart as the ‘most watched business channel’, followed by NDTV. And the discerning corporate elites are most likely to watch them between 8 pm and 10 pm in the evening during the week.
“This presents a window of opportunity for advertisers of products and services to exploit in reaching India’s ruling class. At a time when the Indian subcontinent’s corporate elite are powering ahead in the global economy, the survey findings will definitely serve as an effective tool to devise effective marketing and communication strategies,” observed Sarang Panchal, Executive Director, Customised Research ACNielsen South Asia.
In addition to the media module, the report also provides profiling information of product ownership and lifestyle behaviour for the banking sector. The findings indicate that ICICI Bank is most preferred among younger corporate decision-makers, who rate the bank as ‘the most popular bank’ for net banking and credit cards.
With total Internet penetration in single digits, corporate decision-makers’ access to the Internet is certainly driving the trend. In 2005, Internet penetration among key decision-makers increased to 81 per cent from 66 per cent in 2004. Although Internet usage is mainly for checking e-mails and catching up with the latest news, 11 per cent of the corporate elite are also banking on the Net.
“This explains why more and more banks are looking at Internet banking as another attractive addition to their armory of delivery channels. Among the corporate echelons, the Internet is already fast becoming the most popular mode of banking among decision-makers. Hence, these initiatives taken by banks can help marketers and advertisers devise the right strategy matrix to reach the corporate echelons,” opined Panchal.
An analysis of the industry groups, performance, gross annual income and age of the corporate decision makers can also lend a better, more accurate focus to the marketing and media plans.