Terry Peigh talks about 'New Realities' in a world of information overload
Terry Peigh, SVP & MD, IPG, released the findings of 'New Realities', a global study that tracks the changing consumer to understand how new media and information overload impact buying decisions
In his second visit to India on Wednesday, Terry Peigh, Senior Vice President and Managing Director, Interpublic Group, released the findings of the global study, “New Realities” in Mumbai.The study has been tracking the changing consumer since 2009 to primarily understand how these times of new media and information overload impact the buying decisions that consumers are making today. “New Realities” has covered six countries namely India, China, Brazil, USA, Russia and Germany. Over 500+ online interviews were conducted in each of the six countries.
Commenting on the results, Peigh said, “One of the key learnings from the IPG research is that today’s consumers are demanding more and more from manufacturers and marketers. Of particular note is the consumer’s growing demand for trusted product information, and to succeed today, marketers need to commit to transparency on products and provide trusted information that the consumer needs to make a good decision.” In these times, when the consumer is spoilt for choice and several brands are vying for his attention, marketers need to present their information in such a way that it helps the consumer navigate his decision making process with ease. “If they are able to decide easily because of information provided by the brand, you end up earning the consumer’s trust and loyalty and purchase as a result,” said Peigh.
Particular to India, the study provides a unique window into how the Indian consumer is coping with the information overload and making decisions. It is aimed to understand the evolving consumer and mirror the new market realities for Indian marketers. Today, Indian consumers are changing their focus and are graduating from ‘Demand to Demanding Consumers’. Some of the few interesting insights about Indian consumers from the study are:
- Among all the six countries studied, it has been found that the Indian consumer prefers having in-depth product knowledge because it builds their self-esteem.
- Indians seek and value information they receive from experts who write product reviews on the internet and in magazines.
- 44 per cent of Indian consumers consider social networking sites as a good source of word-of-mouth information on brand experience.
- India is where majority of the consumers believe and rely on the information provided by ‘trusted brands’.
Presented by Cogito Consulting, the independent brand consulting division of FCB Ulka Group, part of The Interpublic Group (IPG), Cogito has partnered with IPG to do the India leg of the interviews from the time India has been incorporated in the study. Additionally, Cogito has a long-term commitment with IPG to understand the Indian consumer for all the future ‘New Realities’ global studies. “New Realities is a very expansive study on how new media is impacting the consumer decision making process. The research is conducted across six countries, from 2009 until now and draws inferences and insights that are robust and can be leveraged by the Indian marketers,” said MahuyaChaturvedi, Managing Partner, Cogito Consulting.
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