BW Summit: Hemant Jalan & Hiren Gada share insights on being future-ready
At a panel chaired by Vivek Tiwari of Medikabazaar, Hemant Jalan, Indigo Paints and Hiren Gada, Shemaroo, talk about how innovation will be key and digital medium has phenomenal growth opportunity
The Business World Marketing White Book Summit 2019 which took place in Mumbai on Friday saw a number of insightful and engaging discussions, one of which was the session on Reimagining ‘Future Ready’ In Rising India.
While Vivek Tiwari, Founder & CEO, Medikabazaar, was the Session Chair, others on the panel were Hemant Jalan, Managing Director, Indigo Paints, and Hiren Gada, CEO, Shemaroo Entertainment.
Jalan and Gada both shared how they would be future-ready in their industries.
The current growth of the Indian economy is about 6.9% and if the country wants to be a three trillion dollar economy by 2020, it needs to reach 7%, Vivek Tiwari said.
When asked about how Indigo deals with growth, Gada said, “When we talk about becoming a five trillion economy and becoming ready for it you need to factor in not just the growth. The country’s trade deficit and the balance of trade become as important as the growth story. Organizations need to become export-oriented. Not only in the products that you make but in technology.”
Jalan spoke about how his industry is gearing up to become future-ready. “Innovation is going to be key. We have been a very innovative paint company, coming up with different categories of paints and defining categories as we have invented them. The paint industry does grow at about 13% per annum. We have been registering our CAGR of 40% per annum for at least 10 years. It is possible if you think out of the box. You need to build an organization that is agile. That means the traditional departments should over time disappear and having people who are more entrepreneurial or multi-skilled should be key going forward.”
The media entertainment industry is growing at 13% and there is a huge demand for digital which is coming up. Talking about the challenges of this ambitious growth plan, Gada said: “Whether it’s television or digital, as an industry it is a golden period to be in. Developed countries say television penetration is very high and digital is replacing television. India is still a country where television penetration is still at 100 million. We are fortunate to be in a time where all the mediums are growing.”
Digital is a phenomenal growth opportunity because it has just started. “We are looking at 300 billion digital consumers. We see any projections in the future the number is expected to touch about 800 million digital video consumers. The opportunity is that we are moving at a geographical spread, socio-economic background as well as an age background. The business models will evolve as we go ahead whether it is in terms of the advertising revenue or subscription revenue,” Gada stated.
Gada concluded the session saying: “The future way in which brands will be built will be very different from how brands have been built in the past. I think all of us in the media, entertainment and marketing will have to really think things differently. On what the brand stands for and how the millennial and digital consumer is interacting and experiencing the brand. How the consumer is experiencing the brand across different touchpoints, not just the product. Product is key but it is the combination of all of this that will bring the consumer closer to the brand.”
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