Create something the youth can identify with, say industry experts
At a conclave held in Mumbai, industry experts shared their views on young consumers, their needs and how to create innovative IPs for them
Published - 18-April-2019
EEMA conducted a summit on April 17 to celebrate the masterminds behind the event IP business. One of the sessions was about the category of youth, how to market and create new IPs for this target audience.
Roshan Abbas, Founder, Kommune, MD Geometry Encompass was the moderator for the panel discussion. Anto Philip, Co-Founder, Under 25, Jatin Varma, Founder, Comicon India, Siddharth Ganeriwala, Director, CEO, Aura Integrated Solutions Pvt Ltd and Prashant Panday, MD, CEO, Radio Mirchi shared their viewpoints on the topic: Youth - What do they like, listen, eat, drink, watch?
Abbas in his opening statement spoke about launching a new IP. “If you don’t listen to your audience every day don’t do it. If you don’t have an experienced team: a designer, curator, production team, finance team don’t do it. If you don’t understand data don’t do it. If you can’t hustle your way to a brand marketers roof don’t do it,” he said.
The youth of today wants events that are highly experiential in nature as opposed to the yesteryears where consumers only paid for the product. They are on a quest to live their lives the way they want to. Learning through experience and being a part of something on-ground or on the internet is a key factor for them. It hasn’t maximised yet, states Phillip. Speaking about the four key things the youth spends their money on Phillip said, “They spend on Food, Accommodation, Entertainment and Experiences in which travel is at the core”. The youth knows what they want and where they want to spend their money.
But it’s a mixed bag. Sometimes they are influenced by a lot of things around them especially social media, said Varma. “It depends at what age you are targeting, an 18-year-old is different from a 25-year-old. Brands promoting at Comicon like Disney carter to that,” Varma added.
The Indian youth today has a voice and they don’t shy away from speaking their minds on social issues. They have an identity and they are considered about it highly. They are considered about the LGBTQ+ inclusion in an event for instance. Speaking on this, Ganeriwala said: “We need to create something that the youth can identify with. There are so many topics we would refrain from talking about in a public forum. That is the origination of Taboo. This became a platform for the youth to speak about the unspoken.”
Which areas should a marketer focus on? Sharing insights on this Phillip said: “We need to be constantly relatable. You can’t be a less relevant brand. You need young employees to evangelise the brand. Bringing out a community through content. Language forms a massive part in the youths formative years and if you are a youngster you are constantly learning new words and slangs and marketers should keep that mind.”
Varma said that the youth is peer pressurised into consuming content, a product or service. “It is basically what's trending and they get hooked on to it. Some genuinely end up liking it while some end up wasting their money. Some want to experience something because others say it's cool. In our feedback surveys, people said I came to Comicon because it is cool to be at the event.”
Creating a variety of experiences is key to grab the attention of the youth market. "They will get saturated with the same type of experience and creating variations of services is the way to go forward,” said Abbas.
Marketing for this target audience is largely done on digital with a share on print and radio as well. Panday stated that 57 per cent of the Indian youth as per his channels data still listen to the radio and it is a good place to market apart from digital. Promoting within a category on socials like in Facebook groups to reach a specific audience was another key advice given by Panday.
Phillip spoke about why a young consumer would go ahead and buy a ticket for an event. 1. They like the event: The marker needs to create an interest, create a character that is relatable on social media platforms, 2. Friends that come along at the festival: So that the consumer is happy at the festival. Market on-ground on campus so that the friend doesn’t have any FOMO and lastly, 3. Convincing the parents: By using Whatsapp to persuade them to buy a ticket for their child for an event. Creating a conversation with multiple parents and allowing the parents free access to the event.
A right IP needs to be created that fits well with the young consumer market and generates ROI says the panellist. Finding a deep passion and catering to that is key. You do that through social and meeting them on-ground stated Varma.
“Data is the new oil. If you are not getting that and a competitor who has that data and creates a new IP will acquire success”, concluded Abbas.For more updates, subscribe to exchange4media's WhatsApp Channel- https://bit.ly/2QUdLCK