Convergence in Media: Strategising for seamless brand experiences

The 2024 edition of CMOs’ Charcha – Bengaluru Chapter successfully brought together the country’s top marketing leaders to chart the future course for India Inc. Since its inception, CMOs’ Charcha has evolved into a respected forum, with chapters in Delhi, Mumbai, Kolkata, and Bengaluru. This year’s edition, held on September 25, was around the theme, ‘Revolutionising Marketing: The Fusion of Data, Creativity, and Technology’. The summit explored how the integration of data, creative innovation, and advanced technology is transforming the marketing landscape.

The world of media and marketing is rapidly evolving, with the lines between traditional and digital platforms blurring like never before. A panel discussion on ‘Convergence in Media: Bridging the gap within different media channels for seamless brand experiences’, highlighted the latest developments. Chaired by Akshaara Lalwani, Founder and CEO of Communicate India, the esteemed panelists included:

Manasi Mody, Principal at Ipsos Strategy3

Amarnath Dutta, Chief Sales and Marketing Officer at N. Ranga Rao & Sons

Prasanth Naidu, Chief Marketing Officer at Moneyview

Anuj Sharma, Chief Marketing Officer at Xiaomi India

Ishaan Bose, Chief Marketing Officer at KreditBee

Gandharv Sachdeva, Country Head, India, Hybrid

Nitin Gupta, Founding & Managing Director, Asymmetrique

The session began with Mansi Mody, Principal at Ipsos Strategy3, and then moved on to experts from the FMCG and fintech sectors, sharing their hands-on experiences with blending media strategies.

Akshaara began by inviting Mansi Mody to share her perspective on media convergence, particularly in light of a report Mansi had presented earlier in the day. “Very clearly, let’s just in one line understand what convergence in media is,” Mansi explained. “It’s nothing but traditional and digital channels coming together.” She went on to describe the four distinct cohorts of clients based on their adoption of digital channels. These range from those who are fully immersed in digital marketing to those who are cautiously experimenting with blended strategies.

Mansi pointed out that while digital channels like social media offer targeted marketing and engagement, traditional platforms like TV and print still have extensive reach. The challenge, she noted, lies in maintaining "unified and consistent messaging across platforms." As she put it, "You cannot have a brand with two different messages on two different platforms." Another key challenge she identified was tech integration, which requires substantial investment, as well as measuring the impact of digital marketing.

Despite these hurdles, Mansi sees a blended strategy as a win-win. “Consumers need an omnichannel experience. At the same time, brands need reach and engagement,” she concluded, stressing that media convergence is not only beneficial but essential for success.

The conversation then shifted to Amarnath Dutta, Chief Sales and Marketing Officer at N. Ranga Rao & Sons, who shared his practical insights on implementing blended strategies. He acknowledged that his company, the makers of Cycle Agarbatti, operates within the fourth cohort, where both traditional and digital media play crucial roles. "We are living in an ecosystem which is like an omniverse," he remarked, "because consumers are shopping in brick-and-mortar stores while also shopping online."

Amarnath emphasized the importance of micro-targeting. “It is India within India. Who are you micro-targeting to?" He shared an example from Cycle Agarbatti’s campaign, which recognizes that consumers pray for different reasons. “The housewife who lights two sticks of Cycle Agarbatti in the morning prays for health, wealth, and happiness. The youngster prays for a wicket in the last over.” Understanding these different cohorts and tailoring communications accordingly is key to their marketing strategy.

He also highlighted how the rise of e-commerce and quick commerce has impacted consumer behavior. “Consumers are paying a premium for convenience,” he observed. Amarnath spoke about their direct-to-consumer (D2C) platform, cycle.in, where they experiment with new products before scaling them to larger channels. "Consistency is the key," he advised, cautioning against contradictory messaging across platforms.

Next up was Prasanth Naidu, Chief Marketing Officer at Moneyview, who shared insights from both the fintech and e-commerce sectors. “I don’t think there is any traditional, non-traditional media per se,” he said, emphasizing that media should not be viewed as strictly old or new. Instead, he urged brands to consider where their consumers are most active and where conversions are happening. "You build for that particular platform," he said. "You don’t try to force fit what you have created for a larger communication to work for a particular platform."

Prasanth highlighted the importance of product experience in media convergence. He explained how Moneyview recently expanded its product portfolio to include offerings like digital gold and an FD marketplace. This shift required a seamless communication strategy that aligns with the consumer's purchase journey. "For example, a consumer can buy digital gold from us and then exchange it at the Caraclin counter for jewelry," he noted, illustrating how the communication follows the product experience.

He also shared insights from his previous experience at Flipkart, where the Big Billion Days event served as an example of multiple media channels working together. “Consumers receive messages from multiple places,” he said. "Some are highly targeted, while others address macroeconomic reasons why people shop during this time." His takeaway? There is no one-size-fits-all strategy. Some campaigns require a common message across channels, while others need tailored nuances for different platforms.

Anuj Sharma, Chief Marketing Officer at Xiaomi India, shared insights into how the tech giant tailors its marketing strategies to follow the consumer’s decision-making journey. Reflecting on Xiaomi’s evolution, he mentioned, “We started off in 2014, and until 2017, our marketing spend was actually zero. We didn’t have the money to spend, so we focused on influencing influencers and technology media.”

Anuj discussed the importance of understanding the consumer’s needs at each stage of the purchasing process, whether they’re buying a budget device or a premium product. He explained that Xiaomi’s marketing strategy begins with public relations and influencer engagement, followed by targeted content on platforms like Flipkart. He emphasized, “For every product we have, we understand the consumers and follow that journey. What are they looking for at each point? We try to proactively address those questions.”

What stood out in his approach was Xiaomi’s consumer-centric planning. “Our planning, for example, if we’ve got a launch planned for December, the planning is already in place. It always starts with the consumer. We are marketers, and we have only one audience—the consumer.” This relentless focus on the consumer’s journey, paired with constant iteration, has been key to Xiaomi’s success in a highly competitive market.

Taking the conversation further, Ishaan Bose, Chief Marketing Officer at KreditBee, provided a deep dive into how data can drive optimization. At KreditBee, a fintech platform lending to professionals, data plays a pivotal role in creating effective marketing strategies. “Every day, we get close to 50,000 new applications, and we need to create the right segments to understand where each consumer is coming from,” he explained.

Ishaan stressed the importance of segmenting consumers across channels to make sense of the data and create effective marketing mixes. “The idea is to identify the right segments and use different channel combinations across cohorts to get the best conversion. For example, for some segments, a channel may drive direct conversions, while for others, it may assist but not be the final conversion point,” he said.

This meticulous approach allows KreditBee to optimize its marketing spend and ensure that each segment receives the most relevant messaging, whether it’s top-of-the-funnel brand building or bottom-of-the-funnel conversion efforts. “The insight we get from this data allows us to decide how to use each channel, either as a performance channel or to build brand awareness,” Ishaan added.

Kicking off the conversation, Akshaara posed an intriguing question to the panelists, asking them to reflect on their experiences across different sectors. She was particularly interested in hearing about what has worked and what hasn’t, without naming specific clients. "You both have specializations. One is more performance ad martech-driven, while the other focuses on creative digital. So, over to both of you," she said, setting the tone for a rich exchange of ideas.

Nitin Gupta was quick to empathize with the marketers, acknowledging the immense complexity they navigate. "You guys have to be supermen these days," he said, referring to the multitude of challenges—data, tech, creativity, channels, and media—that marketers juggle. Gupta painted a picture of the current marketing ecosystem, where conversion rates for e-commerce sites hover between 1% and 3%. He questioned whether such low conversion rates would ever be acceptable in offline channels.

In his typical contrarian style, Nitin explained, "We are looking at a world that is actually not working together for the numbers to add up. The unit economics just don’t work." He emphasized the need to rethink traditional marketing models, particularly the funnel approach, and advocated for a "full funnel" strategy that addresses the top, middle, and bottom layers with equal vigor.

He also touched on a key issue facing marketers today: media fragmentation. "One of the biggest problems marketers are facing is fragmentation of media. You need to focus on the medium that works best for your consumer," Nitin advised. For him, a brand's success hinges on building a direct relationship with its consumers, and that relationship is only achievable with the right allocation of resources to the right media.

Gandharv Sachdeva, reflecting on his early days in the industry, added an interesting historical perspective. "In 2008, when I ventured into the media industry, digital was just an afterthought. Clients wanted to take money out of digital and put it into print or television," he recalled. But over the years, digital has moved from the sidelines to the center stage, as clients began to realize its potential, albeit with a narrow focus on performance.

Gandharv noted a pivotal shift in client expectations—from seeing digital as a purely performance-driven tool to recognizing its value in brand awareness and innovation. "Earlier, it was just about standard banner ads. Now, if you meet a client, the question is always, ‘What’s innovative in the digital space?’ They want more than just performance; they want creative campaigns that push boundaries," he explained.

Gandharv highlighted the rise of programmatic advertising and demand-side platforms, which have allowed brands to be more innovative in their digital marketing efforts. Yet, despite the push for creativity and innovation, the demand for performance metrics remains strong. "Performance will always remain important," he acknowledged, "but I believe that awareness can ultimately drive performance. You can’t have one without the other."

As the discussion progressed, a common theme emerged: the importance of finding balance in today’s fragmented, fast-paced marketing landscape. Nitin stressed the need for a holistic approach where performance marketing, branding, and innovation coexist seamlessly. "There are no real segregations between media anymore," he noted. "Consumers are flirting across every medium possible. You have to be where they are and spend where it counts."

Gandharv echoed this sentiment, observing that while clients will continue to demand performance-driven results, the most successful campaigns will be those that blend performance with brand-building and innovation. "The shift has happened, and brands are moving back to focusing on awareness," he said. "But innovation is key. Clients are constantly asking, ‘What’s next?’"

In this ever-evolving landscape, one thing is clear: marketers must adapt to the changing dynamics of media, consumer behavior, and technology. The insights shared by Nitin and Gandharv offer valuable lessons for navigating these challenges, underscoring the need for creativity, strategic media spending, and a deep understanding of consumer relationships.

The discussion left the audience with much to ponder, as Akshaara summed it up by saying, "What’s clear is that the industry is at a crossroads. We must embrace both performance and innovation to truly succeed in today’s market."

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