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Presenting MarketRook (2014 edition), the annual marketing magazine of NITIE

Presenting MarketRook (2014 edition), the annual marketing magazine of NITIE

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Marketrook-2014 Marketrook-2014 Document Transcript

  • March 2014 MarketRook Cover Story Exclusive Interview Binoj Vasu, CEO-Kuotient What’s Inside  Marketing Luxury Goods  Selling Reality Shows MarketRook-2014
  • From Editor’s desk Dear Readers, It gives us immense pleasure to bring out the 4th edition of NITIE’s annual marketing magazine. If you take time to look around, you would witness the significance of marketing in every sphere of your life. Starting from the time you get up in the morning, the brush, toothpaste you use, right up to the time you crash on your bed at night, just think of those countless brands that shape your daily lifestyle. It’s a continuous tussle between those countless brands laid across the horizon of consumer observation span. In a season where marketers are leaving no stone unturned trying to grab consumer attention, marketing automatically assumes utmost importance. And now in the era of technology where the world has become a global village, marketing cannot stay far away from the shadows of it. So this time the edition focuses more on digital marketing and new trends coming up in marketing. Also, consumers are increasingly expressing and forming their individual identities through the brand experiences and products they choose. As individuals further reflect on their consumption choices, they will inevitably demand more of the luxury branded goods. So the article on “Digging the mindset of a luxurious customer” is a must read for all the marketing enthusiasts. It was an enriching experience for us. The support and enthusiasm you showed with your article entries was overwhelming. We extend our heartfelt thanks to all the contributors. We hope you all enjoy reading MarketRook current edition as much as we enjoyed making it. Team MarketRook MIG, NITIE About NITIE • • Established, 1963 by the Government of India through International Labour Union (ILO) Recognised as “Centres of Excellence” along with IITs, IIMs & IISc by Ministry of HRD India NITIE in Rankings • • • • • • Received the "Most Industry Focussed Curriculum" award in ET Education Excellence Awards 2013 Ranked 5th in Business World B-School Rankings 2013 Ranked 6th in MBA Universe B-School Rankings 2012 Ranked 7th in CNBC TV 18 B-School Rankings 2012 Super League 1 (Top 8) in Business Standard Rankings 2012 Ranked 6th in Business World B-School Rankings 2011 Marketing at NITIE • HUL LIME Season 1 winner • Reckitt Benckiser Marketing case study 1st-Runners up • NITIE’s flagship marketing event – “Mandi” is country’s largest stand alone event with nearly 1500 direct participants and sales of INR 10 lakhs 2 MarketRook-2014
  • Foreword Greetings, It gives me immense pleasure to bring forth the latest edition of MarketRook, the marketing magazine of NITIE by Marketing Interest Group (MIG). During its 50 years of legacy, NITIE has been making its presence felt in all the areas of management. MarketRook tries to capture this essence in the field of marketing by bringing insights, business ideas, avenues and potential areas of this simulating field of management to the student community. The current edition of MarketRook focuses on the Digital Marketing & new trends in marketing. This edition also touches upon gamut of other events that have claimed a significant mindshare of the people and brings out the learning that these events encapsulate. MIG has tried to reach far and wide and encompass the opinions of the students from eminent institutes of the country on such matters. I appreciate MIG, the Marketing Club of NITIE for bringing out the magazine for the benefits of the student community. I hope , MIG will keep the marketing enthusiasm among the students and take it to a greater height. Prof. Ashok K. Pundir Convener 3 MarketRook-2014 View slide
  • CONTENTS 5 8 3 13 11 3 21 18 3 24 4 MarketRook-2014 3 25 View slide
  • Lights, Camera, Action..& Marketing! An Insight into Movie Marketing and emerging trends “Irrespective of the genre and content of a film, the basis of age, gender, lifestyles or genre and solving the question of targeting it to the niche interest groups or the wider audience. Movies like Peepli Live, Shanghai, Ship of Theseus were targeted at the urban multiplex going audience while movies like Dabangg, Boss were targeted at the masses and hence all the promotion campaigns had a masala touch which relates to wider audience across the nation pre-release marketing budget decides the opening weekend success for a film”-IIM A Research This article summarizes marketing strategies for a Movie and the recent trends in movie marketing. With movie-makers around the world are spending a substantial amount on marketing and garnering huge opening successes on account of it, it becomes essential to have a look at it in purview of marketing frameworks. Marketing Plan and budget An effective plan takes into consideration the objective, timelines and the budget. The objective is to create a buzz in less time and accentuate the visibility. The timelines are shifting well before the release date, with promotions starting right before the shooting stage, with celebrities tweeting about movie experience and succeeded by teasers, theatrical trailers and activation campaigns, lasting after the movie release. 4Ps of Movie Marketing First, looking at the 4P analysis, it is observed that only Promotion and Place are in control of a movie marketer, since Product and Price are in control of the directors, producers and theatres policies, respectively .Placement involves factors like which territory to target or which is the best time to release the movie. Some of the biggest blockbusters were released during the Diwali or the Christmas season. Similarly, very few releases are seen during exam season or any big ticket cricket series. Selecting the geographical area becomes critical based on the theme of a movie. Promotions forms a key part and cater to most of the marketing efforts, which will be discussed in detail in subsequent section. The marketing budget is estimated to determine which promotion platforms to focus for expenditure. The big budget movies have the advantage of star cast value in promotion activities. According to experts, a film with a budget of Rs. 50-70 cr should plan a budget 20-25% for promotions, while a small movie with a budget of less than 10 cr needs to substantially invest in promotions – 50-60% of budget to gain visibility in a highly cluttered box-office which releases more than 250 movies every year. Segmenting, Targeting and Positioning Further requires the segmentation of audience on the 5 MarketRook-2014
  • Promotion Mix of movie Aladdin launched three ice cream flavours based on the characters of the movie. There is also a growing trend of merchandising in tieups with certain brands which includes launching tshirts, cups, bags, toys designed with movie posters, taglines or song keywords. Ra-One partnered with Homeshop18 and launched a series of toys based on its characters and other merchandise. Makers of movie “Cocktail” partnered with online portal Myntra.com to release movie apparel collection. It includes promotions across various platforms. Above the Line: Conventional platforms It includes promotions on Television and Radio which displays the trailers, music launch, appearances in daily soaps and reality shows, talk shows, behind the scene documentaries, Print advertising includes movie posters and ads in newspapers and magazines and also Outdoor marketing like posters, banners, billboards in outdoor places. Below the Line : Getting Innovative It include various events to engage audience, contests in malls, flash mobs, star cast visit to malls, college fests etc. Movie marketers are actively involved in partnerships with other brands for co-branding . Volkswagen tied up with the movie Go Goa Gone and launched a facebook campaign. Also, Makers of “Heroine” tied up with e-commerce portals like Snapdeal, Myntra to run promotional offers. In-film advertising that involves integration of brand massage within film script are getting popularity as well. Other innovative promotions include release of a 10-page daily newspaper “Rann Times” by Director Ram Gopal Verma before the release of the movie Rann. Aamir Khan is renowned for his innovative marketing styles. For promotions of his movie Ghajini, he went ahead to trim Ghajini haircut in saloons and insisted ticket counter boys, pop corn vendors and ushers in movie theatres to sport Ghajini look .In a similar attempt, he travelled acroos the country in disguise and asked the fans to spot him, during the release of ‘3 Idiots’ . Stars launching merchandise for movies Through the line : Most Preferred option There is a surge in Through the line promotions that include promotions through Digital media like social media, websites, blogs, apps and games. It starts right from the stage of movie shooting with stars tweeting on the sets, teasers getting first launched on you-tube succeeded by theatrical trailers. Twitter trends related to movie name, taglines or song keywords are getting popularity. Badtameez Dil twitter trend created a buzz before the youtube launch of the song and garnered more than a million views in just 2 days. Even movie trailers show the best tweets related to the movie to emphasize on user ratings. Digital Posters, which are 30 sec videos and are a mix between Trailers and posters, shown with animations and background score snippets, are gaining popularity with makers of Ek-Tha-Tiger and Talash launching it. Aamir Khan giving the Ghajini look There is also a growing trend of personalisation, treating every film as a brand entity. Ashutosh Gowariker promoted selling of 12 different flavours of popcorns in theatres each corresponding to a different rashee, for the promotion of movie “What’s Your Rashee” in which Priyanka Chopra played 12 different characters. Makers Celebrity tweets getting popularity 6 MarketRook-2014
  • Online campaigns are focusing on getting interactive and engaging audience as much they can. Movie “Ship of Theseus” launched a campaign to release the movie first in the city which gets the maximum votes in the poll on their Facebook page. Campaigns like “Guess the tagline” or “Share your experience” on viewers thoughts on a theme related to the movie, bundling with prizes, are gaining traction. Director Imtiaz Ali, conducted an online poll to vote among the three titles Ishq via Bhatinda, Jab we met and Punjab Mail to finally select the title for his movie Jab we Met. Also, Star casts are getting interactive with live chats on google hangout or skype with the lucky winners of a contest. In a similar campaign by Eros for movie Teri Meri Kahani, fans were given chance to interact with Shahid Kapoor and Priyanka Chopra on google hangout. Mobile marketing enables promoting ring tones, caller tunes, wallpapers, screen savers, movie games, movie apps to the target audience. Few movie makers went to the extent of providing free WiFi in selected outlets of McDonalds, Subways, CCD etc. as a means to promotion. Online Marketing on Youtube Mobile games are also getting popular.YRF,for the promotion of movie Lafangey Parindey, have came out with a boxing game that shows animated Neil Nitin Mukesh’s character and a similar skating game of Deepika Padukone’s character. The games enables the audience to get close to the movie characters. With TV, radio and print media advertising slot rates are escalating so frequently and a huge proportion of urban youth having online presence, digital media provides a cost effective means promotion, which is also more customer engaging and gives the power to target campaigns to the desired audience. Author Rochak Mathur || PGPM || MDI Gurgaon 7 MarketRook-2014
  • Marketing In The World Of Digital Sharing A BANE OR A BOON? Introduction marketing could be quoted as marketing through electronic media. It differs from the traditional form in its methods and implementation both. But from where did digital marketing come from? The answer lies in the fact that change is what determines change. Gone are the days when information sharing was through magazines and other print media only. Now, anything and everything is shared electronically through different channels in no time. Social networking sites, mobile apps, etc. are the new medium of information sharing. It is therefore the profuse use of digital media that has given birth to digital marketing. Digital media is so pervasive that consumers have access to information incessantly and ubiquitously. It would not be wrong to say that digitization has on one hand given marketing a plethora of useful tools while on the other, set challenges by making marketing more measurable. The current generation lives in an era that has its twists and turns in the hands of technology, which is advancing by the day, and establishing its roots with a wide span over multiple domains. From radios to televisions to the Internet, technology has become a game changer and has led to the creation of the “Digital” world which rules out the traditional forms and occupies the foremost position in all rankings. Digitization has not just created a boom in the electronic industry but has also touched upon various other fields that have an impact on our day-to-day lives. The emergence of technology has aroused a whole new set of needs and desires that have brought about a revolution in the long traded trends of marketing by exemplifying new ways of selling. It has punctuated the evolution of advertising throughout history, each fundamentally altering the way businesses could communicate with their customers. With the adoption rate of advancements beating the speed of light and the consumers being more and more knowledgeable, marketers need to work their head hard so as to get heard. A look into the lens of marketing history reveals that marketers have, at every stage, opted to live up the trend. Marketing had existed ever since people had something to sell. But the enormous amount of advancement has caused it to form various branches that deal differently and in different environments. Digital sharing rejuvenates marketing with different elements. Social media marketing, Content marketing, Mobile marketing, E-mail marketing, Big Data, In-game advertising etc. all are the shades of marketing that were unheard few years ago. However these have also brought about a behavioural change that now demands every marketing tactic either to be digitized or to get unnoticed. The more technological, more advanced version has given the marketers new powers to sell and make profits. What is digital marketing? With the advancements in the electronic media and IT, newer forms of marketing have evolved which are defined by the use of technology for marketing. This is what is called as “Digital Marketing”. In simplistic terms, digital 8 MarketRook-2014
  • The more technological, more advanced version has given the marketers new powers to sell and make profits. Recognition which was earlier dependent on word of mouth is now measurable by the number by likes achieved on the Facebook page or other sites. It gives the customers the potential to share their views with their friends, relatives, colleagues through a medium accessible to all. At the same time, monitoring the success of a strategy or product can now be done electronically which supports taking right and timely decisions. Tracking not only social media but also featuring mobile applications and other channels to make the brand or product visible is now an inevitable component for marketers. the marketers for the kind of responses being generated. Air-fare booking is a classic example. The marketing commercials and other pop-ups on the window screens get the attention of the prospective customers and serve their purpose of providing information about the product or service. It can be called as an induced marketing strategy where the customer is not willingly looking for the product but might get interested in it by viewing the commercial. This is one of the many ways that markets develop a space for themselves online. 5.Cost: It is highly reduced as the marketing campaign goes online as soon as it is ready. The development of a digital marketing strategy is cheaper than traditional marketing plans. 3.Automation: Keeping a record of number of visitors on the website and observing the pattern of visitors provides useful data for analyzing the marketing scheme. The use of internet has made it possible for the businesses to stay awake while the owners are asleep. 4.Engagement: Associating the customers with services that allow them to get their desirable products on the website or providing them with special offers engages them with the company. E.g. online shopping sites show tags such as “people who visited this page also visited…” etc. 6.Exposure: Businesses can make their presence felt in any corner of the world without incurring much costs and by the use of search engine optimization they can even build a good market share in the host countries by implementing an influential marketing strategy. Digital marketing has showed businesses a new way to market their product or service. It has introduced itself to almost all sectors including food, health, banking, airlines, lifestyle, etc. Outlets such as Starbucks, CCD, Dominos, etc. also maintain regular updates on the social networks and attract customers. Another important area where digitization has made an elevation is the news segment. Real time information is acquired with a single click on-the-go. Today, events of one region are not restricted to geographies and are visible to the rest of the world at the same time. The success of websites like bookmyshow.com, ticketnew.com etc has not only supported sales figures but also boosted confidence amongst the sellers and investors. 7.Responsive: Offering feedback and customer care links with 24 x 7 availability allows businesses to be more responsive to the customers. Online support through video or audio conferencing allows glitches to be tackled efficiently and effectively. With the trend that has been set by the technology revolution, a good marketing strategy is now defined by how efficiently it utilizes the elements of digital sharing. The strategy of the marketers is thus to attract, engage and reach the consumers with the best possible use of digital media and ultimately increase their sales. But are we ignoring something? Why is digital marketing so attractive? While the digital world looks quite promising it holds a flip side too. The ever blooming IT industry and fast running innovations are making marketing a challenging task. The use of digital media has made competition to strike so hard that it has become an albatross around the neck of the marketers. The use of digital media has made competition to strike so hard that it has become an albatross around the neck of the marketers. While the establishment of current technology has already paced up, the intense pressure to lead in such a competitive environment has led marketers to increase their appetite for more innovative strategies. Marketers need to focus not only on the current trends but also look beyond to identify the future of tomorrow. The world is full of technology and to sustain in such an environment, the marketers need to implement their strategy keeping in mind the multiple channels on which they need to market. Digital marketing is spread across multiple channels and has shown up multiple facets. It has come up as an opted domain for businesses. The various reasons for its widespread acceptance are: 1.Reach: It makes a product or service visible to a large audience in lesser time as compared to the traditional methods. Multiple channels are available that provide a platform to market efficiently. Smart phones have pioneered in providing marketers with an excellent opportunity to market anytime and anywhere. Other mediums include e-mails, social media, SEO, etc. 2.Real time: Marketing with the use of photos and videos is now a trend being followed. Commercials on Youtube and other social media are presented to prospective customers where they experience the product online with the experience of real-time. Another aspect is that real-time information is being shared with 9 MarketRook-2014
  • Another challenge for the marketers is the generation of marketing tactics as per the technology or platform used by the consumers. Different kind of electronic devices used by the consumers demand different protocols, specifications, etc.; the marketers thus have to deal with the limitations of the technology while planning their marketing strategy. Also the consumers make use of different channels in different ways. For example an internet user might be spending maximum time on social networking while another user does blogging. This difference in usage sets a new task on the table; the task of approaching the consumers in different ways. Search engine optimization is a technique that enlists the desired search result at the top of the list when searched for the keywords; is a very important element of online marketing. Website creators now have a concern to design sites that are compatible with computers as well as phones and tablets also. Online shopping sites require transactions to be made and desire to have a smooth and secure flow of currency to be done. This requires great attention as one could lose a customer if he/she finds the process too cumbersome. The need to balance all the customer requirements and fulfilling the target of marketing, that is, sales or revenue generation, needs a strong and successful marketing plan that is well implemented too. A very important thing that marketers need to have a check on is that their strategy and online marketing should not be overdone; this could annoy the consumers and may even drive them to completely ignore the online banners and pop-ups. A concern for the marketers arises from the amount of data that is generated by the consumers. Customers usually leave behind voluminous data from which extracting the right part and analyzing and therefore generating value becomes a tedious task. Faster decisions require the extraction of value from big data. This is another challenge that digital marketing holds in store for the marketers. Opportunities and Risks The demand for marketers now is to explore ways in which they can harness the power of the emerging technology to connect with their target audience while dealing with the challenges. Recent news reports have shown that social media marketing contributes significantly to the revenue generation of various businesses. At the top is Facebook - the ads on it drove 60% of the sales revenue in Q4 of 2013. According to a report from Econsultancy and Adobe (Table given below), customer experience, mobile and content marketing are among the three most important business opportunities in 2014 while multichannel campaign, personalization and big data are still pacing up. Therefore, the key to sustain business in such a challenging domain requires the management of customer relationship through different channels - traditional and digital, innovating strategically, extracting value from big data, and having the thirst for expansion. Source: http://econsultancy.com/blog/64190-10-interestingdigital-marketing-statistics-we-ve-seen-this-week-18 Risk of sharing information has always been a concern for the audience. Whether it is a social networking site or an online transaction, customers always look forward to credibility. This, however, is highly optimized by the various security protocols authentication signatures. The risk on the marketers’ end lies onto the brand value that has been built over years; it is now open to all possible comments – good or bad – and with the news going viral within seconds the marketers have to be on the edge all the time. Technology thus has the power to open up new markets, and to radically shake up the existing ones. The mainstream adoption of digital technology – the internet, the software applications that run on it, and the devices that allow people to connect to both the network and each other whenever, wherever and however they want to – promises to dwarf all that has come before it. It heralds the single most disruptive development in the history of marketing. Whether the disruption is a threat or an opportunity for a marketer depends on perspective. Author Divya Arora || PGDM || IMT Ghaziabad 10 MarketRook-2014
  • Ad Analysis - Hindustan Unilever Agency: David/ Ogilvy & Mather; Director: Errol Morris (Academy Award Winner) Consumer goods honcho Unilever has come up with an emotionally charged advertisement based on its global sustainability initiative titles Project Sunlight. The ad asks an empathetic question – “Why Bring a Child into this World?” The basic premise of the advertisement is built around the emotions of real expectant parents. The ethnically diverse groups of would-be parents are shown a movie that mixes footage of violence and despair with hopeful messages about the future. They share their feelings and express their views after watching the footage. The advertisement is backed by an engaging piano cover of The Pixies' "Where Is My Mind?" which helps in maintaining the overall emotional yet positive tone. “There are key child-related moments, particularly around the birth of a first child, when people are more open to changes in their own behaviours and lifestyles” But why ask such a question in the first place? Unilever Chief Marketing & Communications Officer, Keith Weed has something to explain: “We have extensive experience and research into what drives – and what limits – mass behaviour change. From this experience, we know that parenthood creates a profound shift in people’s view of the world and what the anticipated future will mean for the lives of their children.” The advertisement also takes insights from an international research which says that there are key child-related moments, particularly around the birth of a first child, when people are more open to changes in their own behaviours and lifestyles. 11 MarketRook-2014
  • Ad Analysis cont. Sen and Bhattacharya in their classic 2001 paper found that the effects of CSR information on company reputation/evaluation are mediated by consumer-company convergence and moderated by consumer support of the concerned CSR domain. Unilever has cleverly picked up a topic that will have a mass appeal because parenthood is inescapable by most of the world’s population. The fact that ordinary people share their experiences makes the advertisement even more appealing. Emotional advertising targets the audience through real life experiences and relies on them being so involved with the characters and finding the story so relevant that it hits an emotional chord. Shahrukh Khan lends his voice to the initiative and wonderfully plays the role of narrator in the short film. His voice conveys a tone of seriousness as well as optimism and blends with the video perfectly. The clip has become viral and has garnered many positive comments from commenters on Unilever's Facebook page as well as Youtube. One of the viewers wrote: “So touching, close to tears.” However such bold advertisements have to face the heat of some not-so-satisfied viewers like – “One video by Unilever doesn't mean that problems like poverty, water crisis, global warming, suicide bombings, overpopulation, etc will be solved soon. People living in the first world watching a Youtube ad in the comfort of their homes should realize that. Don't be brainwashed by the music. The world is overcrowded right now and we definitely need more people to use condoms, to prevent diseases and babies.” Unilever has been cautious to select responses which resonate globally, avoiding use of humour which can differ from one culture to another, and instead using a mix pot of inspiration, sadness, warmth and knowledge to develop sharing. Overall, the advertisement inspires viewers by making them feel proud of the human spirit, giving all parents hope for the future and leaving viewer to walk away feeling increasingly positive about mankind. Unilever takes a big step in making such a bold advertisement but the question remains whether it would the positively strengthen the image of the company and boost the bottom line. Analysis by Nikhil Tiwari || PGDIM || NITIE Saurabh Dewan || PGDIE || NITIE 12 MarketRook-2014
  • Selling Reality Shows Are they playing with the minds of the viewers? Introduction to such needs of the viewers. E.g. - Koffee with Karan, The David Letterman Show, Jay Leno's Tonight Show, The Oprah Winfrey Show In the early twentieth century, with the advent of Television, soaps and dramas along with movies occupied the prime air time. Years after the Second World War, as people's enchantment with soaps began to wean, a new type of shows began to be aired which showed real life situations in which common people and celebrities were involved or put through. Pioneered by the likes of Allen Funt's Candid Camera (aired from 1948 to 2004), this new segment came to be called as Reality shows (as opposed to the scripted ones). They offered the public a fresh breath of air from the regular soaps which were too dramatic and became predictable. There are many other psychological reasons as to why reality shows went on to become such massive hits. b) Celebrity competition shows: Here the competition is conducted amongst celebrities or celebrities vs. common people. When celebrities are put through intense and engaging competitions it forms a winning strategy for the reality shows. E.g. Jhalak Dhikla Ja, Celebrity Cricket League etc. c) Talent Shows/Competition shows: The talent of the masses remain hidden for a long time, until an opportunity presents itself to them to bring it out. Talent shows provide them with such opportunities and allow them to compete against other people E.g. Kaun Banega Crorepati, Sa re ga ma pa, American Idol, India's Got Talent, MasterChef The various types of Reality shows In the current times the reality shows can be broadly classified under the following categories based on their central theme/content: d) Factual television shows: In these shows, the viewers are exposed to true events or their reconstructions. It could range from, ‘the life of celebrities is shown’ to documentaries, and travelogues, build it yourself shows, remodelling, etc. a) Celebrity Talk Shows: The personal lives of celebrities are always an interesting theme of contention for the masses. The fascination with what goes on into their dayto-day activities and their styles and preferences is never ending and hence these shows cater E.g. Guinness world records, COPS, Ripley's Believe it or not funny videos 13 MarketRook-2014
  • e) Hidden Camera shows: Spoofs and Parodies come under this category. Herein the participants of the show are unaware that they are being filmed and their reactions are filmed when subject to certain stimulus. A variant of this type was show in the movie- The Truman Show wherein the participant was kept in confined enclosure all his life without his knowledge. E.g. Just For Laugh Gags, Candid Camera f) Panopticon shows: These shows have a number of participants put together in an enclosed area wherein they would have to interact with each other. These interactions will be recorded and shown on a day-to-day/weekly basis. Some of these shows would have elimination rounds to see who survives till the end. E.g. Big Brother, Splitsvilla etc. Selling to the viewers The production teams and the cast sell these reality shows to the viewers by appealing to the various sensualities of the viewers. The viewers of various segments of reality shows find some psychological need of theirs satisfied via these shows, which can be judged from the testimony that the number of Reality Programs had increased by close to a hundred fold (4 to 320) in a decade (2000 – 2010). “http://screenrant.com/reality-tv-statistics-infographic-aco149257/” Some of those factors/needs of the viewers which are utilised for selling the reality shows are discussed below: a) Piquing Curiosity – As human beings, we are fallible to curiosity. This curiosity could be of many forms: curiosity about the world around us, or curiosity about the emotional sides of others, or about others’ reaction in certain situations. The latter two types of curiosity relating to people's emotional lives and their reactionary traits are well catered to by these reality shows. This trait of curiosity is particularly stronger in certain cultures such as India. “In India, people want to know about others personal lives, so reality shows try to cash in on cheap publicity.” E.g. Panopticon shows such as Bigg Boss, Splitsvilla etc b) Non-soap Entertainment -The public, who have been watching soaps and dramas most of the time, started craving for something new. This freshness in content is provided by candidness (at least presumably candid). And that is what reality shows provide to the viewers. Examples abound such as 'Sa re ga ma', India's first reality show (music talent show) which went on to be a huge hit as it was a deviation from the regular soap operas of that time period. The success of this reality entertainment genre can be gauged from the spike in viewership from 2000-2010. c) Expectations of reality - In psychological circles, it is said that most people are disillusioned with the reality in their lives and hence look for it in other's lives. And since these shows carry the tag “Reality” in it, they are naturally drawn to it. They wish to see better realities of others or see their own realities to be better than others', as per their superiority or inferiority complexes respectively. People can be easily misled to perceive the fake acts as real. This need is well captured by the production team, especially the script writers, who change the characteristics of the participants according to viewer responses/expectation from time to time. d) Emotional Connect – Most humans tend to associate themselves with the lead characters of a story/movie while watching/listening to it. The viewers tend to form an emotional connect with the various characters portrayed in the reality show. It could be for the ones they find themselves most similar with, or the ones they like the most. Then they are drawn to watch the show repeatedly to see what happens to their favourite characters in the show. The producers exploit this need by hosting wide range of characters to appeal to a large section of viewers. e) Holding the sceptre – A lot of reality shows offer the viewers the chance to decide the fate of the contestants in the show be either voting mechanism or online feedback. This makes the viewers feel that their decisions personally affect the contestants and gives them a sense of gratification of holding power over other's lives. E.g. American Idol, Big Brother etc. f) People's Schadenfreude – A lot of people derive a sense of self-assurance by watching others in misery. Some would even feel a sense of contentment by it. This feeling is well captured by the German word 'Schadenfreude'. A lot of shows, these days, harness this emotion by displaying characters being put through miserable conditions of physical or emotional torture. Verbal abuses, emotional tortures etc too come in this category as they are used freely at the contestants in many shows. Sometimes, in some of these shows it goes much beyond reality too, but the public doesn’t mind it when it forms a cohesive unit of the plot of the show. E.g. Emotional Atyachar, Roadies, The Jersey shore etc. 14 MarketRook-2014
  • g) Peer Influence – Aggressive marketing of these shows by the production companies makes them the talk of the town. People tend to discuss the shows that they watch at office or while travelling or in social gatherings. This influences non-viewers to watch the shows just so that they can stay relevant in such discussions. And later that can be converted into regular viewership. These are the viewer’s needs that the reality shows try to use as a factor for their success. Strategies implemented in selling these shows There are issues besides the hard-core aggressive marketing that largely contribute to the success of these reality shows. Some of them have been discussed below. Each reality show format tends to employ a distinct way of positioning its show to set it apart from the rest of the. That is their USP (Unique Selling Point). 1. Stoking Sympathy and Empathy of the people – Shows such as The Kaun Banega Crorepati give out a brief introductory video about the contestant as he/she enters the “Hot Seat” in which the background of the contestant along with their main motivation are shown. The contestants who come from difficult backgrounds tend to gain the sympathy of the people and thus win a lot of viewers. Naturally the viewers are piqued about the fate of these contestants and would tune-in in larger numbers in the next week to find out what happened to these contestants. Thus the show builds on viewership by depicting the background of such contestants. Also it is always made sure that such contestants are always cleared until they get on to the next day's show to be followed up on. In all the seasons, the winners have always been the ones who would seem to need it the most in the eyes of the viewers. 2. Catering to the Voyeuristic nature of people – Shows such as Big Brother and Splitsvilla allow the people to engage in voyeuristic activities. Secretly most people like to watch the personal activities of others. And placing cameras around the contestants round the clock, the shows offer such opportunities to the viewers. In most seasons of such shows, the contestants engage in more than platonic relationships to raise the TRP levels for the show. 3. Stoking Ego of the viewers -Shows such as “16 and Pregnant” and “Teen Mom” series show girls who became moms at ages that are not socially acceptable (these shows are being critically noted for glamorizing teen pregnancy and thus catering to teen moms). These shows portray dysfunctional relationships, child abuse and addiction to drugs and alcohol. Such shows make the viewers feel that their own lives are so much better than that of the contestants. 4. Selling Motivation to the viewers – By showing success in Competition Shows genre of the reality shows, viewers are motivated to step out of their comfort zones and overcome seemingly insurmountable obstacles just as their favourite contestants did. Shows like “The Biggest Loser” motivate people to work out and stay fit. Other examples are “Dancing with the Stars”, “The Voice” etc. 5. Engaging Celebrities in online promotion using Social Media- Celebrities have a lot of following. So when a celebrity endorses shows or tweets interesting comments about a show it is certain to increase the viewership. E.g. Jennifer Weiner's hysterical tweets about the show “The Bachelorette” sky-rocketed the viewership of the series. Sympathy for the contestants is a strong motivation for the viewers to watch a show. Other shows that partially employ this strategy for at least some of its contestants are MTV Roadies. 6.Providing Non-Brain stressing entertainment – Shows such as “Keeping up with the Kardashians” and “The Real Housewives” offer continuous entertainment which doesn’t take a lot of effort to discern and dissect. It serves as a daily dose of relaxant to the viewers after a day full of stressful activity. 15 MarketRook-2014
  • The Big Question- Are they playing with the minds of the viewers? In short Reality shows these days, rarely every depict reality. They are as scripted as soap operas and bank on creating controversies to grab viewer's attention and generate maximum revenue via SMS voting practices. Most shows in India get Rs.3-4 per SMS sent as a vote. Even a regional language show, generates Rs.60-80 crore revenue per episode by this system which is then shared proportionately between the production house and the telecom operator. The popularity and aggressive marketing of reality shows has made it increasingly hard to avoid watching. An example is the show Big Brother, which is aired 5 days in a week and also available online. The featuring of these reality shows on cover pages of leading magazines like Temptation Island featured on People magazine and survivor on New York Post are other examples. Reality shows are like a walking stick, they can be used beneficially to aid in walking or destructively. There are several positive things that people can learn from competition shows such as perseverance and communication. And the other side of the coin is that younger generation may get influenced to follow profanity, unethical behaviours and indulge in malpractices to oust the competition. Viewers should just look at these shows as Entertainment in these cases and not perceive them as reality. Reality shows fantasize on ordinary people about gaining fame. Though in most cases it’s only 15 minute fame, but the viewers are taken for a ride in this temporary illusion. Viewer’s perceptions are being altered, about reality being more different that what it already is as in the case of Snooki effect. As a result of Snooki effect, young girls tend to think that in the real world it is ok to use profane words, indulge in graphic discussions about sex and crib about other women all the time. Though the real nature of the contestants may not be so, the production team makes the contestants portray such nature to increase the TRP rating. Author Vignesh Kannan.P || PGDM || IMT Ghaziabad Allu Reshma || PGDM || IMT Ghaziabad 16 MarketRook-2014
  • Marketing insights from Mr. Binoj Vasu CEO, Kuotient Which Marketing Strategy does your company follow? Kuotient is a social learning platform that focuses on connecting people who have practical knowledge with those who can gain from that knowledge. Our Marketing Strategy focuses mainly on two areas, namely Online Connect and Offline Experiences. For our online connect part, we use the social media extensively through various formats including communications, campaigns, contests and referrals. For the Offline Experiences, we follow a more traditional approach where-in we conduct knowledge symposiums which leads to excellent word-of-mouth as the quality of our initiatives are fairly high. Of course, we also use the social media to drive visibility for our offline experience part as well. How effectively you utilize social media in your company’s marketing? Social media is one of the most powerful marketing mediums today. Kuotient’s primary objective is knowledge collaboration and our primary tool to achieve this objective has been Social Media. Whether it’s our own portal’s methodology or the channels we have been using while reaching out to the Mentors and Learners, we have relied heavily on Social Media. Social Media for us is a lot more than just a Marketing Medium. It is the core of our operational methodology. Our endeavour is to enable easy and effective sharing of Knowledge and hence we use Social Media extensively for enabling this. We use all forms of Social Media including Networking Sites, Blogging portals, Chat portals to maximize our effectiveness as a knowledge sharing organization but also to ensure branding and visibility for our Mentors and partners. Your views on - “Organisation Branding” and the ways in which an organisation can innovatively do it? Organizational Branding in the traditional format would typically involve advertisement and marketing in the print and visual media. However, they cannot communicate the real value of the brand like another highly innovative medium, i.e. the employees of the organization. No one understands the organization better than the employees and hence there cannot be a better brand ambassador for the organization than the employee. Organizations need to harness this innovative methodology by enabling their employees with opportunities to speak and propagate the good word about the Organization. Not only is this a much more cost effective branding methodology compared to traditional methods, it is also much more believable and hence leaves a stronger impact with the target communities. This is incidentally one of Kuotient’s core support offerings for Organizational clients. What would be your one piece of advice for all the marketing enthusiasts following MarketRook? I would like to give two pieces of advice, both equally important. One is about Continual Learning: Marketing is a fast action game and hence continual learning is crucial to keep pace with the latest trends and opportunities. Two is about the Spirit of Marketing: You need to remember that Marketing is not about great creatives, but more importantly about creating content that is beneficial to your audience. I wish all the marketing enthusiasts following MarketRook my very best for their future endeavours. 17 MarketRook-2014
  • Digging the mindset of luxury goods consumers Luxury brands have always been a fascinating space and luxury brand marketing is both challenging and complicated. Luxury branded goods is an expression of social class, income and refined taste, allowing consumers to distinguish themselves from the mainstream. Luxury branded goods evolved from status symbols into social codes, identifying the owner as belonging to the larger collective group. These consumer mindset have allowed luxury branded goods to maintain a strong presence despite macro-economic pressures. Over the past few years, lux-aholic behaviour has quelled relative to 1990s and early 2000s. But consumer sentiment is increasingly optimistic as people cautiously climb out of a recessionary period. Consumer motivation Quality, status and appeal are the three major motivators that drive people to want and acquire luxury brands. At the base level, luxury brands are known to deliver superior experience at two levels – first, at a product level and second, at an experiential level. People are extremely concerned about the way these brands make them look to everyone else. Source: Google images Luxury brands have always been connected to exclusivity. But if we look at it from the perspective of the consumer, the definition of exclusivity goes through an evolution. In the initial stage, having the ability or affluence to own a luxury brand which is desirable and recognizable by everyone is exclusivity. It is a means through which consumers assert themselves- whether it is to fit-in or simply to make a statement. As more and more people own the same brand and join the exclusive ‘ownership’ club, just owning a recognizable symbol is not enough. Consumers now feel a strong urge to differentiate themselves to further confirm their social status and to stand out among the equals. The source of exclusivity, then, can manifest in form of acquiring limited editions or something with extraordinary product capabilities or rare materials, craftsmanship; it can also be driven by brand’s distinctive personality or simply the knowledge of the brand legacy. Another observation is that people who seek differentiation tend to have larger repertoire of luxury brands, have a definitive reason for their choice and sometime even prefer to stick to specialist brands. An example could be Rolex, which stands as a symbol of heroic achievement or Tiffany, a symbol of love and beauty. Not surprisingly, most luxury brands have a rich pedigree and extraordinary history. A consumer purchasing a Gucci or Prada product is no doubt influenced by brand‘s rich lineage, heritage and the years of mastery. While genuine appreciation for product excellent needs no explanation, it is not mutually exclusive. In simple words, it does not mean that people who acquire luxury brands for either asserting-self or differentiation have no appreciation and love for beautiful products. But, then there are others who buy luxury without having any baggage of what others think. 18 MarketRook-2014
  • They buy it because they genuinely love the physical / functional attributes that the product delivers or because they find a profound connection with the brand / the brand story. The bottom line is that whether it is self assertion, differentiation or genuine appreciation for product excellence, the aura that surrounds the brands is what makes luxury brands desirable. In today’s era of individualism, people are looking for unique products, irrespective of the price. There is a growing resistance among consumers in owning the same brands as ‘everyone else’. This trend is particularly evident across all ages of women, from the young parasite singles to older affluent women. Consumers express the sense that a luxury brand’s high penetration and visibility decreases its aspirational value. Brands that succeed will be those that respond to consumers’ desire for unique products. Increasing consumer desire for unique products creates opportunities for new entries both at the high end in the luxury category as well as for safe fashion choices at lower price points. Emerging vs. Traditional markets The key macro-trend impacting the luxury market in coming years will be generational shift. Mind, Body & Soul Consumers are looking for enriched brand experiences. Market trends beg the existence of counter-trends, reflected in consumer shifts away from what is too readily available. The luxury brands of today reflect elite customers’ desires for exclusivity, uniqueness, and more individual identities. So keeping that in mind, leading brands are offering limited and special editions. Over the past decade, luxury brand marketers’ responses to consumer needs for total brand experience have accelerated. “Luxury loyalists” have become even more discerning than before, and demand enriched brand experiences in return for their patronage, thereby creating challenges for luxury brands to deepen the emotional bonds between them and the brand. Going Source: Bain report This is applicable for both emerging and traditional markets. But there are some country-dependent factors which also explain enthusiasm for luxury. Consumers in traditional markets are looking for both product and service quality whilst consumers in emerging markets are still looking for status symbols and social acknowledgement. For them, luxury is a means of conveying a trendy lifestyle, a unique personality and expresses a desire to display social distinction. It is also motivated by hedonistic desires such as self-indulgence as well as a need to reward oneself. Changing consumer attitude and mindsets beyond the expected superior levels of customer service, successful luxury brands now offer to enrich every aspect of one’s life – a total brand experience for the mind, body and soul. As consumers desire brand interactions beyond the retail environment, brands are no longer just selling to customers, but are providing services that will be scrutinized for a certain level of quality. Today there is shift away from traditional social codes which is transforming the sources of identity for both men and women. Their brand choices are increasingly aligned with their desire for self-expression and relatively higher levels of individuality. From “Me Too” to “Me First 19 MarketRook-2014
  • Diversity in Brand Lifestyle ‘Going Green’ effect Consumers easily accept and believe that less expensive brands can deliver value in terms of quality and functionality. In 80s and 90s luxury brands were purchased based on their prestige and aspirational value. But times have changed. As consumers of this generation acquire high level of confidence, many do not feel the need to prove themselves by acquiring a luxury brand. Also consumers’ previously negative attitudes toward the purchase of discounted products are changing. Today, it is socially acceptable to purchase off-price or from discount stores. With a combination of increased confidence, shifting life stage priorities, and an adapted definition of value, a trend is observed across all global markets that consumers are increasingly mixing ‘high’ and ‘low’ lifestyles. Even though lowerpriced items and discount shops are increasingly socially accepted, only those delivering on quality will succeed. Today’s Consumers look towards ‘green’ luxury. Today, consumers are increasingly expressing and forming their individual identities through the brand experiences and products they choose. People have started embracing environment at all levels and consumers are increasingly concerned about their carbon footprints. This is further fuelled by Hollywood and the causes celebre of global celebrities, all making an undeniable impact on global consumer trends. In the near future, consumers will increasingly demand ecologically sustainable and ethically sound labour practices to be woven into the brand stories of luxury branded goods. Green luxury will continue to influence consumers, leading to the natural institution by luxury brands of corporate social responsibility measures that address consumer sensitivities. What’s in a Label? In an era of low-cost manufacturing, authenticity still reigns. Earlier consumers were obsessed with country of origin of a brand. Foreign luxury branded goods from Italy and France were seen as prestigious and stylish. Today, leading luxury brands are opening facilities in China, chasing cost reductions and manufacturing efficiencies. Luxury brands have commanded a premium for their products based on the premise of higher quality linked to country- specific artisanal skills. More than 90% of consumers believe that in order for a luxury brand to be a true brand, it must offer quality. There is already evidence that consumers will not continue to pay premiums for luxury products that are made in China at a lower expense to the manufacturer. Research has shown that consumers would “lose interest in purchasing items tied to a specific country’s heritage that are produced elsewhere” – such as French brand manufactured in China. To the consumer, quality is intrinsically and emotionally connected to the overarching brand story and brand heritage which contributes to the status and premium price. Maintaining the trust and respect of consumers by delivering authentic products will derive higher value for both manufacturer and consumer. Recent consumer research on the mindset of luxury consumers suggests that the era of the individual is now. Luxury brands that wish to succeed will need to continue to adapt, echoing ever changing consumer desires – their attitudes and mindsets driven by continually changing social demographics. Parasite singles and affluent women will continue to drive category revenue. However, luxury brands that keep their pulse on developing trends may find that new segments and sub-segments can be nurtured beyond consumers who fall within the “luxury loyalist” category as well as among those whose interest may be declining. Author Anurag Kumar || MBA(IB) || IIFT Delhi 20 MarketRook-2014
  • REAL TIME MARKETING Here's introducing you to the marketing industry's latest infatuation: Real Time Marketing. Real Time Marketing is defined as 'on the fly' engagement by the Brand to push it's Brand name, product or service unobtrusively into conversations centred around events happening in real time. It is implemented mostly through social media and in the digital space. It is a newer, unconventional method of marketing as compared to conventional, pre-planned marketing strategies which may have been thought out and developed earlier whereas Real time Marketing strategies have to be developed and executed instantly, as public memory, conversations and focus is extremely short and may shift instantly from one relevant story to another. The challenge lies in connecting the Brand to these stories and bringing the Brand into these everyday conversations buzzing around the world. Example of Real Time Marketing 'Oreo wins the SuperBowl'* screamed the papers the next day. And all because of one witty tweet from the world's most loved cookie brand. And with more than 10,000 Retweets and around 15000 new followers gained within an hour of it's bold, smartass tweet, it surely won the night out and out. Experts reckoned this single tweet had had more impact than Oreo's expensively shot advertisement for the Superbowl. What happened you ask? Well, the power went out during the Superbowl game between the Francisco 49ers and the Baltimore Ravens. Oreo, crowned the unofficial king of Real Time Marketing sensed an opportunity and tweeted this during the unfortunate power-out hiatus: The most impactful Brand exercise during one of the biggest events in the American sporting Calendar wasn't even an ultra-expensive celebrity commercial, as has been the trend in recent years, but a mere tweet from an opportunistic Brand, which conceptualised and executed it's super-witty graphic within minutes! Scope IBM surveyed the world's top 500 Brands and found out that around 85% of these companies had integrated realtime marketing into their core marketing strategies. Companies were using Data and analytics in a big way to develop and design customer-relevant responsive ads and offers in real time. It was found that customers are able to connect on a more emotional level with Brands which engage in communications based on real time events and news. Consumers could relate to the Brand message better and felt a 'sense of belongingness' with the Brand which engaged in Real-Time conversations with consumers. *The Superbowl is the annual Championship game of the National Football league (NFL), the highest level of professional American football and one of the most viewed sporting events in the world by sheer volume. 21 MarketRook-2014
  • Experts reckon real-time marketing communications have a bigger short term impact, significantly higher than those of pre-planned strategies as the brand comes across as spontaneous, natural and creative in the moment. It also creates a more positive long term image for the Brand, as one which is alive and kicking, and truly living in the present alongside the end consumers. The Brand equity, brand awareness and visibility definitely increase as an effect of smart real-time marketing focus point during social media conversations on a slow news day, or during events which may be totally irrelevant to your Brand. It also requires a flattened office structure, unlike the conventional hierarchical marketing team structure, since to implement real-time campaigns; you need to have near absolute freedom and instant approvals and feedback. The entire creative, decision making and execution process has to be streamlined. Identify the key influencers, bloggers and experts in the digital space who set the mood and flavour of all the happening conversations in the social medium, then try to interact with them, giving them importance and bringing your Brand into the public consciousness. As the conversation builds up heat, you could even start designing entire ad campaigns around them. How To Implement Real Time Marketing: Success in the real-time marketing domain starts with a Brand's day to day functioning. Success cannot be centred on a single, humorous, real time Brand communication but begins by bring the Brand into everyday conversations on a regular basis. Since success very clearly depends upon 'hijacking' the buzz generated by events and happenings trending around the world, the Brand very clearly needs to keep its eyes and ears open on the ground (in the real world), especially in the social media and the digital domain. Here's another example of some witty Real time marketing by two Chocolate Giants: Oreo and KitKat, which turned the inadvertent Laure Ellen into a mini celebrity. Who do you think won Laura's affection? Analysing data, targeting the right audience and cleverly positioning itself in the right space around real-time events is essential for consistent results. Implementing small, repeatable initiatives to enhance customer expectations that the Brand will engage in everyday conversations with ordinary consumers will help create a much more humongous impact when that once-in-ablue-moon 'Oreo Opportunity' arises. Also, keep an eye on the context, tone and drift of the conversations taking place around these current events before engaging in relevant, responsive Brandspeak. And also keep in mind, be it Twitter or Facebook, on social media, content is and will always be king! If you focus on planning for the future and learning from the past, you'll lose out on the present. That eternal focus on the present moment, essentially is Real Time Marketing. Business opportunities for Real Time Marketing: 1) Brand Events: These include press conferences, product launches, announcements and any other media or customer-facing event wherein everything right from content to execution is pre-planned. Requisites: The modern day marketing team should essentially be run like a newsroom, analysing and filtering news, current events and target audience data to unleash effective, relevant and quick, eye-catching communications in the blink of an eye. There needs to be a high level of trust and empowerment in the team so that proper collaboration and quicker decision making happens. Success isn't just that one 'Superbowl moment', it lies in the summation of a continuous, consistent campaign aimed at being at the top of the consumer's ever changing mind. Ex: Pepsi introduced its new, thinner cans during NY Fashion Week with live 'get skinny' content on social media. 2) Anticipated Events: Brands should prepare for external events which are anticipated beforehand. Ex: Events such as the birth of Prince Williams and Duchess Kate's son Ex: HBO had no idea how many Emmys it would win this year so they made social media content for all possible eventualities and the 'right' content went live in real-time. It is not just about the sixes hit, it is also about the number of singles you can take on the good deliveries. As in, how many times can you get your Brand to be a 22 MarketRook-2014
  • 3) Location Based: Increasing sophisticated technology now enables brands to target customers based on their customer's smartphone GPS location to push the right promotion to the right person at the right place, all in real time. Ex: Taco Bell used a GPS phone app to let users know whenever they approached a Taco Bell restaurant albeit wisely, only when they were stopping at a red light. 4) Predictive-Analytics based: The flood of Big Data today enables smart brands to push products, services or coupons to customers based on insights gathered from the data trail customers leave whenever they shop online. This is a field expected to grow exponentially in the near future as it becomes easier and easier to analyse Big Data. Ex: Amazon uses data analysis to offer customers recommendations, based on their browsing and shopping history. 5) Customer Interaction: Customer interaction can take many forms: Right from complaints, grievance redress, customer suggestions, crowd-sourcing ideas for new products to community interactions on social media platforms. The public, visible and possibly viral nature of customer interactions these days has turned it into a marketing opportunity. Customers, now-a-days have come to expect Brands to respond to their digital queries in close to real-time. Ex: Pretzel Crisps listens for people on Twitter who claim to be hungry. They are then offered Pretzel product samples for free in real-time, bringing in new customers. 6) Breaking News: The riskiest and also the most rewarding form of RTM may be in responding to unanticipated Breaking news where-in the brand has to leverage the said event in a way which is beneficial to the brand, but more importantly stays relevant to the event. Since advance preparation is almost impossible, a sufficient amount of spontaneity is called for along with some caution. Ex: Coca-Cola Philippines announced that they were suspending all local advertising for a month to donate the money towards the Typhoon Haiyan Disaster Recovery Fund. This message of Coke donating $2.5 million towards a cause earned Coke significant mileage, respect and recognition around the world no amount of advertising could have gathered after they chose to use Real-Time Marketing through their social media channels to maximise the impact of their noble announcement. Seven Don'ts of Real Time Marketing: The following seven points are borrowed from none other than Oglivy and Mather, the world's premier marketingagency founded by the King of advertising David Oglivy. The points are simple and concise and hit the nail on its' head, requiring no explanation: 1. Timing is everything 2. Don't force it 3. Be witty, not awkward 4. Think before you speak 5. Know your audience 6. Remember why you're there. (Your business objectives) 7. Don't blindly copy others Conclusion: Brands should understand that it is not just the big news stories which will make or break your brand but how you casually enter into everyday conversations that will differentiate you and make a lasting impact over the long term, so much so that your Brand becomes a trusted voice of opinion, a witty smart alec with the most awesome comebacks or the first source of information for your consumers, whatsoever you desire your Brand to be. It will take real and sustained Brand engagement to convert these real-time marketing 'moments' into customer loyalty and purchasing power. This will be a function of how brands can turn these moments into insightful conversations wherein the brand can gain vital info on the psyche of its average buyer. Just cracking a funny joke or tweeting a smart pun won't get your fans to buy your products. It will be the prerogative of the brands to cleverly guide these in-themoment conversations into spaces which will benefit the brand most, not losing the interest of the consumer. These conversations must be carefully built into lasting relationships between the brand and the consumer. In real time marketing more than anywhere else, listening is the first and the most important step. Monitor social media conversations, then introduce potentially buzz-worthy topics into the open or enter into conversations which are already generating a lot of heat. Creativity is vital to the process of RTM. In the 'always on' space of social media, it is vital that brands don't wait for snazzy ad campaigns or special occasions to sell their brand, but dive deep into the present moment and conjure up some magic from everyday conversations. Exciting times are surely up ahead as more brands go the 'Oreo' way, bringing other brands and ordinary consumers such as you and me into the conversation. Author S Abhishek || MBA || SCMHRD 23 MarketRook-2014
  • Collaborate. Inspire. Evolve. ‘Of all the gifts known to man, knowledge is the least envied and the most admired.’ In the superlatively connected internet era, there are multiple avenues for imbibing knowledge. The onset of the net has changed the way the world perceives knowledge today. No longer do people have to spend long hours going through tons of books and paper to access the knowledge they desire. It’s all available out there now at the click of a button. But what has still not changed is the need to know what kind of knowledge works and what doesn’t. Information is not knowledge unless it is useful from a practical standpoint. Academic knowledge needs to be replenished with years of experience for it to become a meaningful and powerful aide. Instead of going through this long journey in the traditional way, imagine if you had a unique access to learn from a set of senior industry leaders with years of proven experience, who are happy to guide you with their expertise. Wouldn’t it make your career decisions and growth simpler and faster? This is where Kuotient is playing a pioneering role. Remember: Life is too short to learn through hits and misses. Hence the smartest way is to learn from the experience of Senior leaders. Kuotient Knowledge Resources Pvt. Ltd. (Kuotient) is an Organization that promotes social learning & collaboration. Kuotient helps Institutions and individuals leverage the power of practical knowledge and also enhance their brand & visibility. Kuotient has pioneered a unique ‘knowledge collaboration methodology’ through which it works with Corporates, Academia, NGOs, Industry Bodies and Knowledge Mentors (Senior Professionals, Leaders, Industry/ Domain/ Subject Matter Experts). Kuotient uses this methodology to help connect all these constituents through the medium of knowledge collaboration thereby enabling effective sharing of ‘real world’ knowledge and expertise. The Kuotient Value Proposition for Academia: Kuotient helps Academic Institutions enhance their campus branding & visibility amongst their stakeholder communities, by leveraging ‘knowledge collaboration’ as a unique differentiator. Kuotient enables academic institutions with avenues to foster strong associations with senior professionals, industry leaders, entrepreneurs as well as organizations from industries of their choice. Kuotient helps institutions showcase their strengths to corporate organizations and industry leaders who matter. Kuotient also helps these Institutions reinforce their academic strengths further by giving their students access to a world of practical knowledge, awareness and skills, thereby helping the students get better prepared for their corporate careers. The Kuotient Value Proposition for B-School Students: Kuotient helps enhance the ‘real world’ readiness levels of B-School students through the following methodologies: Knowledge Sessions on Campus by Subject Matter Experts: Kuotient enables knowledge sessions by Senior Professionals/ Subject Matter Experts across campuses. These sessions could be part of the annual Institutional Events or part of the academic schedule. In addition to Industry Experts, Kuotient also helps facilitate Life Skills Events/ Sessions on campus to help the students acquire relevant skill sets that will help them succeed in their corporate life. Online Guidance & Mentoring: Apart from getting Industry Experts, Leaders and Professionals on Campus for sharing their knowledge in person, Kuotient also helps students get the benefit of connecting with these Mentors online through the Kuotient Portal. Students will be able to reach out to the Senior Industry Mentors online and seek guidance on topics pertaining to knowledge, expertise as well as corporate readiness. Online Learning through ‘Learning Avenues’ Learning Avenues is an online repository on the Kuotient portal which features management book summaries, articles, case studies, videos, webinars, industry reports, online Courses and Assessments, soft skills and other associated ‘real world knowledge’ enhancement mechanisms. Students of partnering campuses are given 24X7 access to Learning Avenues to continuously enhance their learning and readiness levels. Live Exposure to Corporates using ‘World of Opportunities’: The ‘world of opportunities’ section on the Kuotient portal features live corporate exposure opportunities for students, be it in terms of short term or long term projects, exposure visits, internships, corporate contests for academia, etc. Students can apply directly for these opportunities and get evaluated by the participating Corporates. Kuotient therefore is a unique 'Social Learning & Collaboration' platform that connects knowledge mentors with those who are looking to learn and be mentored. This is truly a great site for students to not only maximize their knowledge and readiness levels, but also network with Industry leaders and enhance their own personal brand visibility. "Enhance your personal and institutional brand. Increase you 'Influence Kuotient”. Know more by visiting www.kuotient.com 24 MarketRook-2014
  • Creativity @ its best 25 MarketRook-2014
  • A glance at Maha-Mandi India’s largest Marketing event Maha Mandi is an innovative learning campaign developed by NITIE faculty members & team MiG taking into account the Indian context. As part of Maha Mandi campaign, MBA students are assigned to engage in direct selling experience for one full day across Mumbai streets. Students carry out street campaign of educational aids supplied by selected NGOs. Objectives of Maha Mandi are: •To help the students to develop entrepreneurship orientation •To help the students to experience ENTERPRISING in real •To enable the students to think entrepreneurially by practicing value creation, opportunity finding, convincing people and selling merchandise Maha Mandi 2013 was a tribute celebrating the 50 golden years of excellence at NITIE. Maha Mandi 2013 innovative pedagogy designed to bridge the gap between theory and practice, knowledge and its application. Mandi stands as a hallmark of NITIE curriculum, as it integrates the theoretical principles of various subjects of management education – Business statistics, managerial economics, marketing, sales, Communication skills, Opportunity finding at market place and Entrepreneurship including basic HR skills with their practical applications. Celebrities were a part of the buying crowd in Maha Mandi 2013 Chetan Bhagat Sushmita Sen 26 MarketRook-2014
  • Partners Sponsors Knowledge Partner Style Partner Fashion Partner 27 MarketRook-2014
  • Team MiG The Marketing Interest Group is a small step in the march towards enhancement of knowledge through peer learning. The idea is to bring the marketing wizards of tomorrow to a common platform and share their wealth of knowledge and experience. Various methodologies used include, case study discussions and presentations by both students and eminent marketing specialists. MiG solely believes in spreading knowledge and generating a spark which eventually becomes a chain of thought and helps in developing marketing acumen. Abhinav Sirohi Ankit Gupta Birendra Tripathy Deepak Pal Gaurav Chellani Himani Maheshwari Nikhil Tiwari Ritesh Motghare Saurabh Dewan Shivam Sachan Shilpa Gupta Siddhi Agrawal Sujoy Mondal Uma Shankar National Institute of Industrial Engineering, Mumbai Website – www.nitie.edu Email – nitie.mig@gmail.com Follow us @ https://www.facebook.com/mig.nitie MarketRook-2014 Umang Gajjar