MediAvataar's News Desk
A global study of 1,361 CMOs finds their #1 challenge today is understanding how COVID will lead to permanent changes to consumer behaviour
This challenge is compounded by falling spend, with two-thirds (62%) of CMOS cutting or holding marketing budgets flat over the next year
New thinking is also in short supply, with half (49%) basing their recovery strategies on approaches taken in previous recessions
However, a group of ‘frontier CMOs’ is emerging, reclaiming the strategic agenda through product development in particular
A new study of 1,361 CMOs across 12 markets, by global media, digital and creative communications agency dentsu, analyses how CMOs are navigating a new kind of recovery, revealing that, despite a challenging period, CMOs are reclaiming the strategic agenda with a particular focus on product development. More than 450 CMOs from Australia, China, India and Japan were surveyed.
The study finds that the number one challenge facing CMOs is understanding which consumer behaviours will change permanently and which will fall away in the post-COVID environment. CMOs report that this is compounded by the difficulty of aligning the business around changing consumer needs quickly enough and falling consumer spend.
The study raises concerns that half (49%) of CMOs concede they are basing their response to the coronavirus crisis on strategies that were pursued during previous recessions. Globally, just one in ten CMOs are looking at entirely new strategies. In Asia Pacific, nearly half (46%) in India are using ‘completely’ similar strategies to those pursued in previous recessions, compared to 17% global average. On the other hand, only 6% in China are doing so.
It also found that despite the general advice that brands should not ‘go dark’ during times of recession, nearly two-thirds (62%) of CMOs recount that their marketing budgets are forecast to decline or remain flat over the coming 12 months. In Asia Pacific, Australia is the second highest market to predict marketing budget to decline (36%) and Japan is the third highest market anticipating that budget will stay flat (29% vs global average 22%). On the contrary, China is the second highest (56%) to predict budget increases in the coming year.
Overall, the study recognises that a new style of marketing leadership is emerging. “Frontier CMOs” are well placed to manage the recovery and are doing so by focusing on a handful of key strategies that set them apart from the rest:
Hyper-empathy: Developing superior consumer intelligence
Hyper-agility: Rapid development of new messaging, products and services
Hyper-collaboration: Integration across all elements of the marketing mix
Hyper-consolidation: Building resilience across brands and through M&A
Hyper-transparency: Ensuring purpose permeates all aspects of the business
Frontier CMOs are also significantly more likely to be accountable for digital transformation than other CMOs, proving their value and impact to company boards as they navigate the future of their business and industry.
Wendy Clark, Global CEO of dentsu, said: “Exceptional times call for exceptional thinking. The COVID-19 global health crisis has yielded an incisive economic downturn that creates an unknown and largely unpredictable environment for CMOs to navigate. And our survey reveals there is a risk that CMOs are still using existing approaches to manage a challenge that is without precedent.”
“However, we also see a new cadre of Frontier CMOs emerging who are leading their organizations into the unknown with confidence. These CMOs are putting consumer intelligence at the heart of their brands, matched by deep integration across all elements of the marketing mix and radical collaboration as a default across their business. Product development is firmly back on the agenda also, in order to deliver helpful consumer experiences and societal progress. These Frontier CMOs are reclaiming the strategic marketing agenda and, instead of buying into the idea that marketing’s role has somehow been denuded, they’re now leading their brands to recovery and growth.”
Ashish Bhasin, Asia Pacific CEO of dentsu, added: “The pandemic has significantly accelerated a number of existing trends. What would have taken five years has now only taken five months; it has pushed and forced us to learn. Changes to the workplace such as remote working is an example. With every disruption comes its own sets of winners and losers. It is crucial for CMOs to keep up with the new skills required in today’s new world to ensure success in the discontinuity. We are right in the midst of a change and this is exciting.”
Genre Level Ratings, by State and Language to Continue
In the light of the recent developments, BARC Board has proposed that it’s Technical Committee (Tech Comm) review and augment the current standards of measuring and reporting the data of niche genres, to improve their statistical robustness and to significantly hamper the potential attempts of infiltrating the panel homes. This exercise would cover all Hindi, Regional, English News and Business News channels with immediate effect.
Therefore, starting with the ‘News Genre’, BARC will cease publishing the weekly individual ratings for all news channels during the exercise. This exercise is expected to take around 8-12 weeks including validation and testing under the supervision of BARCs Tech Comm. BARC will continue to release weekly audience estimates for the genre of news by state and language.
Explaining the need for this move, Punit Goenka, Chairman of BARC India Board said, “Given the most recent developments, the BARC Board was of the opinion that a pause was necessitated to enable the industry and BARC to work closely to review its already stringent protocols and further augment them to enable the industry to focus on collaborating for growth and well-natured competitiveness”.
Says Sunil Lulla, CEO, BARC India, “We at BARC take our role in truthfully and faithfully reporting ‘What India Watches’ with the greatest sense of responsibility and work with integrity to ensure that our audience estimates (ratings) remain true to their purpose”. He added, “besides augmenting current protocols and benchmarking them with global standards, BARC is actively exploring several options to discourage unlawful inducement of its panel home viewers and further strengthening its Code of Conduct to Address Viewership Malpractice”.
IndoSpace, India’s largest investor, developer, and manager of Grade A industrial and logistics real estate, has awarded its integrated marketing communications mandate to DDB Mudra Group following a multi-agency pitch.
As part of the mandate, creative & brand strategy will be handled by DDB Mudra and digital media planning will be managed by OMD MudraMax.
With over $3 bn in investment, and 36 operational and under development parks, spread over 37 million square feet, IndoSpace is the only industrial and logistics real estate developer with pan-India presence. With its combination of strategic land bank, world-class infrastructure and amenities, the company caters to the logistics infrastructure needs of leading players across sectors. With Covid-19 significantly boosting online sales in India, e-commerce and modern retailers have realised the importance for warehousing in strategic locations in Tier I & Tier II cities. The partnership with DDB Mudra Group will enable IndoSpace to capture the growing demand.
The win highlights the Group’s focus on using emotional advantage thinking to create unreasonable business growth for brands. Emotional advantage’s core belief is that humans are illogical. Human beings choose to believe that they make logical choices but are in fact driven by emotions. This deep understanding of social and cultural contexts will be instrumental in developing the overall communications strategy. The Group’s proprietary sign banking and earshot tools help with breakthrough consumer thinking that’s elevated by powerful creative work.
IndoSpace is the real estate arm of Everstone Group. Speaking on the association, Rajesh Jaggi, Vice Chairman – Real Estate, Everstone Group said, “We are delighted to have DDB Mudra on board and wish to gain substantially from their creative and digital communication expertise. Their unique approach towards brand building and end-to-end capabilities were the reasons to choose them as our partners.”
Speaking about the win, Anurag Tandon, Managing Partner, DDB Mudra West said, “Over the last few years, we have developed substantial domain expertise in the B2B space. We are delighted to be working with IndoSpace, the country’s largest industrial and logistics real estate player. The team is excited to use our understanding of consumer behaviour, especially in a post-Covid world, to develop communication for a category that has typically not been product focused.”
Furthering its pursuit to spread positive vibes and meaningful entertainment during the festive season, COLORS Tamil takes another step to ensure that its viewers stay culturally connected by launching an all new mini-series, Nalam Tharum Navarathri.
This special series will have Orator-Author, Ms. Sumathi Sri sharing significant information about traditions and practices followed throughout the nine-days of the revered Navarathri festival in Tamil Nadu. Set to go on air starting from 17th October to 26th October 2020, at 7:30 a.m., each episode will take the audience on a divine journey by unearthing fascinating stories about the nine forms of Goddess Devi.
A culmination of music, lights and colors, Navarathri is one of South India’s significant festivals with Golu- an artistic display of dolls, forming an integral part of the occasion. The newly launched mini-series by COLORS Tamil will capture the true essence of this celebration across 10 episodes. Covering the entire spectrum of celebration, each episode will have Sumathi Sri sharing insights on the various nuances of the traditions associated with the festival in a captivating narration. Starting with an introduction, the episodes will focus on elaborating the traditions behind each day’s color, flowers, prayers, offerings and musical ragas dedicated to each form of Goddess Devi.
Commenting on this special series, Mr. Anup Chandrasekharan, Business Head – COLORS Tamil, said “At COLORS Tamil, we believe in focussing on storytelling that recognises the rich culture of Tamil Nadu with innovative and meaningful content. As a symbolic representation of faith and hope, Navarathri is an embodiment of good’s triumph over evil. With the newly launched mini-series, we are happy to package and present differentiated content to our viewers across the globe. It is our humble effort in providing our viewers a much-needed experience of devotional vibrancy in a time of a global pandemic. It is also an effort towards rekindling the faith by highlighting rich, traditional practices of this festive season. We are hopeful that this enlightening experience will further add a spark of positivity for our viewers.”
This special series will also feature a special episode on the 800-year old Kamakshi temple located in Kanchipuram and offer viewers a peak into the grand Navarathri festivities hosted at the temple. Along with this, the episodes will also feature other prominent Goddess Devi temples located across Tamil Nadu and their unique traditional practices during Navarathri festivities.
Tune into COLORS Tamil every day starting Saturday, 17th October 2020 to Monday, 26th October 2020 at 7:30 AM to watch Nalam Tharum Navarathri for a blissful experience.
Fever FM is the fastest growing radio network in the country. The network enjoys dominant leadership across the markets it operates in, and is the destination station for youth, with focus on innovation and listener’s delight.
The network recently launched its Progressive Web App – Fevernetwork.FM - a clutter-breaking strategic initiative to further strengthen their digital first approach to business. Fever Network is the first radio brand to come up with a progressive web page which will urge the listener to interact digitally too.
Fever Web App gives the listeners the chance to interact with the brand in real time and enjoy exclusive deals and prizes that can be won everyday. The listeners have to simply type fevernetwork.fm on their mobile web browsers and tap to participate in the contest. The gratifications include cool T20 merchandise, match party invitations, virtual meet and greet with players and Gold!
Talking about the launch, Harshad Jain, CEO – Radio and Entertainment, HT Media Ltd and Next Mediaworks Ltd. said, “As the world is getting more digitised, we are also gearing ourselves with it. Progressive Web apps are the next best thing as they provide app like functionality without taking any storage space on your mobile handsets! As a first phase of the launch, we’re offering exciting prizes for our listeners to encourage maximum traffic to the Fever Web App!”