Weekend Musings: The Digital Catalysis

Conversations and consistent communication between individuals, groups or societies have been the basis of not only humans evolving over thousands of years, but the very reason of progress which the world has witnessed. And the advent of digital technology has enabled these conversations to take place in real-time and in a more efficient manner. This is fueled by continuous improvements in processing capabilities of computers and smartphones, lower data costs, better bandwidth and penetration and lastly, but definitely one of the most important, the socially connect platforms or social media as we call it now.

Social media has not only helped people to connect, share and learn but also has provided a massive opportunity for brands to reach out to the stakeholders for a variety of purposes – be it accumulating insights for product design, understanding the customer’s preferences, or engaging them with interesting content formats. One can see that over the last many years the focus has been consistently shifting from conventional media to social media platforms and this has been catalyzed by consistent increase in content consumption on these platforms and expansion of e-commerce businesses. Smart digital technology engines running in the background have made it easier for brands and consumers to take advantage of big data analytics, machine learning and artificial intelligence to enhance their position and business. The fact that brands are now able to target their campaigns to the apt audience, track consumers’ purchase journey and also follow their experience, speaks volume of the necessity it has become for businesses. And clearly digital marketing plays a big role in reaching out to this larger consumer base that sits online.

With its unique advantages, E-Commerce is rapidly evolving as an important channel for consumers, brands are adopting strategies to ensure it is utilized to not only reach out to consumers, but also for tactical campaigns which over a period of time help position the brand. In a situation where ‘brick and mortar’ channels or offline channels also continues to hold a large potential, brands are adopting “Omnichannel” strategies. Products are being differentiated between online and offline channels, in line with consumer segments and also to avoid conflicts. As a result, the supply chain and business models are becoming lighter and the focus is not just on revenue but on ensuring efficient inventory control as well.

Digital platforms are helping in demand forecasting by providing real-time data on consumer sentiment, demographics, and preferences. While the focus and allocation of marketing budgets for the digital platforms have been increasing over years, there are few considerations I feel that are key for efficient digital marketing.

? Content: Owing to the shrinking attention span, one has to ensure that the communication is crisp and hits a moment of truth with the consumer to make it into their consideration set.

? Consistency: This is important to not only be visible amongst the focused set of consumers but also to ensure the desired positioning over a long period. The focus should be to identify the right target audience as well as the platform.

? Communities: It’s not only key to address the right target group but also to ensure that this group continuously expands and becomes part of the product’s life cycle.

? Analytics: The data accumulated from various sources need to be consistently analyzed to capture the effectiveness of the campaign as understanding your customers is key for every brand.

Digital space has become a powerful medium and the intent is always to drive a conversation which cuts across all relevant platforms and ensures we help consumers meet their aspirations, which at Panasonic is the vision of “A Better Life, A Better World”.