With the rapid advancement of digital technology, the Indian MarCom industry is set for a major transformation in 2023. Companies that keep up with the latest trends will be able to capitalize on opportunities and gain a competitive edge.
In recent years, India's MarCom industry has undergone a dramatic transformation. Rapid growth in the telecommunications, IT and BPO sectors; the increasing popularity of digital media; and the rising spending power of Indian consumers have all helped to fuel this growth.
There has also been a shift in audience behaviour and brand decisions because of a lot of direct and indirect factors such as the Russia-Ukraine war impacting liquidity worldwide, corporates firing millions raising questions on their credibility, influencers finding it hard to make engaging digital content, regional content taking centre stage and so on. In 2023, we can expect even more changes as these and other factors continue to impact the industry.
Reaping the Benefits of OTT
In India, the use of OTT ads in media plans is expected to grow significantly over the next few years. According to PwC's Global Entertainment & Media Outlook 2019-23, it is estimated that the OTT market in India will grow at 21.8% CAGR from INR 4,464 crore in 2018 to INR 11,976 crore in 2023. This trend reflects the shift towards digital viewership that has been happening across the country. OTT ads offer a unique opportunity for marketers to reach their target audiences and deliver tailored messages. With features such as interactive formats, dynamic ad placement and targeting capabilities, OTT ads will be able to better engage viewers than traditional linear TV ads.
Additionally, since OTT is delivered over the internet, it will allow brands to access more detailed metrics and analytics to measure the effectiveness of their campaigns. The growth of OTT ads in media plans will also open up a new market for media buyers as it will allow them to tap into a larger pool of ad inventory.
Visual Storytelling Taking Prominence
In 2023, visual storytelling is expected to take over written media. In recent years, we have seen an exponential increase in the consumption of visual content such as short films and video blogs, due to the widespread availability of high-speed internet services. Visual storytelling has become a powerful tool for engaging audiences with stories that are creative, emotional and thought-provoking.
At the same time, written media such as newspapers and magazines are slowly losing their relevance in an increasingly digital world. As India moves towards a more digital-first future, visual storytelling is poised to become the dominant form of content consumption. With its ability to engage viewers on a deeper level through visual impressions, visual storytelling can help brands and businesses to effectively communicate their message in a creative yet impactful way.
By leveraging the power of visual storytelling, India will be able to harness its potential for creating engaging and impactful content that will captivate audiences on a global scale.
Penetration of Personalisation in All Content
By 2023, India will be able to experience deep personalisation in the content of all types. This means that marketers will have to create more relevant and targeted content that is tailored to individual needs. This deep personalisation technology will be available across different platforms, including streaming services, gaming sites and more. With this type of customised content, customers in India will have better access to the information they need as well as improved experiences while using these platforms.
Moreover, digital marketers in India will also benefit from this deep personalisation technology as they can use it to better understand their customers and target them with more relevant content that meets their needs. This can help them increase customer engagement, and user experience and enhance the overall quality of services.
Regional Content Gaining Traction
It is clear that regional content in India is on the rise, and this trend will continue to grow over the next few years. In 2023, Indian marketers will need to find new ways to reach their target audiences with localized content that will have a pan-India resonance. This could include creating videos or other digital content tapping different regions, using regional slang and trends to better engage with audiences or even investing in localized advertising campaigns. There will also be a slow shift from half-baked translations of English or Hinglish to more resonating content in regional languages. This will increase brand recall as the audience will be able to connect more honestly with these campaigns.
Metaverse taking centre stage
In 2023, the marketing landscape in India's metaverse will be bustling with opportunities for brands to connect with their target audiences. Consumers are increasingly engaging with virtual and augmented reality experiences, and this will allow marketers to create more immersive and interactive campaigns that will capture the imagination of their customers.
Indian businesses will be utilizing Metaverse to reach a larger audience and gain greater visibility into their customer base. From providing customers with access to personalized experiences to delivering innovative advertisements across multiple channels - Metaverse offers endless potential for companies looking to gain a competitive edge. With the rise of digital marketing and its growing popularity, it is no surprise that Metaverse will be taking centre stage in the Indian market in 2023.
Brands will be able to leverage AI and machine learning technologies to better understand their customers' behavioural patterns so they can tailor their campaigns accordingly. Through this kind of data-driven approach, marketers will be able to develop more effective strategies to capture the attention of their target audiences and drive conversions. India is home to some of the world’s leading digital marketing companies, making it the ideal platform for Metaverse to grow and flourish.
With the rapid advancement of digital technology, the Indian MarCom industry is set for a major transformation in 2023. Companies that keep up with the latest trends and technologies will be able to capitalize on opportunities and gain a competitive edge. Through effective marketing strategies, such as tapping OTT ads for media plans, creating visually appealing content, deep personalisation of content across platforms, including regional flavour with a pan-India appeal and so on, marketers can stay ahead of the game and find success in this ever-evolving landscape.
The future of MarCom in India looks bright indeed. If you’re looking to effectively drive your marketing communication goals in 2023, we at Pulp Strategy can help you. As one of India’s leading strategic marketing agencies, we can help tailor your requirements and help you achieve your business objectives with ease.