Madhusudan Gopalan Proposes 3-Step Journey To Drive Growth In Media And Advertising Industry In 2019
Madhusudan Gopalan, MD & CEO, P&G emphasised on the level of disruptions being the key drivers of growth in the media and advertising industry.
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Pitch Madison Advertising Report 2019 Summit organised by Exchange4media brought together eminent speakers from the media and advertising industry who talked about the industry's future by creating a sustainable and responsible consumption model, improving media ecosystems, bringing innovation in digital media that is the way ahead for both the brands and the consumers.
Madhusudan Gopalan, MD & CEO, P&G emphasised on the level of disruptions being the key drivers of growth in the media and advertising industry. Gopalan pointed on the factors that would drive the growth in advertising in 2019, where the key drivers have been the disruptions happening in the industry which need to grow in the years to come and what roles can we play to grow responsible consumption?
Elaborating his point Gopalan said, "The first disruption in the industry has been the 'access' that we have today be it for data, information, smartphones, goods and services, online shopping, online food, access to transportation. The access of each of these vectors has exploded for the last many years, that has been a disruption for consumption moving from many fold consumption to multifold consumption through many platforms like TV, digital applications, print, although it is difficult to keep a track of it."
"Today, every single household has a point of view on consumption and thus there has been a dramatic change in consumption over the years. If you see in FMCG space, for example, be it a toothbrush, shampoo, soap etc. individuals have different choices, that they make through multiple devices be it a TV, a smartphone or a digital campaign. Thus, there is a significant disruption in terms of an individual playing a role in consumption, which makes it a lot difficult to target consumers through multiple mediums."
Gopalan brings to light the way that the industry can follow to keep on top of the consumption and also grow at the same time and proposed 3-step journey to drive responsible consumption.
The first step is to 'Rise up' that is a call to break through the clutter that the consumers see today, wherein advertisers need to understand the consumer insights and the needs. We as agencies need to go to the heart of the consumers, study their insights and needs. With our creativity, we need to give innovative solutions and ideas to our clients, which help them attract the right target audience through advertising."
"Second is 'step up' not only in terms of driving growth but also to look at what the brands stand for thereby taking social responsibility. Like the 'Arial share the load campaign' showcased parents talking to their sons for taking the responsibility for the house, which has created an awareness in men to know that taking care of the household chores is not only a women's responsibility, that has also given an impact to the Arial business in a significant way. The third is 'wake up' call for advertisers, publications, media agencies, measurement agencies, and creative agencies to know how we as an industry can deliver advertisements, that are relevant to consumers that reach our target consumers in a safe way and also are responsible," added Gopalan.
Stressing on the need for adequate measurement systems in the industry Gopalan said "Although there are a plethora of mediums today to reach out to the consumers, fortunately we do not have reliable third-party measurement systems in place, that we need to replicate in the digital space. These systems will help us to estimate how an advertisement is reaching a consumer with which we will be able to measure its impact. So if we have a unit-wise measurement system for all the media platforms, we will be a driver of growth of organised expenditure."
Gopalan also stressed upon the increasing focus by the multiple stakeholders, be it the government, consumer groups and of course responsible advertisers to connect with the consumers in a transparent way.