The industry is facing a unique challenge; how to attract tomorrow's consumers while retaining the existing ones.
The session on this topic at Kyoorius Melt involved Rashi Goel, VP Consumer Communications, Media, CRM and NHW at Nestlé, moderated by Anant Rangaswami.
Speaking on the find for tomorrow’s consumer, Goel, said, “Over the past ten years human life has evolved dramatically, technology-based activities have not only made their life tech-driven but also reliable on online tasking and this evolved behaviour is seen among all age groups. Yesterday’s consumer has become the future consumer and then we have the millennials and the alpha generation.”
According to Goel, Twenty years from now, the attention of consumers is going to be polarised. With this polarised ownership, there will be some consumer product which will be auto-pilot. The fight is in the future that my brand doesn’t become auto-pilot. If my category is auto-pilot, my brand should also be.
According to Goel, the cost structure on a product is designed to deliver for the present. “Talent’s time is not designed to think about the future which is why we pay billions to mechanize,” She said.
On digital mediums, the brand is targeting for split audiences tech to get a better understanding of consumer preferences.
The brand is also working on dynamic creatives.
“Today, companies are investing in live data. We have a 24*7 consumer engagement cell. We get half a million calls, emails, and social mention in a year. We today have an analytics framework; we look at it and get to understand what consumers are talking about,” Goel added.
According to Goel, the brand picks up super localised mediums in less efficient places.
“In Nestle, We look at geographical pockets. Today with big data we are able to see the ability and willingness to buy a particular product despite the product price range, and we see it from data of other baskets of products people are buying,” Goel emphasised.
According to Goel, if a brand looks at consumer behaviour and projects them into the future, the brand will know what the future consumer would be like and present itself according to the consumers’ changing need and preferences.
Goel, said, “We observed that the consumers today want a brand to demonstrate its product and not just make an ad on it. We understood the need and launched AskNestle.in. Its India’s first AI enabled chat-bot and AI enabled website, a reliable, trustworthy and a scientifically-anchored platform for nutrition and lifestyle information for consumers.”
According to Goel, it is possible for big as well as small brands to do individualised marketing.