Marketing has undergone a revival in the last decade, but despite the significant transformations that have already taken place, there is much more in the offing to look out for, stated The report points out four trends that will help brands identify new levers of growth.
Brands answer economic instability with marketing investments
Marketing today has delivered on driving accountable growth and the introduction of technology and data has changed the marketer’s landscape, giving them a seat in the boardroom. Since India is a ripe market, the report recommends CMOs keep on investing in their marketing efforts and technology, with some caution, as companies who will invest early are likely to reap the benefits in the due course of time.
Rising technologies for marketers to watch
CMOs across businesses are expressing their interest in gravitating towards the metaverse. It points out the contribution of the rising technology of metaverse on Indian GDP, which is expected to reach roughly 1.3–2.4% of the overall GDP, ranging between US $79–US$148 billion per year by 2035. It further suggests the need for businesses to put a strong emphasis on cutting-edge technologies, market expansion, and personalisation across channels to ensure the long-term success of their brands. For brands to be leaders in virtual space, it is time for them to think towards laying the groundwork and keep experimenting for joining the sphere of unlimited reality.
Creativity as a force for growth
Creativity contributes to high growth and the higher-growth brands are more likely to view creative ideas as essential to long-term success that supports creative thinking by encouraging risk-taking and cross-functional collaborations. Brands in India are using creativity to build their brand’s communications and experiences, by tapping into co-creation with customers.
Stepping up to the sustainability agenda
Sustainability has become a core topic in the boardrooms of businesses transcending industry lines, and the consensus is that sustainability and profitability can co-exist. An increasing number of Indian consumers are finding sustainability to be a critical parameter for brand choice, making marketers recognise equity and environmental impact from the inside out, bolstered by India’s formidable step into the “Decade of Action” as part of its commitment to the UN SDG framework.
Ashvin Vellody, Partner, Deloitte India said, that, “In this edition of the Marketing Trends Report, Deloitte explores the Indian perspective on key trends identified at a global level - pertaining to evolving marketing investments, rising marketing technologies of interest, sustainability & creativity – that can be a catalyst for brands to deliver business success in 2023. The global headwinds and the India opportunity form the backdrop for the CMOs who are smartly investing in sustaining marketing efforts and developing greater appetites for accelerating the move to new digital technologies and platforms. In our extensive partnerships with brands of varying digital maturities, we have seen a focused action towards adoption of customer data platforms (CDPs)”.
He further said, “The coming 12 months could serve as an inflection point for brands to continue to invest in technology to drive broader transformation goals within their organisation. An increasing number of brands are experimenting, localising and laying the groundwork for building on immersive and engaging experiences”.
Chandrashekhar Mantha, Partner, Deloitte India, said, “With the discussion around current economic pressure and emerging opportunities, businesses in India, should cautiously evaluate and invest in new levers for growth. CMOs must be well prepared to deliver more with less, along with being up to speed with the rapid technology shift. This report is an attempt to present comprehensive trends that will help position businesses for success in this dynamic year and beyond.”
The India report is an extension of the four key themes identified by 2023 Deloitte Global Marketing Trends. In the global report, to ensure a relevant, cross-topic understanding of marketing and the customer experience, Deloitte conducted two global surveys and 23 in-depth interviews with global executives.
The “2023 Global Marketing Trends” executive survey polled 1,015 C-suite executives from global companies located in the United States (50%), United Kingdom (10%), Switzerland (10%), Japan (10%), the Middle East (10%) and Australia (10%) in July 2022. The survey respondents included marketing executives holding roles such as chief marketing officer, chief customer officer, chief revenue officer, chief digital officer, chief growth officer, and other related titles and were sampled across a wide range of industries. Each respondent offered their perspective on a variety of topics related to the future of marketing in the coming one to two years.