Market“ing”. The word itself is in continuous tense, which means a market that is ever-changing. For ez pz reference, picture "market" as a bunch of people, and here we are, uncovering how much the people have transformed to access the future of marketing in India. The shift in trend is our compass for navigating the future of marketing in India in 2024. 🧭
No crystal balls here, just real numbers and data.
To 6 Years Ago…
Let's rewind to the trends that were making waves in 2017. maybe a few cringeworthy moments in the trends!
Things that were trending in 2017 (Google Search Trends)
Pokemon go
How to buy bitcoin
How to take a screenshot
Sunny Leone 🙊
So, these 2017 trends? Yeh, they've kind of gone MIA in the search world, I know it’s really sad that Sunny was a part of this downtrend too. 🙃 All of these noise have gone to their lowest in the digital...
So, welcome to the trend playground! It's like being in a game of trend. Jump on the trends or risk becoming the BlackBerrys or Kodak film cameras of 2024
Alright, we've established the golden rule: keeping up with the evolving market and trend is as basic as it gets.
Now, let's break it down and get to know who these evolved market players are (remember: the "market" is a bunch of people) This way, we can dig even deeper and gather some juicy insights on the future of marketing in India in 2024 with upcoming marketing trends. 👀
India's 16 to 30-year-old age group is a significant consumer segment that accounts for a large portion of the country's market. According IndiaSpend project, this age group comprises around 42% of the country's total population and contributes about 35% to its GDP. This spending power is expected to increase in the coming years as the population in this age group continues to grow. So the young population contributes one-third of the GDP at present and is likely to grow, so they are the future of the market in India. Convinced?
Let’s take a successful brand that has outperformed recently in India to understand this better. (Google search trends, ps more financial data on Apple's growth in India available)
So with some search trends based on India, if you notice Iphone is outperforming. Why? 🧐 Best phone + best branding game?
I spoke to a 14-year-old and he told professional designers use “Apple” 😐
And what did Apple do right? 🍎
Brand Game: Apple successfully crafted a compelling and iconic brand, creating a seamless blend of innovation, style, and user experience that resonates with consumers globally.
Transparency: Apple's commitment to transparency builds trust, from clear product information to openly addressing challenges, fostering a positive relationship with customers.
Being the Best: Apple consistently delivers high-quality products, setting industry benchmarks and maintaining a reputation for excellence that attracts a dedicated customer base.
Respect Privacy: Prioritizing user privacy has become a key differentiator for Apple, reassuring customers and setting them apart in an era where data protection is supreme.
So branding will still be special and consistent care needs to be given to it. Not go around calling yourself a premium brand and smacking people in the head with yellow beach flyers.
That's a bad branding move waiting to happen!
So little more deviated data to learn about the market (Again people) more trends and shifts between Gen Z and Millennials are
Lately, the spending habit is cautious but branding is what convinces us all to spend out. 💰
Marketing hack to get it right with the current “Market” in India,
Brands need to be authentic, transparent, and socially responsible. They also need to be mindful of the generation's preference for digital platforms and create engaging content that resonates with their values.
Some recent brands that have successfully marketed to Generation Z include
Nike: Nike has a long history of supporting athletes and empowering young people, which resonates with Generation Z's desire to make a difference.
But here's the current scenario with this target market, that is determining the future of marketing in India
Late Marriage and Financial Cautiousness
Lately, people are delaying marriage and childbearing at higher rates than previous generations. This trend is driven by several factors, including:
Higher education attainment: This is the most educated generation in history, and they are more likely to prioritize their education and careers before settling down.
Economic uncertainty: The rise of student loan debt and the challenges of finding stable employment have made this generation more cautious about making major life decisions.
Changing gender roles: Traditional gender roles are becoming less rigid, and there is a growing acceptance of same-sex marriage and non-traditional family structures.
Desire for personal fulfillment: This generation is more focused on personal growth and self-discovery before committing to marriage and children.
Increased Pressure and Mental Health Concerns
A unique set of pressures that are completely new:
Academic pressure: The emphasis on academic achievement and standardized testing can lead to stress and anxiety.
Social media pressure: The constant comparison and social validation sought on social media can contribute to feelings of inadequacy and insecurity.
Financial pressure: The rising cost of living and the burden of student loan debt can cause financial anxiety.
Fear of missing out (FOMO): The constant stream of information and social media updates can create a sense of FOMO and perpetuate unrealistic expectations.
These pressures can have a significant impact on mental health.
According to a 2021 report by the American Psychological Association, People are more likely to report experiencing anxiety and depression than previous generations.
A 2023 report by the marketing firm Wunderman Thompson found that this generation is the most brand-loyal generation, with 60% of them saying that they would be more likely to buy from a brand that aligns with their values.
A 2022 study by the Pew Research Center found that this generation is more likely to get their news from social media than from traditional sources such as television or newspapers.
A 2023 survey by the financial services firm Bank of America found that 78% of this Generation of adults are concerned about their financial future.
Now that we have defined to whom we will be marketing, let us catch the future of marketing in India in 2024
Short interactive video AKA Reels
Ever notice those catchy tunes, glamorous scenes, and satisfying 10-second videos that we mindlessly swipe through all day? 💃🏼 Yeah, they're here to stay for a bit, but they're also ushering in a low attention span era. The demand for top-notch content is on the rise – the bar for quality and cringe is getting higher every day. It's like a new trend knocking on the door every other day!
AI in Marketing
What if this entire blog you're reading right now was cooked up by AI? (Maybe it is, you never know😈) My trust issue is shooting high lately with AI. I will be honest, all the images generated here were on AI, and AI did the proofreading on this blog (typos and grammar, blamed on AI😆). But content creation with AI is on steroids! Take a peek at these images on the blogs – each one took less than just 2 minutes. (Sunny’s image took some time xD) Meta's launching AI bots, and we even tested a chatbot that talks like brand voice defined. AI is doing wonders in content and marketing tools, but don't worry, it's not here to wipe out jobs, just make things smoother. We still need that human touch of creative juice, though. Stay tuned with AI trends! This was predicted in 2017!
The New Search Engine
Have you noticed how AI is popping up everywhere? From search engines, search something on Google and you have AI beta test running here. Never in my life did i think about search optimization on TikTok or Instagram. These platforms are deciding the best restaurants in town and people are looking up there on authentic responses through Short interactive video. Sprinkle a bit of SEO charm on your socials and digital to make sure Google bots or even the savvy OpenAI bots can scan your blog or visual content to dish out the right info. I wouldn't be surprised if, while craving a delicious hot chocolate, I get a tailor-made list curated by AI, pulling details from every corner of the internet. So, here's the drill: get people talking, sharing reviews, and pumping out content about your product on various platforms. It's the AI era, and your brand should ride the wave when ever that’s coming.
Dark Social
I used to think dark social sounded spooky, but turns out, it's noob. Picture this: you text your partner a pic of those killer shoes you spotted, drop a mention of your favorite shampoo in a WhatsApp chat, or share this blog article with a friend on WhatsApp. Guess what? All of these fall under dark social, and they're quietly responsible for a whopping 95% of your organic web traffic.
So, here's the game plan: start tracking these dark social interactions, set up a slick social listening strategy, create a community around dark social, and figure out how to activate it. Imagine if 30% of your traffic stumbled upon something sizzling and decided to share it with their friends – that's the golden ticket to the most authentic traffic that's bound to convert
Influencer marketing vs the REAL INFLUENCER MARKETING
Scrolling through Instagram, you've got one dude bravely tackling something yellow and banana (eww🤢), staged at a restaurant that looks more like a torture chamber, complete with the offer price tag. He boldly claims it's the best dish ever – paid promotion vibes, much?
On the flip side, there's someone just casually hanging out with friends, grabbing an ice cream, and casually dropping a 'you gotta try this if you swing by this place' bomb. Two worlds, one social media feed.
AR and VR
The hype around AR and VR has been buzzing for a while, but let's face it, we're still waiting for that major click. It's not quite there yet, just like AI was predicted back in 2017 and only recently hit its stride. But hey, that doesn't mean we should shove AR and VR in the closet. Keep it on standby, especially in fields like interior designing or experiences, where the breakthrough might just be around the corner.
One major thing that will not work in 2024 in Marketing in India
We are not interested in being bombarded with sales pitches. They want to see content that is authentic, engaging, and informative. Brands should focus on creating content that adds value to their lives, rather than simply trying to sell them something. So no over-promotional content.
In conclusion, as we set our sights on the future of marketing in India in 2024, it's evident that the landscape is undergoing a dynamic transformation. The continuous evolution of the 'market' is steering us towards trends that demand our attention and adaptation. Reflecting on the trends of 2017, it's clear that the digital world is swift, and what was once in the limelight can quickly fade away. The youth demographic, comprising 16 to 30-year-olds, emerges as a pivotal force, contributing significantly to the market and influencing its direction
Future of marketing in India in 2024 - Conclusion
Examining successful brands like Apple, it becomes apparent that the winning formula involves not just having a quality product but also mastering the art of branding, transparency, and user privacy. In this era, where attention spans are shrinking, short interactive videos, powered by platforms like Reels, are gaining traction.
Artificial Intelligence (AI) is a game-changer, not only in content creation but also in shaping marketing strategies. The search landscape is evolving with AI integration, and brands need to adapt their SEO strategies accordingly. Dark social, often underestimated, holds immense potential, driving a considerable portion of organic web traffic.
Influencer marketing is taking a turn, with authenticity trumping staged promotions. The real influencer marketing lies in genuine recommendations from individuals casually sharing experiences.
While AR and VR are still on the cusp of widespread adoption, their potential cannot be ignored, especially in sectors like interior designing and experiential marketing. In the quest for a comprehensive overview, we deliberately didn't touch upon certain traditional marketing channels. The rationale behind this choice lies in the paradigm shift towards digital platforms, AI-driven strategies, and the changing preferences of the younger demographic. The future of marketing in India is dynamic, and adapting to these emerging trends is key to staying ahead in the game.
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