The first plenary session of Day 2 was presided by Mr. Aditya Agarwal, Joint Vice President (Sales), Credit Information Bureau (India) Limited.
The topic of discussion was Digitization in Banking – The Emerging Marketing Challenges. Mr. Agarwal was of the view that the economy has changed drastically over the past few years. Now, with demonetization, more and more customers are using digital modes of payments which moves India to a digitized economy. He discussed the Journey of Banking as an Industry. It started initially as a manual process and digitization came only in MNC banks in the late 90s. In the early 2000s digitization became more prominent. He said that now is the age of more and more personalization because of the advent of mobile phones as means of banking.
The mobile base in India, he said, is expected to grow to 1150 plus million users by 2020 with 45% penetration. Internet penetration is currently 30% and by the end of 2018, it is expected to be around 70%. The developments in banking and payments sector that is helping more and more people to go digital are many. Linking the aadhar card and mobile phones with the jan dhan accounts is one such development. The concept of Unified Payments Interface (UPIs) has brought about a revolution in banking wherein every customer can create a unique ID that can be used for all payment transfers without the need of an IFSC code. The Electronic Clearing Services (ECS) and Aadhar Enabled Payment System (AEPS) are amongst other such methods.
These digital schemes empower the customers and provides them with a variety of options from different vendors. In 2015, the amount of transactions done digitally surpassed the number of physical transactions made. Since the customers have a variety of choices, the vendors should stay abreast with the latest technology in the market.
Mr. Agarwal said that new age banking firms should aim at becoming more intelligent and providing multiple channels, becoming more socially engaging and looking at the overall needs of the customers, both banking and non-banking ones.
The second half of Day 2 began with Plenary Session 2. The first speaker was Mr. Neeraj Hasija, Founder and CEO of Healthy Brown. He spoke on Contemporary Challenges in New Product Launch.
He started the discussion by focusing on the brand culture of any product. He emphasized how mass marketing has turned into niche marketing and consumers have changed from dormant state to an active state where they have involved themselves in the brand creation process. Satisfaction of customers has become the most crucial part of any company especially during its product launch. Consumers nowadays are least concerned with where he can get the product but more concerned regarding what the product is all about and why he/she should buy it.
He also explained the dynamics of the company by stating that all owners had been disappearing slowly without being responsible for the growth of the company. Thus the traditional marketing concepts had transformed into the digital marketing concepts.
According to him, the key challenges were product sync, quality and innovation, pricing strategy, etc. Major solutions to the challenges should focus on critical inventory management, substitution alternative offerings for multiple time zones, etc.
He concluded his speech by relating it with his own start-up – Healthy Browns, which primarily focused on making different types of breads and how they market the product in and around Ahmedabad. In this New Year, they have launched a green campaign with the tagline that says “let’s make this new year green as well as a sign of good health.”
The second speaker of the session was Mr. Sameer Pitalwala, CEO of Culture Machine. He spoke on Digital Marketing and the trends of late. He began the session by briefing about his company which till date had succeeded to gather more than one billion views, 110 million of them being unique, and more than 85 percent of coverage of audience on platforms like YouTube and Facebook in India.
He described how programming advertising has evolved over the years from being human driven to completely technology driven.
He demonstrated how digital marketing has emotionally connected the audience with the illustration of dove promotional video campaign where it displayed how in today’s world by promoting female athletes the definition of beauty has changed over the years. The beauty is not only restricted to physicality but also to inner self and to the talents of female individuals.
He brought an end to the presentation by throwing some light on the digital campaign of his start-up Culture Machine’s “Being Indian” which has reached more than 150 million monthly views on various digital campaigns. The major success was emotionally connected to audience involved in the campaign.
Track Session 3A:
The chairperson for this session – Consumer Behaviour and Brand Management – was Professor Sanjay Jain. A total of eight papers were presented during this session. The papers were presented on topics such as Patanjali Ayurved, Brand Management, Brand Assessment for Smartphones, Internal Branding etc. The speakers talked about the new emerging brands, customers’ perception on brands and how to improve the factors influencing brand equity.
Track Session 3B:
The session on Societal Marketing was chaired by Prof. Dhiren Jotwani. The highlight of the session was “Study on Television Viewing Habits among Urban Children”. The speaker brought out insights from across the globe and made comparisons even in terms of gender. His findings included insights such as, teenage girls being confined to their homes that leads to increased television viewing to combat loneliness. The other highlight of the session was Dynamic Capabilities in Marketing.
Track Session 3C:
The chair person for this session – Retail Marketing – was Professor Anand Dev. A total of six papers were presented during this session. The speakers for this session talked about the changes taking place in Indian retail marketing, the effect of visual merchandising tools on buying behaviour of youth and the impact Patanjali has created in this system.
Track Session 3D:
The chair person for this session – Rural and Retail Marketing – was Professor Subrat Sahu. A total of six papers were presented during this session. The speakers for this session talked about the extent of awareness created by marketing activities, shopping experience in malls and how customer lifetime value can be used to create new products in order to increase return on investment.
Track Session 3E:
The chair person for this session – Marketing Communication and Channel Management – was Professor Renuka Garg. A total of seven papers were presented during this session. The speakers for this session talked about the strategies used by firms for supply chain management, how supply chain can be used to achieve competitive advantage and about the concepts related to deceptive advertisement.
Track Session 3F:
The chair person for this session – Technology Management – was Professor Mory Shankar Mukharjee. A total of six papers were presented during this session. The speakers for this session talked about dynamics of internet marketing, evolution of mobile learning, use of cloud computing related to selected industrial clusters and change in the behaviour of youth due to the evolution of virtual shopping.
Track Session 4A:
The session on Cross Functional Issues in Marketing was chaired by Prof. Indu Rao. The papers were presented on a wide range of functional areas and related to marketing. The areas discussed were Employee engagement, Corporate Financing and Economics. The highlight of the session was A Study on Long term and Short Term Effects of Demonetization on the Retail Business in India presented by Prof. Nirmal Soni and Yash Shah of the Institute of Management, Nirma University.
Track Session 4B:
The session on Customer Relationship Marketing was chaired by Prof. Rajesh Kikani. The speakers discussed topics like, the Advent of Relationship Marketing, Profiling Social Customer, Customer Preferences and Challenges in Implementation of CRM.
Track Session 4C:
The session on Entrepreneurial Marketing was chaired by Prof. Satish Nair. The session speakers spoke about entering the dynamic marketing environment. Case studies were presented on Buzz and Indiavaale.com. The Challenges of E-commerce, as well as a paper on, branding and firm’s financial performance, were discussed.
Track Session 4D:
The session on Effective Communication was chaired by Prof. Nina Muncherji. The presentations focused on how different aspects of communication determine the effectiveness of advertising and marketing. Emotional branding and reaction to stimuli created by advertisements were the highlights of the session.
Track Session 4E:
The session on Cross Cultural Issues in Marketing was chaired by Baba Gnanakumar. Marketing strategies and campaigns were discussed during this session. Cultural and socio-cultural dimensions of marketing were analyzed. The highlight of the session was “Devising the Pricing Strategy for Nested Markets during Festival Seasons”.
Track Session 4F:
The session on Green Marketing Practices and Gamification was chaired by Prof. Parag Rijwani. Concepts of pricing and green bonds were also presented. This session included papers on gamification and a case study on Pokémon Go as well.