Wed, July 17, 2024

Learning Curve workshop explores digital marketing trends, influencer strategies

B360 July 10, 2024, 2:50 pm
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KATHMANDU: Catalyst recently introduced 'Learning Curve', a dynamic quarterly initiative dedicated to exploring contemporary business themes.

The inaugural session of Learning Curve, titled "What’s Trending: Unlocking the Future of Marketing—Trends, AI, and Data-Driven Strategies," took place in Kathmandu on June 27.

Forward-thinking professionals, business leaders, and media representatives participated in this exclusive workshop. They gained valuable insights into the ever-evolving digital landscape, exploring how consumer content consumption has changed and the transformative impact of AI and machine learning on digital marketing.

Rohan Chincholi, Chief Digital Officer, Havas Media, India, and Nishant Shekhar, Head of Data and Analytics, Havas Media Group, India, were the key speakers at the session of Learning Curve.

Chincholi's Insights on Digital Marketing and Consumer Behaviour

Chincholi emphasised the critical role of digital marketing in today's business landscape. He discussed how companies have shifted their focus to adapt to changing audience preferences. Additionally, he highlighted an intriguing phenomenon known as the 'lipstick effect'.

During the Great Depression of 1929, when economic hardship prevailed, people reduced spending on household goods. However, they continued to invest in beauty and cosmetic items — a trend that became known as the 'lipstick effect'. Even during global economic recessions, companies reported declining sales, yet certain products, like lipstick, saw increased demand. For instance, L'Oréal, one of the world's leading cosmetics manufacturers, experienced a remarkable 5.3% growth in sales during the economic recession. Chincholi predicted that it wouldn't be limited to lipsticks; other affordable luxuries would also thrive.

He further emphasised that cost-effective items with substantial returns can sell out just like cosmetics. As an example, alcohol and chocolate sales skyrocketed during the Covid 19 pandemic lockdowns.

Chincholi drew attention to the fact that during economic downturns and pandemics, consumers become budget-conscious and prioritise essential purchases over high-priced items like homes, cars, or electronics.

Regarding promotional videos, he suggested that they should be both interesting and engaging for all users. When consumers encounter a product, they often research extensively, read reviews, and consider multiple touchpoints before making a conscious buying decision.

Shekhar's Insights on Influencer Campaigns and AI

Shekhar, Head of Data and Analytics, Havas Media Group, delved into the efficiency of influencer campaigns for product marketing. He suggested, "Brands with investment capital should strategically allocate resources across various media channels to maximise audience reach while minimising costs. Rather than concentrating all funds on a single medium, companies should distribute investments for product launches and promotional campaigns."

Shekhar outlined several methods for analysing social influencers. Shortlisting influencers based on their accounts is one effective approach. He also emphasised the role of artificial intelligence (AI) in enhancing content creation. Building continuous consumer engagement and fostering brand consideration are essential steps in the digital ecosystem.

Shekhar said, "Creating consumer affinity is crucial for organic growth. Overspending on a particular channel should be avoided, and key performance indicators (KPIs) must align with business objectives. Understanding the target audience is paramount."

Business360 served as the media partner for the event.

Learning Curve embraces the philosophy of ongoing professional growth. It offers a platform for comprehensive discussions, expert insights, and collaborative learning, tailored for industry professionals.

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JUNE 2024

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