By Rana Barua, Group CEO, Havas Group India
The advertising and marketing industry has become increasingly dynamic, and is constantly evolving, being redefined, and influenced by ongoing geopolitical and macroeconomic global conditions. While the global market conditions continue to remain volatile, the Indian economy is definitely displaying resilience and most experts continue to stay positive about the country’s growth.
Given this context, it’s natural that changes have become complex and trends far more dynamic. A few notable points below may drive the growth of the Indian advertising industry in 2023 from our own proprietary market intelligence, our understanding within the group companies and discussion with thought leadership.At Havas Group India, the growth of its three verticals – media, creative and health will be driven by
digital. Digital today has taken centrestage. Going forward, its importance is bound to get bigger .
- Notably 5G, screen-agnostic content, the metaverse and the death of third-party cookies are on the horizon. We are all social creatures and connecting is what comes to us naturally. So, while the mediums and the manner in which things are done are constantly evolving, any new, cutting-edge technology that better fulfils our desire to forge connections
will win. - With a shift in people’s behavioural patterns, which became even more pronounced due to the pandemic, social commerce will be a key topic of conversation in 2023. The growth is coming from tier II and III markets, and even there, the focus will be on leveraging regional nuances and influencer-led custom codes.
- The buzz surrounding the end of third-party cookies is gaining momentum and will continue to build in scale in 2023, although it will come into full effect in 2024. It may not be enough for marketers to know more about consumers through cookie-level analysis; we will have to move from insight-driven to social signal-level analysis where the shift will occur toward consumer sentiments based on their digital behaviour.
- No medium of communication is immune to the influence of the digital wave. Even in the creative field, next-level personalisation of content will play a critical role in consumer decisions. Coupled with this, short format video content that is hyper-focussed and hyper-immersive will be the flavour of the year 2023.
While some trends in this industry will last longer than others, there is one that will never go out of style. Storytelling that transcends media. An engaging story that immerses the audience in a meaningful way will continue to be critical in keeping brands relevant.