Month: November 2020

  • The future of Fintech marketing

    First published in ET Brand Equity

    Fintech is one of those small words that contains worlds. Just like marketing. While the former could be payments, lending, insurance, wealth management, neobanks etc, the latter includes brand management, digital acquisition, marketing automation, social media and so on. A combination of the two makes for a complex mix. It also means that crystal gazing has its limits and there really is no common answer. Having said that, let’s try our hand at “how it started, how it’s going to go…”

    Audience & Access: India’s digital economy now boasts over 700 million connected users. As per RBI data, the number of digital transactions are expected to make a 12x jump from 125 million a day in 2020 to 1.5 billion by 2025! Fintech has made leaps over the last 10 years – starting with personal finance products such as banking accounts and deposits, moving on to mobile payments and e-wallets, and finally leading to a full bouquet of financial services including trading, insurance and wealth management. But the pandemic has been a force multiplier for digitisation in many sectors, including personal finance. This audience avalanche means that marketers have to revisit their segmentation and personas, and deal with different cohorts of digital audiences at different levels of maturity. What are the new user segments, what financial products and services would they like to access, and what are the new use cases that will emerge?

    Brands & Behaviours: With new segments emerging, education and awareness will need to go hand in hand with acquisition strategies, and nuanced, personalised communication for different segments. While financial products on digital platforms may not be completely new to many consumers, brands will still need to earn the customer’s trust. This is especially true in the context of an unfamiliar investment product or service, and might require a revisit of customers’ needs, barriers and opportunities.

    This is crucial because we’re now living through a kind of liminality, a period marked by the uncertainty between an old normal, and what emerges next. Even more than before, marketers will need to have an empathetic mindset. Channeling this into communication will be necessary to build trust. Beyond actual trials, different consumer segments would have different surrogates for trust. And old wines and new bottles have challenges. Take celebrity endorsements, or its (relatively) poorer cousin – influencer marketing. Or “cause marketing”. All of them are susceptible to social media vigilantism and cancel culture, even as manufactured word of mouth thrives.

    The pandemic has forced us to relook our lives, and maybe even did a Marie Kondo on our lifestyle choices. “Experience shapes memory; memory shapes our view of the future.” What is the impact on the spending, saving and investing habits of your existing customers? What behaviours will we continue, what will we drop? Whom will we trust on money matters, and why?

    Cords & Cookies: We’re in the era of the second screen. After all, some people still use the television when they want a large screen experience. But seriously, though cord cutting may not be mass yet, such has been the rise of OTT and digital consumption in general that the erstwhile second screen is practically the first. This has a huge impact on the media mix, especially because of the range of customisation that’s possible on digital media. Of course, you might still be an IPL sponsor if you’re a mass brand, but it’s definitely possible to build brands with digital as the primary medium. Not that it’s without challenges. Some level of precision targeting will continue to be an option at the top of the funnel, but privacy concerns are making a cookie-less world imminent. Even as adtech is scrambling to find a replacement for cookies, (I believe that) first party data and a non-cookie cutter approach is something brands should focus on. Codeless designing, chatbots, and the ever increasing tools of marketing automation allow the digital marketer to create custom journeys using demographic, behavioural, and other parameters. Content marketing using multiple formats is still a great way to build domain authority and trust. Podcasts have seen quite a lift during the pandemic. In short, we have moved further from mainstream to many streams.

    Data & Delivery: The common theme in all the above points is fragmentation – of markets, messaging and media. And this is essentially what the future looks like. The challenge for the marketer is to ensure narrative cohesion. This requires us to get comfortable with collecting and analysing data, and being able to deliver this understanding via communication and channels. The other kind of delivery we’ll be responsible for is ROI. This will require us to find new ways to measure both effectiveness and efficiency across campaigns, channels and market segments.

    In closing: The “new normal” is unlikely to be the normal we knew. Especially for marketing, because even after the pandemic goes away, the uncertainty will linger in consumer minds. Despite the abundance of choice that customers have, there is an opportunity for brands. As Scott Galloway has astutely pointed out, “Choice is a tax on your time and attention. Consumers don’t want more choice, they want confidence in the choices presented.” In the race for wallet share, trust continues to be the best currency. Building a trusted brand in a fragmented world takes time and a growth mindset. It’s good to remember that there are no perfect solutions, only conscious trade-offs.

  • The Wizard and the Prophet

    Charles C. Mann

    The world is only a few decades away from reaching a double figure billion population. We’re already experience a scarcity of many things we take for granted – clean air, potable water, affordable food and scalable energy sources. How will the species survive? There are two lines of thought – both with the same intent, but fundamentally different approaches.

    Represented principally by Norman Borlaug (the wizard) and William Vogt (the prophet), this book juxtaposes these diverse lines of thought in the context of the four main resources – food, energy, air and water. Vogt sees nature as the main protagonist and the human species as one among the diverse cast of organisms. As per this view, humans have to understand and play within the constraints of nature. Borlaug considered humans the principal character, and nature as raw material that the species could reconstruct to its own advantage. It was just a matter of finding the right methods and technology, and educating people. A “worldview that valued efficiency rather than empathy and the spirit.” Two different ways to survive, and thrive. In a way, scarcity and abundance thinking.

    Funnily enough, even though both men were (almost) contemporaries, they crossed paths only once. Their arguments and their supporters and followers more than made up for it though!

    In addition to this very interesting philosophical debate, the book also works as a rough biography of Borlaug and Vogt. Both of them went through many trying circumstances, and whatever they have achieved is a tribute to their tireless spirit.
    Another very interesting section, towards the end, throws light on the behind the scenes action of the Green Revolution in India and Pakistan. It is amazing how events such as the Cuban missile crisis, India’s wars with China and Pakistan, and even Nehru’s death all had a crucial role to play! It was touch and go a lot of times and worth a screenplay.

    All of this makes for an interesting read and I wish the author had made it a bit more accessible by focusing a little less on the detailing. It is not an easy read, but it does provide some excellent perspectives on topics such as global warming, fossil fuel scarcity, GM foods, all of which have an increasing impact on our daily lives.

  • Geist

    And thus it is, that after six months, finally there’s a food post here! When I wrote the last one in March, I wondered whether at the time of publishing it – May – the virus would be in the rear view mirror. What an underestimation that was! The actual time till the next visit turned out to be seven and a half months. That’s the kind of year 2020 has been. True to the spirit of the year, we visited Geist on Halloween, a couple of days after they had opened. The photographs I had seen on Twitter did a good job of convincing us to finally step out!

    The location is accurate on Maps, though after we passed the gate, the looping path did give us a few moments of doubt on whether the place was open. Later, I also wondered whether this would add to the loopiness as one was getting out of the place after a few beers! Anyway, we were finally rewarded with  open spaces,  abundant greenery, and excellent beer and food. As Mr.Narayan, the CEO of Geist pointed out, a banyan, a peepal and craft beer do make a good recipe for nirvana! Word had definitely gotten around, because we found the place fairly packed. I mean that loosely because there was enough space between tables. Also present were the other “artefacts” of this era – sanitisers at multiple touch points (punintended), and masked service staff.

    We first ordered what we came for – craft beer! Six out of the nine beers were available, I started with a German Lager and D asked for a James Blond. The latter turned out to be a good way to tip the hat to Sean Connery, though we didn’t hear the news until later. The lager had the perfect level of maltiness, and the Blond, a Belgian ale, was smooth and fresh. Since good pork was something that had eluded us for a while, we immediately agreed on the Pork Seekh. Well cooked, great flavours and superb texture. From the tricolour dip, I loved the spicy red the best. The Bacon Thecha Kulcha was next. More subtle than the previous dish, we would have loved to see more bacon in this one.

    I liked the sound, and taste, of James Blond enough to have it for my second round. D went with a Witty Wit, a light and easy drink. The Coorgi Pork (should be Coorg is my understanding) was quite enticing, but we finally went with the Baffat Pork Cutlet, which came with an excellent spicy gravy and spaetzle. A great way to end an Oktoberfest that never was!

    The service was friendly and polite. An excellent rock playlist enhanced the ambiance, and we felt lighter by a little short of Rs.2400. A dine out after more than 200 days though, felt priceless!

    Geist Brewing Factory – Restaurant & Beer Garden, No.23/3, 21st KM Stone, Old Madras Road Nimbekaipura, Bidarahalli, Uttarahalli Hobli, Bengaluru Ph: 8861557576

  • The business of brand

    It used to be that a brand manager could run 3-4 campaigns a year, negotiate heavily in media buying for efficiency, and roughly correlate effectiveness to quarterly brand health data and sales performance. With VC funding-led rapid scaling, digitisation,  real-time data, and polarised social media, this version is being rendered obsolete. The changing business context also means that looking at a 30 sec ad purely through a consumer lens is only half the story. Two recent examples made me reflect on the dynamics between brand, social media, and business.  I do realise that my commenting on them is a bit like the Nobody – Me meme, and delayed at that, but that’s one of the perks of having a blog.

    Cred: We’ll begin with the Mad Men perspective, but after a short detour. Brand building for VC-funded startups has a template that actually works. Rational benefits with emotional storytelling. Flipkart and Myntra both went through a learning curve with “Granny and Mouse” and “Where fashion comes together” respectively, before they cracked it with “kids as adults” and “Real life mein aisa hota hai kya?“. It works because in addition to building the brand promise, it also has a tangible effect on business. And that’s why it’s often followed by many others across categories – Pepperfry, LivSpace, Khatabook, or even an extended approach like The Whole Truth. This is assuming that distribution, product, customer service etc are at least on par, and the execution is done well.  In that context, Cred’s recent ads, after readability issues in the first print ad, and the lengthy Jim Sarbh ad, were most definitely clutter-breaking. By not following that template.  (more…)

  • A Gentleman in Moscow

    Amor Towles

    I was hesitant to write anything about this book for fear that it would take away from its wonderful aftertaste. But not doing so would be an injustice too, so here goes.

    The adjective I would use to describe A Gentleman in Moscow is sublime. That applies to the story, the writing, and the protagonist – Count Alexander Ilyich Rostov. On 21st June 1922, a Bolshevik tribunal sentences him to house arrest indefinitely. The “house” is the Hotel Metropol, and he is forced to substitute his suite for an attic room. As the author insightfully notes, “the Russians were the first people to master the notion of sending a man into exile at home.”
    Russia, post-revolution, exile – it is difficult to imagine anything that’s not depressing in the 450+ pages that follow. But in the face of imminent disaster, Towles, just like his protagonist, steps up to the plate, shuns maxims, and hits the ball out of Gorky Park. (ok sorry, but bad wordplay is a sure sign of my affection) Hope has a new champion. For Count Rostov is probably a living embodiment of Marcus Aurelius’ Meditations, and from the time that he is forced to choose from his possessions what he can take along to his new residence, he embraces his future by well, counting his blessings. His poise does not miss a step as he moves from “it is not the business of a gentleman to have occupations.” to becoming a waiter, and he continues to exhibit his “essential faith that by the smallest of one’s actions one can restore some sense of order to the world.”

    But one cannot be blamed for thinking that even for such a wonderful character, the four walls of a hotel is bound to be a constraint. The Metropol, though, is a world unto itself. We discover spaces and mind spaces inside, the people who work there, and its visitors. And through the eyes of the Count and his friends, we see Russian history unfold from Lenin to Stalin to Khrushchev.

    Amor Towles’ mastery over situations and the words he uses to express them is not something I have seen much of around. It’s genuine craftsmanship. In the Count, he has created a character that brings out the essence of old world charm, and class. Instead of aristocratic snobbery, what one gets is a very human mix of upbeat bearing and wistful serenity – a character for whom one genuinely feels for. The Count has his basic lessons right – “The first was that if one did not master one’s circumstances, one was bound to be mastered by them; and the second was Montaigne’s maxim that the surest sign of wisdom is constant cheerfulness.” And it isn’t just the Count – the support characters also do a splendid job of covering a vast spectrum of predicaments, thoughts and behaviour.

    And thus it is, that when one reaches the end of the book, and lets out a sigh, one has the “feeling that this moment, this hour, this universe could not be improved upon”.