‘Marketing has now become a two-way communication between brand and consumer’

The 17th edition of the advertising and marketing industry’s biggest gala Goafest 2024 is underway in Mumbai. On day two, a panel discussion was held on Trust or Bust: Thriving in the Digital World. The panelists were Chief Marketing Officer of Britannia Amit Doshi, Director of Global Partnerships for Meta Paras Sharma, content creator and co-founder of 1% Club Sharan Hegde and MICA professor and digital content creator Falguni Vasavada. The session was moderated by Manisha Kapoor, the CEO and Secretary General of ASCI.

When asked about how the digital media, especially social media has changed the relationship between brands and consumers, Doshi said it had become a two-way street instead of a one-way street. “As there is direct interaction with the consumer in real time, brands are forced into active listening to keep up the trust they have built over the years. The feedbacks reach us much faster,” he said. 

Kapoor then spoke about how many scams have led to people losing their trust in some influencers. She also brought in the controversy wherein Securities and Exchanges Board of India (SEBI) had to fine some of the financial influencers who were found giving financial advice without the license to do so. 

Hegde acknowledged the wrong doings unearthed by SEBI. “I don't endorse skirting around the law for financial gains. While it is not that difficult to build a community and foster trust among them, it is very easy to break their trust. So, one has to ensure giving their community verified and correct information, especially when it has to do with their financial well-being,” he said. 

Vasavada said that building a community and earning their trust starts with content creators being their authentic self on public forums. “It is easy for the community to spot people not being fake on social media. One cannot fake passion anyway. Whether it is a creator sharing recipes because they love cooking, or someone like me speaking about empowering women in small ways, our audience can identify pretences,” she said.

Talking about the real-world impact of social media and the digital economy, Sharma gave examples of a few people from across the country who came from humble backgrounds but built up on their talents to improve their families’ financial situation. “With platforms that have a total user base of 3.2 billion people across the world, Meta takes care of the digital well-being of our creators as well as users through various features,” he said. These features, including protecting the creators from trolls and parental control for minor users, enable the creators using these platforms to build their credibility.