Shifting dynamics of consumer preferences: How marketers can navigate the ‘new normal’

On Day 3 of Goafest 2024, Shashank Srivastava, Member of Executive Committee at Maruti Suzuki, and Sunil Kataria, Chief Executive Officer of Raymond Lifestyle (India & International), spoke on the topic- Evolving Market Landscape: Navigating The New Normal. The session was moderated by Anuradha SenGupta, the founder of @anuradhasays. 

In identifying the key challenges facing marketers today, Kataria underscored a significant shift occurring over the past 5 to 10 years. It has become apparent that many of the foundational marketing principles learned over time, including those absorbed during their generation's formative years, no longer hold sway in the current landscape, he observed.

Kataria pinpointed challenges that confound marketers daily, starting with the pervasive fragmentation across all aspects of business. This includes the presence of three major generational cohorts: Gen Z, Gen X, and a significant global business segment. Additionally, he shared that fragmentation is evident in the consumer journey, which was once linear but is now scattered as consumers may discover a product on one platform and purchase it elsewhere. 

He also shared that media and selling channels have also become fragmented, necessitating marketers to engage diverse avenues such as B2C, multi-brand outlets, and e-commerce platforms. This fragmentation extends to the supply chain, compounding the challenges marketers face.

"Listening analytically to data is very important," he noted, adding that in-store observations are also extremely crucial. He stressed the value of using first-party data to gain insights quickly and effectively. The discussion highlighted the critical role of comprehensive data analysis in adapting to evolving consumer preferences. 

Srivastava stressed the need for agility in understanding consumer behaviour. "We have to be on our toes to keep up with the constant changes in consumer behaviour," he stated. He also stated, “In our industry we have identified 26 touchpoints from the time a consumer thinks of buying a car to the actual delivery. Of those 26, Maruti Suzuki has digitized 24. The ones which are not digitized are test drive and delivery, which of course has to happen in the real world. But test drives are now happening in the virtual world also. The process itself has changed and that means the whole ecosystem of selling also has to change.”

Further speaking on the challenges and learnings, Kataria shared that the industry is shifting towards dynamic listing. He shared that trends are shifting rapidly in the fashion industry as compared to others. “This is a place where the product changes every three months because the fashion changes every three months.” 

He further added, “Listing and leading to first-party data is a very big thing. It's still a process for us. We have started building that. 

Srivastava also highlighted the importance of collecting interactional data from all touchpoints and integrating it. He shared that Maruti Suzuki is big time into data. 

“We still do some of the traditional stuff, which is consumer clinics, talking with consumers, going first-hand, and seeing what consumers are talking about. But also, we now have the help of a lot of data. Maruti Suzuki has data for 2.5 crore individuals who are customers.” 

The two also talked about strategies for navigating the 'new normal,' shedding light on the shifting dynamics of consumer preferences and market trends. Attendees were treated to a deep dive into the opportunities presented by evolving consumer behaviour through several touchpoints, especially data.

During the session Kataria also spoke about ISA media charter. He shared that the media charter involves five -six critical elements. The sixth one is still going to take some time, he shared. “The first one is a model media agency between clients and agencies, which we have rolled out and we already have some discussions happening on that. Second, between ISA, IBDF, publishers. All of us are working through to form subcommittees on how to use first party data.” Third is on ad fraud, fourth is on brand safety and supervision and fifth is viewability. The sixth element is cross measurement in India, a common currency between digital and TV.

He concluded that in the next one month- 45 days, the charter on the subcommittee will roll out.