Vivek Srivastava, Joint MD, Innocean
The biggest weapons that agencies have in their armory are strategic clarity and creativity. The idea is to make the doubting consumer feel safe with his purchases or investments. It is not just the business honchos who are affected with slowdown issues, it is something that seeps into the consumer psyche as well. Brand messages can highlight assurance and value aspects in an engaging and interesting manner. Innovative usage of media opportunities will be important.
A management graduate from University of Allahabad, Vivek Srivastava majored in Market Research. He began his career as a sales executive with Onida, selling audio systems in 1987, post which he moved to Mudra Communications. A five-year stint with Mudra was made very meaningful by way of association with big brands.
In November 1992, Srivastava joined Triton Communications, which was setting up its Delhi office. It was a 14-year stint that saw the agency gain in stature and Srivastava was designated as the Executive Director in 2002. From there, he moved on to Innocean to set up its India operation in December 2005.
Srivastava has interests in strategic planning and organisation development and is a keen golfer and avid reader of fiction and management books.
In conversation with exchange4media’s Puneet Bedi Bahri, Srivastava speaks at length about the ongoing economic slowdown and its impact on India’s advertising industry. He also speaks about the way ahead for Innocean in 2009. Q. With companies cutting down on their expenditures by as much as 20 per cent, what measures can ad agencies adopt to help their clients reach their TG in a more cost effective way?
Q. Job cuts, recruitment freeze, cut down on ad expenses – in these times do you see a light at the end of the tunnel?
The situation is tough and challenging. But I do not see it as depressing as it is made out in the question. I have reasons for that. First, the agencies having seen the previous down-turns are much more cost conscious and lean set-ups. Secondly, we cannot go leaner in the critical functional areas without hurting the level of services and quality.
Yes, there will be budget cuts and rationalisations. But overall, the market has reached a level of wisdom as well. The marketing heads and companies, especially the more savvy ones, realise that total deceleration in such times can be too damaging for the brand. Hence, a modicum of presence and activities is maintained. Let’s also bear in mind that businesses are not coming to a stop, they are simply acting a bit more cautiously and conserving cash. Competitive pressures will remain, but it is not a drying up of the advertising pipeline all together.
Q. As Joint MD, what is your vision for Innocean in the coming year?
My colleague, YK Choi, MD, and I have been discussing the way forward for the organisation. It is a dynamic pace we are setting for our team. At Innocean, the year 2009 is going to be a defining year. We have evolved certain internal processes this year in the areas of creative enhancement and strategic planning. These are meant to provide us with clarity of strategic purpose, which in turn will lead to a more eloquent creative output. In the last six months, our creative team headed by Saurabh Dasgupta, in collaboration with Sujith Nair, Head - Account Planning, and Vice-President Rajesh Laikh has made a conscious effort for a better creative output. And the results are visible and encouraging. The work done by us on the launch of Hyundai i10 Kappa; Hyundai Accent and new clients KEI Wires and Sahara Life Insurance - Pension Plans, stands out.
We want to be seen as integrated orchestration of marketing ideas. We are deploying techniques that will unify brand communication points seamlessly with the driving idea. We see ourselves definitely adding more people to sharpen our service edge and, more importantly, the quality of our output. Let me add that we are fortunate to have Hyundai Motor as our anchor client and that gives us a lot more leeway and cushion compared to other agencies. They have aggressive plans for the coming year and would not let us take it easy on any front.
Q. Please tell us more about the newly-launched Digital arm? What kind of expansion plans do you have for the digital business?
The idea of IWI Digital came about during one of our internal discussions with B Sridhar, our Media Director. He had been monitoring the presence of Hyundai’s competitors on the net and also tracking the usage patterns of auto brands in markets like the US and Europe. YK Choi and I felt that this is an idea which is ripe and we must support it. And as we move into the year 2009, there is a definite prospect of IWI Digital becoming an important communication resource, given the medium’s inherent advantages.
We see IWI Digital not just catering to the needs of our clients in India, but also take on the projects from other Innocean offices in Europe, America, and Australia. We will provide them with the creative execution and implementation support as we move on.
Q. Innocean is a Hyundai-inclined agency. What is the kind of problem that this poses as a business model?
Q. Being a mid-sized agency, how difficult is it to attract and retain top creative talent?
Q. What advantages does a mid-sized agency like Innocean have over a large agency?
Q. What are the major implications of the ongoing economic slowdown on the Indian advertising industry?
Q. What are the major developments that we can expect from Innocean in 2009?
Q. Do you think digital will show the way at a time when traditional media like television and print has become too expensive for advertisers?
Q. Doesn’t this create constraints of sorts when it comes to hiring and keeping top creative talent satisfied with primarily one kind of business?
Q. Please tell us about the new businesses Innocean has won in the last 3-4 months?
