How brands are thriving with this lucrative marketing strategy

India is a land of festivals, no matter the season there is always some kind of festival going on. From Makar Sankranti in January to Christmas in December, there is always an event to attend thanks to our experience-driven lifestyles. But for brands, it means more than just a chance to celebrate, it means a promotional opportunity at public events and festivals and a way to connect with existing and potential customers.

Relying on the various festivals celebrated in India, marketers find their place in the minds of consumers by betting on “emotional marketing”, which traditionally bodes well too. Because the majority of people’s purchasing decisions are driven by emotions – a factor contributing to the marketing campaigns deployed by brands to promote their products.

With more diverse festivals, more diverse marketing offerings

The festive season has always been key for consumers and merchants in India, according to a report, online retail platforms in India recorded $5.7 billion (about Rs 40,000 crore) in festive sales between on September 22 and 30, a solid 27% (year-on-year).

According to the Confederation of All Indian Traders (CAIT), which represents 70 million traders across the country, the size of the sale is a big sigh of relief as the rebound after a nearly two-year lull was much needed. Keep in mind that the festivities aren’t over yet and with Diwali around the corner, traders expect more shopping and profits with more and more customers, making the party the perfect marketing strategy. to earn money.

Reasons why Festivertising is thriving

● Nearly three out of five Indians are waiting for the holiday season sales and nine out of ten plan to make a purchase during this period.

● Holiday season sales produce more ‘brand changers’ as more than half of Indians (53%) are neutral or indifferent to the brands they buy, but in the end the holidays still win.

● More brands means more options means more sales, six out of ten Indians are interested in learning about new brands during the festive season with 68% women leading vs. 58% men.

Reasons why brands thrive on off festivertising

With the advent of a ‘new India’ which is decidedly shaped by social consciousness and conscious consumerism, consumers’ buying decisions are changing and becoming decidedly more rational. In particular, the younger generation that accesses its own purchasing power is in the front line. So, to connect with their audience on a more meaningful and personal level, brands are looking for an opportune time to deploy contextual campaigns that relate directly to consumers and remain relevant to the occasion. This is also the time when consumer spending provides a favorable context for maximizing sales targets and capturing the attention of both “brand changers” and “brand loyalists”.

The most famous e-commerce brands that are now identified for holiday sales, Amazon and Flipkart, have shown that brands not only thrive with urban customers, but also Tier II and III. During their month-long Great Indian Festival 2021 on Amazon and Flipkart’s The Big Billion Days began in early October, the festival’s sales events also showed greater involvement from these levels, indicating the expanding ground for that brands play. Helping their festive online sales in the first week of October 2021 achieve a 23% increase in year-on-year sales, translating to $4.6 billion (Rs 32,000 crore ) Internet sales.

Festival marketing strategies evolve from year to year, based on unique themes and innovations that unite brand and culture. To keep up with trends and strategies, marketers look beyond last mile marketing and drive brand fundamentals by staying prioritized throughout the digital consumer journey. To achieve this, many brands diligently follow a festival marketing master recipe with the following ingredients – advertising campaigns, media strategies, discounts and sales, and gift certificates and rewards with a pinch of courage to go big with execution. which will have become widespread reactions.

The old school is no longer cool, brands are actively leveraging new marketing methods like influencer marketing – the growth of which has been accelerated by a decade or more by 2021, completely revolutionizing the Indian marketing industry. marketing. Due to the increase in social media engagement, influencer marketing activity has entered the mainstream in a very short time, resulting in a 40-50% increase in ad spend for influencer marketing during the holiday season.

Traditional advertising – Leveraging an ideal opportunity to connect with their customers through their advertisements, marketers are spending a lot of money on advertisements. Last year, the advertising business managed to garner around Rs 7,000 crore which is 12-15% more than the previous festive season.

Contests and promotions – Designed around the theme of the festival, marketers spend big to set the stage for frantic bouts of promotional activity. According to executives, in the upcoming holiday season, major companies in the automotive, consumer electronics, consumer packaged goods and retail industries plan to increase marketing spend and advertising by 10-20% over the previous year to exploit the expected recovery in demand.

Conclusion

While not all that glitters is gold, in order not to get lost in the glitter of offers and discounts, brands have to be a bit opportunistic but tactful. They should deliver parties with a thoughtful marketing strategy and a deep understanding of your customers’ needs, but not out of fear of missing out.

William L. Hart