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Students of Jaipuria Institute of Management, which is one of the top b schools in Indore, delved into n insightful study on game-changing trends in the FMCG domain. 2018 seems like a sunny year for FMCG companies. How?
Fast Moving Consumer Goods (FMCG) sector in India has grown from USD 31.6 billion in 2011 to USD 49 billion in 2016. In the last quarter of 2017, the revenue in the sector grew by a whopping 17%. Predicted growth suggests that the FMCG sector will reach dizzying heights of USD 103.7 billion in 2020. Clearly, there is a lot to play for in the sector for businesses and brands; especially for the ones who want to win over the fast-growing consumer.
An interesting facet of the Indian market is that the rural segment contributes around 60% of the market share. Over the next ten years, the revenue for FMCG in the segment is set to grow ten times. Yes, ten times! So, what does it take to woo the dynamic Indian consumer? How can professionals who are making their way into the industry know the pulse of their audience? Here’s looking at the top FMCG Marketing Trends for the year 2018.
It’s important to realize that food fads are fickle, but trends in the industry have a longer shelf life. They are driven by social, cultural, and political factors, and they go on to dictate the marketing strategies for FMCG brands- in every possible way. Keeping a tab on the trends allows managers in the field to devise, and improvise strategies to good effect.
Health and wellness to get their due
There is a growing awareness amongst the consumers about their well-being. People are increasingly taking their health seriously but fast-paced lives make their tasks difficult. For brands to make an impact, they will have to offer health benefits on a platter and suited to consumers’ convenience. With the launch of wellness brands and products catered to users’ lifestyles, the focus will be on their usability and convenience.
Personalization is the key
Consumers are already asking, ‘what’s in it for ME?’, and the emphasis on the “Me” is only growing further each passing day. Personalization is the way forward for FMCG brands. Yes, the strategy comes with a cost but also has immense benefits as it offers brands insight into consumer behavior. In 2018, you will see FMCG marketing gurus coming up with novel ways to ensure that their brands have a consumer-specific impact.
Experiential marketing leads the way
Millennials and Gen Z consumers are growing in numbers, and with them, they bring their unique demands out of FMCG products. A recent study showed that they are keener on experiences rather than the product so that they can be shared on various social media platforms. Online marketing is definitely the way to tap into this audience, but in 2018 brands will have to emphasize experience sharing to attract consumer attention.
Broader perspective
Today’s consumer is getting more discerning than ever and is looking at the bigger picture. Socially conscious products and sustainability are going to be the buzzwords in the FMCG market in 2018. The impact is being seen in India as well and brands will have to make a point of reminding audiences of the exotic elements in their products, craftsmanship, planet-friendly manufacturing, etc. Marketing moves will have to be directed to appeal to the conscience as well.
With consumer behavior evolving at a fast pace, brands have to keep up with the marketing trends that will have their sway in 2018. And what is Jaipuria Institute of Management doing to keep their PGDM courses graduates up to date in this frenzied world of Change?
This best B-school in India fosters a very Research-centric, practice-based approach in its Marketing department. Leading practitioners and academicians deliver the course. From Prof. B.D. Nathani, popularly known as the Bhisham Pitamah of Footwear industry to academicians like Dr. Ashish Chandra, with his vast experience in research and publications- a Jaipurian learns to master the skill sets of surviving in the demanding world of FMCG and Marketing from day one into the course.
The suave design master is yet to hit 30 but has made a big impact with his cutting edge ventures. First with MIT Media Lab India Initiative and then Tesseract Inc, he made waves in the industry. The latter saw him get on the fast moving Make In India wagon and has led to innovative products that have become the talk of the town. Voxel, first holographic headset for Smartphones and Quark 360, the smallest 360 degree virtual reality camera have brought him and his company much acclaim. The world waits with bated breath for his next success.
Rohan and Yashas, still in their early twenties give the adage “sky is the limit if you are driven my ideas” a whole new meaning. Bellatrix Aerospace was incubated in the legendary Indian Institute of Science, Bangalore and received its first high profile order from ISRO couple of years ago. It was for a satellite propulsion system, no less. The company is now working on ambitious Chetak, a two stage launch vehicle, which should be aired by 2023. It will use clean fuel, which makes the project a hit with environmentalists too.
Another inspiring duo committed to the future of the planet along with profits. Tarun and Swapnil are founders of Ather Energy and the brains behind S340, which is expected to go on the market this year. The almost commercial electric scooter is a design dream that is packed with power too. We won’t harp on the specs of the model, but let’s just say it is up to speed with other traditional two wheelers, competitively priced and is of course energy efficient. That’s what they call an absolutely electric idea.
Now it’s a well known fact that Hawking never won the Nobel Prize for his work. But you know what else he didn’t get? Good grades in school. If you needed proof that grades aren’t everything, then you simply have to look at his school score sheet. Yet his inquisitive mind had made him the talk of the school and his teachers often referred to him as ‘Einstein’. But he delivered when it counted, like acing the tests that got him the scholarship to Oxford.
Did you know doctors gave Stephen Hawking only a few years to live when he was first admitted to the hospital in his early 20s? At the time he was diagnosed with Amyotrophic Lateral Sclerosis (ALS), which led to complete loss of muscle control. But when in the hospital, he saw a young boy battling leukemia. It helped him stop feeling sorry for himself and carry on with the great things he did.
A genius might always get it right, but a great man is humble enough to admit his mistakes. Stephen Hawking was both. He was considered the last word in Quantum Physics, but there was a time when he lost a bet on black holes. What made his admission even more commendable was the fact that he did it during a talk at a top scientific conference. Of course, his tongue in cheek remarks and charm could see him through any discomfort in public.
Stephen Hawking was a well known atheist and didn’t believe in the existence of God. But you could get him talking about possibility of aliens in the universe. He had world media in frenzy when at NASA’s 50th anniversary celebration he said that primitive and perhaps intelligent life could be out there. He further elaborated his thoughts on the topic in one of the episodes for a show on Discovery Channel.
To say that he was an indomitable spirit and a unique personality would be an understatement. The Theory of Everything, which won Eddie Redmayne the Oscar for portraying Stephen Hawking captured many facets of his personality beautifully. But the man himself has made several appearances on screen. Star Trek: The Next Generation, The Simpsons, Futurama you name it. His appearance on these shows is silver screen gold for Hawking fans!
