Marketing honchos dwell on edgy rules of engagement

The 4P’s of marketing — product, price, place and promotion — laid down by marketing guru Philip Kotler don’t seem to be enough for today’s marketers. Consumers exposed to a host of media are compelling companies to think of more ways to engage them. The second day at Ad Asia dwelt on the edgy rules of engagement that are driving industries to their future.

The world’s largest beverage company, Coca-Cola, chalked out a comprehensive strategy last year. Its ‘Liquid and Linked’ plan aims to address this challenge and double its business by 2020. The plan focuses on how people are interconnected these days through digital media, making them highly mobile and liquid.

Joseph Tripodi, executive vice-president and chief marketing and commercial officer, Coca-Cola Company, emphasised though big companies had to be global in nature, their marketing had to be ‘very local’ to connect with people better. “Marketers need to be great storytellers and that too on a big scale to attract consumers today,” he said at the event.

As a part of the strategy, Coca-Cola is trying to associate its brand with various popular cultures like sports and music. For instance, it successfully composed the anthem for the FIFA world cup last year, which won accolades from people everywhere. It is also trying to promote music culture by fusing sounds through its musical ‘Coke Studio’.

Tripodi raised concerns about striking a balance in the marketing approach. “While all of us are talking about youth, no one seems to be addressing the 50-plus audience, which is still a large chunk of people who are ready to spend,” he said. The balance needs to be achieved both in business and social responsibility, home consumption versus on-the-go crowd, modern trade and traditional stores, communicating a brand’s functional benefits and connecting with consumers at the emotional level. “The right balance will help marketers create value and love for the brand,” he said.

Prasoon Joshi, chairman and chief executive, McCann Worldgroup India, raised doubts about the long-term impact on companies which ride on established cultures, but miss on creating a new culture by themselves. “When Coca-Cola tries to cash in on Santa Claus in its marketing campaigns during Christmas, don’t you think people are taken aback by the kind of ownership it lays on an already popular legend?” questioned Joshi. To this, Tripodi said the company had 35 million Facebook members. “This clearly shows the consumers are actively engaging with the brand.”

The relevance of social media that Tripodi stressed on was echoed by Hari Krishnan, country manager, LinkedIn India. He said 57 per cent internet users in India started blogging last year and 60 per cent of Asians made purchasing decisions online. “All these facts imply social media will be the key channel for investment in Asia for various companies,” he said.