The Global Scenario — When the world was locked down.
Experiential marketing was looked upon as magic realism until the unfortunate events that occurred post the 24 th of March 2020.
Do you remember going about your routine, scheduling the day’s meetings, attending calls, looking forward to enjoying an evening dinner with your loved ones, until the lockdown was imposed? This brought yours and countless other businesses to a grinding halt. The researchers at McKinsey have estimated a global deficit of $30 trillion by the year 2023.
The effects of which are already being felt.
A Paradigm Shift — A change in our nation’s attitude towards consumerism.
Being the largest democracy and a developing economy with cash to spare, millennials readily adopted consumerism as their religion. Rooted in traditional beliefs with a new-age mantra, ‘what we see, we buy.’ Millennials believe in living their best life now. In the digital age, this attitude extends to unquantifiable products as well. The OTT platform in India is estimated to grow from $500 million in 2018 to $5 billion by 2023, lockdown figures being
unaccounted for. Cocooned within the comfort of our home, we have created a make-shift workspace during this lockdown sending fixed broadband usage numbers through the roof. Zoom, MS Teams, Facetime, WhatsApp, and Instagram video calling facilities have now become household names. The lockdown has accelerated the paradigm shift and we have truly entered the digital era.
The ‘Eventuality of marketing — Events as they were, events as they will be.
Stepping out today comes as nothing less than a surgical mission. Moving tactically, avoiding contact with materials, keeping interaction to a bare minimum is the norm. The horrific possibility of catching an infection looms precariously over our heads. Stories of attendees around the world testing positive after participating in events are disheartening, to say the least. This begs for an overhaul in the format of events. Devising a new way to make new
contacts, deepen existing bonds, and interact with new launches, without interfacing with them. A virtual realm is a way forward. In a world of magic realism, online events will let brands make the switch from traditional to the digital age.
Digital transformation — a matter of survival Globally businesses have adopted the new method of progressive transmogrification. The consumerism mindset around the world assures brands across all verticals to continue
introducing new products, services, and subscriptions. The marketplace in today’s world is just a state-of-mind. Whether it is your want/need, you will find it online at highly competitive prices. So the pressing matter here is merely the visibility of your brand. The question as a brand or service provider should not be ‘if’ it is important to have an online presence, as much as it is ‘where else’ can I be present in the digital space. Events such as ‘Transform 2020’ will be a more common sighting where marketers gather on an online
virtual AI medium to witness the launch of multiple products. Virtual trade shows have begun registering attendees for the year 2020–21.
Interactive without interaction — Can we truly move to a platform that is interactive without the interaction?
Picture an architectural event on a weekday that is being held at the NESCO grounds in Mumbai. It is almost lunchtime when you, ‘the attendee’ happens to enter the place. The hangar will be empty but let me tell you that it might just be the best experience at an event you will ever have. Having the entire place to yourself would allow you to speak to the stall owners without any of the throbbing chatter in the background, understanding the product without being hurled or tossed around, and most importantly making an informed
investment decision without having to deal with malfunctioning information kiosks. Online events can give you a similarly liberating experience. The freedom to be interactive without having to carry out any interaction. Commonly occurring virtual conferences are a mosh-pit of highly informed individuals, driven by a common cause. These cause-led webinars and
events are the new standardized format of interaction that the world is adopting, so the only question that one may ask an individual is, ‘Are you a digital native?’ if not, it’s about time to make that switch.
