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<ul><li>Technology has been playing an increasingly important role in the evolution of marketing. </li><li>A <keyword id="507825" type="PERSON" weightage="20" keywordseo="future-of-marketing">future of marketing</keyword> driven by technology was always inevitable. However, the pandemic has disrupted consumer’s path to purchase as well as consumer behaviours in a manner that was never envisaged.</li><li><keyword id="9777266" type="UNKNOWN" weightage="20" keywordseo="chandrashekhar-mantha">Chandrashekhar Mantha</keyword>, Partner, Media &amp; Entertainment Lead-Risk Advisory, <keyword id="6356108" type="ORGANIZATION" weightage="20" keywordseo="deloitte-india">Deloitte India</keyword> writes how brands and marketers need to step up and embrace technology to their advantage by adopting agile marketing techniques in the future.</li></ul> The role of the future marketer today has transformed much beyond delivering effective marketing campaigns to include deeper understanding of the product ecosystem, consumer behavior and preferences. Access to technologies such as cloud, artificial intelligence, augmented and virtual reality as well as to richer <keyword id="1397742" type="PERSON" weightage="20" keywordseo="consumer-data">consumer data</keyword> including high-end analytical tools, is shaping the future of marketing. Technology plays a much wider and critical role now in effectively transitioning from an event-based marketing focus existing in the industry to the new-age ‘always on’ content driven marketing of the future. All this, whilst keeping in mind the 'human' element alive in marketing to create an impact that matters. The message and the medium Marketers will be able to influence the wider product ecosystem to provide a more human experience to their target consumers by understanding them better. Sales of edge AI chips may touch 650 million (US$2.2 Billion) in 2020. Artificial Intelligence (AI) based marketing techniques can enable a customized consumer experience by understanding buying patterns, preferences and needs of consumers. Embracing technology enables interventions at every stage of the path to purchase and even aftersales to promote loyalty and advocacy through initiatives targeted to specific customer. With this, marketers would be able to target multiple sub selves of their consumers to influence their decision-making. The art will be to avoid creating brand fatigue keeping in mind that consumers at large are now conscious about data protection. Barring these, about 27% of the consumers, never consider how a company uses their data at the time of making purchasing decisions. Similarly, brands need to build trust by avoiding misuse of personal data or intruding privacy. Collection of extensive customer related data is another area where technology plays a significant role. Marketers will now have the opportunity to harness this through deep learning and data science to create messages that are well researched and backed with data. Facial or voice analysis can provide richer feedback to enhance customer experience. Chat bot interactions will become more personalised and human like to enhance the customer experience. Deeper insights on word associations and understanding their correlation will enable marketing functions to understand the brand perception. Such insights help to identify real concerns of the consumers as well as to understand the effectiveness of the communication with the consumers. In the connected world, another aspect to focus is to understand the customer decision triggers and once again, technology solutions are a boon here. For e.g. 80% of the consumers would be willing to pay more if a brand raised its prices to be more environmentally and socially responsible. Leading brands have accordingly used such insights and devised their messaging strategy. 70% of the consumers prefer learning about a product through content versus Ads. AI-driven personalised creatives, content and geo targeted promotional offers help shorten the decision-making cycle by creating a better brand recall from the zero moment of truth to the ultimate moment of truth. AR/ VR based Ad content will create a more immersive and near human experience for the consumers. Enhanced customer segmentation and targeting made possible through the new-age technologies may enable the possibility of exploring programmatic advertisement placements even for television. Measurement and monitoring A tech-enabled approach will strengthen a marketer’s capability to influence the medium and the message in a differentiated manner. This apart, it also drive effectiveness of marketing efforts through better tools for measurement and monitoring. Deep learning and <keyword id="294572" type="TECHNOLOGY" weightage="20" keywordseo="machine-learning">Machine learning</keyword> techniques will enable building predictive models on media planning and buying to optimize the planning and buying activities and enhance the ROIs on spends. It will also be easier to reduce wastages by identifying the peak points for marketing interventions more effectively. Another art of possibility is to monitor the ability of an advertisement to hold its audience and to measure ad performance effectiveness. Finally, once the consumer journey is automated and integrated across multiple channels, a more accurate sales attribution to marketing channels may be plausible. Early arrival of the future A future of marketing driven by technology was always inevitable, however the pandemic has disrupted consumer’s path to purchase as well as consumer behaviours in a manner that was never envisaged. However, the early arrival of the future has opened up opportunities for marketers to adapt, innovate and embrace technology in a way that is relevant to the digitally evolved consumer in the new normal. While the dynamics of the marketing game evolves, brands now need to step up and embrace technology to their advantage by adopting agile marketing techniques in the future. Leveraging technology by staying true to the core principles of human-centricity will help brands to create a consumer experience that truly matters, protects and builds their brand equity by establishing a long-term impact for the future.

Future of marketing - Delivering on the human experience through a tech-enabled approach

<ul><li>Due to inflation, theatres across the board have increased their prices for movie tickets and food and beverages by 5-20%.</li><li>However, their sales remain unaffected so far.</li><li>After almost two years of dry spell, multiplexes and single screens are seeing a strong recovery in 2022.</li><li>Despite costly tickets, consumer sentiment remains high as they flock to watch big-ticket movies on the silver screen with their loved ones.</li></ul>India’s cinema industry went through a severe drought due to the Covid-19 pandemic. Several pandemic-induced country-wide lockdowns forced theatres to shut down completely for more than 18 months, leading to a significant drop in revenue. However, after opening their doors to viewers in the second half of 2021, theatres are back to the pre-pandemic level of collections this month. Inox Leisure’s chief programming officer, Rajender Singh Jyala, said, “Last three months have been good for us. On average, we are clocking more than ₹1000-1500 crore every month.” Sharing which movies set the ball rolling at the multiplex chain this year, Jyala added, “Movies RRR and Gangubai Kathiawadi pushed the recovery. Before that, Kashmir Files and now with Bhool Bhulaiya 2, our footfalls and domestic ticket sales are at pre-pandemic level or even better.” With eagerly-awaited Bollywood movies such as Prithviraj, Brahmastra, and Lal Singh Chaddha slated to be released in the next three to four months, Jyala is optimistic that the momentum will continue this year. With its current progression, 2022 might turn out to be a golden year for the cinema industry, driven by home-grown content. Media consulting firm Ormax Media’s Partner, Gautam Jain, said, “The overall domestic <keyword id="25892" type="General" weightage="80" keywordseo="box-office" source="Orion">box office</keyword> collections have crossed the ₹4000 crore gross mark from January to April. This is the highest gross box office collection for January to April since 2018." "Given this growth trajectory and looking at the line-up of films slated to release this year, a gross box office collection of ₹12,000 crore looks possible, which would make this year the highest ever in terms of the gross box office [collection]," he further added. While INOX has reverted to the pre-pandemic level on all metrics, Ormax Jain said that the cinema industry’s overall footfalls and ticket sales are still lower than the pre-pandemic levels. Explaining why the gross box office revenue is higher than 2019 while footfalls continue to be low, Jain said, “The gross box office collections are higher due to the ticket prices being higher by 15-30% across languages. The ticket prices have increased even in south markets.” Cinema-lovers ignore soaring inflation, theatres remain unaffected As the cinema industry jumped past the first major roadblock that COVID-19 threw in its path, it faced another challenge this month – soaring inflation. The rise in inflation has affected all industries. The Fast Moving Consumer Goods (FMCG) industry has resorted to hiking its product prices and shrinking its products across its portfolio. Theatres have also raised their prices for movie tickets and food &amp; beverages (F&amp;B) by 5 to 20% in different parts of the country. However, audiences returning to the big screen, after being deprived of the theatrical experience for close to two years, seem to be indifferent to the price increase. “The rise in the prices of movie tickets and F&amp;B in line to cover inflation seems to be reasonable. Average ticket prices have risen by about 8 to 10% and over 15% in some states and cities. At the same time, the F&amp;B prices have increased between 5 to 10%. The pinch of price increase seems to be ignored by the patrons as both occupancy levels (irrespective of pricing) and the spending on F&amp;B increased during the period,” said consulting and advisory firm Deloitte India’s Partner, Chandrashekhar Mantha. He calls the steady recovery in this quarter a result of ‘revenge consumption trend,’ wherein consumers are trying to catch up on everything they missed out on in the last two years. The movie industry’s strong content pipeline has also struck a chord with the audience, further pushing the recovery. Multiplex chain INOX hasn’t felt the inflation’s impact either. While it has increased its movie ticket and F&amp;B prices by 5-10% across its 675 screens, its sales and footfall continue to go up. “The increase is not on that level wherein consumers can feel the pinch in their pockets. It is between 5 to 10%. In fact, spends on F&amp;B and the ticket sales that we're seeing is more than the pre-pandemic level,” Jyala told Business Insider India. On the other hand, Ormax Media’s Jain said that small budget films are feeling the impact of inflation and movie-goers are choosing to watch only big-ticket movies that seem to be worth their money. “Audiences are choosing to watch films that offer a theatrical big screen experience such as RRR or KGF Chapter 2 or spectacle films like Doctor Strange or Spider-Man or a collective experience Bhool Bhulaiya 2 or Saunkan Saunkne. Films that did not offer this, failed to get the audiences – for example Jayeshbhai Jordaar or Jersey," said Jain. "Apart from the ticket prices, since the audiences are aware of the eventual OTT premieres now and are exposed to OTT viewing, any film that does not fit the above criteria has failed to get a decent opening weekend as well,” he said. However, it is too soon to tell. Bollywood movies such as Jayeshbhai Jordaar or Jersey also failed to rake in numbers because they didn’t leave a good impression on critics. Regional movies jump ahead Regional movies like KGF 2.0, RRR and Pushpa have been reporting recording-breaking revenue collections at the box office, surpassing Hindi movies like Jayeshbhai Jordaar, and Bhool Bhulaiyaa 2 so far. KGF 2.0 breached ₹800 crore revenue market in terms of net box office collection, which was slightly higher than RRR at ₹720 crore, revealed analytics and financial firm Elara Capital. The small to medium budget films in regional markets have reported a net box office collection of ₹50-55 crore each. On the other hand, recently released Hindi films have not been able to breach the ₹25-30 crore mark, which is a 50% less target than regional. “Relaxation of Average Ticket Price (ATP) cap in Andhra Pradesh and Telangana markets is one of the reasons for regional content reporting higher Box Office collections. The next big regional film release slated for June 3 – Vikram, may collect ₹150-175 crore net in terms of lifetime box office collection,” said Karan Taurani, Senior VP - Research Analyst, Elara Capital. A bright year ahead The rest of the year will see some major releases such as Akshay Kumar’s Prithiviraj, Aamir khan’s Laal Singh Chaddha, Varun Dhawan’s Jug Jug Jiyo, Ayushman Khurana’s Doctor G and Anek. From the regional markets, Virata Parvam of Rana Dugabatti, Rocketry: The Nambi Effect of R. Madhavan, Agent of Mamotty, Ravansura of Ravi Teja, the star-studded Vikram, are lined up for the second half of 2022. The Hollywood releases will further strengthen this pipeline. So, the year ahead looks bright for the movie exhibition industry. Analysts and movie exhibitors are confident about seeing a continued growth momentum in the next half.

Theatres cross pre-pandemic gross revenue collection despite pricey movie tickets

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