As the marketing landscape continues to evolve in 2024, CMOs face a multitude of challenges and opportunities. They meticulously assess growth strategies, adapt to market dynamics, and leverage emerging technologies to drive sustainable business expansion. With a focus on sustainability, innovation, and strategic investment, CMOs are charting a course for growth amidst shifting market dynamics.
A panel discussion at Ad:tech 2024, moderated by Shiney Eapen, Head of Content at Ad:tech, featured Gaurav Mehta, CMO of Noise; Rajiv Dubey, Senior GM-Head of Media at Dabur; and Vaibhav Pandey, Co-Founder and CTO of Tyroo, exploring the evolving marketing landscape and the delicate balance between rapid growth and sustainability.
Stating his views for the wearables category, Mehta mentioned, “The smart wearables industry, including smartwatches, has experienced impressive triple-digit growth in recent years. While last year’s growth of 35–36% was positive, the best is yet to come. The industry is forecast to grow from a billion dollars to about 3–3.5 billion dollars in the next 4–5 years.”
Emphasizing on the need to focus beyond product-driven growth, he stated, “Developing a whole ecosystem of services and offerings is crucial. We’re still figuring out how to make this happen, but I’m confident the best days are ahead.”
As per Tyroo’s Pandey, what should be prioritised over indiscriminate expansion is profitable growth. Hence, in his views, modern day marketers tend to place greater emphasis on return on advertising spends (ROAS) and generating tangible business outcomes.
In traditional sectors like FMCG, represented by Dubey, growth hinges on nurturing existing products and innovating for new markets. These strategies, as per him, encompass both product innovation and consumer acquisition for long-term success.
“Low-market penetration products like Chyawanprash and Honey require a mix of strategies to attract new consumers; we launch new products every year, with 5% of our business coming from innovation,” he said.
During a conversation about premiumization, Noise’s Mehta also said, “Customers typically change smartwatches every two years. This presents an opportunity for OEMs to offer superior products that cater to their evolving needs.”
“Premiumization is about meeting increasing customer expectations and providing the right hardware and service suite. Our recently launched smart ring targets a different audience segment, offering an improved experience at a premium price point,” he added.
Concurring with Mehta’s views that offering performance-based products is crucial, Tyroo’s Pandey also said, “It’s important to invest in catering to a broad range of consumers.”
