MxMIndia

Tag: EY study

  • Digital transformation strategy will be based on three pillars – disruptive business models, improved customer experience and increased internal efficiencies

    Indian TMT industry set for heightened growth by 2021, notes EY study

     

    The Indian TMT industry is expected to grow from the existing quarter of a trillion dollars to over half a trillion dollars by 2021, as per EY analysis. This growth will be driven by digital offerings, the new wave of content play and convergence..

     

    With over 1.2 billion connected Indians, the country is home to the second largest mobile market in the world. Smartphones are becoming mainstream with increasing affordability and availability, and consumers’ data appetite is growing. What will fuel this growth is connectivity, collaboration and convergence.

     

    Said Prashant Singhal, Emerging Markets TMT Leader, EY: “Globally, connectivity has opened multiple avenues – we are living in a world where everything that can be connected will be connected. Boundaries between industries no longer exist. While convergence creates opportunities outside your market, it also creates new competitors to come and eat your pie. You need to be nimble, agile, ready to break the traditional walls and adapt to this dynamic digital revolution.”

     

    Today, boundaries within the TMT industry no longer exist. Convergence has led to new ways of working. For businesses, this digital transformation is hinged on three broad strategic pillars – disruptive business models, improved customer experience and increased internal efficiencies.

     

    Among all this, the next phase of growth in the industry is hinged on pervasive high-speed connectivity and strategic collaborations. With over 300 million broadband user base, and significant Government focus on driving digital infrastructure and connectivity through the Digital India, BharatNet and Smart Cities programs, the country’s TMT arena has immense potential.

     

    Commenting on this, Ranjan Biswas, India TMT Leader, EY, said: “Relentless digital disruption and convergence are ushering a business upheaval of unprecedented proportion. Market boundaries are dissolving and reforming the business ecosystem — changing operating models, shifting competitive landscape and altering growth strategies.”

     

     

  • Brands surveyed were looking to introduce Social CRM and social commerce as priority items, notes the second edition of EY study on social media

    15% annual marketing spends on social media: EY study

     

     

    The second annual Social Media Marketing India Trends released by EY has found that brands have significantly increased their social media spends even as they find it challenging to measure the effectiveness of their social media engagements.

     

    The study analyses how Indian marketers and organizations have been using the various social media platforms and how they go about tracking the performance of their social media initiatives. Brands across industries have realized the significance of social media and its peculiar demands. About 90 per cent of organizations reached out to in this study are planning to spend as much as 15 per cent of their annual marketing budget exclusively on social media, up from 78 per cent organizations in 2013.

     

    The study also addresses the key issues faced by digital marketers across sectors, attempts help them understand, leverage and navigate the social media space better. There is a distinct need for brands to analyse their maturity levels and explore disruptive opportunities for growth in the digital arena.

     

    This edition of the study focused on current and emerging social media platforms, how companies evaluate, strategize and deploy investments in social media, how social-savvy brands measure success and the outlook of social media marketing. Digital and social media presence is a key element in the marketing mix of most brands.

     

    It was also found out that social media is being increasingly used for thought leadership and internal communications, recruitment, and CSR in addition to marketing. About 35 per cent of the organizations said that they use social media for thought leadership and around 27 per cent said they use the medium for CSR. Increasingly the HR department is leveraging social media for internal employee outreach through unique platforms.

     

    Speaking about the study, Dinesh Mishra, Partner and Customer Practice Leader (India), Advisory services, EY, said: “Through this study we reached out to India’s top social and digital savvy brands from the third quarter of 2014 to January 2015. It is our observation that while brands have invested financially and in processes, there is a need for holistic customer engagement and strong community building strategies through the use of social media. That, in my mind, will strengthen the brand and allow for innovative and meaningful interactions between communities, as well as between the company and the community.

     

    “About 32 per cent of digital-savvy brands in India depend on the internal core team for strategy but the average team strength is small varying from 1-3 people. Given the mass reach and quick response time in social media, ownership plays a critical role in success. Every organization irrespective of size must focus on developing capabilities and creating a strong internal governance framework.”