By A Correspondent
- Among the six countries studied (India, China, Brazil, America (USA), Russia and Germany) it has been found that the Indian consumers prefer having in-depth product knowledge because it builds their self-esteem.
- Indians seek and value information they get from experts who write product reviews on the internet and in magazines.
- As high has 44% of Indian consumers consider social networking sites as a good source of word-of-mouth information on brand experience
- India is the country where majority of the consumers believe and rely more and more on the information provided by Trusted Brands
These are some of the many findings of the New Realities study conducted by Cogito Consulting, the independent brand consulting division of the FCBUlka Group. A seminar was conducted by Terry. D. Peigh, Senior Vice President and Managing Director, Interpublic Group on Wednesday, May 7 in Mumbai.
Cogito has partnered with IPG (of which FCBUlka is a part) to do the India leg of the interviews from the time India has been incorporated in the study and to unveil the ‘New Realities’ Seminar in India. Additionally, Cogito has a long-term commitment with IPG to understand the Indian consumer for all the future ‘New Realities’ global studies.
This is Mr Peigh’s second visit to India where he has shared the findings of the global study, tracking the consumer from 2009 onwards till now to primarily talk about ‘How New Media is Impacting Consumer Decision Making’.
‘New Realities’ has covered six countries namely, India, China, Brazil, America (USA), Russia and Germany. Over 500+ online interviews were conducted in each of the six countries.
“One of the key learnings from the IPG research is that today’s consumers are demanding more and more from manufacturers and marketers. Of particular note is consumer’s growing demand for trusted product information, and to succeed today marketers need to commit to transparency on products and provide trusted information, that consumer needs to make a good decision,” said Mr Peigh.
This wave of the study provides a unique window into how the Indian consumer is coping with the information overload and making decisions. The study provides insights on the decision-making process of the consumer in today’s era, loaded with immense information.
The study is aimed to understand the evolving consumer and mirror the new market realities for the Indian marketers. Today Indian consumers are changing their focus and are graduating from ‘Demand to Demanding Consumers’.
“New Realities is a very expansive study on how the new media is impacting consumer decision making process. The research is conducted across 6 countries, from 2009 till now and draws inferences and insights that are robust and can be leveraged by the Indian marketers” said Mahuya Chaturvedi, Managing Partner at Cogito Consulting.