Factors that may impact India’s macroeconomic indicators in 2019

Boosting India’s economic growth through policy measures is a debate that is revived every year in the form of speculations around policy matters, and market predictions that culminate into a national annual custom that we formally call the ‘Budget Announcement’. In the last few years, the influx of digital infrastructure has made the announcements even more relevant and hopeful because people have been reassured about the swift and smooth implementation of policies.

In my opinion, agriculture, robustness of the financial institutions, and pragmatic policies around the data-governed cyberspace are the three leading areas that would define the agenda for our economic progress this year. There are critical aspects of these factors that the policy makers and the ministries must meticulously address to ensure the existing/potential roadblocks to fiscal growth can be negated while ascertaining security of the citizens and sustainability of the industries. Simultaneously, India Inc. needs to be on its toes to not only comprehend the reforms appositely but also to leverage the opportunities arising from them.

1)   Smart agriculture in the age of fourth industrial revolution  

We have observed a phenomenal rise in agricultural budgets over the last few years, and the high growth in agricultural outputs today correlate with our pursuit of agricultural self-sufficiency since independence. However, owing to multiple varied factors, the farmers in the country are not faring well enough and only about 33 percent of the agriculture companies have posted profits in the recent years. Most of these profit-making corporations have implemented certain strategies to generate value, such as de-risking the business by guaranteeing availability near the customer zones, diversifying geographies, and pursuing operational excellence. Technological disruption/intervention is being seen as the silver lining for all farmers and the agro-based companies.

Industry 4.0 is significantly unlocking value throughout the agriculture value chain through digitalisation and advanced analytics. Smart agricultural methods have made farming more precise with the integration of field data, weather and yield forecasts and patterns, and agronomic advisory. Agro-financing is evolving with advanced farm lending techniques through electronic applications, Direct Benefits Transfer, weather-linked disbursal of loans and insurance pay-outs. Diverse applications of IoT devices in manufacturing plants are enabling analytics-based insights to improve production and availability in a cost-efficient manner. The supply chain management has improved with real-time, integrated technologies such as Blockchain that have directly connected farmers with the wholesale markets and this ensures a fair and timely price realisation for the produce. The immutability of the Blockchain technology has made it possible for all the links in the value chain such as farmers, consumers, retailers, etc. to register and share information with maximum safety, transparency and agility. Information related to the climate and environment, soil moisture, seed quality, demand, sale price, payment status, etc. can be accessed by the farmers on a single platform. Small farmers will be empowered to operate in an organized manner while bypassing the involvement of the middlemen.

The government must consider a budget that promotes a tech-led agricultural ecosystem in the country. A risk-intelligent approach to innovations will drive a positive change in the business models, and lead to a paradigm shift that will generate value for farmers, increase their share-of-wallet, and offer tremendous support to the wellbeing of the economy.

 

2)   Robust financial institutions – the cornerstone of economic development

2018 saw the economy and the markets getting shaken by the tremors of the banking frauds and corporate governance failures. According to RBI’s Financial Stability Report, the Public Sector Banks (PSBs) in India have been the major victims of financial frauds over the past four years, and this is an indicator that the PSBs are lacking adequate risk-control processes to be able to operate in a threat laden landscape. The public-sector banks accounted for 90 percent of all banking frauds. The RBI report also highlights that the number of large frauds rose from 4,306 (>=1 Lac) cases worth INR 10,170.8 crore in 2013-14 to 5,917 such cases amounting to INR 41,167 crore in 2017-18. A total of 3,416 large frauds worth INR 30,420.2 crore were reported through the first half of financial year 2018-19.

Such trends definitely demand a reform especially in an environment where operational risks have led to governance and board oversight fiascos. The risk culture needs to evolve and high risk maturity must be demonstrated by the banking sector. The onus is on financial organisations to invest in security, check and balances, and a framework for thorough analysis while on-boarding vendors, establishing partnerships, and even during the recruitment of personnel. Governance standards will need to upgrade to incorporate an exhaustive compliance mechanism and a more robust internal audit function.

We believe that the government will continue its focus on strengthening the corporate governance regime, financial operations and security measures, especially in the PSBs, to regain the investors’ trust in the market. An increased share in the annual budget dedicated towards wider digital deployment across processes in the financial organisations may go a long way in restoring their operational credibility.

 

3)   Ecommerce, cybersecurity, and data protection: Correlation and implications 

Technological development and data proliferation have created a host of opportunities for employment, industrial expansion, emergence of the ecommerce sector, and the overall market growth. Data protection has emerged as the trending subject of discussion across the globe, and eventually, the need for a plenary data protection mandate has been manifested by the government in India through the Personal Data Protection bill.

While the propositions in the Bill are being praised, there is no denying the fact that it has to be refined further to elucidate certain provisions, calibrate the wide discretionary powers of the State and specify “appropriate mechanisms” for procuring consent. The Bill will need to be tweaked to strike the subtle balance between the citizen’s right to privacy and the ease of doing business in India. Non-compliance to the requirements can attract severe civil and criminal penalties considering which absolute cognizance and comprehension of all aspects of the Bill are critical for data-driven businesses.

 

Actualising the idea of India’s economic dominance, the government, the policy makers, the bureaucrats and business leaders will need to adopt an advanced approach to governance and the delivery of services. There are a myriad influencers that impact the economic indicators of a nation as diverse as India, but success in mastering the fundamental factors could give a momentous boost to India’s economy.

INKSPELL – Case Study of the Week (Best Performance-Driven Mobile Campaign)

Best Performance-Driven Digital Campaign

UTI Mutual Funds for UTI MF Mobile App Campaign

The Campaign

Mutual fund investments are generally perceived to be cumbersome, time consuming and effort intensive. UTI MF had the vision to reduce this and make MF investments easier to do. With the advancement of technology and digital expansion through mobile, they took the approach of mobile app.
The UTI Mutual fund Mobile app was launched in June 2016 with the promise of taking the effort out of mutual fund investing #Possible. An app that makes the investment journey simpler.
The mobile app is power packed with all that is required for investing. Invest easily in the funds anytime anywhere with UTI Mutual Fund app. New Investors can make a new purchase without the hassles of any paperwork. Existing investors get a host of features that make investing and tracking of a portfolio a breeze.

 

The Idea

Some of the feature of the app:

1) One Click investment is a nifty tool which allows existing investors to favorite an investment option and purchase units with a click of a button

2) You can view NAV details of funds that have been added to your wishlist

3) Use the simple to use Calculators to plan an SIP purchase or set a Goal. You can also email yourself the results for posterity

4) View Fund details and quarterly performance which are published in the factsheet

5) Learn and invest section hosts all investor education-related content which can be saved or shared via social bookmarks

 

Media Strategy
There was a soft launch amongst employees and after initial positive response; they launched the app to the public. The app download/install campaign involved Google search, Facebook custom audience, Google remarketing, Universal app campaign platforms, email and SMS communications. The 2-month long campaign helped them achieve more than 50,000 downloads. Besides there several organic downloads and today the count is more than 90,000 and increasing.
Audience targeting – The audience included existing online customers, look-alike customers, M/F from top 15 cities interested in investments and mutual funds

Content
As the focus was not only app downloads rather app engagement, Content was a huge peg that kept the users engaged on the app. The app is regularly updated with infographics, videos and articles that provide useful information for investors to stay up to date with latest events and provide sharable investor education content as well.

 

 

The Result

  • App downloads: 90,000 and still counting
    Transactions: Over 10,00 transactions
    Revenue: 110 cr AuM (Asset under management)

 

Reference video: https://www.youtube.com/watch?v=ypdd0HurwzU&feature=em-share_video_user

#mCube 2018 #MCL

If you, too, have executed exemplary campaigns in the last one year, go ahead and submit your nominations for the mCube Awards 2018 – India’s most sought-after Marketing Programme of the Year.

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INDUSTRY BEST PRACTICES – #82 ESSENTIALS OF DIGITAL MARKETING STRATEGY (PART 3)

5 essential elements of a digital marketing strategy

 

  1. Blogging as a lead generation tool.

Conducting SEO and  Posting relevant and valuable content will drive tragic towards your website. While also increasing your ranking in search engines. In fact, marketers who blog are more likely to experience positive return on investment, and companies that blog generate a lot of traffic than companies who don’t.

Each post you create is one more indexed page on your website, making it more likely customers will find you when searching online. It also indicates to search engines that your website is active, which will help surface your content to the top of search engine results.

Share your views by leaving a comment. Alternatively, write to [email protected]

Are you a Master of Modern Marketing? If you have a campaign with exemplary digital marketing strategy, then submit your work www.mCubeAwards.com.

#mCube2018 #MCL2018

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INDUSTRY BEST PRACTICES – #81 ESSENTIALS OF DIGITAL MARKETING STRATEGY (PART 2)

5 essential elements of a digital marketing strategy

 

2. Audit and update your SEO

You may know and understand your target market but do you have any assurance of whether it is reaching all the people to its fullest potential?  Search engine optimization can significantly help your brand reach the people who want what you’re offering. Industry experts recommend updating your SEO once a quarter; after all, Google updates its algorithm more than 500 times a year.  Find the keywords that are making your business gain or lose traction in the search engine cycle in order to make your brand as discoverable and searchable as possible.

Share your views by leaving a comment. Alternatively, write to [email protected]

Are you a Master of Modern Marketing? If you have a campaign with exemplary digital marketing strategy, then submit your work www.mCubeAwards.com.

#mCube2018 #MCL2018

Let’s Connect!

INKSPELL – Case Study of the Week (Best Performance-Driven Digital Campaign)

Best Performance-Driven Digital Campaign

HCL Technologies Ltd. for Recruiting CIOs through the Social Network

The Campaign

The CIO Straight Talk community (http://straighttalk.hcltech.com/community/cio-straight-talk ) is an exclusive group of CIOs and other senior IT leaders, specifically designed for the dynamic exchange of peer-to-peer professional insights among members that will provide solutions to their technology and business challenges, advance their careers & drive business results for their organizations.

The challenge was to onboard relevant audience i.e. CXO, VP & Directors across target industries & to acquaint them with the community. The community was built in February, 2016 thus the task was to make the TG aware of the platform & get quality registrations by doing focused promotions.

Since the target audience was really niche, a strategy was needed with which one could ensure that the users see the ads more often on different social media platforms so that they can make an informed decision. Also, to ensure that the ads are targeted to the right audience since any spillage could bring negative impact on HCL as they could not recruit any members on the platform other than CIOs, VPs IT & Director IT.

 

The Idea

As per B2B Marketing Benchmarks, 90% of the social traffic to Blogs & Sites is driven by LinkedIn, Facebook & Twitter, with half of it coming from LinkedIn alone. Therefore, LinkedIn was chosen as the primary platform for the promotions since it provides the requisite Job Function & Seniority targeting which isn’t available on other social platforms and there are about 1Million+ CIOs, VP IT & IT Directors who are active on LinkedIn globally.
HCL planned to execute the campaign in three broad phases on LinkedIn.

For the first phase, all CIOs, VPs & Directors were targeted globally through Spotlight Ads, Sponsored Updates & Sponsored Inmails (the complete product mix available on LinkedIn in order increase our per-user engagement).

In the next phase, the focus was restricted to select target geographies viz. US, UK, France, Sweden, and Germany while other targeting components remained the same.

Finally, for the last phase, CIOs, VPs & Directors from Major Industries (Like Manufacturing, Public Services, Life sciences & Healthcare, Finance and CPG) with Company Size of 10,000+ employees were targeted. This three-tier targeting was planned to ensure a diverse member base onto the community.

Furthermore, a remarketing list was created for each of these phases capturing cookies of all the users/visitors who did not convert/registered for the community. This remarketing list was later used to target the Non-Convertors on Facebook & Twitter. Facebook & Twitter were chosen as secondary platforms for promotions due to Facebook & Twitter both don’t Seniority & Job Function targeting which was a pre-requisite for this Campaign.

Spotlight Ads were first time used to drive recruitment to a community that is off LinkedIn, most spotlight ads are run to drive followers on platform properties only like Company Pages etc. On Sponsored Updates HCL only promoted the high-quality articles that were published on the community to give users a glimpse of the nature of CIO Straight Talk platform while Spotlight Ads & Sponsored Inmails were curated to drive registrations.

The Result

  • The CTR of LinkedIn Spotlight Ads was 0.34% which is 209% more than the Industry Benchmark of 0.11%.
  • The InMail Campaign had achieved an open rate of 62% which is 51% higher than the average industry performance of 41%.
  • The campaign had CTR of 23.88% which was 234% more than the industry benchmark of 6.5%.
  • The conversion rate for Inmails was 26% which 420% more than the LinkedIn conversion benchmark.
  • Marketing & advertising as an Industry had a highest open rate of 56% followed by financial services with an open rate of (50.9%)
  • The average Engagement rate for LinkedIn Sponsored Updates was 0.54% which is quite above the industry benchmark of 0.41%
  • The overall conversion rate of the LinkedIn campaign was 21.14% which is way above the Industry average of 4%.
  • On Facebook, the overall CTR of the campaign was 0.19% & we were able to convert 12% of dropouts.
  • On Twitter, the CTR of the campaign was 0.12% and we were able to recruit 26% of dropouts.
  • The overall cost per lead for this campaign has been $40 which is way too low compared to CPL & CPA’s from other Lead Gen platforms for a premium level audience where the cost hovers between $100- $150.
  • By the end of the campaign, we were able to recruit 30% of the total reached Targeted Users.

Key Outcomes

• In just two months, HCL was able to increase the community members by a whopping 2194.4%.

• 15% of members recruited were from Forbes G2000 organizations, a focus client base for HCL.

• Almost 60% of the CIO Straight Talk group members were successfully ported to the CIO Straight Talk community

#mCube 2018 #MCL

If you, too, have executed exemplary campaigns in the last one year, go ahead and submit your nominations for the mCube Awards 2018 – India’s most sought-after Marketing Programme of the Year.

Let’s Connect!

Drop us a mail at [email protected]