2023 has been a good year for Interactive Avenues, the digital arm of IPG Mediabrands India. The agency added more than 20 new clients and had a 95 percent client retention rate. Interactive Avenues also developed tools like Influencer Power Index, Carter and Addressable Content Engine to enhance its influencer, content and e-commerce capabilities. In an interview with Storyboard18, Amardeep Singh, CEO, Interactive Avenues, said that in 2024 brands will adapt to neuromarketing, decentralised advertising models, and ethical and sustainable advertising far more efficiently.
“Leveraging neuroscience to understand consumer decision-making processes will become more mainstream, leading to more effective ad strategies. Blockchain technology might give rise to decentralised advertising ecosystems, offering more transparency and control to advertisers and consumers,” he opined. Here are edited excerpts of had to say about this year’s business, his to-do for next year and more.
From a business perspective, what are the key achievements of the agency this year?
In line with our vision of providing integrated, end-to-end digital marketing solutions, we strengthened accounts not just across our core media offerings but also verticals like creative, influencer marketing, social media, e-commerce, ORM (online reputation management), analytics, tech development, programmatic and more. We added 20-plus leading brands from various industries to our 200-plus client roster and achieved a 95 percent client retention rate.
Our multi-disciplinary teams developed several innovative tools and frameworks to advance not just our own capabilities but those of the industry at large:
Influencer Power Index (IPI): Powered by culture, data and human insight, IPI helps identify the most appropriate content creator/influencer to use for a campaign.
Carter: A first-of-its-kind e-commerce solution that brings together search, location, category and competition intelligence and helps efficiently manage inventory at the PIN code level.
Addressable Content Engine (ACE): A data-driven ‘person-place-moment’ framework that helps deliver personalised creatives at scale.
We embraced automation across the organisation and used the latest AI technologies to deliver breakthrough work for customers. For instance, we rolled out a path-breaking ad for Sunfeast Dark Fantasy, which enables anyone to share screen space with Shah Rukh Khan by simply uploading their selfie on the campaign website.
What key marketing trends stood out for you in 2023?
Artificial intelligence and machine learning: AI and ML have become more integrated into marketing strategies, offering personalised customer experiences, predictive analytics and enhanced decision-making processes.
Voice and conversational marketing: With the rise of smart speakers and voice assistants, voice search and conversational marketing have grown, emphasising more natural, dialogue-based interactions with consumers.
Video content dominance: Video content, especially short-form videos, continue to dominate social media platforms, driving engagement and brand awareness.
Influencer marketing evolution: Influencer marketing has evolved, with a shift towards more authentic, long-term partnerships and micro-influencers with a view on ROI (return on investment).
Privacy-first marketing: With increasing concerns over data privacy, brands are focusing on building trust through transparent data practices and privacy-first approaches.
Omnichannel marketing: Providing a seamless customer experience across various channels (online, offline, social media, etc.) remains crucial.
What are the key tasks on your to-do list for 2024?
Deepen client engagement: Going beyond the standard duties of media buying and planning, we will continue to focus on our customers’ key business priorities and will continue to partner closely with them to achieve these.
Increase automation across the organisation: Up automation across every department to help our people focus on doing the strategic, creative tasks they do best and enjoy more.
Adoption of AI and ML across workflows: While we are already leveraging various aspects of AI and ML in our work, we will develop and deploy various custom AI/ML-powered solutions in line with the specific needs of each of our digital crafts.
Contribute to the ever-evolving advertising ecosystem: The industry is witnessing a major change in the way multi-agency pitches are conducted. We will work closely with industry bodies (like the Internet & Mobile Association of India) to help formulate guidelines that will empower both brands and the advertising agency fraternity.
On the personal front, my resolution for 2024 is simple, to exercise and eat better.
What trends do you foresee shaping the advertising industry in 2024?
Looking ahead to 2024, several emerging trends are likely to shape the advertising industry, driven by technological advancements, changing consumer behaviours.
Advanced AI and ML: AI will play an even more significant role in creating personalised ad content, optimising ad placement and predicting consumer behaviour with greater accuracy.
Immersive technologies: With Apple and Meta driving their VR headsets, 2024 could be the defining year for the use of AR, VR and mixed reality in advertising with more immersive and engaging experiences for consumers.
Ethical and sustainable advertising: There will be an increased emphasis on ethical advertising practices and promoting sustainability, as consumers demand greater corporate responsibility and transparency.
Increased use of 5G technology: The rollout of 5G networks will enable faster and more efficient ad deliveries, particularly for high-quality video and interactive content.
Neuromarketing: Leveraging neuroscience to understand consumer decision-making processes will become more mainstream, leading to more effective ad strategies.
Decentralised advertising models: Blockchain technology might give rise to decentralised advertising ecosystems, offering more transparency and control to advertisers and consumers.