Industry Deep Dive 2.0, an initiative by the Industry Interaction Cell, IIM Kozhikode kicked off on 26th October, 2013. With a focus on the most celebrated business vertical in the country, the media and entertainment sector, the event highlighted on the different perspectives of its evolution, commercialization and managerial perspectives.
The event has attracted some of the best speakers in the past and continued to do so this year. The first speaker at the event was Mr. Sorav Jain, the thinker-in-chief at Echo-VME and former marketing program specialist at CMO Axis. An expert and trainer in the field of Social Media Marketing and Event Branding, Mr. Jain has trained more than 2000 professionals on the Social Media Thinker. He began by explaining the huge reach of social media in the present global world – with over 90 million people on Facebook, 140 million on Google and the like, it is bound to have a huge sphere of influence in the country. He also went on to discuss the ways through which there has been an increase in communication, fostering of brand awareness and improvement in customer service. To end with, Mr. Jain discussed case studies to bring forth the impact of social media on personal branding, online reputation management and Public Relations.
Next speaker was Mr. Tamal Bandyopadhyay, the author of ‘A Bank for the Buck’, story of the new bank movement and the success of India’s most valued HDFC Bank Ltd. He is a leading financial journalist and currently the Deputy Managing Editor, Mint. He talked about the New Bank Licensing story and discussed whether corporations should be allowed to float banks or not. He dwelled upon the positive and negative implications of allowing the entry of corporates into the banking sector. Throwing light on how the new generation of banks have transformed India’s banking landscape, he highlighted the shortcomings of the present system – how these banks have not been able to spread banking across the country as their focus has all along been on urban India. He also suggested promoting financial inclusion i.e. extending the formal banking system among less privileged in urban & rural India.
The third speaker for the day, Mr. Mahesh Murthy, has over 26 years of marketing and communications experience and was involved in the launch of first commercial version of Yahoo and the biggest bookstore campaign for Amazon.com. In his session, he presented the world of marketing from an innovative, non-Kotler angle by elaborating on how important in the actual world were the well known 4Ps and 7Cs. He spoke about the fragility of brands, and how claims of perfection could easily backfire in the world of today. Hence, it is more difficult to maintain its reputation, than to create a brand in the market. He went on to explain how companies with lower media spending grew to be market leaders, and the way of becoming popular is none else, but word-of-mouth. Following this with an explanation of the irrelevance of standard ad processes, Mr. Murthy encouraged his budding audience to keep in mind when creating brand elements, that they should be responsive, dynamic and elegant. He ended by telling us that consumers today want editorials that are unbiased, and not print media, but only a brand itself can be the best provider for these.
This session was followed by the last speaker of the day – Mr. Bhaskar Das. The Group CEO at Zee News, Mr. Das has worked at Bennett Coleman and Co. Ltd, which publishes the Times of India and Economic Times. He started the session by talking of the future of news being to ‘upgrade’ and not simply ‘update’, and hence a journalist could simply be anyone with relevant content. He said that the world of media did not have a perfectly competitive setup anymore, but follows an oligopoly of trust – wherein only a few provide relevant, unbiased content. Further, it is views that are preferred over mere news. Facts stated can be found anywhere, he said, however, it is the different perspectives that the people of today seek. He elucidated on these points giving various instances from his own life, and ended by telling his audience that all answers of the future lie in the questions of today.
Overall, it was an enriching day with speakers who had not only their experiences to share with the students, but also ideas and points of view that were a valuable take away.