One of the recent news pieces caught my attention, which said 30 of our country’s 68 millionaires reside in Mumbai city. That’s a lot of money just for Mumbai. This doesn’t come as a surprise since its one of the most favored destinations for the wealth creators to live. Another news suggests that the University of Mumbai has more millionaire alumni than MIT and LSE.
Imagine the kind of opportunity if offers for advertising and marketing in the city. More purchasing power, equals more demand for goods and services or if it’s the rich and famous, it could be luxury goods and services. Given the sheer number of people residing in this city (Mumbai is the most populated city in India and the fourth most populated city in the world), it comes as a no surprise how advertising agencies in Mumbai go all out to woo their customers .
Strategies for the future
Given the forecasts for advertising trends in the world, the traditional means of advertising are paving the way for new era in digital marketing and advertising. As advertising and marketing are becoming more and more personalized and customized, it makes sense to identify who your audience/customer is, to better adapt your strategies.
In today’s era of online, digital advertising, it no longer matters which part of the county you live in. As long as you’re able to create the right kind of attention through the web, social media and other online channels and platforms, you are on the right track.
What makes it tick – talent pool
Talent cannot be restricted to boundaries, saying Mumbai has more of something and that Delhi lacks in that field. It would be inappropriate. But a city’s culture definitely plays a super important role in nurturing talent, along with the opportunity available that would decide where it is available in abundance.
This goes to show the reason for IT companies setting up camps in Bangalore where in IT talent is most abundant. Any creative advertising agency in Mumbai looking to make its mark in the ad industry should be looking to utilize and retain the existing talent pool along with using the new age tools for smarter, always-on and more customer centric advertising.
