WHAT ATTRACTS MARKETERS TO PRINT?
Earlier this year, the release of the Indian Readership Survey (IRS) 2017 stated that newspaper readership had grown by 9% in the last four years, despite what naysayers have been saying about the eventual death of Print. It put most debates to rest, and reiterated the power of the Print medium in India, even as Print readership continues to shrink globally, giving publishers, especially the regional ones, enough reason to cheer.
However, while IRS painted a positive picture around the growth in readership, various reports on annual ad spends show the Print AdEx growing at a very low rate. The Pitch Madison Advertising Report 2018 stated that the Print market was expected to grow by 5% to come close to Rs 20,000 crore, and that regional publications would lead this growth, which clearly exhibits the confidence that advertisers continue to show in the vernacular Print medium.
We spoke to a few top marketers in the country, to get a sense of why they continue to find value in Print. What we got was a list of really interesting campaigns that these brands have come up with in the recent past, that have not only helped them grab eyeballs but have also helped them make unprecedented impact.
Fast-moving consumer goods (FMCG) brands that are the biggest advertisers on Print, and continue to drive growth for the medium. According to Sunil Kataria, CEO - India and SAARC, Godrej Consumer Products Ltd, Print continues to hold an important position in their media mix because of its reach. Giving an example of how they will use Print for their recently launched product, Protekt Mr Magic, Kataria says, “We have recently launched Protekt Mr Magic, a unique, innovative offering that we think has the potential to disrupt the liquid handwash category in future. Since it’s a mass product, we are trying to create a mass disruption of reach and awareness. It’s a powder to liquid product, a first-of-its-kind, which would require educating consumers. Print helps us give a visual element, which is a very important piece in the whole marketing plan. So for this product, while we will go big on both TV and Digital, we will back that up by using Print.”
While debates around the future of Print as a medium will probably not die down anytime soon, the fact that new-age brands like Uber and Myntra are choosing to use the medium, and come up with innovative campaigns to garner maximum ROI for their campaigns, is proof that Print is here to stay.
CMO, Myntra and Head, Jabong
HAS THE SCOPE FOR INNOVATION BEEN FULLY EXPLOITED?
Talking about creative innovations in Print campaigns, the medium is increasingly being used for tactical advertising rather than creating an emotional connect with brand consumers, feel industry experts. “Print is still definitely relevant, and brands are still spending a lot on the medium. Unfortunately all the work done on Print is tactical, without creating emotional connect or without doing something innovative or thematic. For example, as soon as Diwali comes, you’ll see 16 pages of Print ads, it’s a massive fight for the cover pages of newspapers and magazines, but look at the content in it. The world is talking about content. If content is what is relevant to consumers, isn’t it relevant on every medium? Somewhere people forget that content can play a very important role in a medium like Print. Suddenly, when it comes to Print, they think it’s tactical, it’s rational but it’s not emotional. That’s absolutely wrong. Yes, I agree that you can’t do long copy ads when we are living in a world where consumers have only three seconds to interact with the medium; but if you have something interesting to say, consumers will spend time on the medium,” says Santosh Padhi, Co-founder and Chief Creative Officer, Taproot Dentsu.
The depreciating rupee is also putting pressure on the margins of Print companies. “Everyone understands that there is price inflation across categories every year and this has to hold true for print publishing as well. On one hand, our input costs has seen a sizeable increase over the years whereas our yields have not. Here it is important to point out that over the last three years, the cost of newsprint has gone up by 55% and the value of the dollar relative to the rupee has also gone up more than 10% in the same period (most of our newsprint is imported). So, the cost of newsprint which forms the largest chunk of our operating costs has increased by about 70%. For every 50 paisa increase in the exchange rate, our printing cost goes up by about Rs 2.5 crore,” says Varghese Chandy, Vice President, Marketing, Advertising Sales, Malayala Manorama.
AT A CRUCIAL JUNCTURE
“Today, we are at a crossroads for Print advertising. In their quest to justify the marketing spends and tie it closely to relevant sales outcomes, marketers are seeking industrylevel measurements for readership and engagement.
Unfortunately, the Print industry has not invested in these and therefore the currency to compare apples-to-apples for making informed decisions is simply not present. On the flip side, Print is the most trusted medium today and there are studies to show that Print advertising drives higher ROI for short-term tactical campaigns, even more than TV or Digital. I think marketers would welcome clarity to help them decide the ‘when and how’ of Print advertising to deliver better ROI for their respective brands,” says Sathya Sriram, Head of Strategy, The Hindu.
Print suffered because there was no research for a long time. The IRS came out after a gap of four years. The very fact that the readership survey came out is a good thing for Print and hopefully if it keeps coming out regularly, that will bring it back in focus. “Sometimes, publishers underestimate the importance of research, and my only word of advice would be that they need to put in significantly more effort in making sure that good quality, consistent research data is available because that will help buyers and planners of print take much more informed decisions. In fact, about half a generation of planners have grown up in the industry without learning to use IRS or Print data. Even now, a lot of the youngsters in the industry don’t know how to get the full benefit and value out of it. So, if the publishers consistently invest in good quality research data with software backing it, I think that will be the biggest boon that Print can see. Luckily we have the world’s largest readership survey done in India, through the IRS. So, if the focus is on making sure that the IRS is of good quality and constantly improving, that in itself will give a big fillip to Print,” says Ashish Bhasin, Chairman & CEO-South Asia, Dentsu Aegis Network.
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