While spend allocation to digital is gradually seeing an upward swing and the pool of internet entrepreneurs and digital start ups is continuing to grow, but will the â€˜Burgeoning of Entrepreneurshipâ€™ in the medium see spring cleaning in 2013? Industry leaders and observers at the Impact Roundtable, â€˜Digital Marketing in 2013 and Beyondâ€™, held in New Delhi, yesterday, believe that consolidation is on the anvil.
Rather than follow the herd mentality, as has been the case with digital marketing – especially social media marketing – clients and agencies will now tie their strategies more closely to their individual goals and what works best for each of them.
According to Sandeep Amar, Former Vice President & Head, Marketing and Audience, Indiatimes, there has been a lot of over-excitement in this space and with the lack of adequate understanding of this medium, many strategies have gone wrong.
The year 2012, was a year of acquisitions. According to Sonya Sahni, Co-Founder, iStrat, digital will see greater fragmentation and consolidation going forward. With â€˜Clients bringing a stock market like environment in offices to monitor socialâ€™, Sahni feels that 2013 will see far more acquisitions.
However, Gillian Muessig, Founding President Emeritus, SEOmoz, displayed optimism and hope in this upward trajectory that the digital industry is going through, especially in the â€˜culture of entrepreneurshipâ€™ in India.
At the same time, this spate of acquisitions and expansion also poses a significant challenge. And one of them is “talent deficit”, as per Glen Ireland, CEO, Dentsu Digital.
The second major challenge facing the industry is the problem of data, analytics and ROI. According to Litin Purohit, Operations Head, Everymedia, the definition of ROI should be changed to â€˜return on influenceâ€™. He spoke of the need to develop the skill set of the people handling digital in agencies and focus on the psychology of social.
However, Bharat Malik, Country Head, OMG, was optimistic that going forward as cost-effective mediums like digital get priority in the media mix, analytics too is set to improve.