February 29, 2024: In a dynamic exchange of ideas, industry experts delved into the intricate tapestry of India’s digital media consumption trends, shedding light on the evolving landscape and socio-economic shifts at the IAMAI’s India Digital Summit 2024.
The Indian Socio-Economic Classification (ISEC), the latest innovation and groundbreaking initiative, is designed to provide a more nuanced depiction of India’s socio-economic landscape. Central to this initiative is the (COTN) survey, a comprehensive endeavor by Deshmukh aimed at tracking consumer sentiments across the nation especially in digital consumption. To be conducted year-round in 11 Indian languages and commissioned by a leading Media House will come to market soon. The survey helps CMOs with two essential batteries: the COTN Economic Battery and the COTN Product Battery. The first COTN survey report is scheduled to be released in March 2024. Additionally, this will be the first ISEC aligned initiative, the survey will introduce the Media consumption Tracker.
The insightful conversation led by Yashwant underscored the imperative for CMOs to embrace the transformative power of data analytics and new segmentation in navigating India’s dynamic media landscape.
As evidenced by the early adoption of digital media in regions like Bihar and Uttar Pradesh, traditional media consumption patterns are in the midst of transformation. Deciphering and understanding India’s growth in the digital space requires advanced survey methods due to the complexity and dynamism of the Indian consumer landscape.
Ads require more precise targeting methods as the prevalence of digital channels influences consumer conduct and preferences. Strategic focus must be directed towards the substantial audience segment that embraces Hindi and regional language content, rather than solely regarding English as the exclusive hallmark of a discerning audience.
The summit highlighted ISEC’s potential with the debut of this pioneering study, marking a significant milestone in understanding India’s diverse consumer demographics and media consumption trends. By incorporating additional parameters such as female education level, ISEC enabled COTN aims to offer a holistic understanding of household dynamics and consumption patterns, transcending traditional classifications.
