Prime Minister‘s “Aatma Nirbhar” Relief Package amidst Covid-19 crisis calls for a spike in the demand for advertising of Indian brands
LD Sharma, Managing Director Mayhigh Films gives his valuable insights on the implications of the recently announced stimulus package on MSMEs, buying local and the need to advertise to create brand visibility in support of “Aatma Nirbhar Bharat” and Make in India Abhiyan.
Prime Minister Modi’s big announcement of Rs. 20 lakh crore stimulus relief package, equivalent to 10% of India’s GDP; will help to deal with the economic crisis due to Covid-19. He believes this booster shot will play an important role in the ‘Aatma Nirbhar Bharat Abhiyan’, which would make India self-reliant and face the post-COVID-19 repercussions. This move is a push for Indian local brands to advertise and make their products visible at a national level, to begin with, and eventually position themselves to face global competition.
Finance Minister Nirmala Sitharaman detailed out PM Modi’s relief package and announced s Rs. 3 lakh crore collateral-free loans for businesses and infuse capital of Rs 50,000 cr in the MSMEs in an effort to help them expand. This will be a step towards the Self-Reliant campaign and support Make in India.
“The roll-out of collateral-free loans will inject much-needed liquidity in the unorganised retail sector, leading to business expansion & local brand promotion through digital or TV Advertising,” says LD Sharma, Managing Director, Mayhigh Films
“It’s an opportune time for thousands of local brands to showcase their products and services and urge their countrymen to buy locally. As a result, it calls for an immediate need for advertising and branding to attract the attention of local buyers,” he adds.
Finance Minister Sitaraman also points out that Indian brands have faced tough competition from their foreign counterparts. To tackle this, she announced global tenders in government procurement up to Rs. 200 crores will be disallowed. An excellent opportunity to encourage local brands so they can reinvent themselves at par with the global standards. This will also lead to a reduction in imports of goods and services from foreign lands, thereby, stimulating the use of homegrown brands.
In view of the above, advertising and branding will play a crucial role in bridging the gap between the seller and the buyer. Sharma with 17 years of experience in the Media industry says” the need for branding should be at its peak especially for the SMEs who have ignored the power of advertising due to lack of awareness. It is time they reach out to their audience on a large scale, owing to the fact that there will be lesser disruption from global brands.”
He goes on to explain that in these times when instant brand visibility is the need of the hour, Television is arguably the biggest ad vehicle mainly attributed to its unscalable reach and undivided viewer attention that makes for incredibly effective marketing. “Struggling MSMEs that consider TV advertising expensive can run non-FCT on regional news channels and can get a good ROI. News channels these days are on boom & with limited budget they provide the option of B2B & B2C marketing .To tap the national market, they can opt for the top 10 news channels and get effective returns. A non-FCT campaign does not require a TVC which takes up most of the advertising budget.” says Sharma
With the proliferation of digital media, Customers spend a lot of time online, so marketing efforts must be directed to draw them on these platforms. Digital branding has the power of effective marketing, helps businesses’ increase their reach, and leads to a constant generation of leads. A few strategies that can be adopted
- Corporate films. 2-5 minute videos that serve the same purpose as a website does only in a video format. Highly recommended for upcoming businesses to showcase their offerings to the world with an interesting narrative, audio, and video format. They are easily shareable on social media, are much more interactive and easier to remember.
- YouTube promotional videos. Short product demo videos (2-3 minutes) offer consumers a visual insight into the usage and functioning of the product, helping new and existing users to better understand its features, its value, and its potential
- Paid social media ads on Facebook, Instagram, Twitter, Linkedin
- Host and sponsor virtual events/webinars
- Publish native content articles on digital news portals regularly
All these efforts will lay the foundation for a confident India which can rest on its strengths and also contribute to the globe. It the best time for Indian products to establish themselves as brands by advertising and turn this short-term crisis to a long-term financial opportunity.