In Conversation with EssenceMediacom’s Soumak Banik: Media Insights Unveiled

Embark on an insightful voyage through the media landscape guided by Soumak Banik, the accomplished Managing Director at EssenceMediacom Indonesia. EssenceMediacom is GroupM’s newest and largest agency that is committed to delivering marketing breakthroughs for brands in the new communications economy.

With an impressive 22-year career spanning diverse sectors, from FMCG to luxury, Soumak is a dynamic communicator thriving in high-pressure roles. His cross-functional expertise and strategic acumen shape EssenceMediacom’s innovative approach, establishing him as a luminary in the media and advertising realm. In an exclusive interview, he shares insights from his extensive journey in the Indian and Indonesian markets, offering a unique perspective on the industry’s seismic shifts, Metaverse and booming gaming sector.

Having worked in both the Indian market and as the Managing Director of EssenceMediacom Indonesia, can you share your experiences and your professional trajectory in the media and advertising industry? 

Undoubtedly, like many in our industry, I emphasize that we are witnessing major seismic tectonic changes. These times are unprecedentedly exciting – truly the best of times!

In an attempt to align the experiences and exposures of the past two decades with a common understanding, I would liken the trajectory to the fundamental principles of earthly motion—simultaneously involving rotation and revolution. The circular rotation signifies the brand’s axial movement around its centricity to consumers. Concurrently, there is a revolution fueled by the extraordinary evangelism of technology, driven by the digital transformation of consumerism.

In today’s landscape, consumers are markedly more aware, informed, and neutral. They rightfully expect brands to be realistic and merit a genuine choice or loyalty. What ensues is the gravitational pull on brands to adapt – to become more creative and to contextualize their offerings along a helical pathway that aligns with consumer aspirations. Creating brand love has become a more challenging yet thrilling endeavor in our interconnected universe of media.

As a professional working in the Indonesian media market for more than a decade, what are some of the challenges you faced while transitioning from the Indian market to your current role? What shifts have you experienced in the Indonesian advertising sector and its audiences?

Asia is renowned for its rich culture. Most Asiatic countries are more culturally interconnected than diverse, mirroring the unity of their people. Culture is deeply ingrained in the heritage, language, faith, religion, food habits, ethnicity, fashion, tastes, preferences, traditions and values of its communities, people, and races – be it in South Asia or Southeast Asia. In this context, India and Indonesia stand out as prime examples.

Both nations and their respective governments are making massive investments in infrastructure and connectivity, earning them top ranks among global technology giants such as Google, Meta, and other leading Martech companies. India serves as the epicentre for investments in South Asia, while Indonesia plays a similar role for private equity firms in Southeast Asia.

Interestingly, not only are both countries experiencing significant growth in population, demographics, and geographical diversity, but they also share similar traits in consumer habits towards brands. The inquisitiveness of consumers towards information and choices shows striking similarities and is on a growing trend.

In both India and Indonesia, media ad expenditures are growing at a double-digit rate, and rapid digitalization is fueling a profound digital transformation for brands. The Consumer Confidence Index (CCI) is notably higher by 110 points. Digital native brands are championing a departure from traditional marketing methods in sectors ranging from FMCG, e-commerce, and apps to banking and utility services.

Capital investments are reaching record highs in private and emerging sectors. Every day brings new opportunities to understand and learn more about culture, consumers, effective communication, and media utilization. It’s a transformative journey in itself.

You have worked in different sectors, from FMCG, to Automobile to Luxury and Sports. How different or similar were the marketing and strategic plans you employed across these sectors? Has this experience helped you in your current role in any way?

It’s a privilege, and in fact, I feel fortunate to work across various sectors. The experience is an extensive learning journey. Honestly, the world of media and advertising is often filled with jargon. However, every brand, spanning FMCG to luxury to sports, shares a singular objective – driving growth. While some prioritize volume, others emphasize value. What unites brands is the pursuit of Lifetime Consumer Value (LCV). This objective stands as the ultimate milestone, whether it’s in strategy, marketing, communication, media campaigns, or go-to-market strategies.

Once the consumer pathway is meticulously mapped and defined, the focus shifts to effectiveness and efficiency, driving return on investment (ROI). While media choices may vary, encompassing different platforms and utilizing AI for creativity and propelling social commerce, the overarching purpose remains constant – drive growth.

Today, brands are rushing to advertise their products and services in metaverse in order to attract and engage their audiences better. What is the future of this trend in your opinion?

The key to attracting consumers to a brand has always been the platform for creative contextuality. The Metaverse stands out as an extraordinary effort in this direction, offering a dedicated space for Lifestyle, Luxury, Beauty, and Experiential brands. Leading the race are global brands such as Nike, Coke, H&M, LV, Gucci, Burberry, Mars, Forever21, and more. What was once considered a trend or a prospect is now an undeniable reality. The imperative for brands is to act swiftly and immerse themselves in the world of Web3 Technology.

Social media is now accessible to everyone thanks to technological advancements and smartphones. In-stream ads are now used by brands to customize their adverts based on audience. Could you tell us how EssenceMediacom has done this? 

Programmatic Media and Dynamic Creative & Content Optimization (DCCO) have reached their pinnacle when it comes to audience targeting and media optimization. Innovative ad formats leveraging technology, ranging from face recognition to AR/VR, are already gaining prominence, with brands actively advocating for their adoption.

One target market that is growing at a rapid pace is the gaming industry. What are your insights about how brands should leverage these audiences to reach their intended audience?

Gaming stands out as the singular sector in digital media experiencing unprecedented growth, surging at a rate of 50% or more year on year across global markets. The evolution of gaming has been nothing short of remarkable, transitioning from a single-window format to now embracing experiential formats. It has traversed the spectrum from niche engagement to reaching a wider audience, ultimately becoming an experiential powerhouse. Notably, content is now navigating its path through gaming, as seen with Netflix launching Money Heist in the gaming realm.

While audience targeting predominantly takes a programmatic approach, brands must now pivot towards enhancing in-game experiences, with creativity playing a pivotal role. The era of banner ads and promotional QR codes in gaming advertising has passed. Experiential marketing in gaming has become imperative for brands to stay ahead in the game.

Can you share some examples of a successful campaign you carried out and the strategic planning that went behind it?

My all-time favourite, and it will always be, is the Vodafone India launch of the Zoozoo campaign in 2009. The campaign featured 44 different creatives addressing 45 different products/services of Vodafone. Remarkably, these 44 creatives were launched in 45 days – unveiling one new creative every day, culminating with the simultaneous release of all 45 creatives on the last day! This extensive campaign spanned 36 newspapers, 104 TV stations, 38 radio stations, all digital platforms, 1000+ OOH placements, and even made its mark in sports during IPL 2. Merchandising extended across 3000 Vodafone stores and apparel retailers.

It’s been more than 14 years, and yet Vodafone continues to incorporate Zoozoo in some of its campaigns in India. Such is the enduring recall and stature created by the Zoozoo campaign.

If given a chance to visit either the past, present or future, which one would you choose and why?

As always, the Present. It’s the best time ever.