Mumbai, the city of dreams, has fulfilled another dream for its people by going 24×7 two weeks back.
The city saw major malls, restaurants, multiplexes and other food eateries open till forever for people to enjoy.
This new development has also impacted the advertiser in a positive way as many malls, eateries and multiplexes have increased their media spend in a big way to take advantage of the new development. Companies have increased their digital and outdoor media spends to promote this new change and the variety of other offers. Many brands moved fast to take the first mover advantage while other brands played safe in order to test the new amendment. Here is what the top people from the industry feel about the new change in the timing of the city:
Commenting on the Mumbai 24×7 development Viren Razdan, CEO, Brandnomics said at IFF 2020, “Mumbai is pretty close to staying true to the adage of the city that never sleeps – with the new law making staying up for business till the wee hours legit. The retail community is celebrating this new rule – extended hours will mean a longer business window. However, it’s also introducing a new-ball game of marketing and retail management.”
Rahul Tekwani, Group Brand Manager (Planning), Enormous Brands added, “Companies will need better planning in terms of media spends, messaging and medium. The digital advertising space has seen a good inflow of money from the brands especially during the late hours of previous weekends and Valentine’s Day saw brands advertising categorically in digital and outdoor space. The offers like night happy hours and music events attracted people. But we also believe that brands will continue to promote this new concept till the summer vacations which will happen in 4-8 weeks from now as that will lead to a larger footfall and will give businesses a clear projection of the success of Mumbai 24×7.”
According to Manveer Singh Malhi, well renowned digital consultant, “Mumbai is the financial capital of India. With this move, the retail, food and entertainment industry will up their marketing spend to achieve better sales through an integrated approach. The move will surely boost Mumbai’s night-time economy, meaning more budget allocation for marketing initiatives.”
The advertisers are very positive about this new amendment which will lead to some good times for them, but the content needs to be well crafted and disseminated to the right kind of audience to create an impactful value for the brands.