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Fifty-one-year-old agency Rediffusion has been elemental in the growth story of various Indian brands like Maruti Suzuki, Airtel, Lakme and Tata Sky. Now, their specialist arm, Konjo, will offer insights and assistance to startups. The venture will be overseen by Carol Goyal, Group Director, who is a lawyer by profession with an Executive MBA from IIM Calcutta. Carol tells BrandSutra about the heart that will go into building up startup brands and, simultaneously, Konjo.
What inspired you to start an agency focused on startups?
India has today over 100 unicorns. Last year, 111 unicorns in India had a cumulative valuation of almost 350 billion dollars. The startup space continues to attract lots of young, talented and aggressive players. Each one of them needs to build their identity and their brands.
Closer home, when my father, Dr Sandeep Goyal, turned entrepreneur and brought Dentsu to India, it was really an up-close startup experience. I have been part of the setting up of FoodFood TV, Mogae Media, Mozeo and The Mob as startups. They are all highly energised, effervescent idea factories. Konjo is dedicated to every new idea backed by a bright entrepreneur.
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Tell us about the agency offerings and how they will create value for clients.
Konjo has the advantage of being the offspring of a 360-degree agency, Rediffusion. We will be a strategy-first agency that will help startups ignite their brand journey. Rediffusion’s Red Lab and the Bharat Lab will be the cutting-edge differential for Konjo. Also, Rediffusion Studios for graphics and design. There is, of course, Rediffusion’s Smart Media and Everest that will lend us support from within the ecosystem.
Broadly, how should an agency support startups in each different stage of their growth?
The closest analogy to a startup is that of a river. It starts as a gushing rivulet up in the mountains, and then, as it heads towards the plains, it starts becoming a fast-paced river. Startups, too, need strategic planning, market definition and consumer understanding at the very beginning of their journey. As the business grows, fine-tuning consumer communication becomes the new imperative to drive sales. Konjo will help with it all.
What is the Konjo team’s composition; what are your areas of expertise?
Currently, Konjo is led by me and has a small multi-functional team drawn from within Rediffusion. While all backroom functions are provided by the mother ship, a new CEO will come on board from 1st October. He is currently at a big network agency overseas.
What, in your opinion, are key things startups need to focus on to disrupt the Indian market?
The biggest task at a startup is finding a consumer need gap. Both Zomato and Swiggy did that. The next big challenge is attaining size and reach – Flipkart and Ola did that successfully. Identifying potent niches is the other big opportunity. Urban Company, First Cry and Lenskart are all good examples.
What are the rules of new-age marketing and branding?
In the earlier times, the rule was to carefully take aim (lots of research, years of preparation) and then shoot. In the new age, you shoot, then aim, then shoot and then aim again. Every shot gives you real-time market research to help with products and offerings.
Do you see a space for traditional advertising in the marketing mix?
Brands, including startups, need traditional advertising as much as any other. Look at Dream11, which fully monopolises the airwaves during IPL using traditional marketing.
What are some of your favourite marketing initiatives you’ve come across lately?
Our product at Mogae Media, 811, was a mobile marketing breakthrough idea and was used by Kotak to launch its entire mobile banking practice. It could be used by those without smartphones, and therefore, opened up millions of unbanked customers. Today, the widespread use of QR codes is a game changer. 5G will further enable individual-level geo-targeting. And, of course, AI is the new mantra.
Tell us about the equity-based remuneration system you’ve envisioned for Konjo.
We are signing clients on a small retainer. Balance remuneration will be in the form of equity in the startup. In addition, our holding company Mogae, may look to invest in these client startups too.
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What are your long-term goals for the agency?
Konjo will be a thought leader in its space. Many famous brands like Maruti, Airtel, Tata Sky, Kaya and more were born at Rediffusion. Some years later, we too would like to brag about the brands we birthed and made into market leaders.
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