Enterprising new inventions are frequent in the world of business, but rarely does something come out that’s unlike anything we’ve seen before. OMD Mudramax (formed from OMD and DDB Mudra in 2016) recently released one of India’s most innovative AI-powered business tools, Bingo.
From the name, you might assume that it’s some kind of online bingo site. The exact reasons why ‘Bingo’ was chosen are unknown, but it’s likely because, due to the popularity of the classic 90-ball game, the word has become synonymous with luck and success. When people see the word ‘Bingo’, they are naturally drawn to it thanks to this association.
But if you’re looking for the usual accompaniment of a big games library and bonuses, you’ll be disappointed because, instead, it’s software that allows businesses to improve their advertising. It does this by closely analysing the company’s prospects and the possible outcomes of ads on different platforms. It also streamlines advertising and buying operations so that everything is nicely in sync.
So what does this mean for business, and how could it affect the business climate in India?
It’s A Sign of the Times
As the number of advertising avenues is now greater than ever, there are more and more ways to advertise to consumers at all times of the day. This largely revolves around Internet spaces and social media, which are only set to become more relevant as virtual and mixed reality are starting to take off. It’s likely that we’ll see an increase in these types of strategic tools as time goes on.
Thanks to the expansion of the web, there are now splinters of users who surf all corners of the internet and have differing demographics and interests. It’s obvious then, that marketers now require advice about which avenue to choose.
It also comes in a time of agglomeration, when everything from pension pots to payment options is being combined using technology, to make processes simpler and more streamlined.
Patents Are Pending, So It Could Potentially Make Them A Market Leader
Two patents have now been filed in India, and are currently being reviewed. If the patents are approved, it could give OMD Mudramax a competitive advantage in the field. No other tool is promising to do this, meaning that fledgling new businesses and keen marketers will have no choice but to go with OMD if they want this service.
However, if the patent gets rejected, it will mean that rivals can easily copy the principle. This will provide customers with more options, possibly leading to an oversaturated market, and further down the line, perhaps a world in which advertising channels become more competitive with each other, as well. This could prove to be a downside for the general public, who may see targeted advertising become even more eerily accurate as the technology improves.
It Could Boost Advertiser Power
As Abhishek Sharma of OMD Mudramax explains, “The entire demand-supply chain is lopsided towards closed ecosystems […] Its time to wrest control and place it exactly where it belongs, with the Advertiser.”
Some advertising channels avoid providing transparent data on their processes, making it difficult for buyers to make decisions about which product is best for them. One of the aims of Bingo is to provide black and white information on all of the available advertising opportunities. This will help advertisers to make better-informed decisions and reassure them about the number of opportunities available to them, creating the impression of abundance.
Disclaimer:
- As per the Public Gambling Act of 1867, all Indian states, except Goa, Daman and Sikkim, prohibit gambling
- Land-based casinos are legalized, with certain guidelines, in Goa and Daman, as per the Goa, Daman and Diu Public Gambling Act 1976
- Land-based casinos, Online gambling and E-gaming (games of chance) are legalized in Sikkim under the Sikkimi0Online Gaming (Regulation) Rules 2009
- Only some Indian states have legalized online/regular lotteries as per and subject to the conditions laid down by state laws. Kindly refer to the same here
- Horse racing and betting on horse racing, including online betting, is permitted only in a licensed premise in select states. Kindly refer to the 1996 Judgement by the Supreme Court Of India here and for more information
- This article does not endorse or express the views of Qrius and/or any of its staff.