Don’t Do IP’s If It Just Makes You Feel Good or Look Good; IP’s Must Be Monetisable: Sabbas Joseph, Wizcraft
Experience economy is growing at a phenomenal pace and IPs will redefine the experiential business in the coming says Sabbas Joseph, Co-founder and Director, Wizcraft International.
While creating new IP’s has become a trend of sorts, making them successful entities is easier said than done.
According to Sabbas Joseph, Co-founder and Director, Wizcraft International, collaboration and scalability are important factors for establishing a successful IP. “Don’t do IP’s if it just makes you feel good or look good or it’s nice to do that. IP’s must be monetisable, whether it is today or over a period of time,” cautions Joseph.
“IP’s are impactful media platforms and highly effective engagement platforms. IP’s are playgrounds for brands and consumers, if you have got the consumer, brands will come.
Don’t make your IP’s once on a year event, find ways and means to connect with your audience consistently,” he further added.
Joseph also shared that in today’s world experience is the brand. “Your brand is only as good as the experience you provide. Also the experience economy is growing at a phenomenal pace and IP's will redefine the experiential business in the coming time,” he said.
Quoting a global survey which includes India, Joseph said, “80 per cent of people say that the overall experience is one guiding factor when you purchase a product or a service. Also, 87 per cent people shared that it was the previous unique experience that made them chose the brand or not.”
Joseph believes that everything we do is not an IP, but everything we do can be an IP. “It is what you do which defines whether it is one more IP or just another event,” said Joseph.
Citing how IP's are different from humdrum events, Joseph said, “In the experience business it’s your clients which decide while in the IP business it is you who decides which clients you want or which brands suit your IP. Also with an IP you can bring in a level of predictability in terms of turnover. IP's are powerful brand experiences and you cannot get away from it, for example you are forced to watch IIFA, IPL or a Filmfare.”
(Sabbas Joseph was speaking at the first edition of Event Capital's India Event IP Conclave 2019)
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