Even the media industry, innovation is not just a product or a complete product portfolio, but also in the process, including pricing or packaging. And this Diwali, The Times of India Group is an innovative provider of prices.

Times Group has launched a brand new model of media, e-auction model to reserve advertising space in its publications. Please note a booking is made through the auction system, which is hosted by indiatimes.com.

Speaking to exchange4media, Arunabh Das Sharma, CEO of Times of India Group, said: “We always find innovative things on the market, and the pre-Diwali period was a good time to test the model of online auctions This is perhaps the first Once that is done not many brands can do this .. because it requires very little power to demand and the Times Group has the best chance to try this. “

Sharma said that the media space has always been obscured by the lack of transparency among other things, pricing and the online auction model is also demonstrated sense.

In this model, the main points made at auction for a limited time for selected titles during the week days Diwali. “Auction Diwali” is the latest innovation in the Times Group. Advertisement In this position, which is auctioned off include the panels are replaced, and the skyline of the spine. The auction started October 12 and ends October 14, 2011 20:00. Days of inventory, which are sold at auction October 20 to October 25, 2011.

Sharma said: “We have specific locations and dates, because there are many reservations made before locking the advertising inventory, and these commitments must be respected. We created the space. For example, the spine is something new we’ve never done before. We had signs of the ear with a particular client, but do not exercise regularly. ”

Auction Times Group applies to publications like The Times of India in Mumbai, Delhi, Bangalore, Chennai, Calcutta (not Bhubaneshwar, Guwahati and Patna), Pune, Hyderabad and Ahmedabad editions. Mirrors also “editions in Ahmedabad, Bangalore, Mumbai and Pune and Navbharat Editions time in Delhi, Mumbai and the city-centric publications like Bombay Times Delhi Times Bangalore Times, Times, Chennai, Calcutta Times, Pune Times, Ahmedabad and Hyderabad times , Times.

Media agencies were invited to participate in the auction, user names and passwords only created for each participating agency.

According to Sharma, the online auction has been a strong response in terms of registration agencies larger houses. Media agencies could sign on the site, (www.bid.indiatimes.com), select from the available auctions and place of presentation. The reserve price and minimum increments are also indicated in individual auction sites. Automatic notifications will be sent by e-mail indicating the status of your application and the ability to place offers unlimited and rebids.

As Sharma said earlier, this is an experiment, and live well. But, as the marks of the media in India and the emerging market of India and the dynamic pricing model and go to market model evolves. He said: “It ‘would be unlikely to online auction how to sell as much as it is unlikely that we would have to sell the traditional ways. It would be changes, but we must try to ensure these changes. We are confident that this would be a success , and there would be many times when we would have electronic auction our inventory. ”

Winners will be notified by e-mail at the end of the auction. The Times Group also provides demonstration sessions for agencies regarding use of the site, and the steps to participate in the auction.