Mindshare’s new product The Loop has been launched in the Indian market which happens to be the first market where it was introduced outside the US. Betting big on the growth of digital media and advertising, Mindshare is hoping to break silos with this product and bring all digital media tools at one place.
Referring to it as ‘war room’ The Loop is a tool that pulls real-time information from all the digital media that a brand is investing into across paid, owned and earned channels and lets the marketer know all possible trends as they take place in real time. It harnesses live feeds from social media, digital media channels, GRP, etc. to let the brand know where to invest more or less and hence help in the whole marketing decision making cycle.
Talking to exchange4media, M A Parthasarthy, Chief Client Officer, Mindshare shared that the idea of The Loop initially would be to give their own clients some leverage. “India is the first market out of US where The Loop is set up. In the next one month we will take it to 15 markets for Mindshare globally. Just after India we introduced it in Singapore,” he added. The final objective is to get some of their key clients to use it, he added. “Right now we are piloting with Pepsi and they have shared a lot of their data with us. We are looking at atleast our top 10 clients to use it,” he said.
The Loop is a physical room that consists of multiple screens which pull out data from various sources, From mapping social media to getting comparative statistics with the arch rivals, the tool lets any brand know where exactly it stands in the digital ecosystem. Parthasarthy stated that this will firstly break down silos as social media, PR, media agency, creative all will be brought to one table via the tool. Secondly, it will help any brand choose in real time where they should invest more, what is trending on social media and how they can leverage it, so on and so forth.
Talking about the plausible challenges that could occur in getting people to use the product, Alok Sinha, Leader - Strategy (South Asia), Mindshare shared that the biggest one is a mindset problem. “Getting clients to buy into this is also going to be a challenge. It will depend on our ability to get them to comprehend the fact that if they share data with us a lot will become possible using this tool. Another challenge would be integrating the offline data,” he added.
Parthasarthy further added that there is a lot of talk that CMOs will be the new CTOs going forward.
“If CMOs are becoming CTOs then this will be the most powerful tool for them. It is just about giving them a proof of concept basically,” he said.
On being questioned that often after a successful campaign the creative agency gets talked about more than media agency Parthasarthy added that things are changing now. “I think increasingly the CEOs of the companies are spending more time with the media agencies than the creative agencies. It boils down to who has the data. I still believe the messaging plays the key role but people who have the data and ability to deal with it are getting more important. But yes without message, medium is pointless and vice versa,” he further said.
On the whole digital media ecosystem in India Parthasarthy added that the digital ecosystem has to go from input-oriented to outcome-oriented. “All the metrics that we currently use in digital are input-oriented. Digital as a tool is such that it can have vast effect on the outcome. It’s time we moved from input/output approach to outcome-oriented goals.