How will emerging technology change the way we market, is a video worth a 1000 words, what should a futurist CMO’s scorecard look like – these were some of the issues discussed at length on Day 2 of the Futurist CMO conference that was held in Gurgaon on August 26, 2011.
According to Sumit Virmani, AVP and Global Head, Corporate and Product Marketing, Infosys, digital revolution was not something that that was happening in another part of the world; India was bang in the middle of it. “Makemytrip.com books 12,000 tickets in a day, 12 million comments are being posted on the net as we speak. Digital is here and it is evident that the consumer has the power to build or destroy a brand,” he noted.
Sanjeev Jain, President and CMO, Reliance Capital, remarked that the marketing fraternity had not changed at the same pace and still had a long way to go. “Special attention must be given to rural India. More than 60 per cent of Google searches are from these areas. Interestingly, they don’t just enquire but make informed purchases. Revenue from online sources is in tune of Rs 25 crore,” he informed.
Tim Leberecht, CMO, Aricent Group and Frog Design, USA, elaborated on how we are moving towards smart systems that would be led by real-time feedback. “I will debunk four commonly held marketing strategies that will no longer hold good in the near future.” Firstly, he urged marketers to not swear by the strategies that the companies had. They should adapt quickly according to the situation. Secondly, he said that the need to control must be given up. “Brands are becoming publishers. They own stories and content. A brand should lead by a fantastic product and service and then the people will take it viral,” he added. He then he emphasised on the need to change the message constantly, because unpredictability was the new constant. Lastly, he stated that data was becoming increasingly complex and there was a need for evolving analytics to keep pace.
Digital has to become mainstream for brands to survive: Marketers