Industry leaders from across industry verticals came together recently to deliberate on Data Driven Marketing - Challenges and Opportunities at a roundtable organised by Netcore and exchange4media.
Kedar Apte, VP Marketing, Castrol; Ajit Thakur, CEO Trinity Pictures, Eros International; Akash Banerji, Senior VP Head of Marketing and Partnerships, VOOT; Prashanth Peres, Associate Director Marketing, Mondelēz; Sunil Gadgil, Director- Marketing at NIVEA India; and Kinjal Shah, Chief Executive Officer at Crossword Bookstores, participated in the roundtable that was moderated by Girish Chaturvedi, SVP - Gamechanger, Netcore.
Chaturvedi set the tone for the evening by saying that while data is the new raw material that will fuel growth in the industry, growth can be achieved only by skilfully leveraging and understanding the massive amount of data available to companies. The discussion that followed centered around the specific methods that each of the industry leaders and their teams use to collect, make sense of, and use the data available to them.
Thakur said that while productions houses in the film industry are yet to make full use of data-driven marketing, the best way to use data is in conjunction with hypothesis to narrow down target audiences, decide content strategies, and fine-tune marketing strategies.
Shah enumerated how harnessing the power of data helped Crossword enrol 25,000 loyalty customers. “Purchases doubled from Rs 6,500–7,000 per buy to Rs 14,000 per buy. And number of visits a year jumped from 6 a year to 8–9 a year,” he said.
Peres and Banerji both spoke in detail about the benefits of creating partnerships with organisations like Facebook and Google to roll out effective marketing campaigns.
“There should be direct interaction with Facebook and Google and partnerships should be used to our own advantage,” Peres said. Banerji added that one way to enrich data could be by exchanging it and using the data for re-marketing.
Speaking about the challenges that the industry faces, Thakur said that while the new talent might be comfortable with digital channels and digital marketing, the leaders are yet to get comfortable with digital, data-driven marketing.
“We are currently in a transition phase. We need to imbibe the culture of data-driven marketing and equip teams with the appropriate skills,” he said. Gadgil echoed Thakur’s remarks. He too said that investments should be made in equipping marketers with the necessary skills. Peres, on the other hand, was confident that digital marketing is not being taken lightly and that it is the second platform that marketers focus on after television.
Making closing remarks on the trends in digital marketing for 2017, Peres and Shah both predicted that investment in digital marketing will spike due to increased penetration of internet services on mobile devices. And Thakur said that by 2018, there will surely be a dramatic increase in the pattern of spending unless traditional media innovate.