The exchange4media Group recently held the Pitch CMO Summit at the Grand Hyatt in Mumbai, which was sponsored by Dainik Bhaskar and powered by Colors.
The event is organized by Pitch, the marketing magazine of the exchange4media group and is spread across cities. It brings together some of the best minds in the business of marketing. Each year, the summit revolves around marketing in the present context and discussions focus on how best to market to the Indian consumer in a dynamic environment. This year too, the event saw some of the top minds of the industry speaking on different facets of advertising and marketing in today’s changing world. The Pitch CMO Summit also felicitated some of the top CMOs on the basis of their contribution to business and marketing.
Amit Shah, President and Country Head, Yes Bank spoke on Advertising in the era of evolving media. He began his address by highlighting how youth today are more technologically advanced and have moved from conventional offline media to Digital platforms. He further stated that as a brand, Yes Bank is relatively new in the market, and the growth of Digital as a medium has been such that it has been possible for them to make a significant mark in the space.
“Our attempts at going digital have paid off and today we are the largest bank in India in terms of social media engagement through Facebook, LinkedIn and Instagram. At Yes Bank, we focused on customer engagement and response on social media platforms and steadily built a follower base” he stated.
According to Shah, the shift from offline media to Digital happened because people began to think digitally. He further stated that it is not just about the platforms, but about communication with stakeholders. For the longest time, most business plans were built around getting the largest wallet share of the customer, which Shah feels works better when you focus on their mindshare and building brand recollection.
“If the consumer likes what I do, and he believes that I am a responsible company producing responsible products, he is more likely to pick me up. We are at this stage today where human and share values are equally, if not more important, than just the core attributes of a brand or a product” he said.
Shah also emphasized on the importance of ensuring that stakeholders are not spammed with content which will put them off, and there was an art and a science to be followed while engaging with B2B stakeholders. From a banking perspective, he stated that once a customer has been identified, it is up to the brand to initiate engagement and seal the deal and not the other way around.
He went on to say that for digital to reach its peak, they still have a few years left, and what started as an afterthought in planning, has now become a part of marketers daily routine and plan of action. “Earlier many of us would look at a plan and think of how to take it online and create a YouTube version of it; today we look at the Digital strategy and think of taking it to other mediums and that is the way the whole environment works,” he concluded.