It is important to let go of old mental models. Clients are struggling to build businesses but a lot of industry time is going in measuring output instead of focusing on trying to build the outcome, expressed CVL Srinivas, Country Manager WPP and CEO GroupM South Asia as he delivered the keynote on the importance of rewiring the marketing value chain to build purposeful brands at the recently held exchange4media Conclave South.
According to Srinivas, there are four major areas where challenges are building up for brand owners and marketers. One is the consumer itself, which is central to this problem and also the solution in a sense. The other is competition of all shapes and sizes in a country like India where a lot of structural changes are going on. Third is the new policies being announced and the country moving from an informal to a formal economy, while the fourth dimensionâ according to Srinivasâ is the massive expansion of data and insights where everyone is leaving trails of information.
âOne of the most interesting reports that has come out recently is the Kantar Millward Brown Report on marketing in the world of 24-hour data. They have done research across countries and looked at the Kantar World Panel Data to try to outline what are the key principles today to drive brand growth. First and foremost they say that today brand owners need to act quickly to gain competitive advantage. It is not just about real time brand tracking or real time listening but also taking action. The second is the importance of salience for brand growth, according to the report there is high correlation between brands that are salient and brands that do well," said Srinivas
Srinivas stated that if one looks at these principles that have been laid out in the Kantar Report about managing brands, marketers today not only need fast access to metrics that matter but they need to understand that not all measures need to be 'measured' all the time. In his view, the trick is to be able to pick up metrics that drive your brand or your category and having the right technology, processes and systems to focus on those.
Underling the biggest challenges that brand owners are facing today, he further said, âBrand owners are facing the challenge of profitable growth and that is reflecting in cost pressures. It is also leading to a lot more uncertainty. Also, most brand organisations and agencies have got extremely siloed. Very often there is transmission loss because of this and it leads to organisations becoming lot slower."
Speaking about how rewiring marketing value chain can become a reality for organisations, Srinivas explained, âFirstly I think it is important to let go of old mental models. Clients are struggling to build businesses and grow their volume share and I still think that a lot of industry time is going in measuring output when all of us need to be focusing on trying to build the outcome. The second one is to break the silos and this is easier said than done. Lastly, I would say we live in an age of specialisation and it is important to learn to leverage the partnership ecosystem."
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