Highest risk buying happens in B2B marketing: Krishnan Chatterjee, SAP India
Over the last few years, its being noticed that B2C marketing is taking a more emotional approach and majorly focuses on the benefits of the product, whereas B2B marketing focuses on knowledge and ROI. The main difference between both is apparently the market size they serve. Mostly B2B marketers are small, but have targeted markets, whereas B2C tends to cater to mass market.
We asked Krishnan Chatterjee, Head of Marketing, SAP India, why B2B marketing is still not mainstream in India and what in his opinion is stopping brands in utilizing the full potential of B2B marketing? His perceptions are new and different and he believes that, "India's most valuable brand is a B2B Brand. For example, TCS is one of the strongest B2B brand. In my views, brands are more important in B2B marketing because the risk taking is quite high as compared to B2C marketing."
"The most fundamental requirement for a brand is risk production, ultimately one buys a product from a particular brand because there is a relation of trust and B2B is where the highest risk buying happens. In a B2B brand, when a trust is broken, it is dead. So, you can have an Airline beating up a customer and still they keep flying, but if the same happens in B2B, it is very difficult to survive for the brand," he further added.
There is no doubt that B2C marketers have become dependent on personalized marketing and delivering personalized experiences for consumers is increasingly becoming important for brands. "Personalization is a bit over-hyped, the first target of brand should be frictionless engagement with consumers. With technology, businesses can really become frictionless and brands need to work on it and then start thinking of personalization," he said.
He added, "Stating an example, airlines allowed customers to print boarding passes. By doing this, they saved money and it became convenient for customers as there is no need to stand in queue and this in my sense is building a truly digital business."
SAP in the field of Big Data Solutions
SAP is making great headway with their in-memory database, as SAP's HANA differentiate itself as a highly functional, all-in memory system, which seems to be a great advantage. "Traditionally, most databases have multiple data tables for analysing, but HANA runs a single table for all data, so everything is available instantly at one point. There is Structured Data and Unstructured Data and big data primarily deals with unstructured data like social media. And in SAP everything is structured data," he said.
"The biggest problem in tackling big data is not just only about the processing power, but bringing them all together and there are significant security issues, where you to have analyse everything," he said.
Security Issues while handling Data
With the evolution of big Data and AI, digital marketing landscape has changed drastically, but there's always a concern that the information available is not turning into action. According to Krishnan, "Almost everybody has or will soon have the capability to take the Data, AI, MI and do stuff, but what is dangerous is the data you provide could be misused. In my reading, it depends tremendously on brands, because security is an investment and you have to spend money to get such kind of platforms. The technology has the scale to measure the credibility and the process to be able to protect the data."
Marketers need to innovate
"Marketers should be the business leaders of the front office. They should start thinking about their customer journeys and create remarkable experience with them instead of advertising. Acquiring customers is important but retaining them is more powerful," he summarised.
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