'Data analytics to play crucial role in offering customers more personalized interactions'

At the Pitch CMO Summit 3.0, a panel shared insights on ‘Future-proofing brands: Need for a playbook for the connected era’

e4m by exchange4media Staff
Updated: Sep 28, 2021 1:33 PM
Pitch CMO Summit

At The Pitch CMO Summit held on September 24, a stellar line-up of industry experts shared their astute insights on the significance of future-proofing the brands depending on the technological revolution and digital transformation. The theme of the conference was 'Future Proofing Brands.'

Among the many interesting sessions at the conference was the panel discussion on the topic ‘Future-Proofing Brands: Need for a Playbook for the Connected Era.’ It was moderated by Anita Nayyar, COO - Media & Communications, Patanjali Ayurved, and the panellists were Akshay Tapase, SVP, Digital Marketing, AU Small Finance Bank; Chanpreet Arora, Business Head - AVOD (Voot), Viacom18 Digital Ventures; Charu Malhotra Bhatia, Vice-President, Marketing, Brilloca Limited; Manika Sharma, Head of Marketing, Firefox Bikes and Siddharth Dabhade, Managing Director - India & SAARC, MiQ.

Opening the discussion, Nayyar asked the panellists to share their perspectives on ‘Future-Proofing’ brands going forward. Charu Malhotra said, “Historically, consumers have had very basic expectations. However, consumers now have more productive services. They want more personalized interactions; and connected experiences. More than ever, data analytics will definitely play a very crucial role. Not only to track the consumer preferences across their journey, at a very granular level, but also enabling a very rapid response to opportunities from the brands. It will clearly create a strong emphasis towards ecommerce and other media channels as well. This definitely means rethinking how we connect with consumers. We might be able to predict a couple of strategies, but we still have to continuously adapt to what the future brings.”

As an industry, Banking needs a lot of security and confidentiality. Akshay Tapase shared his views on future proofing the banking and investment industry. He said, “Future proofing is only possible when you know the future. Banking has actually been at the forefront of driving digital transformation. All of this has been also possible because the regulators (RBI) have played an important role in adapting to it. From a banking standpoint, data confidentiality is definitely an important piece. Along with confidentiality, security and convenience also create a good equation as one can create a proper amount of trust within the customers. If this equation is well crafted, Banking can definitely move forward.” 

As we know that the consumer prices are changing. However, today, brands are becoming even more answerable to consumers. Chanpreet Arora shared her views on ‘Future-Proofing’ brands from the entertainment perspective. She said, “Culture drives strategy and brand reading. The purpose of a brand’s existence has now become a cultural need rather than an emotional need. In this disintegrated world where insecurities and unpredictability are very high, rather than selling a utility; there are three things that we've discovered that work from an entertainment point of view. One is our social media engagement across platforms. The second is becoming contextual through the content and the third is personalization. Since we are a premium platform and we have first party locked in data, we have to be very conscious from the data point of view as we need to use it in order to turn it into a stress-free experience for our consumers.”

Manika Sharma shared her insights on future proofing and how adapting to digitization has revolutionized consumer journeys. She added, “We have invested in a complete digital transformation where we are not looking at media or at consumer interaction but we're trying to map the end to end journeys of the consumers with the brand. We are not looking at different touchpoints in isolation. Anything which enables a customer to use the product more and facilitates that consumption, helps in building brand advocacy. While a lot has changed, one thing will always remain relevant, and that is the purpose. Every brand needs to have a purpose and it is important to stick to that purpose.”

Lastly, Siddharth Dabhade shared his perspectives on future proofing, as a connector of brand and audiences. He added, “There are three important points. One is that you are not only creating a brand, but you're also kind of creating a disruption that is eventually going to define the future. Secondly, diversification is very, very critical. And thirdly, a yearly assessment and the ability to prove how adaptable is your organization and your brand is also extremely crucial.”

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