e4m MarTech Zone: Experts say businesses are investing more in MarTech
In e4m’s MarTech Zone webinar, industry leaders spell out how MarTech will change in the new normal post-COVID-19
e4m’s MarTech Zone webinar on the topic ‘MarTech for a New World’ touched upon how digital marketing will be in the new normal post-COVID-19. The panel consisted of prominent marketing leaders like Kerry Lau, Head of Marketing, Asia Pacific & Japan, Acoustic, Ashvin Vellody, Partner, Deloitte Digital, Vishwajeet Parashar, Group Marketing Head, Bajaj Capital and Prabhakar Tiwari, CMO, Angel Broking Ltd. The Session Chair for this virtual session was Gautam Mehra, CDO (South Asia) & CEO Programmatic, Dentsu Aegis Network.
Starting off the panel discussion, Lau, speaking about how COVID-19 is going to change MarTech shared, “The changes that we see in the market is because of the shift of digital acceleration. There are more non-digital natives who are now online. We see a lot more struggle as consumers are doing checkouts online for groceries and it is a different world altogether. We have also seen businesses investing in MarTech or re-building their online platforms. It is in a way timely. For instance, Marks and Spencer launched an India eCommerce platform last week. It is one of those things where you need to start moving towards digital if you haven’t already.”
Adding to how the digital conversations are going at Bajaj Capital, Parashar remarked, “I think every organization post-COVID is very clear about cost. There is a good and bad cost. Initially, we were spending more on buying a product for employees or more infrastructure a lot of that has changed. Now digital is not an option. The good cost is when you are spending on MarTech to connect to the consumer and give them a seamless experience. We use to think about providing this solution but now it is important in the given time. Overnight we changed from Tech plus touch to a digital optimization. We need to solve the pain areas of our clients and it is about what we as a brand can do for them. During this period we need to be a brand not selling a product but stick to our purpose by helping our consumers. We launched various initiatives where we are talking about health through webinars with our consumers. The product will automatically sell later on. It is about personal experiences it is not about revenues anymore. If we sustain this period it will be great for us.”
Customer experience trumps’ profitability during this global pandemic. Lau shares that we expect the brand to do better than business as usual. “Staying true to your brand values is one of the key things.” From the perspective of the financial services Parashar believes that in the next 6-8 months, people will learn to live with COVID. “Once medicines become available, we will be back to normal. But brands looking for profits right now need to focus more on sustainability. Sustainability with existing customers will be potent”, states Parashar.
Sharing his views Vellody remarked, “Brands have changed. They have gone into the FMCG, essential, and financial business. The other trend is moving towards being more authentic. There is a lot of ways brand CMO’s can associate and connect with the consumers and provide them with human experiences. This will keep you in business. Durability is another factor that will help keep up with tough times. We are advising our clients very aggressively and there are concrete plans happening. We call this framework as - Respond, Recover, and Thrive. CMO’s really need to take a lead on these three factors.”
According to Tiwari ironically, COVID has been a blessing in disguise as far as my category is concerned because the stock market was falling. “In the month of March which saw the largest fall in the stock prices. However, we saw 40% more people entered the market ever since the lockdown. It was a record for Angel Broking for the first time almost 1 lakh people opened Demat accounts. It was a 30-40% growth for us. Not only were people in a hurry to open Demat accounts, but they were also in a rush to trade as well. As a marketing team, we realized the opportunity to get more organic leads. We kept a hold of the attribution model. We also got into a lot of content marketing. We used more sympathy and humour in messaging. We started investing in TV too. Now we want to move into CDP and GEC. This is how we'll take our MarTech to the next level. We are focused more on CTR. Now we're integrating Appsflyer and Clevertap. A lot of revenue is flowing in the Appsflyer model”, shared Tiwari.
Lau is of the opinion that as a marketer, it goes back to basics. What is marketing and how to enhance customer experience are the key factors for Brands who want to throve during this crisis.
For the consumer, there's no sales or marketing team. The consumer is interacting with the brand and that's the face value.
Tiwari shredding light on this said, “The sales team is going through a big transformation. Their revenue targets are now based on how the marketing team is promoting the brand. We are giving new scripts at the Tele-caller levels as to how to talk to the customers. This is the year of surviving. We can start thriving next year on.”
In extension to this topic, Vellody commented, "Lot’s of the old data models need to be cautious now. The way that we do loyalty trust needs to be cut fresh and not just based on initial calculation.”
Summing the key points of the session Mehra concluded saying, “The new users coming in and using digital more is how we need to optimize MarTech. The behaviour is different. At some places, there's more friction and at some less.”
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