Making the most of data-led insights for brand building
The year 2016 had several global surprises where data-led insights did not convert to realities. What should data expectations be and what are the best ways to put data to work for brand and business objectives? Here’s what experts have to say…
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With data being a vital element for all sectors, marketing is no exception to this. Marketers crave for data so that they reach out to their consumers in a more customised manner. While data has been around for some time, it is only since 2016 that we started seeing marketers take this opportunity up to engage their consumers more effectively.
Speaking on how their experience with data was, Ashish Gupta, VP-Engineering, Rubrik India said, “Data didn’t take us from phase zero to 10, but it helped tremendously in taking us from 10 to 100. There are lots of fragmentations within data and data should be used to bridge the silos. The other trend that we saw was that enterprise as a structure is actually moving to hybrid. Enterprises are now moving to private and public cloud which is creating more silos and more fragmentations. This moves us back to the first point of how enterprises are able to leverage all parts of their ecosystem.”
While data-driven insights can help arm marketers better, there is an urgent need to use data effectively by decoding it and putting it to the right use. Manu Prasad, VP – Marketing, Scripbox said, “Data is cutting out of silos. For example, sites are now interacting with consumers. So, there is information flowing from the customer to the marketing team and then to the online data team. Today, it’s about being data informed before being data driven. If you torture data long enough, then it’ll confess.”
Management Information System (MIS) and data are two key terminologies that are heard around a lot at any company which has its core in data and marketing. Speaking about this, Kaushik Tiwari, Head – Marketing, Matrimony.com said, “MIS are always in silos. Data is not about presentations. Data can help in validating our intuitive feeling. The next big thing now is data integration.” He went on to give an example of a brand campaign they conducted where they found out that 80% of the women chatting wanted to work after marriage. Speaking about this, Tiwari said, “This insight was identified by our CPO and from the data that we could collect from the site.”
Rajendra Khare, Founder, Chairman & MD, Surewaves said, “Intuition is our own mind working on acquired data. Making decisions based on data using machine learning and AI can work faster than us.”
“Once a new product is launched, many of them fail. To grow any business, we need data. Without data, nothing can be done,” said Yeshwanth Nagh, Founder, The ThickShake Factory.
The speakers were part of a panel discussion for the launch of BW Businessworld’s 13th Marketing Whitebook in Ritz Carlton, Bengaluru on August 29, 2017.
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