MarTech Mumbai: Best marketing investments are people related: Kashyap Kompella, rpa2ai

Kashyap Kompella, CEO, rpa2ai Research, spoke about the right tools to achieve results based on three customer-centric trends

e4m by exchange4media Staff
Updated: Nov 27, 2019 3:22 PM
Kashyap Kompella CFA, Co-author, "Practical Artificial Intelligence" and CEO, rpa2ai Research

The exchange4media MarTech Mumbai 2019 conference held on November 26 saw several experts come together to share insights on RoI strategy, using MarTech for paying down Experience Debt, how AR, VR and MR is transforming marketing, role and AI and machine learning in transformation, leveraging on Martech to help brands hyper personalise their offerings and a lot more.

The concluding chapter of the MarTech Mumbai event was a session by Kashyap Kompella CFA, Co-author of ‘Practical Artificial Intelligence’ and CEO of rpa2ai Research.

CMOs are under pressure to find the right tools to achieve results based on three customer-centric trends: rising customer preferences for mobile engagements; elevated customer expectations for personalized interactions and leadership demands for marketing transparency and ROI. Kompella spoke about the three themes of mobile, personalisation and RoI and presented a 360-degree platform that ranks global thought leaders based on their expertise.

Predicting future trends a year from now and beyond, Kompella introduced John Wanamaker towards the beginning of the session as the man who introduced the price tag and no questions asked price guarantee in his own store. Quoting John Wanamaker, Kompella said: “Half the money I spend on advertising is wasted; the trouble is I don't know which half.”
“This resonates with most of us, where we have fear on if the investments we are making is worthy or not. Research from results on large organisations shows that their investments from marketing technology are mixed.”

To evolve a customer-centric model, marketers need to focus on four key aspects - awareness, consideration, post-purchase, and loyalty. With the explosion of channels, there is technology to work within teams and with external partners as well.

Emphasising on the growing need for privacy by design, Kompella said, “There is an emerging customer preference, wherein they are ready to pay a little extra for privacy to ensure that their data is not being sold. This is something you need to consider in your marketing strategy and architecture.”

Quizzing audiences present at the session on “what do people mean when they say AI?”, Kompella said: “I have been seeing a lot of people talking about AI and Machine Learning, but not really clarifying what is AI. While the term Artificial Intelligence was coined in 1955, why are we all excited about AI in 2019? The sub-branch of AI is machine learning, which uses a lot of sensitive methods from computer science and another sub-branch of machine learning is deep learning, which uses techniques in artificial neural networks.”

Speaking about the difference between machine learning approaches and classical approaches he added, in regular programming, you are given a set of data and your answers are given by the programme. In the Machine Learning approach, you give the data and the set of answers, it figures out the rules. Deep learning has gained prominence in the last 3 to 4 years because the performance has really improved quite a bit, Kompella said.

Speaking about Robotic Process Automation (RPA), Kompella said, “If you think of AI software as the brains of a computer system, RPA is like the fingers and the eyes. As marketers, you probably are familiar with taking data from multiple systems and inputting that into another system - a lot of manual repetitive roles. RPA helps with repetitive tasks in different applications.”

In chatbots, you figure out the intent of the user and put that data into the enterprise system and get that data, which is where RPA can be useful there as well. “Maybe not in 2020, but in 3 to 5 years, machine learning has the potential to transform how we do marketing,” Kompella predicts.

Looking at the classical 4Ps of marketing and machine learning, it helps create new products and services, and improve existing products. The Pricing is already quite mature, such as dynamic pricing in airlines, e-commerce, and hotels. It helps in Promotion using personalization and segmentation at scale. Machine learning is powering discovery across the customer journey. Towards the end, he emphasised on the need to bring balance between people, process and technology.

In conclusion, Kompella said, “The best marketing investment that you can make are people related.”

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