“Technology and data collection have changed all business and customer interactions”

Returning to the field after a three-year hiatus, the Delhi edition of the Exchange4media Group Pitch CMO Summit 2022 saw marketing executives from across the country and beyond share insightful insights into “marketing in a data driven”. Among the stimulating discussions was the one on “Building omnichannel personalization using data”. Panelists explored how brands could use available data to successfully formulate and leverage an omnichannel strategy to be accessible to consumers through all possible avenues and touchpoints.

On the panel were Amit Gujral, CMO, JK Tire & Industries; Nikhil Gupta, Head of Marketing and Integrated Communications and Business Operations, South Asia, Signify (formerly Philips Lighting); Parth Joshi, CMO, BharatPe; Rahul Talwar, Senior Vice President and Chief Marketing Officer, Max Life Insurance; and Sidhharth Dabhade, Managing Director, India, China and SAARC, MiQ. Dr. Vibha Arora, Associate Dean, ICFAI Business School (IBS), Gurgaon, was the session chair.

Talking about the evolution of marketing over the past 50 or so years, Arora observed that the industry had moved from mass marketing to segment marketing, to customer marketing and now to “relevant marketing”. “When we talk about relevant marketing, we’re talking about immersive consumer experiences. In the retail context, we’ve moved from single-channel to multi-channel to omni-channel. »

She also explained how the dynamics of marketing and shopping had changed, with sellers and buyers doing both “web-rooming” and “show-rooming”, the former being consumers selecting products online and then buying in the physical store, and the latter being the selection of the product in store, then its purchase online, all for the best offer.

Starting the discussion by explaining how technology and data have changed the business of JK Tires, as a company offering both products and services, Gujral noted that in today’s world, everyone world was obsessed with technology. “Every interaction, every behavior you have is impacted by technology, and it’s only because of the convenience of assistive devices. Technology is in everything from lighting to tires to insurance,” said Gujral, referring to apps you could use to control ambient lighting, dimming and other aspects of your light bulbs or how all the hassle that used to be associated with buying insurance had been largely replaced by the click of certain buttons on your phone.

“Similarly, since the world runs on tires, today we have J&K Smart Tyres. They are connected, like everything else, to an app on your phone and keep you updated on your tire pressure and other necessary information,” Gujral said, adding that technology has also allowed the company to streamline its after-sales experience to always be able to meet a customer’s needs, reduce resolution times complaints and to be able to reach customers in the most remote destinations.

Speaking of lighting, Gupta also affirmed the role technology plays in today’s world, pointing out that for all marketers, 2020-2021 was a tipping point. “We’ve seen more and more people shift more, if not most, of their money into digital marketing. And because sales have been impacted, marketing budgets have been impacted. Major TV campaigns and field marketing have been pushed back heavily and we’ve had to rely on digital marketing to reach people in their homes,” Gupta said. This is where omnichannel and data-driven marketing really came into effect, because marketers realized it was the easiest way to reach consumers, he added.

At Signify (formerly Phillips Lighting), our business is largely split 50-50 between B2B and B2C. Previously, our B2B customers were redirected to our franchisees on their sites, but when we launched our omnichannel approach and presented them with the entire customer journey, we saw that our response had increased by 56%, so we realized that we could do a lot with our digital budgets,” says Gupta, adding that data analytics also proved useful with B2C customers, as they could identify and target people who had recently shown an interest in Signify products. , which was twice as impactful as targeting people who had been interested. earlier.

Talking about the role data plays in customer acquisition and retention, BharatPe’s Joshi said it’s vital for brands to know their first principles: knowing their consumers while being able to solve their problems for them. .

“What the data allows you to do is attribute the problem so you can think about it. And then however you approach it, whether it’s online or offline, whether it’s a product, as long as you keep that first principle in mind, you’ll be able to solve problems and have a satisfied customer. Happy customers have a higher lifetime value and will be willing to spend more revenue on you, and that’s how you build a fantastic business.

Exploring how, as a business, Max Life Insurance went from “talking to a customer” to “talking to a customer”, Talwar noted that the insurance was different from other products and services because it had huge human elements.

“On the one hand, we have all the data in all the terms (data analytics, data lakes, etc.) and on the other, the traditional, the people. And that’s because our product category and of services is not fleeting, the average length of a relationship we have with customers is between 10 and 40 years, depending on when you purchased your insurance,” Tawlar said as the data retrieves everything that, data exists alongside a humanizing component of that journey.And because of the length of the transaction journey in life insurance, we need to be able to stay in touch with customers and retain them. important so that in the event of unforeseen circumstances, you can help their families.

Speaking further about the difference between talking to and talking with, Talwar said, “The heart of business is in the word ‘customer’ and if you remove the ‘c’ and ‘r’ you are left with only “we for me”. ‘. The answer out there for a category called life insurance is very clearly that it’s the power of a segment of one. Customers don’t want to be put in a box, and while you can categorize them for official and segmentation purposes, you must have a personal relationship with them because at some point while dealing with the person or their family about your product, the person who originally purchased that product may not be there. »

Talking about media optimization and how brands can manage customer interactions and transactions across different channels, both digital and physical, Dabhade said, while noting that MiQ was a successful unicorn operating in 30 countries, that the company has one of the largest data lakes in the world. because it collects data from more than 200 data sources in the countries where it operates, and that is the power of technology.

“All companies have data, technically called first party data. It is very important for companies to use their own data as well as to use technology to collect data from other sources. And it’s essential to collect and use third-party data to answer questions such as “who is my consumer”, “where are they” and “how can I best contact them”? It helps you determine what is the best context to reach them so that your message resonates with them in a very pleasant way,” he said, adding that it is also important to remember that it is about two-way communication and that brands need to be responsive to their customers’ needs and feedback.

Read more news at (marketing news, latest marketing news, internet marketing, marketing india, digital marketing india, media marketing india, advertising news)

For more updates, be social connected with us on
Instagram, LinkedIn,
TwitterFacebook & Youtube

Comments are closed.