Harnessing the power of Data Driven Marketing
The second edition of CMOs’ Charcha - Bengaluru Chapter 2023, held yesterday (October 6, 2023), brought together forward-thinking marketers, industry experts, and thought leaders. Presented by NewsFirst Kannada and hosted by Adgully, CMOs’ Charcha - Bengaluru Chapter 2023 is more than just a conference; it’s a celebration of the marketing industry’s innovation, resilience, and adaptability.
The theme this year was ‘Marketers’ Blueprint: Embrace Automation, Inclusivity, and Sustainability’. The theme reflects the current needs of the marketing industry, especially with the growing importance of automation and inclusivity in reaching diverse audiences. Innovation, of course, is always a key driver of success. The theme encapsulates the marketing industry's quest to adapt, connect, and thrive in an ever-evolving landscape. It’s a recognition that staying ahead in this field requires a multifaceted approach that respects the past, embraces the present, and constantly innovates for the future.
The event saw an interesting panel discussion on ‘Harnessing the power of Data Driven Marketing’, which was chaired by Siddharth Dabhade, MD, MIQ, and the esteemed panelists included:
Mukesh Ghuraiya, Chief Marketing Officer, Modi Naturals
Ashish Bajaj, CMO, Narayana Health
Amit Kumar Banka, Head - Growth Marketing, Swiggy
Saurabh Jain, President, South, Havas Media Group
Mukesh Ghuraiya noted, “What exactly happens is that data driven marketing or the evolution of data driven marketing, over the traditional means of marketing, that change has happened in terms of the personalisation of the experience. If I understand my consumers more deeply – their behaviour, preferences and choices – I will be able to offer my proposition in a slightly better way and my marketing budgets and media dollars will be more efficient and work better for me. As a consumer, if I visit a coffee shop and they know the kind of coffee I prefer, they will have my loyalty for a long time, if they know that I prefer my coffee a certain way. It will be my go-to place then for sure. On the other side, as a marketer, because I come from a FMCG background, we have an olive oil or edible oil portfolio, the kind of personalisation or surrogacy cohort that we are trying to identify are people who are health conscious.”
Citing Swiggy’s example, its Head - Growth Marketing, Amit Kumar Banka, said that it is a platform where food is the entire crux. “A lot of people keep ordering on Swiggy on a daily basis, or they use the platform to buy grocery from the Instamart section of Swiggy. One of the examples where we have used a lot of data in the right manner, which has also helped us to improve the orders coming from similar set of consumers, is with respect to heuristics. For example, during the Navratri festive period, a lot of people don’t eat non-vegetarian food, even though they may be a regular non-veg eater. Now as part of the entire algorithm, the kind of data pattern we take from those data set of consumers is that when we are targeting them with a specific communication of a food or to compel them to order again within that time, whether it is in the month of Shravan or Navratri, if we know that this person in the past has not ordered non-veg food, who otherwise have been ordering non-veg on a regular basis. We consciously target only vegetarian food items to them and we have seen, people love that a lot.”
He added, “We have started getting customised communication based on their browsing behaviour, based on their buying pattern, based on taking some of those nuances into consideration. And it has really helped the users to become more connected with Swiggy as a platform. And this has also helped us in terms of lot of cross pollination.”
Coming from a healthcare background, Ashish Bajaj said, “Data marketing can really be the key for the healthcare industry, it is personalised to the core. It is individual healthcare data that can be utilised in terms of setting up context, for their well being. Swiggy, Zomato have used data marketing brilliantly well. There will be more and more cohorts that keep adding to know a person better, from that point of view, definitely there is a requirement for currency change in itself, because otherwise every platform will have its own currency, or something to evaluate at. First that needs to be sorted, after that its pure play conneting it together."
Saurabh Jain shared about one of the television plans that he has worked very closely with, especially with the team and the marketing heads for a jewellery brand. Normally, television is a medium where you do not relate live data, but what we did was we mapped each and every spot with the time band, with the traffic on the website, and we said came to know which genres were working and which spot was working. We did a lot of data science in that short term effect of a spot, long term impact of a spot, and the overall results were astounding. One is a planning based on BARC and TAM, which used to happen, and here we are doing a live planning that tells me to reduce my genre wise spends of maybe a GEC by 70%. It is not coming from past data, it is coming from live data, so I love that kind of working.”
These are edited excerpts. For the complete panel discussion, please watch below:
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