MMA India’s Moneka Khurana decodes the future of marketing in data-driven era

In this interview with Adgully, Moneka Khurana, Country Head of MMA India, delves into the importance of data strategy in today’s marketing landscape and explores the steps companies can take to build a robust data ecosystem for driving growth. She also touches upon the role of AI in marketing and its potential impact on the future, as well as the transformative potential of emerging technologies like AR/VR and the concept of the Metaverse. Additionally, she explores the integration of online-to-offline experiences and the opportunities it presents for businesses, and the Open Network for Digital Commerce (ONDC) and its potential impact on digital commerce, as well as the factors that contribute to a powerful customer experience and how businesses can leverage CX strategies to enhance satisfaction and loyalty. Excerpts:

How important is data strategy in today’s marketing landscape, and what steps can companies take to build a robust data ecosystem and enhance their data capacities for driving growth?

Data strategy holds high strategic importance in today’s marketing landscape. Companies can leverage various technologies and data sources to gain insights into consumer behaviour and preferences, enabling them to create personalised and targeted marketing campaigns that drive engagement and conversions. By building a robust data ecosystem and enhancing their data capacities, companies can unlock the potential of data-driven marketing.

To build a robust data ecosystem and enhance data capacities, companies can consider the following steps based on the insights from the raw content:

• Establish data sharing protocols: Define clear protocols for data sharing, especially in e-commerce genres. Determine the level of personally identifiable information (PI) that is collected from customers and establish how it will be shared with relevant parties like the Online-to-Offline Commerce (such as ONDC) platform and sellers. This ensures compliance with legal requirements while maintaining customer privacy.
• Compartmentalise data: Segregate and compartmentalise data to protect customer privacy. For instance, the ONDC platform should not have access to specific details about individual buyers or transactions unless required for legal or grievance purposes. Retain only the data necessary for statutory requirements and maintain the health of the information.
• Anonymise and aggregate data: Collaborate with network participants to create anonymised, aggregated information that does not contain personally identifiable details. This aggregated data can provide valuable insights to all network participants while ensuring privacy.
• Leverage technology for data analysis: Utilise technology, such as artificial intelligence (AI) and machine learning (ML), to analyse large datasets. These technologies can automate tasks, analyse consumer data sets, and extract valuable insights to enhance marketing strategies.
• Optimise marketing efforts: Leverage the power of data to optimise marketing strategies. To understand consumer behaviour and preferences, utilise the available consumer data, including transactional data, website analytics, and social media interactions. This understanding enables the creation of relevant and meaningful campaigns that drive engagement and conversions.

With the rise of AI, what role do you see it playing in marketing? How do you believe AI will impact the future of marketing, and what opportunities or challenges does it bring?

AI is poised to play a significant role in marketing, transforming various aspects of the industry. One area where AI is making an impact is segmentation and campaign management. By leveraging AI and analytics, organisations can effectively micro-segment their customer base, leading to more personalised and meaningful campaigns. Additionally, AI-powered generative AI technology has the potential to revolutionise marketing by enabling the creation of unique visuals and tailored messages, resulting in higher engagement and conversions. AI’s influence also extends to customer service, with AI-powered chatbots providing intelligent and human-like interactions to deliver quick and convenient customer service and personalised recommendations.

AI’s impact on marketing strategies is substantial. With the decline of third-party data-driven behavioural targeting, AI offers an alternative approach. Rather than relying solely on user data, AI can leverage contextual information to deliver more personalised advertising experiences. AI-powered contextual targeting analyses factors such as tone, sentiment, images, and situational signals to optimise ad placement and ensure relevance to users. This inclusive targeting approach is not limited to specific demographics and allows brands to target custom categories of content. As AI continues to evolve, it offers the potential for even more advanced customisation and creative integration.

Overall, AI presents opportunities for marketers to enhance segmentation, personalisation, advertisements, and customer engagement. However, challenges remain, including ethical considerations, privacy concerns, and striking the right balance between automation and maintaining a human touch. As AI technology advances, marketers will need to adapt their strategies and leverage AI’s capabilities to drive success in the evolving marketing landscape.

The concept of the Metaverse and emerging technologies like AR/VR are gaining traction. How do you think these technologies will shape the future of marketing and what innovative opportunities do they present for brands?

The concept of the Metaverse and emerging technologies like AR and VR are poised to have a significant impact on the future of marketing. These technologies offer innovative opportunities for brands to engage consumers and shape their marketing strategies.

The Metaverse, a shared virtual world that blends game mechanics, live events, blockchain-enabled digital goods, and virtual commerce, has become a new battleground for consumer attention and brand preference. Brands that establish an authentic virtual identity within the Metaverse can enhance the experiences of consumers and thrive commercially. This is particularly important when targeting Gen Z, as they do not distinguish between virtual and offline experiences.

The characteristics of the Metaverse include social interaction, real-time and persistent virtual environments, hardware agnosticism (accessible from various devices), economic opportunities through cryptocurrencies, user-generated content, and seamless interaction between virtual and physical worlds.

AR is a prime example of the impact of blending physical and virtual engagement. Brands can use AR to enhance physical experiences, gamify interactions, offer virtual try-ons for products, and enable virtual makeup applications. AR has been shown to drive higher conversion rates and provide new levels of accessibility for consumers.

In the Metaverse, brands can play different roles to create meaningful engagement with consumers. They can act as enablers, providing unique virtual experiences and reducing barriers to entry. Brands can also participate as co-creators, crafting new experiences and narratives within the Metaverse. Authenticating consumer lifestyles and passions are another role brands can play by providing highly relevant brand experiences. Additionally, brands can celebrate the adoption of new forms of interaction and creation, driving engagement and loyalty.

To succeed in the Metaverse, marketers need to adopt new tactics and embrace the virtual environment. This includes having a firm conviction that the Metaverse is the battleground for consumer attention and commerce, collaborating with technologists as creative partners, embracing early-stage venture and incubation, forming strategic partnerships with platforms or creators, and understanding the virtual landscape and appointing dedicated virtual marketing officers.

In the realm of digital commerce, what are your insights on the integration of online-to-offline (O2O) experiences? How can businesses effectively leverage O2O strategies to enhance customer experiences and drive sales?

In the ever-changing realm of digital e-commerce, the integration of online-to-offline experiences presents vast potential for businesses aiming to enhance customer experiences and drive sales. By seamlessly blending the virtual and physical realms, businesses can give way to a cohesive and tailored journey for their customers. This integration can empower businesses to offer personalised interactions, optimise convenience, and capitalise on the unique advantages offered by both online and offline channels. Effectively leveraging O2O strategies becomes crucial for businesses aiming to create a compelling and holistic e-commerce platform.

One key aspect of O2O integration is adopting an omnichannel approach to visit a physical store for a hands-on experience, or they can make a purchase online and opt for in-store pickup. This seamless transition between channels enhances convenience and provides a flexible shopping experience.

O2O integration also enables businesses to personalise customer interactions and enhance convenience. Businesses can gain valuable insights into customer preferences and behaviours by leveraging data from online and offline interactions. This data can then be used to offer personalised recommendations, targeted marketing campaigns, and tailored experiences. Providing conveniences, such as click-and-collect services or seamless transitions between online and offline transactions, further enhances the overall customer experience.

Integrating online and offline channels allows businesses to collect and synchronise customer data, creating a comprehensive view of customer preferences and behaviours. This synchronised data enables businesses to better understand their customers, optimise marketing strategies, and improve product offerings. Analysing O2O data empowers businesses to make informed decisions and drive more effective sales and marketing initiatives.

O2O integration also provides ample opportunities for businesses to engage with customers across multiple touchpoints. Digital channels can be utilised to create awareness and drive traffic to physical stores, where customers can have immersive experiences and interact with products. Engaging customers across online and offline channels strengthens the brand-customer relationship and fosters loyalty.

While digital commerce has seen significant growth, offline experiences still play a vital role in building brands. Physical stores offer customers the opportunity to interact with products, receive personalised assistance, and experience the brand’s atmosphere. Integrating offline experiences into digital commerce helps businesses establish a stronger brand presence and build trust with customers.

Lastly, O2O integration allows businesses to measure the impact of their online and offline efforts more accurately. Leveraging analytics and attribution models, businesses can gain insights into the customer journey, measure the effectiveness of different touchpoints, and optimise their marketing and sales strategies accordingly. This data-driven approach helps businesses make informed decisions and allocate resources effectively.

The Open Network for Digital Commerce (ONDC) has recently been introduced. Could you decode the ONDC and shed light on its potential impact on digital commerce? How can brands harness the power of ONDC to improve customer engagement and drive business growth?

The Open Network for Digital Commerce (ONDC) is a transformative programme introduced in the e-commerce industry. It aims to create a level playing field and accessible platform for businesses of all sizes, addressing the challenges faced by small retailers in competing with industry giants. ONDC focuses on facilitating the distribution of essential commodities nationwide, ensuring their availability and accessibility in the e-commerce ecosystem.

The programme has made significant progress since its inception. By December 2022, nearly 800 merchants had joined the network, and the current seller count ranges from 40,000 to 50,000, with a particular emphasis on the food and grocery sectors. This growth indicates the increasing impact and presence of ONDC in the digital commerce landscape.

One of the key strengths of the ONDC framework lies in its emphasis on unbundling and interoperability. This approach enables seamless convergence and standardised protocols, allowing buyers and sellers from different platforms to interact, complete transactions, and analyse e-commerce solutions effortlessly. ONDC functions as a protocol, providing a common language for businesses to communicate and collaborate, irrespective of their specific platforms.

ONDC addresses the challenges faced by retailers in expanding their online businesses. It offers a platform that promotes discoverability, transparency, and interoperability, providing equal opportunities for businesses to thrive. By leveraging the power of ONDC, brands can improve customer engagement and drive business growth. The programme offers a scalable and inclusive ecosystem that empowers businesses to reach a wider audience, enhance their visibility, and access new markets.

Overall, ONDC presents a significant opportunity for brands to harness their potential and leverage their capabilities to create a more inclusive and efficient digital commerce environment. By embracing ONDC, businesses can enhance customer engagement, expand their reach, and drive sustainable growth in the ever-evolving e-commerce landscape.

Customer experience (CX) is a crucial aspect of marketing. What are the key factors that contribute to a powerful CX, and how can businesses leverage CX strategies to enhance customer satisfaction and loyalty?

The customer experience (CX) is a crucial aspect of marketing. A powerful CX is influenced by several key factors. Personalisation plays a crucial role in delivering a tailored experience to individual customers. By leveraging data and understanding customer preferences, businesses can create personalised offerings and recommendations that resonate with their target audience. Seamless integration across channels is also essential, ensuring a cohesive experience for customers across different touchpoints. User-friendly interfaces that prioritise simplicity and ease of use contribute to a powerful CX by reducing friction and enhancing customer satisfaction. Proactive customer service becomes critical in addressing customer needs and ensuring their satisfaction.

To enhance customer satisfaction and loyalty, businesses can leverage key CX strategies. Personalised marketing involves tailoring messages and offers to individual customer preferences, creating experiences that make customers feel valued. Seamless integration across channels ensures a consistent experience, allowing customers to transition seamlessly between touchpoints. User-friendly interfaces and simplicity reduce friction in the customer journey, making interactions effortless. Proactive customer service involves anticipating needs, providing personalised recommendations, and prompting issue resolution. Implementing these strategies enhances satisfaction, builds trust, and fosters long-term loyalty.

By implementing personalised marketing, seamless integration, user-friendly interfaces, and proactive customer service, businesses create exceptional experiences. These strategies meet and exceed customer expectations, enhancing satisfaction and loyalty. The result is improved business performance and growth.

Media channels are constantly evolving. Could you provide insights into new opportunities in connected TV (CTV), e-commerce advertising, and content marketing? How can marketers effectively navigate these channels to reach their target audience and achieve their marketing goals?

With the rise of CTV viewing trends, brands can connect with hard-to-reach TV audiences by leveraging platforms like YouTube CTV and utilising audience segmentation capabilities. This targeted approach enables brands to achieve higher traffic, average order value, and brand performance. Additionally, the popularity of streaming entertainment and diverse streaming platforms allows marketers to scale CTV campaigns across different services, engaging audiences thoughtfully and maximising reach. By strategically calibrating frequency and using consolidated media buys, brands can effectively navigate these channels to engage their target audience and achieve marketing success.

In the realm of e-commerce advertising, brands can leverage CTV to complement their TV advertising efforts and engage valued customers. By utilising tools like Display & Video 360, brands can make consolidated media buys across streaming services, reaching audiences with a single campaign regardless of the platform they use. This approach, coupled with setting frequency caps, ensures brand awareness, drives app installations, and engages both active and inactive users. With CTV’s immersive viewing experience and its growing popularity, it presents a promising platform for reaching audiences effectively and achieving marketing objectives.

CTV offers an opportunity to deliver longer video content to engaged audiences. As CTV becomes the fastest-growing platform, brands can leverage its capabilities to grow relevant reach, awareness, and bottom lines. By combining the immersive viewing experience of CTV with compelling and tailored content, marketers can effectively navigate this channel to connect with their target audience, build brand affinity, and achieve their marketing goals.

Are there any notable trends or advancements in the marketing industry that you believe will significantly impact brands and marketers in the near future?

AI-powered contextual targeting is gaining importance as an alternative to behavioural targeting, which is being rendered obsolete due to consumer sentiment and regulations. Contextual AI allows marketers to focus on the context behind consumer behaviour and purchasing decisions, providing a more personalised and inclusive advertising experience. Additionally, the integration of generative AI with contextual AI enables customised creatives that resonate with consumers, leading to higher engagement and conversions. Furthermore, AI is revolutionising customer service through intelligent chatbots powered by generative AI, offering convenient and personalised interactions. These advancements in segmentation, personalisation, advertisements, and customer engagement are just around the corner, and marketers need to embrace AI to stay ahead in the evolving marketing landscape.