The scope for AI-powered strategies and innovations in data-driven marketing
In this day and age characterised by an increasingly digital world, leveraging the power of data-driven marketing, advertising, and technology is significant for businesses and brands who are looking to stay ahead of the curve. DATAMATIXX Summit and Awards serves as the ultimate platform for industry leaders, marketers, advertisers, and tech enthusiasts to gather, collaborate, and discover the cutting-edge developments that are shaping the digital ecosystem.
The 2nd edition of DATAMATIXX 2023, held on July 28 in Mumbai, saw a special fireside chat on ‘The Future of Data-Driven Marketing: Exploring AI-Powered Strategies and Innovations’. The session was moderated by Aniket Powar, National Sales Head, Hybrid, and the esteemed speakers included Anand Chakravarthy, Chief Growth Officer, Omnicom Media Group India, and Sapna Desai, Chief Marketing Officer, ManipalCigna Health Insurance.
Commencing the discussions, Aniket Powar remarked, “In this rapidly evolving digital landscape, data has actually emerged as the lifeblood of modern marketing. The strategic use of data driven insights has revolutionised how businesses engage with their audiences, make informed decisions and optimise their marketing efforts.”
On being asked to compare data-driven marketing and traditional marketing, Sapna Desai answered, “The first two steps are on the consumer level, so when you say traditional marketing, it could be a decade earlier when you just had a single television screen, less media, and no multiplicity of your phones. That is when we say traditional marketing, and I think when people talk about traditional, the whole sense is about marketing to the family. So, everybody’s sitting down together, watching the commercials together, compared to what we have today. I think marketing has definitely really evolved and is constantly evolving.”
Desai further said, “Marketing is getting much smarter now with data, AI and Tech. I really want to have a good smart media agency. I think that’s the shift that I see.”
Anand Chakravarthy commented that the reality is that data can be a boon and a bane. He added, “Marketing is not exact science, it is actually probabilistic. Talking about growth and data, in most categories eight out of 10 people are either medium or light users of the category and only 15-20% are heavy users. The moment you use data to segment an audience and target users of a category of frequent users of a category when you are doing a top of the funnel campaign, you’re already limiting the opportunity. If you want to unlock growth, sometimes too much data use can actually be an impediment vis-a-vis being an advantage. It depends on the category and the budget too.”
Chakravarthy noted, “Different companies at different stages of evolution are using different tactics. Most start-ups start their journey with performance marketing at the lower end of the funnel. If companies want to create demand in a market like India for any of their products, they have to talk to consumers on top. So, growth through a data-driven market is not a one-shoe-fits-all strategy, it depends on your category, it depends on what life stage the company is in, and what are your ambitions to grow.”
These are edited excerpts. For the complete discussion, please watch:
Share
Facebook
YouTube
Tweet
Twitter
LinkedIn