Vijay Thomas, founder and partner at Tangentia, began by saying, “As a consultancy providing technology solutions to increase organizational effectiveness, we now talk to CMOs, not CEOs or CIOs of our corporate clients. This tells you how big and important marketing budgets are to an organization especially with the onset of digital marketing.”
Anand Natarajan, chief business officer at Excellor, pivoted the discussion to the key role of data in digital marketing. “Marketing clouds now offer ample amounts of data unlike traditional mediums of TV, radio, etc. This also means customers expect you to know what they like and prefer.”
Julie-Lynn Tikekar, senior manager for risk management at PayPal added, “Big data is a buzz word nowadays. It describes the speed, access and amount of data available and it is making marketing more focused and accurate therefore will create more profit.”
Rajesh Munjal, COO, Carzonrent India offered his insight saying technology is not enough content is important too. “For instance we have provide vehicles for corporate rental. B2B is niche and should be customized. Tech and content is equally important, this is where sound marketing strategies will come into play. There is an abundance of data with everyone thanks to the internet so you must use technology like analytics to make sense of all this.”
The panel also shared their views on what marketing tools and tips can be used to increase online marketing efficiency.
“Have a data feed to keep your front end relevant, use analytics to do this. Pay attention to placement of products on your pages to optimize sales. You will see product preferences vary by geography”, suggests Vijay of Tangential.
Kunal Gupta, associate director for media, digital and ecommerce at Nielsen suggests experimenting with giving free data to consumers, “Keep track of what happens when you give internet data for free - how many people will experiment with shopping online etc. it’s another revolution.”
Julie-Lynn of PaPpal added, “Maximize your digital real estate, don’t just build a website and forget about it. Keep it dynamic. While you’re building your website test it out with your target audience to make sure you’re attracting the right audience.”
Keeping track of online marketing costs is very important. Mohit Gill of Global Sell said, “While it increases visibility, cost of online marketing must be checked (sponsored ads, paid campaigns) to make sure your spending justifies what you sell, when you’re earning back around 30%, it’s not justified. Say u pay 100 rupees for five days but the product is sold in 5 hours. That’s not justified either.”
Gaurav Kachru, CEO of Today Retail (now part of Zee Media Corporation), says, “Do not underestimate the power of SEO, it brings traffic to your sites at a low cost. You should be careful about paid acquisitions and display ads; they don’t draw customers anymore. Using influencers like friend networks to like your product is better.”
Summing up this discussion, things come a full circle when Gaurav said, “No matter what marketing is still what it was. The fundamentals have not change and you must get those right; only the tech and tools have changed.”
Julie-Lynn agrees, “There’s no substitute for studying an excel sheet for about 2 hours. Based on my findings from an excel sheet I am still able find points with which to challenge guys who use.”
BW Reporters
Regina is a reporter for BW Businessworld. In her previous assignments, she has worked with Independent television Network as a news anchor and reporter in Sri Lanka
