In this interview with Adgully, Moneka Khurana, Country Head of MMA India, talks about the importance of data strategy in today's marketing landscape. She talks about the role of artificial intelligence in marketing and its potential impact on the future, as well as the potential of emerging technologies like augmented and virtual reality. She explores the integration of online-to-offline experiences and the opportunities it presents for businesses, as well as the Open Network for Digital Commerce and its potential impact on digital commerce, as well as the factors that contribute to a powerful customer experience. There are excerpts.
How important is data strategy in today's marketing landscape, and what steps can companies take to build a robust data ecosystems and enhance their data capacities to drive growth?
Data strategy is important in today's marketing landscape. Companies can use various technologies and data sources to gain insights into consumer behavior and preferences, which they can use to create targeted marketing campaigns. The potential of data-driven marketing can be unlocked by augmenting their data capacities.
Companies can use the insights from the raw content to build a robust data ecosystems.
- 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.
What role do you think artificial intelligence is going to play in marketing? What do you think will happen in the future of marketing with the use of artificial intelligence?
Various aspects of the industry are going to be changed by the use of artificial intelligence. Campaign management is one area where artificial intelligence is making a difference. More personalisation and meaningful campaigns can be achieved with the use of artificial intelligence and analytic tools. Artificial intelligence has the potential to change the way marketing is done by allowing the creation of unique visuals and tailored messages. Customer service is influenced by the influence of artificial intelligence, with intelligent and human-like interactions to deliver quick and convenient service.
The impact of artificial intelligence on marketing strategies is significant. Artificial intelligence offers an alternative approach to targeting. Artificial intelligence can use contextual information to deliver more tailored advertising experiences. Ad placement is influenced by factors such as tone, sentiment, images, and situational signals. It is possible for brands to target categories that are custom to their content. Artificial intelligence has the potential for even more advanced integration.
There are opportunities for marketers to use artificial intelligence. Striking the right balance between automation and maintaining a human touch remains a challenge. As artificial intelligence improves, marketers will need to adapt their strategies and use it to their advantage.
The concept of the Metaverse is gaining popularity. What innovative opportunities do you see for brands when it comes to these technologies?
The future of marketing is expected to be impacted by the Metaverse and emerging technologies like augmented and virtual reality. These technologies can be used to shape marketing strategies.
The Metaverse, a shared virtual world that blends game mechanics and live events, has become a new battleground for consumer attention and brand preference. Establishing an authentic virtual identity within the Metaverse can help brands thrive. Gen Z don't distinguish between virtual and offline experiences.
The Metaverse has characteristics such as social interaction, real-time and persistent virtual environments, hardware agnosticism, economic opportunities through cryptocurrencies, and user-generated content.
Blending physical and virtual engagement is what makes augmented reality possible. Virtual try-ons for products and augmented reality can be used by brands. New levels of accessibility have been shown to be driven by augmented reality.
There are different roles that brands can play to engage with consumers. They can help reduce barriers to entry. New experiences and narratives can be created by brands as co- creators. Consumer lifestyles and passions can be authentically provided by brands. New ways of interaction and creation can be celebrated by brands.
New tactics and embracing the virtual environment are needed to succeed in the Metaverse. This includes having a firm conviction that the Metaverse is the battleground for consumer attention and commerce, collaborating with technologists as creative partners, forming strategic partnerships with platforms or creators, and understanding the virtual landscape.
What are your thoughts on the integration of online-to-offline experiences? Businesses can use O2O strategies to enhance customer experiences.
Businesses aim to enhance customer experiences and drive sales by integrating online-to-offline experiences. Businesses can blend the virtual and physical world for their customers. Businesses can take advantage of the unique advantages of both online and offline channels with this integration. Businesses trying to create a compelling andholistic e- commerce platform need to effectively leverage O2O strategies.
One of the key aspects of O2O integration is to visit a physical store for a hands-on experience or make a purchase online and pick it up. The transition between channels makes it easier to shop.
Businesses can use O2O integration to personalize customer interactions. Data from online and offline interactions can give businesses valuable insights. The data can be used to create tailored experiences. Click-and-collect services, seamless transitions between online and offline transactions, and other conveniences help enhance the customer experience.
Businesses can collect and sync customer data with online and offline channels. Businesses can better understand their customers by using synchronised data. Businesses can usealysing O2O data to make better decisions.
Businesses can use O2O integration to engage with their customers. Digital channels can be used to create awareness and drive traffic to stores. The brand-customer relationship is strengthened by engaging customers across channels.
Offline experiences are still important in building brands despite the growth of digital commerce. Customers can interact with products, get assistance, and experience the brand in a physical store. Businesses can establish a stronger brand presence with the integration of offline experiences into digital commerce.
Businesses can use O2O integration to measure the impact of their online and offline efforts. Businesses can gain insights into the customer journey, measure the effectiveness of different interactions, and improve their marketing and sales strategies with the help of analytic models. Businesses can use this data-driven approach to make better decisions.
Can you tell us about the impact of the ONDC on digital commerce? The power of ONDC can be harnessed to improve customer engagement.
There is a programme called the Open Network for Digital Commerce. It aims to create a level playing field for businesses of all sizes and address the challenges faced by small retailers in competing with industry giants. Ensuring the availability and accessibility of essential commodities is one of the priorities of ONDC.
Since its beginning, the programme has made progress. More than 800 merchants joined the network by December 2022, with the current seller count ranging from 40,000 to 50,000, with a particular emphasis on the food and grocery sectors. The ONDC's presence in the digital commerce landscape is growing.
Unbundling and interoperability is one of the main strengths of the ONDC framework. This approach allows buyers and sellers from different platforms to interact, complete transactions, and analyse e- commerce solutions easily. ONDC provides a common language for businesses to communicate and collaborate regardless of their platform.
Retailers face challenges in growing their online businesses. Equal opportunities for businesses to thrive are provided by the platform. The power of ONDC can be used to improve customer engagement. Businesses can reach a wider audience, enhance their visibility, and access new markets with the programme.
The ONDC presents a significant opportunity for brands to use their capabilities to create a more inclusive and efficient digital commerce environment. Businesses can increase customer engagement, expand their reach, and drive sustainable growth by embracing ONDC.
Customer experience is an important part of marketing. How can businesses improve their customer satisfaction and loyalty by using CX strategies?
Customer experience is a crucial aspect of marketing There are a number of key factors that influence a powerfulCX. Delivery of a tailored experience is dependent on personalisation. Businesses can use data and understand customer preferences to create personalized offerings. Ensuring a cohesive experience for customers across different channels is one of the reasons for seamless integration. The user-friendly interface that prioritises simplicity and ease of use contributes to a powerfulCX. Ensuring customer satisfaction is dependent on proactive customer service.
Key CX strategies can be used to improve customer satisfaction. Creating experiences that make customers feel valued is one of the things that can be achieved with personalized marketing. Customers can transition smoothly between channels when seamless integration is ensured. The user-friendly interface and simplicity make interactions easy. Customer service that is proactive involves anticipating needs. Building trust and fostering long-term loyalty are some of the benefits of implementing these strategies.
Businesses can create exceptional experiences by implementing personalized marketing, seamless integration, and user-friendly interface. Customer satisfaction and loyalty are enhanced by these strategies. Business performance is improved.
The media channels are always changing. Is it possible to provide insights into new opportunities in connected TV? How can marketers get to their target audience?
With the rise of TV viewing trends, brands can connect with hard-to-reach TV audiences by using platforms like YouTube. The approach enables brands to achieve higher traffic and average order value. The popularity of streaming entertainment and diverse streaming platforms allow marketers to scale campaigns across different services. By using consolidated media buys, brands can effectively navigate these channels to engage their target audience.
In the world of e- commerce advertising, brands can use CTV to complement their TV advertising efforts. Advertisers can make consolidated media buys across streaming services, reaching audiences with a single campaign regardless of the platform they use. Brand awareness, drives app installs, and engages both active and inactive users are ensured by this approach. It presents a promising platform for reaching audiences and achieving marketing objectives with its growing popularity.
Longer video content can be delivered to engaging audiences. As the fastest growing platform, brands can leverage its capabilities to grow. By combining compelling and tailored content, marketers can effectively navigate this channel to connect with their target audience and achieve their marketing goals.
Do you think there will be significant changes in the marketing industry in the next few years?
Due to consumer sentiment and regulations, contextual targeting is being rendered obsolete. It's possible to use contextual artificial intelligence to give marketers a more personalized and inclusive advertising experience. The integration of generative artificial intelligence with contextual artificial intelligence can lead to higher engagement and conversion rates. Customer service is revolutionising with the use of artificial intelligence, which offers convenient and personalized interactions. The marketing landscape is evolving and marketers need to embrace artificial intelligence to stay ahead of the curve.