How Technology can Enable Seamless Transparency and Communication across Various Levels in Marketing
Marketing might have started with a primitive man drawing diverse shapes of stones he owns as to get attention from everyone in his tribe. Or it might have started when a king sent his people across regions to praise his kingdom’s jack fruit and create hype to increase barters.
With the disruptions in technology and use of automated, smart and selflearning processes, marketing still works in a similarly different way in today’s world! That said, what’s the problem? Why do we need a change?
Everybody will agree that over the years, marketing budgets have grown by leaps & bounds. The focus brands put on marketing seems to be higher than ever, considering the GroupM report that suggests Indian advertising is estimated to touch INR 80,678 crores by 2019. As if to make matters more complicated, marketing budgets have seen an increasing bias to onground activation and digital marketing both of which are believed to be closer to ‘marketing accountability’. The first requires marketing to distribute its efforts across geographies, while the second brings in huge volumes of data every second! In either case, the major problem still remains the same.
Co-ordination & Course Correction
It is nearly impossible for a CMO to overview each campaign(when he is handling several), the teams behind it, vendors, 3rd party agencies, zonal offices, regional offices and their business coordinators as well. There are cases where decisions remain pending, people need insights to realign their direction(course corrections). Humans tend to be more productive when supervised by (smart)machines. There is a need to integrate the right kind of technology within the system. While the small teams at various levels scattered across different locations work together to create magic for brands, a centralized marketing platform will ensure smoother operations,can provide real time control and enable an eagle’s view on every campaign.
Below are some ways how the application of how technology is revolutionizing marketing:
Using standard statistical methods, ML & AI, the system can auto suggest insights and help the brand manager/CXO to make more relevant decisions
•Single Collaborative Platform for‘all’Marketing:Imagine a single platform where the CXO’s, brand managers, internal finance, agencies and other vendors log in for all marketing activities. A single integrated dashboard would track all campaigns right from planning to operations and payments. Every stakeholder would be responsible for their bit of the puzzle to ensure the big picture is achieved as planned. A brand manager can access and view the performance of each brand while a CMO can have the access to the organization KPI’s. It gets easier for all to be aligned on the same page.
•Track'Pre vs.Post'on a single click: Post campaign evaluations are usually long and tedious, especially if the campaign is high-budget and cuts across multiple mediums. With all stakeholders creating and updating marketing campaign data in realtime on the platform, analyzing Promised vs. Delivered can be done by system. Today, to get meaningful tracking done manually is a cumbersome process with high scope of errors and data manipulation.
•Realtime Sync between everyone: With every executive doing his job and ticking them off as complete the key stakeholders such as C-Suite or Manager are updated in realtime either on their phones or Web. Suppose a CMO is travelling somewhere and needs to approve a large TV plan for a brand. What if he gets a pop up on his mobile phone with the plan summary & meaningful insights; works wonders, right? This realtime availability of information can enable them to take necessary action at the right time. This will help in swift course correction of a campaign saving unnecessary efforts and getting a better ROI for each penny invested in any marketing activity.
•Going further into the future-Integrating AI powered Insights into the decision making process: Now that we have all the data right from budgeting to plan and then to actuals in a single platform, we can connect to the other data sources available such as internal sales, online data, retail data, digital Sentiment, competition, market research etc. Integrating finely sliced marketing spends data with sales and other performance data points enable the platform to predict sales/performance with a slight change in marketing. Using standard statistical methods, ML & AI, the system can auto suggest insights and help the brand manager/CXO to make more relevant decisions. This is the ultimate power in the hands of the right people. This is the future of marketing automation.
Huge companies allot a large sum of money on their marketing budgets, the Deloitte report estimates allotted marketing budgets to nearly 10 percent of the total revenue. If we carry a ballpark figure, the 10 percent of revenue of a large company, if estimated minimally will come around 250 crores and can go as high as 2500 crores. This makes the need of the hour, an organized system which enables accountability of every penny spent, seamless coordination and transparency across hierarchy and regions. There is a need to deploy a system that is accountable within the organization and all those who are dealing with it. If this system enables savings to even 1 percent of the total minimal budget oflarge marketing campaigns, the organization will still be able to save 2.5-25 crores of its spend which adds considerable value to the bottom line.