Year after year, the Pitch CMO Summit brings together the most ingenious minds in marketing to discuss marketing topics relevant to the global scenario.
This year too, the event at Bangalore splendidly worked on demystifying the brand building experience through speaker sessions & panel discussions.
With the keynote address from Mr. S. Ravi Kant, CEO – Watches and Accessories, Titan, the event was off to a stellar start. Speakers like Mr. Abhishek Ganguly, MD- Puma & Mr. Rajesh Menon, Head- Royal Challengers Bangalore, provided insights on brand building and relevance through the journey of their own brands.
The first panel discussion touched upon how brands can win in the ‘Digital Age’. Enabling brands to have a smooth transition from a traditional approach to digital, and helping them win all through their digital journey, it was only right that Shoptimize’s CEO- Mr. Mangesh Panditrao was asked to be a panelist. Among the esteemed panel were Marketing leaders from companies like Kurl-on, Baskin Robbins India, Unibic & many more. The Session Chair, Mr. Ramesh Thomas, President and CKO, EQUiTOR Value Advisory, kicked off the discussion. The discussion revolved around how brands can survive in this digital age and how business practices are changing.
With a focus on the difficulties faced by brands to stay relevant in the current scenario due to a plethora of options available through digital channels and ineffective communication due to an overload of information, Mangesh provided some interesting insights on how brands can counter this. Gleaning from his experience, he talked about how brand relevance is not a monolithic concept anymore. A single brand story is not relevant to all audiences. Rather a brand has many sub-stories that reach out to different sections and this is only possible through digital media. Instead of opposing the advent of the Digital Age due to the disruption it brings in its wake, it should be embraced, as an opportunity.
Elaborating further, he explained how digital channels are raising the bar for customer experience. Customer Experience is of utmost importance in the present setting, being a significant driver for customer engagement & brand loyalty. Through processing data effectively and incorporating the results in communication with the consumers, a better, more engaging customer experience can be provided. Artificial Intelligence & Big Data Analytics combined have become key drivers to collect and make sense of the data available which has, in turn, become essential for success. Stating the example of a campaign that Shoptimize undertook for a brand, he explained how data-driven decisions are changing the way business is done.
“Put a lot out there and let algorithms choose what is best.”
It defines best what needs to be done in present business situations. Due to most of the business being recorded and captured on some sort of digital database, large amounts of data are readily available with organizations. Even with these large repositories, if data is not processed properly, it is of no value. The collection and processing of such colossal amounts of data effectively is a herculean task to even oversee manually.
Two broad categories defining success in the digital space are – (1) finding the right target audience to go after, (2) creating the most personalized experience for those target groups. In the e-commerce space, artificial intelligence enables profiling and personalization for the end-user which achieves both the objectives mentioned above. AI-powered optimization and personalization are increasingly becoming the best way for brands to differentiate themselves from the competition, stay relevant & increase loyalty in the market. Products don’t sell, experiences do. At Shoptimize, we have invested in robust tech to create personalization through AI, which helps our clients successfully maximize conversion & reduce customer acquisition costs.
Towards the end of the panel discussion, Mangesh shares an important note with brands entering the digital space- In the current day & age, to collect and process data, and make decisions based on the results is not just a way to grow and evolve for brands. Rather, it is a necessary process that has become instrumental for survival. Traditional methods of decision making need to be replaced by data-driven decisions for any brand wanting to compete in the current cut-throat digital scenario. What’s important is:
“Getting signal out of the noise”
For a synopsis of the panel discussion, visit the link below.
To view the coverage by Impact magazine, click here.
For more pictures, visit our Instagram!