'The measure of intelligence is the ability to change' -Albert Einstein

2023 - Time for the Digital First CMO 

Before I penned this post, I did my research, once again. Despite being in the thick of things digital, I can never at any moment claim to be omniscient about the tectonic shifts that happen in this space. It is happening every second, some development, somewhere across the globe including our closest market at home, driven by the consumer, adopting newer technologies and altering their media habits, optimising their own consumer journey. Thanks to a huge generation of emerging technologists and content creators who are innovating every minute creating better and better solutions that are changing the marketing landscape.  

Know the consumer

It is not uncommon to hear the CXOs speak about how their chauffeur or maid is using the mobile phone for everything from education to entertainment to payments. But how much is this percolating down to your marketing decisions. Are you truly catering to the connected consumer who is making decisions based on the content consumed on their mobile. And it is not just the maid, it is across the consumer spectrum. 

ATL did a great job of awareness in the pre-digital era. Are you still investing crores in making a film? Is that top of the funnel going to work today? Did consumers see or respond to your ad? Are you continuing to rely on market research reports from the prehistoric era?

Understanding that the revolution in media consumption and buying decisions that are moving to digital is a universal truth and rebooting marketing strategies is an absolute must. And it cannot happen by just increasing digital budgets. It is also about upping your relationship dynamics with your digital agency vis a vis your traditional partners. Who are you taking to the boardroom still? 

The Marketing Mix

From 50:40:10 on ATL:BTL:Digital, consider 60:20:20 Digital:ATL:BTL. In a bid to please the on-ground sales force, or your age-old agency partner, or the resistance to give up your old habits, you may just erode your market share. Remember your TV is now moving to OTT. It is not just you who has moved from Satellite TV to Amazon Prime. Your consumers at large have also moved. And consider this OTT mix, Youtube too. 

Digital integration across the funnel

With digital dominance comes content. The content is proliferated - stills, films, reels, reviews, explainers, influencers, websites (the digital showrooms/the digital storefront, brand-owned digital shop), ecommerce listing, market place store fronts, chatbots, the whatsapp business message and now - metaverse, NFTs, chatGPT. This means addressing every part of the consumer journey and creating a hyper-personalised ecosystem that delivers results across the funnel. 

Data Science V/s Art of Communication

It cannot be an either-or, but a conscious awareness of leveraging data without compromising on emotional connections. I was recently talking to a Canadian friend who was amazed at the brand proliferation in India in the recent past, something that he said they have not seen back home. 

It has become tougher to hold on to our consumers today. Over half the 1,999 employees, consumers and B2B buyers that Gartner surveyed in June and July 2022 said it’s less important to choose a well-known brand today than it was 3 years ago. The same survey revealed 75 per cent of audiences have searched online for information about a previously unfamiliar brand while shopping, and only 15 per cent of audiences report being committed to a given familiar brand, eroding the value of having a strong brand at the point of decision. (Source:Gartner)  Therefore, it has to be a well-balanced act between data and humanizing communication even more and appealing to the right and left brain artfully. 

Prepping for the Tectonic Shifts

Do the dry runs, and run those drills. Web 3.0 comes with its store of amazing new technology. Generative AI is likely to change the way each of us does things, AI could do the job for us after all. Consumers may make the shift into the metaverses of this universe. They may no longer search or socialise on the existing platforms in their current form.  With digital assets, digital currency, digital worlds, the younger generations, are making their choices already. NFTs did a USD 17.6 billion business in 2021. 

Consumers across the globe follow global trends, and so do we in India. Time to do experiments, and take the leap of faith in disruptive digitally-driven marketing that blends with the physical world. Think experiences, IoT, AI, Voice, and all that encompass Web 3.0.