The event organized by MMA got a peek into the future with discussion ranging from ad fraud, the impact of vernacular content, to modern marketing perspectives, voice AI, changing e-commerce landscape, and forces reshaping the way a brand communicates with its customers.
MMA India, with a heightened focus on Modern Marketing recently concluded the India edition of the global IMPACT series, themed ‘Simplify. Simplify. Amplify.’
Moneka Khurana, Country Head – India, MMA said, “Transformation is never easy. We are committed to enable and empower the industry with a body of work that can help pivot and conquer these challenging circumstances. Hence the MMA Impact is curated to help you navigate the new journey and better understand the capabilities to help build winning marketing organizations”.
One of the key sessions at IMPACT 2021 was the launch of the MarTech Playbook launched by MMA, Hansa Cequity & A Martech Advisor. As per the report, over 40% of organizations are at a nascent stage in MarTech capabilities, while 32% are at an emerging level. 80% of businesses in E-commerce and over 50% in BFSI have an emerging level of MarTech capabilities. The report further stated that only 12% were at beginning of their MarTech journey with limited knowledge of this space. 15% of the organizations were at a mature level 4 stage, which represents a ‘connected’ organization with clearly identified goals, roles & responsibilities, and governance protocols to achieve improved customer engagement.
Amit Jain, Managing Director, L’Oréal India, who was recently appointed as the new Chairperson of MMA Board emphasized purpose-driven marketing. He said, “There is an acceleration towards purpose-driven brands. As Generation Z gets into the consumption class, they expect brands to demonstrate their commitments to a broader set of societal challenges. Brands need to have strong ethics and demonstrate actions consistent with their values”.
Key highlights from the 2-day event:
- Dr. Sundar Bharadwaj, Coca-Cola Company Chair, Professor of Marketing, The University of Georgia, The Terry College of Business, shared his perspective on designing a winning marketing organization (WMO). He established that a winning marketing organization is structured around the customer and the outcomes instead of having product focus or functional expertise.
As per an extensive study done by MMA globally, WMO is primarily a function of 3 things:
- Right structure
- Roles and responsibility of marketing
- And, marketing capabilities of an organisation.
The study suggests that upping the game in marketing capabilities (marcap) leads to 2.5x sales growth and 2.35 % increase in market value.
- Renowned futurist, Founder & CEO of BrainReserve, Faith Popcorn revealed that AI and digital assistants will take over the majority of customer’s buying decisions where traditional marketing and advertising will change to interact with digital avatars yet becoming more personalized, learning from an explosion of layered data, and expanding into new surfaces of the digitally superimposed world.
- To reflect the changing e-commerce landscape, Prasanth Kumar, MMA India Co-Chair; CEO, South Asia GroupM and Moneka Khurana, Country Head – India, MMA, unveiled an e-commerce playbook that highlights the shift in media and content consumption, purchase patterns, transformation in consumer behavior and how these changes are impacting consumer journeys and importance of touchpoints.
- Giving a reminder on how user privacy must always be a top priority, Megha Thareja Tyagi, Director at Google spoke about preparing for a privacy-first ecosystem by investing in a first-party data strategy & leveraging automation and machine learning to accomplish more with fewer data.
- To help businesses understand how to drive more impact across digital campaigns with outcomes-based advertising, a panel of ITC, HDFC, LoopMe, and Httpool discussed the ways to measure ad effectiveness that drives outcomes with in-flight AI optimization and best practices on delivering incrementally and ROI.
- D Shivakumar, MMA India Ex-Chair Emeritus; Group Executive President – Corporate Strategy and Business Development Aditya Birla Group spoke about the next decade marketer who will have to be excellent at targeting, a visual creative user, integrates commerce on the net, and build relevance in every engagement with the future consumer who in turn will be a combination of 4 Is – Informed, Impatient, Individualistic, and Intolerant.
There were other interesting sessions around use of emerging technologies such as blockchain where Aqilliz elaborates on distributed ledger technology, SAS India spoke about transforming perception from a cost center to a value center, voice & AI, cloud that will further transform the future of marketing.