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The seminar essentially addressed two basic questions - How does
one maximise the return on investment on marketing spends? And the
measurement of impact of marketing and advertising initiatives.
Talking about a marketing model, the benefits that were thrown
up were the measurement of sales sensitiveness to marketing inputs.
Two, the impact of communication and creative efficiency, hence
ensuring optimum media weight. Three, media implications on competitive
promotion gains.
Other insights that were revealed were:
1) Television impact was more on awareness of the brand than brand
image.
2) Brand image on the other hand played a crucial role in boosting
sales.
3) Advertising beyond a point may turn out to be non-productive
or even negative for the brand.
Other key points in note were that analysis needs to constantly
updated with latest data and technology.
Ramesh Srinivas consultant IBM Global services focussed on how
to look at data at real time and sense what is going on in the current.
He pointed out that with the given technology and data, it was
possible today to sense and respond to customers in real time. It
was also possible to look at events occurring in the present and
enhance the experience of the customer.
Coming to the explanation of data analytics, Srinivas pointed out
that it was essentially a process of aggregation, analysis, filtration,
customisation and distribution of information across the value chain.
More and more companies are beginning to understand the significance
of data analytics and are replacing their inventory with information.
Sales although is an indicator of measuring impact of marketing
and advertising effort, it is a lagging one. Analytics on the other
hand gives a fair idea of perceptions and impact of a particular
launch or event.
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