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Data analytics & the formula for efficient marketing

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MUMBAI: Data increasingly powers every element of the marketing mix ? source of growth, consumer performance, content creation, mix optimisation and measurement. A panel discussion on 'Data Powered Marketing is the new Disruption' was held at the 'Data Science Congress' in Mumbai.

Experts on the panel were V I Tech Ukraine data scientist Dr. Kodliuk Tetiana, Gramener CEO Anand S, Aegis School of Data Science CEO Bhupesh Daheria (moderator) and Mindshare South Asia chief product officer M A Parthasarathy and Hotstar data sciences and analytics leader Santosh Bhat.

Every stage of the marketing loop - starting from defining source of business, through consumer insight, strategic direction, campaign planning, implementation and finally measurement & redeployment of learning ? is defined by data. It supplements intuition, strengthens conviction and drives accountability, Mindshare's M A Parthasarathy said.

At the outset, data drives the definition of the marketing objective. Parthasarathy said, "Consumer understanding has always been powered by a mix of intuition and data. While intuition is critical, the nature of data has changed exponentially. From sample-based studies based on claimed behavior to census-level understanding of actual behavior and intent, we now have a much richer appreciation of the consumer."

To promote the latest offering by Castrol for mini-truck drivers, for example, Mindshare India commissioned a research and based on the findings developed the campaign. This data allowed them to identify key pockets where their target audience was present and come up with a targeted campaign using them as influencers among their peers. "The team managed to reach out to almost 85% drivers pushing sales by 40% for Castrol India," Parthasarathy said.

This has translated to a much more agile manner of targeting the consumer in media. There is a marked shift from buying inventory to buying audience. And, customising the messaging to them in real-time

While data-rich categories like BFSI, hospitality, e-commerce and retail have led the adoption of these practices, it is rapidly getting adopted and customised across all major categories.

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