Innovate to keep ahead in today's fractured world: Proctor

MUMBAI: Marketing relies on innovation to keep pace in a fractured world, Mindshare Worldwide CEO Dominic Proctor said here today.

Speaking at The Mindsahre Brand Equity Compass summit, Proctor said innovation is becoming increasingly important with brands having to market in a new world eco sphere.

"The choice for agencies and brands is between being an innovator and being a mere spectator," said the man who founded Mindshare Worldwide in 1997.
The difference between a leader and a follower is innovation. Companies need to have robust proceses for innovation. "The challenge is that while the amount of information available is growing, it can get lost in a company if not properly sorted. There are logistical challenges and I have heard companies say ‘If we only knew then what we know now’. This is a common refrain,” said Proctor.

Mentioning several benefits of information, Proctor said that the first gain is that it facilitates faster innovation.

Citing the example of Dell, Proctor said that the company listened and reacted quickly through correspondence. "They turned Twitter feed into a consumer channel to deal with issues many of which were negative and generated millions of dollars in incremental revenue."
Information helps innovate quickly. “An idea is useful but unless you are a technology company, it is not a business. You must create a framework through which new ideas flow in. Consumer insights must occur regularly. The Quaker oats campaign came from an insight - that Indians want to look healthy rather than be healthy."

Another important thing to remember is that risk is important for innovation to occur. “The risk in failing is far less than what will happen if one is paralysed by the thought of failure; the business stagnates. At the same time, a proper structure of thinking is needed to minimise the effects of risk.”
Proctor spoke about how Live is being used to develop analytics. It has worked with Ford to develop marketing projects from research conducted in 20 countries. “Mindshare makes sense of data through consumer insight. An agency has to provide ideas at every level. You have to remember at the same time that an idea can come from anywhere. It is not just about having an office space. Openness and dialogue can provide rich information.”

Another benefit of information is that it can yield richer insights into innovation. Proctor noted that messaging has to be part of what a consumer wants to hear and not interfere with what he/she wants to head. He gave the example of Dove working with the cast of Mad Men. The brand can reach different touch points including digital in a more effective manner, he said.

Latest Reads
Fogg maker takes on fairness creams with Pretty24

Taking a stab at fairness creams’ perennial message of fair skin being the benchmark beauty and success, Fogg deodorant maker Vini Cosmetics (Vini) is touting the idea that every shade of skin is equally beautiful. The company has been plugging the primetime of mainline television channels for the...

MAM Marketing MAM
55% marketers make better decisions with machine learning: iProspect report

MUMBAI: Digital agency iProspect has released its third annual Future Focus whitepaper geared to examine how machines and technology are impacting marketing and advertising in the year ahead. The paper takes a look at how brands can make the most of machines in 2018, from facilitating seamless...

MAM Marketing MAM
Paisabazaar aims Rs 1500 cr mutual fund AUM by 2018

MUMBAI: Paisabazaar has announced that assets under management (AUMs) garnered through its mutual funds products crossed Rs 1000 crore mark last month. The organisation says it is confident of reaching Rs 1500 crore of AUM by March 2018. The fin-tech company launched mutual funds on its platform...

MAM Marketing Brands
Blackberrys gives digital mandate to FoxyMoron

MUMBAI: Menswear fashion brand Blackberrys has assigned its digital mandate to FoxyMoron after a multi-agency pitch. The account will be managed from the agency's north office. As per the mandate, FoxyMoron will be managing the digital creative, media, search engine optimisation as well as website...

MAM Marketing Brands
Kajaria Ceramics launches campaign with Anushka Sharma

MUMBAI: Kajaria Ceramics through its subsidiary Kajaria Bathware has launched a 360-degree marketing campaign with Anushka Sharma who was recently announced as the brand ambassador. By investing in this marketing campaign and an extensive distribution network Kerovit, the bath solutions brand by...

MAM Marketing MAM
Greenply questions your plywood choice

MUMBAI: Greenply has launched its new campaign to make consumers aware that there are consequences of compromising on the quality of plywood used in their furniture.

MAM Marketing MAM
NBA partners Jabong to operate official online store

The National Basketball Association (NBA) and Jabong, India’s fashion and lifestyle e-commerce platform – today announced a multiyear partnership extension that will provide fans access to authentic NBA merchandise in more than 730 cities across India.

MAM Marketing Brands
Coca-Cola launches Maaza Gold

MUMBAI: Coca-Cola India has announced the launch of 'Maaza Gold', a premium mango drink made from the choicest of mangoes.

MAM Marketing Brands
Cipla launches TVC for ActivKids Immuno Boosters

MUMBAI: Mothers’ concern for their children’s health goes to the extent of restricting them from indulging at times. Capturing one of these many concerns, Cipla has released a new TVC for its kids' immunity supplement ActivKids Immuno Boosters.

MAM Marketing MAM

Latest News

Load More

Sign up for our Newsletter

subscribe for latest stories