MAM

How to induct modern marketing in your business?

The third and fourth quarters of 2020 will usher new challenges

https://www.indiantelevision.com/sites/default/files/styles/smartcrop_800x800/public/images/tv-images/2020/06/20/Yogita%20Tulsiani.jpg?itok=R8CG7KLP

A clever digital campaign, captivating brand activation or a smart app – what constitutes modern marketing? Does one need to think beyond activation and digital strategies to become a modern marketer in the true sense of the term?

More than 83 per cent of CEOs of global corporations consider marketing to be the driver for the lion's share of their company's growth. Most senior leaders are of the opinion that their marketing strategies have to modernise, but they have little idea of how to actualise their ideas.

Modern marketing not only needs new capabilities but also select enablers to support these new capabilities to meet the new demands of the market. The third and fourth quarters of 2020 will usher new challenges that modern marketers have to address for their company's growth.

Mindset Shift: What you need to become a successful modern marketer!

A majority of the CMOs are facing stagnation due to the lack of knowledge about the full set of changes necessary. Without the clarity of the inter-dependencies of the elements needed for a shift in mindset, most marketers gravitate towards isolating only the elements they are familiar with.

Ignoring some elements necessary for developing modern marketing solutions can lead to the creation of blind spots, which may lead to frustration, delays, and loss of ROI. A successful development of modern marketing solutions requires three mindset shifts.

Making a modern marketer: Three necessary mindset shifts

Here are three mindset shifts that act as the foundation of the development of the modern marketer –

i.                 Working together with all CxO

It’s impossible to drive company growth while working in silos. It is now the responsibility of the good modern marketer to collaborate with all the departments from production and sales, to creative and designing.

Chief marketing officers (CMOs) can drive greater and faster growth by working with C-suite colleagues as partners by acting as “unifiers”. The “unifiers” collect information on how working together can help the CIOs, CEOs, CFOs and the other CxOs.

CMOs should serve as the role model for every member of the marketing team. They should lead by example, and show the marketing team members how to collaborate with other colleagues from other teams with respect and ease.

ii.                Putting the Customers Before Everything Else

Companies have held a customer-centric mindset for a long while. "The customer's always right" or "the customer always comes first" isn't a new concept. 

Modern marketing involves the CMO and the rest of the marketing team knowing and facing the set of challenges a company must overcome to achieve customer-centricity and to scale at the same time.

These steps can include –

·       Addressing customer pain points to solve them and meet their evolving necessities

·       Setting up a centralized data platform for easy access to all customer profiles by authorized employees

·       Generation of real-time insights from customer journeys

·       Measurement of customer interactions and site analytics

·       Using the insights to design customer-centric journeys and address consumer concerns

Customer segmentation and micro-segmentation are two important tasks that can enable the CMOs to develop a more customer-centric mindset ideal for the modern marketing team.

iii.              Focusing on reallocation of assets, new investment opportunities and monitoring returns

Today, it is possible for every marketer to measure the returns from every channel they have used and are using for marketing their brand/products/services. For example, even when upgrading a company’s website design, one has to measure the impact in terms of organic traffic, by A/B testing. And use the data to make underlying changes to the design or content.

The ROI mindset requires CMOs to work with the concept that the money they are investing is their own. Therefore, it demands close monitoring of the assets, quantitatively measuring the returns every quarter and drawing insights from market trends before reallocating any resources.

The ROI mindset demands a close working relationship between the CMO and CFO of the company. It will not only build the company's financial profile but help unlock additional investment opportunities for the company leaders. Moreover, it will demonstrate the importance of modern marketing to the board of directors of the company. 

These three mindset shifts are inevitable and indispensable for any corporation that wants to adopt modern marketing. A marketer has to rely on modern data sciences, technology, consumer feedback, market surveys and unified working conditions to transform themselves into a modern marketer. 

(The author is iXceed Solutions MD & co-founder. The views expressed are her own and Indiantelevision.com may not subscribe to them.)

Latest Reads

https://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2021/01/23/img_23012021_123929_800_x_800_pixel.jpg?itok=T_SPzHNY
Glance's we new spot unlocks power of lock screen based content

Bangalore: Glance, a leading screen zero platform which provides digital content on the lock screens of smartphones, has launched its multi-media advertising campaign “Ye Glance Hai”. Crafted by DDB Mudra to communicate the exciting possibilities of content delivered on locked screen, the campaign...

MAM Marketing MAM
https://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2021/01/23/nba.jpg?itok=SNMYtfEl
Decathlon inks merchandising partnership with NBA

Decathlon and the National Basketball Association (NBA) have sealed a new multiyear merchandising partnership that makes the sporting goods retailer an official licensee of the NBA across India, Africa, Asia, Europe, the Middle East and Latin America.

MAM Marketing MAM
https://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2021/01/23/kid.jpg?itok=7WZ65tM1
Edtech ad volumes on print grew massively in 2020: TAM

Covid2019 impacted nearly every advertising medium apart from digital. Be it television, print, outdoor or experiential, ad volumes across all these mediums took a hit as the brands were uncertain about future projections at that point.

MAM Print
https://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2021/01/22/society.jpg?itok=JaGSOagv
SOCIETY TEA’S #SOUNDSOFSOCIETY SEASON 2 PRESENTS THE STORY OF LOVE, TRANSCENDING BORDERS, RACE AND COLOUR WITH EPISODE 6 – ‘FLOW’

Mumbai: Society Tea, in association with Urban Beat Project, curated by Laiq Qureshi, is all set to release Episode 6 of the live musical web series - #SoundsofSociety, Season 2 https://soundsofsociety.in/. The episode features tremendously talented artists, Dub FX and Sahida Apsara, orchestrating...

MAM Marketing MAM
https://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2021/01/22/ag.jpg?itok=9r8B9NOJ
Chimp&z Inc names Ashish Duggal as VP - growth & operations

NEW DELHI: Digital communications agency Chimp&z Inc has announced the appointment of Ashish Duggal as vice president - growth & operations. He will be working closely with the co-founders on scaling up the business, boost operational developments in the agency and the Merge Infinity Global...

MAM Media and Advertising People
https://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2021/01/22/truecaller.jpg?itok=heBNFDYl
Decoding what Truecaller's #ItsNotOk campaign is all about

NEW DELHI: Buzz goes the phone and your heart lurches. The device that was once your friend, ally, confidant, in front of which you used to grin and preen, scares you now. You're scared to pick it up, to read the passive-aggressive, even threatening messages from someone who wants to 'start off as...

MAM Media and Advertising Ad Campaigns
https://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2021/01/21/shivani.jpg?itok=MrRcEgcc
Lowe’s India names Shiwani Varma Vyas associate director corporate comms & CSR

NEW DELHI: Lowe’s India has appointed Shiwani Varma Vyas as associate director – corporate communications and CSR. Vyas will partner with the leadership and HR team to drive all internal and external communications in India. Additionally, she will also own and drive the company's overall CSR...

MAM Marketing MAM
https://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2021/01/21/brandit.jpg?itok=rp8PAcrv
The Souled Store assigns PR mandate to BRANDiT

NEW DELHI: Pop culture merchandise retailer The Souled Store has awarded its PR mandate to BRANDiT communications. The agency will be responsible for handling the reputation management, crisis communication and influencer engagement for the brand.

MAM Marketing MAM
https://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2021/01/21/jos.jpg?itok=o6L5IGL2
Jos Alukkas questions status quo of women in India

New Delhi: South India-based jewellery brand Jos Alukkas has launched a powerful film on women’s freedom with the aim to drive real conversations and spark a change in the long-term repressive mentality against women across the country.  

MAM Marketing MAM

Sign up for our Newsletter

subscribe for latest stories

* indicates required