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=lt8HGR-K

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/2021/07/31/photogrid_plus_1627722831149.jpg?itok=22xU-7KC
Hyundai joins forces with BBC Future for more sustainable world

Mumbai: South Korean automotive major The Hyundai Motor Company will be the exclusive sponsor of BBC Future Planet throughout the month of August. With the sponsorship, the carmaker aims to reach global audiences looking to create a more sustainable world. Launched in February 2020, BBC Future...

MAM Marketing MAM
https://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2021/07/31/photogrid_plus_1627722678610.jpg?itok=E_owGNAL
Gozoop bags integrated marketing mandate for Saint-Gobain

Mumbai: Gozoop has won the integrated digital marketing mandate for Saint-Gobain for its glass vertical. As part of the mandate, the digital marketing agency will be responsible for social media management as well as digital media planning & performance marketing for the brand. Additionally,...

MAM Media and Advertising Account
https://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2021/07/31/fatax.jpg?itok=tJdYtDxz
Bikano ropes in Chhota Bheem for launch of new snack range

Mumbai: Snacks major Bikano has taken the license for one of India’s most popular kids-show characters Chhota Bheem for the launch of its extruded products range under the sub-brand ‘Fatax’. The new offerings include Ringz (masala and tomato flavour), Puffeez, Cheese Balls, Pasta Crunch, and Jungle...

MAM Marketing MAM
https://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2021/07/30/photogrid_plus_1627648759344.jpg?itok=2d5pcKgV
Britannia rolls out new campaign for Milk Bikis Classic relaunch

Mumbai: FMCG major Britannia is all set to bring back the iconic Milk Bikis Classic biscuit to the market, beginning with Tamil Nadu. The relaunch is being supported by an influencer-driven digital campaign ‘An Ode to Simpler Times’ that is currently running across social media platforms including...

MAM Marketing MAM
https://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2021/07/30/shaiesh.jpg?itok=njj-L-F7
P&G appoints Shailesh Jejurikar as global chief operating officer

Mumbai: Global consumer products major, The Procter & Gamble Company (P&G) has announced the appointment of Shailesh Jejurikar as the global chief operating officer (COO), with effect from 1 October. This is in line with the change at the CEO level with Jon Moeller taking over from David...

MAM Media and Advertising People
https://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2021/07/30/photogrid_plus_1627640289745.jpg?itok=YS7zMkr7
Matrix reinvents itself as the most inclusive brand

Mumbai: American salon brand Matrix on Friday announced a brand renovation at recently held Matrix India M-Day, the community e-connect programme. 

MAM Marketing MAM
https://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2021/07/30/photogrid_plus_1627634289413.jpg?itok=S3JNilah
upGrad India onboards Abdul Wajid Shaikh as head of performance marketing

Mumbai: Edtech major upGrad on Friday announced the appointment of Abdul Wajid Shaikh as head of performance marketing for India. In his new role, Shaikh will be driving end-to-end performance marketing across digital platforms. He will also work towards streamlining and automation of the entire...

MAM Media and Advertising People
https://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2021/07/30/photogrid_plus_1627629321275.jpg?itok=rxk5ns8T
HiveMinds names Manav Khurana business head - marketplaces

Mumbai: Hiveminds Innovative market solutions, the digital specialist of Madison World, has brought on board Manav Khurana to head its growing marketplace division. Khurana is a seasoned e-commerce professional armed with over 12 years of experience across global brands. Before joining HiveMinds,...

MAM Media and Advertising People
https://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2021/07/30/photogrid_plus_1627623485305.jpg?itok=df4C06mA
Cashfree appoints Vikas Guru as chief financial officer

Mumbai: Digital payments and banking technology company Cashfree has announced the appointment of Vikas Guru as its chief financial officer, to fuel the next phase of its growth.

MAM Media and Advertising People

Sign up for our Newsletter

subscribe for latest stories

* indicates required