Anyone can be a market researcher with a little bit of training and understanding. One of the best practices a good researcher follows is avoiding any research blunders! To make it easy for you, we have listed down 8 of the most common mistakes made by companies during market research & how to avoid them. Read it through because this is your sign to avoid them all!
Is it possible to launch a new product/service without knowing who your customers are and what they need? We say, absolutely not! Market Research is one of the most important things you can do to know whether a new product or service will be accepted in the market by your customers. One of the main reasons for new product failures is not doing any market research on target markets and what they need. So, before you plan on launching your revolutionary product, do your research!
Here are a few steps for creating successful market research.
“What are my customer’s needs?”, “What amount will they pay for my product?” or “How do I measure this research?” One of the most common mistakes researchers make is not knowing exactly what information their research should give them. Whether the objective is to know the price point or acceptance of the product, the researcher should be clear about his main goal to get the desired results.
Even though your product can be unique, there are similar products that not only exist in the market but are also extremely successful. Not looking into your competitor’s products, why they stand out, and what their pricing is, is a classic mistake. To gain an edge over your competitors, you need to know anything and everything about the way they conduct their business and work on your market research accordingly.
If your questions are not clear or do not convey what you are trying to ask the consumer, your results will end up being completely different from what you may have intended. Simple words that you think look okay can have different meanings and can be interpreted differently by different people. You would be surprised how much a professional researcher could make a difference to your market research and business. So feel free to hire help!
Conducting a survey is something all marketers do but just a survey is not enough! Depending on the objective of your research, there are various market research tools you can leverage. Using the right tool for your research is imperative so you know exactly who your customers are and what they need from you.
Read more about the Market Research Tools You Can Leverage for creating a high quality report.
We have all been guilty of projecting our research on family and friends thinking it would be easier and faster to get desired results. What we miss here are unbiased opinions and honest answers. Cutting on incentives for people who are genuinely interested in your product/service and are willing to give their time to your research is a huge mistake. This broader sample will help you get unbiased opinions and honest feedback that will help your research and business in the long run.
The internet is a big pool of information and the best place to start your research. However, there are high chances that some information may be biased or wrong. So it is always recommended to research your research material and make sure it's right and solid.
Data speaks louder than assumptions when it comes to market research, so believe in the data you have collected. Let it speak for your product/service instead of being overly optimistic. A professional market research agency can help give you an unbiased report that will help your company in more ways than one.
How To Avoid These Mistakes
2. Like I mentioned before, the internet is a huge pool of information and the data available on it is abundant but it is necessary for you to conduct your own primary and secondary research to be up to date. In short, do not completely rely on data from the internet! This will keep your data fresh and unique.
Primary Research refers to collecting data from your target audience, real people.
Secondary Research is collecting data from published and verified research studies.
3. It is always important to have a plan before you start any market research. Businesses are always in such a hurry to get answers when conducting market research that they often end up making mistakes that can be avoided. Planning and preparing in advance will help you avoid mistakes before they can even occur.
4. Ask for help when you need it. Market Research is an important part of your brand strategy and any mistakes or roadblocks can create a major impact on the product life overall. Hire a professional agency that can help you with your market research and understand the results so you can go ahead with the right insights.
5. Understand your bias about the subject at hand. It is very easy to make assumptions about your product so that you get the results you are trying to achieve. Control the urge to make these assumptions and listen to what people are saying, listen to your customer’s feedback, and then act on it.
6. Lastly, identify your target market correctly. A target market is a group of people who are potential customers and the base of your market research analysis. If you get this right, then you can get the rest of your research going smoothly.
These are a few tips and tricks that will help you conduct your research with minimum pitfalls. When it comes to quality, there are no shortcuts! Releasing a new product/service is a huge step that requires a lot of effort, money, and time. One mistake and you are led to the path of failure. If you find it difficult to conduct research or have questions that are unanswered simply because you don't have an in-depth understanding, it is time you reached out to a professional agency that will give you a better understanding of your market and customers!
Reach out to our research experts to know more about how you can create the right market research strategy for your business!
IPL - it's that time of the year again and we are as excited as you are! Yes, it's not the same as before and we can't cheer our favorite teams directly from the stadium but we know our enthusiasm has not died. Also, the safer we are the better, right?
Who doesn't love a good cricket match with some of the world’s best players and a side of outside-the-box advertisements that leave you awestruck? The marketing fever has already started with CRED doing something we never thought was possible and it's safe to say that Rahul Dravid is now a marketing sensation. To understand this landscape a little better, our Consumer Insights and Market Research team conducted a small survey and we are here to tell you that this is just the beginning.
Marketing on the IPL Platform has been growing ever since it started back in 2008 and it only knows one direction - UP! Throughout 13 seasons we have seen various brands leverage the IPL Platform to connect with their consumers on a large scale. This hasn't been just through sponsorships but also specific advertising campaigns that brands came up with on their own using the IPL platform. According to our survey, 73% of brands think that IPL is one the most effective platforms to market their products and services.
Why is the IPL a good platform for marketing?
Since it started in 2008, the Indian Premier League has taken the internet by storm. The whole concept of having cities in one country play a sport that is loved by all, against each other has created an audience filled with love and passion for their home teams. The loyalty that was created by this league has only seen a rise, not just in India but the whole world. What better way to market your brand, right? You hit all your target audiences from kids, teenagers, adults to the aged on one single platform. It's a JACKPOT!
Brands pour so much money into sponsorships that it has become one of IPL’s biggest revenue streams. As a result, the valuation of the league was 6.8 million in 2019 according to Your Story. Although we saw a lot of tension during 2020 around the league, they still pulled through. According to our survey, 90% of brands are spending their marketing budgets on Digital & Social Media Marketing this IPL season. So what are you waiting for? If you haven't thought of it yet, it's time you do!
The IPL network is worth Rs. 47,500 crores and its brand value only keeps growing with a rate of 13.5% as of 2019. Brands are investing a huge part of their budget for marketing during this season, some spending Rs. 50 lakhs and above. Not only are they spending a lot of money but they are also increasing their budgets every year. 63% of brands have increased their budget this year as compared to 2020 with regards to Digital Marketing.
What Digital Platforms to use for IPL Marketing?
We have various platforms to advertise on starting from Instagram & Facebook to Twitter and YouTube. But before we start with which platforms, there is one thing you need to be sure of - who are you marketing to. Your key demographic plays an important role in selecting your ideal advertising platform. After this, choose a platform that is content relevant but make sure you don't extend yourself to too many platforms. It's always good to stick to quality rather than quantity.
Facebook is a definite platform of choice even though it is not the newest or most interesting one. With over 2 billion monthly active users, it is one of the biggest platforms to advertise on. This followed by Instagram which has over 1 billion monthly active users is the best way to reach a younger audience. According to the survey conducted by Social Beat, 46% of brands are advertising on Instagram during this IPL season. Twitter & YouTube are two other platforms that would work great for IPL marketing and will help create a buzz to interact with your audience.
What are brands looking to achieve through IPL Marketing?
There are various objectives and goals that a brand wants to achieve when it is marketing on digital platforms. They range from awareness, branding to sales and product launches. While conducting our survey, we found that during the IPL season, 57% are only looking towards branding of their product and services, while 22% prioritize product awareness. A small percentage of the business industry look at this as a Sales or Product Launch platform for their business.
Brands That Have Leveraged IPL In The Best Way
CRED is a credit bill-paying platform that is known for its creative advertising. Their most-awaited and recent IPL Campaign has blown the minds of every cricket fan, every cricketer, and every marketer. They unleashed a side of Rahul Dravid that we would have not even thought of and this has taken the internet by storm. The instant tweeting by cricket players, the memes made on the advertisement by many different brands have made this campaign a raging success. The immediate recognition and fame show that IPL is the right platform to gain excessive awareness and reach.
Gulf Oil India is a leading lubricant brand for automobiles in the Indian Lubricant Industry. They started their partnership with the iconic IPL Team Chennai Super Kings in 2011 and have been going strong ever since. Their most recent ad with MS Dhoni shows an interesting conversation between a young Dhoni and the present Dhoni and the fans love it because what's better than one Captain Cool? Two! For Gulf Oil, cricket is not just a sport but an emotion and through this, they have won every Indian’s heart.
The Indian Premier League themselves have come out with an interesting ad to promote the league and teach us an important lesson. In their newest ad starring Captain Cool aka MS Dhoni who takes the avatar of a monk, VIVO IPL wants to show that India now has a new mantra for success. In the ad, MS Dhoni teaches his students how greed is not a bad thing if pursued in the right interest giving an example of Mumbai Indian’s Captain Rohit Sharma and how the team has won the league 5 times.
As mentioned earlier CRED is a credit bill-paying platform known for their creative advertising and they have held that reputation proudly. With an addition to their previous ad with Jim Sarbh & Rahul Dravid, they have created yet another eye-catching advertisement featuring Jim Sarbh & Jackie Shroff. CRED lets the audience in on a small secret about their credit bill-paying platform along with Jackie’s secret to staying fit - ZUMBA! Talk about how to get a customer's attention, huh?
After the viral CRED ad with Rahul Dravid, Magicpin found a way to troll the brand by creating a spoof of their ad bringing out some interesting points. It is true that all things have a positive and negative side and Magicpin just hit the right spot! The ad is a perfect contrast of the CRED ad and has been executed brilliantly by Vijay Raaz in order to bring out how Magicpin is down-to-earth.
The Indian Premier League 2021 started not long ago and we are already seeing some super innovative ads from brands all around India. We are excited to see what more is in store from them. Our small survey has led us to see that the Indian Premier League is a marketer’s dreamland and we sure will get lost in it!
The best marketers are the ones who constantly try to improve their craft, no matter how good they are at it already. If you are looking to read some offbeat, lesser-known marketing books that will help you in enhancing your marketing skills even more, here is a list of such books written by our very own Indian authors.
Written by digital marketing experts from Social Beat, this book deals with the various aspects of digital marketing and the methods marketers use to leverage the medium to grow their sales and revenue. Much like the annual spectacle of millions of wildebeest and zebras migrating from the parched savannahs, humankind too witnessed an even greater migration over the last two decades where 500+ million Indians ‘migrated’ to the internet. Over the last few years, this migration has led to a phenomenal growth of digital marketing. This book will help beginners wade through this digital wilderness and is packed with case studies and infallible insights. Decoding the Digital Jungle takes the readers on a safari of marketing concepts transitioning from the traditional to the digital age. You can get a glimpse of the expertise of the team on their YouTube Channel which has a knowledge series called Digital Bytes.
Written by Anisha Motwani, this book is a unique collection of contemporary, true stories about Indian businesses and brands that rewrote the norms of their respective industries. All the twenty stories are not only inspiring, but they will also bring in some remarkable change in your approach towards marketing and business management.
This quirkily titled book written by Ambi Parameswaran, an ad veteran, discusses the story of Indian advertising over the past 50 years. Over a hundred ads have been studied and examined in this book by the author. This book will let you know how advertisements take inspirations and influences from politics, culture, society, etc. Reading this book will give you in-depth knowledge about Indian advertising scenario.
Written by one of the gurus of Indian advertising, Piyush Pandey, Pandeymonium is not just biography but also a brief history of advertising and how its evolved. He has put in some amazing tidbits and experiences from his life at Ogilvy as well his love for cricket. He shares how he helped build brands like Fevicol, Vodafone & IPL amongst others. Most importantly he talks how he draws inspiration from people and things around his daily life.
How interesting would it be if there is a toolkit of new techniques that you can use to come up with new, innovative marketing strategies? Well, that's what the Marketing Unplugged book has in store for you. This book written by Suman Srivastava is a book full of scholarly yet delightful ideas for marketing.
From humble beginnings as a Bollywood film billboard painter to the National Creative Director of Leo Burnett India, KV Sridhar (or Pops as he is known as) has seen it all and today is widely respected as a creative leader in the Indian Ad-world. He’s credited with the emergence of Leo Burnett as a creative powerhouse in India so that makes this book even more interesting.
The book is unique because it brings together behind the scenes of every loved ad, right from the Doordarshan days to today’s YouTube; right from ‘Chal meri luna’ to ‘Airtel smartphone ads’. It covers interviews of creative heads and directors of all generations, right from vintage to new age. Pops has handpicked each ad based on their popularity among viewers and met its creators and talked to them about the entire process. He had left out the marketing jargons and advertising sham and just weaved stories using wonderful stories.
Satish Y. Deodhar has written a series of management books under the IIMA book series title. If you are looking to read the series, Why I Am Paying More is the right choice. This book explains the dynamics of pricing with respect to demand, supply, market structures, etc. Beautifully illustrated through various case studies and examples, this book is something that you can never put down.
Dheeraj Sinha’s book on Indian consumer market is something that every marketing professional should read. Some brands and businesses fail in the Indian market mainly because of their assumptions about the Indian consumers. This book tries to break all those myths and misconceptions. It gives a fresh, new, and a genuine perspective about the Indian consumer market.
Have you wondered why some startups become hugely famous while some just fade away? This book published by Notion Press and written by Yaagneshwaran Ganesh gives you an in-depth knowledge of the various marketing principles. While most marketing books talk about the macro concepts, this book speaks of the micro concepts of marketing as well; this is quite crucial for new-age marketers.
As we all know the sweet spot is the optimum combination of factors or qualities to achieve success. True to the name, this book brings to your notice the sweet spots that you can explore and utilise in the field of marketing. In other words, just like how sportspeople make hardest shots or tasks look easy because of the sweet spot, this book also allows you to make your business grow in an innovative, seemingly easy way.
Mainak Dhar has written a dozen of books in multiple genres. Considered to be one of the best-selling authors in India, Mainak Dhar primarily writes on science, marketing, and management. Brand Shastra is one of his latest books and is also listed under the Amazon’s list of Memorable Books of 2016 So Far. This book discusses the various aspects of marketing, ranging from primary promotions to B2B marketing. More than talking about the theories of marketing, this book explains the science and logic behind the various marketing tactics.
Don't forget to check out our video on 7 Best Marketing Books Every Indian Marketer Needs to Read for a few notable additons to the list.
We hope, by now, you have a handful of books to be added to your to-be-read list. What are the other books published by Indian authors, that you would suggest for marketers to read? Let us know in the comments.
As shopping patterns continue to evolve thanks to Covid 19, even mobile and digital wallets in India small-time have evolved with it. With UPI making payments seamless, mobile wallets and digital payment apps have been surpassing credit card usage and are slowly beginning to replace the traditional payment methods.
A mobile wallet or digital wallet, in simple terms, is a virtual mobile-based wallet where one can store cash for making mobile, online or offline payments. There are various types of mobile wallets in India, such as open, semi-open, semi-closed and closed - depending on the type of usage and payments that can be made. Wallets are growing rapidly as they help in increasing the speed of transaction, especially for e-commerce companies and all e-commerce marketplaces have integrated with such mobile wallets too. With the launch of UPI, it has become even easier, as the transfer happens directly from the bank account rather than from a wallet.
Here are some of the top 10 digital wallet and the top online payments apps in India and what they offer to their customers. Our top pick is Google Pay, which is also the No.1 digital wallet and UPI payment app right now
As its part of the Google ecosystem, they have scaled up their user base quickly, despite being a late entrant. It is currently the No.1 digital wallet and one of the top online payments apps in India. With Google Pay you can send money to friends, pay bills and buy online, recharge your phone - all via UPI and directly from your bank account. Since Google Pay works with your existing bank account, which means your money is safe with your bank. There's no need to worry about reloading wallets and you don't need to do additional KYC - which is required for all the other apps. You can also earn scratch cards and other rewards, with the cashback directly being transferred into your bank account. Now you can also recharge your mobile or monthly utility bills. Since the introduction of UPI, wallets have become passé with users preferring account to account transfer via UPI.
Number of installs: 100,000,000+ (100 Million or 10 crore) on Android Play Store
Next in the list of top online payment apps in India is PhonePe. PhonePe started in 2015 and in just 4 years it has been able to cross the 100 million download mark. From UPI payments to recharges, money transfers to online bill payments, you can do it all on PhonePe. Its got a very good user interface and is one of the safest and fastest online payment experience in India.
Number of installs: 100,000,000+ (100 Million or 10 crore) on Android Play Store
Dhani App is part of the Indiabulls group and has multiple features. It is not only a regular e-wallet app but it can also be combined with Dhani SuperSaver Card. Dhani also has a reward & loyalty program for Dhani customers wherein customers can play games and win cash to pay for mobile recharge, EMI payments, Insurance, and also for new Dhani products. This can be combined with Dhani Super Saver Rupay (physical and virtual card) which has assured 5% cashback on all purchases done via the card and its completely free for the first month.
Number of installs: 20,000,000+ (20 Million or 2 crores) on Android Play Store and iOS
BHIM Axis Pay is a UPI banking app that lets you transfer money instantly to anyone using just your smartphone. Make online recharges to your prepaid mobile and DTH set-top boxes directly from the app.
Number of installs: 1,000,000+ (1 Million or 0.1 crore) on Android Play Store
PayTM is one of the largest mobile commerce platforms and one of the top online payments apps in India, offering its customers a digital wallet to store money and make quick payments. Launched in 2010, this e-wallet app works on a semi-closed model and has a mobile market, where a customer can load money and make payments to merchants who have operational tie-ups with the company. It was originally the No.1 digital wallet in India before UPI being introduced. Apart from making e-commerce transactions, this e-wallet app can also be used to make bill payments, transfer money and avail services from merchants from travel, entertainment and retail industry. They also have UPI enabled payments now.
Number of installs: 100 Million (or 10 crores) on Android Play Store.
MobiKwik is an independent mobile payment network that supposedly connects 25 million users with 50,000 retailers and more. This e-wallet app lets its users add money using debit, credit card, net banking and even doorstep cash collection service, which can, in turn, be used to recharge, pay utility bills and shop at marketplaces. Owing to the growing need for convenience, MobiKwik has also recently tied up with large and small-time grocery, restaurants and other offline merchants.
Another unique feature they have is their expense tracker which allows setting budget for your expenses across all payment instruments and it uses your SMS data to analyse and control spends. No wonder it made to the list of top online payment apps in India.
Number of installs: 10,000,000+ (10 Million or 1 crore) on Android Play Store
This mobile wallet application was launched by State Bank of India to let users transfer money to other users and bank accounts, pay bills, recharge, book for movies, hotels, shopping as well as travel. This semi-closed prepaid wallet offers its services in 13 languages and is available for non-SBI customers as well. This app also allows its customers to set reminders for dues, money transfers and view the mini-statement for the transactions carried out.
Number of installs: 10,000,000+ (10 Million or 1 crore) on Android Play Store
Pockets by ICICI is a digital bank that offers a mobile wallet for its customers. It provides the convenience of using any bank account in India to fund your mobile wallet and pay for transactions.
With Pockets, one can transfer money, recharge, book tickets, send gifts and split expenses with friends. This wallet uses a virtual VISA card that enables its users to transact on any website or mobile application in India and provides exclusive deals or packages from associated brands.
Number of installs: 5,000,000+ (5 Million or 0.5 crore) on Android Play Store
PayZapp is a complete payment solution giving you the power to pay in just One Click. PayZapp lets you recharge your mobile, DTH and data card, pay utility bills, compare and book flight tickets, bus and hotels, shop, buy movie tickets, music and groceries, avail great offers at SmartBuy, and send money to anyone in your phone book.
Number of installs: 10,000,000+ (10 Million or 1 crore) on Android Play Store
Amazon Pay is an online payments processing service that is owned by Amazon. It is also a top online payment app in India and the global market. Launched in 2007 globally and India in 2017, Amazon Pay uses the consumer base of Amazon and focuses on giving users the option to pay with their Amazon accounts on external merchant websites, including apps like BigBazaar etc. You also get to shop on Amazon using Amazon Pay. Amazon Pay has also tied up with fintech companies such as ZestMoney to enable no-cost EMI payment options on its platform. This makes it easy for consumers to purchase products on Amazon and pay for it through affordable monthly instalments.
Number of installs: Undisclosed
And here are some interesting findings on digital payment adoption from the recent ACI Survey:
While these numbers indicate the growing need for secure, faster and efficient payment methods for the online marketplace, efforts to make payments to an individual or brick & mortar stores are also increasing. Start-ups and huge corporates are constantly on the lookout for customer-friendly technology, thereby giving more power to the customer.
Need a few financial tips to handle your money wisely? Follow our YouTube channel Paisa Pujari for more insights. Here's a video to help you understand the smart ways to use a credit card:
Thus, the day you will walk around without a physical wallet and pay your local dhobi and Kirana store uncle using a mobile wallet is not so far. Do you use any of these e-wallets apps? Have we missed out on any information in this list of top online payment apps in India? Write to us in the 'Comments' section below.
The rapid rise of mobile devices as a medium of advertising has challenged all we know about how to capture attention and tell stories.
Research has shown that the average attention span of a consumer is barely 8 seconds. To put it in context, one a second less than that of a goldfish.
According to Facebook, “Consumers take just quarter of a second to process an ad on mobile.”
Commensurate with this revelation, marketing professionals throughout the world are creating shorter, more attention grabbing content.
Recently, Malabar Gold and Social Beat came up with a campaign for International Men’s day to promote Malabar Gold’s ‘Men in Platinum collection’. Two thumbstopper videos were released which aimed to break the stereotype of the ‘macho culture’ and how all men should be appreciated for who they are. The video reached around 13 lakh people across Facebook, Instagram and Youtube. Malabar Gold’s Facebook page saw an increase in user engagement by 450%! This proves that thumbstopper videos, when done right, can change the way brands can connect with their target audience.
Mobile Marketing Association (MMA) and Facebook came out with what they described as the “first-of-its-kind initiative to redefine short-form mobile video creativity in the country”, called the thumbstopper.
The thumbstopper is essentially a 10 second long, vertical, short-form video creative built around a strong emotional core to narrate a brand’s story.
This fascinating new content format solves every marketer’s problem of addressing short attention spans in an era of growing mobile advertising. Here are ways to nail thumbstoppers for your brands.
A successful thumbstopper video should meet the following 6 critical criteria:
“52% of the total brand lift driven by video comes from impressions that were short-view, or under views under two seconds.” - "Video Viewability and Sales Lift Research" by Facebook and Oracle, Sept 2017.
As a thumb-rule thumbstoppers should not be longer than 10 seconds.It may be challenging to complete your story in such a short time. You can try and showcase a moment, a reaction or a visual representation of the product’s benefit. For more complex stories, you can use more quick, multiple “chapters” that have a greater impact.
“Thumbstopper videos had a 2x lift in ad recall if branding occurs within the first three seconds” - Stand Out in Feed: Optimizing Video Creative on Mobile" by Facebook IQ, Dec 2017 . It’s best to showcase your brand in the first 3 seconds of your thumbstopper. You can do this by showing a logo, well known spokespeople, striking colors, products or visuals. Also make sure that you communicate your brand promise in a simple & attention grabbing way to obtain the best results. You can do this by using cutaways to showcase multiple product colors or variants.
Front-load your concept or script - put your brand promise and key messages up front, in the most direct way possible.
MMA’s research shows that when an ad first appears on the screen (one tenth of a second), it is mostly seen as a blur but even this instant blur is enough to evoke an emotional response.
Make the most of the colors at your disposal: The usage of colour in advertising is often a very important strategy, since colours have a tremendous psychological impact on people. Our brain makes associations with certain colors that bridge the gap between your brand and your TG.
As a best practice, use of contrasting colors. This will make your creative stand out in a sea of monotony.
And most importantly, embrace your brand colors. Use them repeatedly for your audience to associate your brand with those colors.
Facebook has created a system wherein you don’t have to turn up the volume to enjoy videos. This has got many brands and content creators thinking on how to embrace silence and find ways to grab viewers’ attention without sound: The thumstopper is no exception
MMA’s cognition study shows that people responded strongly to human faces, body parts or even icons that are shaped like bodies.
To get the maximum output, include a human element that is high on emotion. The hero should be at the center of the story. With all of us swiping quickly through our newsfeeds, your brand must make a real impact in just under 10 seconds. Hence, bring your most exciting frame upfront.
Capture attention with branding or text, quickly. An interesting way to open would be to use the hero element of your brand right in the beginning. You can also use vernacular videos as thumbstoppers with a grand opening as part of your video marketing strategy!
Try using text captions to emphasize core messages at the outset. You can also add an interesting copy at the end of the thumbstopper so that the message is etched in your viewers’ memories.
Top-performing mobile ads always have a surprise element. Introducing surprise design elements may seem counter-intuitive, but it can transform the ad completely!
Use the different creation tools that are already available on platforms such as Facebook and Instagram. Can the thumbstopper be a Boomerang or Hyperlapse? Have you used an IG sticker or Poll in your ad? The possibilities are endless!
You can write a creative scene. Is it possible to use time as a creative device? Will a fresh copy approach work?
There are several ways through which you can innovatively approach Thumstopper videos. In the end it’s all about creating a huge, positive impact for your brand. The idea is to create memorable moments and create a lasting impression on your customer’s mind.
Through the Malabar Gold Campaign, Social Beat successfully managed to do this. Not only did the thumbstopper campaign create a visual impact, but also a social impact which aimed to change the way people currently perceive certain practices in society. Social Beat, one of India’s leading digital marketing agencies is helping several brands across the country leverage their video marketing efforts through innovative, path-breaking and high impact methods such as creating unique thumbstoppers.
If you want your brand to reach out to millions of people, try the thumbstopper approach. You will not be disappointed!
The Digital Leadership Summit 2020 by Social Beat was conducted online due to the pandemic. The agenda was to discuss the current and future trends of digital marketing. The whole country has gone digital these past few months and the discussion enlightened the road ahead. The program commenced with the National Anthem after which the audience was briefed on the agenda.
There were 17 experts from various fields and organisations covering important topics such as hyperscaling, vernacular marketing, consumer journey automation, building a culture for innovation, etc among many other insightful topics.
Dr.Pramath Sinha, Founder & Chairman of Harappa Foundation, believes that the combination of liberal arts combined with technology has a bright future. Digital marketing in education, and digitising education, in general, itself helps in targeting students better due to their constant online presence. Digital mediums help students experience one-on-one conversations which enhances their learning experience.
Ms.Meenakshi Singh, Agency Business Manager, Google tells us that consumers have started adapting to the pandemic. Users are spending more time on small screens. She said that going digital is the new store-front. Consumers are expecting brands to use their digital assets for personalising their experience. Convenience is a key factor that drives consumers to opt for online shopping over in-store shopping. Brands that establish their presence online, actively work on their website and mobile user experience, clearly inform consumers about delays and stock availability are the brands that have a higher chance of succeeding digitally.
Ms.Ruchi Kohli, Agency Business Lead, Facebook enlightened that brands need to embrace new media habits. There is a spike in the dependence of digital media which may even cause demand surges. Brands need to create virtual experiences, vernacular content, and develop content for every part of the business funnel, especially on Facebook. Digital spending concerning mobile wallets and net banking has also been on the rise. Users will also shop more during sales and offers offered by brands on digital platforms.
Mr.Amit Verma, Head of Growth & Marketing, Rapido said Digital marketing is a cross-functional tool that has a multitude of benefits. He advises start-ups and brands to focus on a full-funnel approach. Look for channels that bring you the most distribution. Marketing vernacularly impacts conversion by understanding customer preferences. Focus on what you want out of your marketing strategies.
Mr.Damandeep Singh Soni, VP- Marketing & Growth, boAT recommends brands to stick to two channels and focus on optimizing them to grow fast. He advises using the right instruments to gather data. Some brands use free tools, but the cost of change becomes high in the long run. He advises marketers to visualise the data to create manageable and efficient content.
Ms Shweta Sivasankaran, Director, Marketing, Unacademy shared that maintaining a strong social media presence with relevant and engaging content, marketing with a clear tone will boost your traffic online. She also recommends spending time measuring, listening and analyzing. Shweta asks companies to use accurate and exact keywords, use clear CTAs. She believes that a combination of simple and compelling display ads, along with videos that have clear CTAs have a very powerful impact on social media.
Mr Ajit Narasimhan, CMO, Sundaram Mutual says that going digital is no longer an enabler but a strategic leader. Mr Karanpreet Bindra, Head of Marketing, Rupeek agreed and added that offering both digital and physical transactions saw a hike in the conversion percentage for their company. Karanpreet also said that for wealth creation products, where trust is a key factor, building perception and awareness around the brand online will help. The demand for Vernacular content is high. This avoids the problem of loss in translation for complicated products like loans. Ajit says creating videos is one of the best ways to create a visual feel of the brand, where the focus is to educate the customer.
Mr Sandeep Shukla, Head, Marketing, Jaquar group says that a key factor in building a brand is reaching customers. Digital media needs to give all the information they need in one place. He says that everyone is an individual marketeer while talking about the power of sharing and circulating content. Creating videos on YouTube empowers consumers giving them all the data helping them to plan and decide. He requests brands to embrace technology while focusing on communicating and keep the message clear and simple.
This was an extremely interesting and insightful experience. Thanks to the virtual world, the panellists came together to give us their thoughts, opinions, advice on how to make the most out of this pandemic using digital media, and its trends. The summit was concluded after the rendering of the National Anthem. To know more about vernacular marketing, video creation tools, or to read more useful blogs on digital marketing, visit the Social Beat blog page.
When you live the brand, it is so much easier to build it. Simeran Bhasin, Co-Founder of Innerwear Brand, BRAG, has lived by this policy that has constantly helped her gain over two decades of experience with brands across diverse consumer segments including kids, youth, and luxury. After having worked with Fastrack by Titan, Manipal Hotels, Britannia, and Wildcraft in 2014, she turned entrepreneur and launched India's 1st and only young girl focused Innerwear brand - BRAG, in 2016.
During our webinar series, Simeran Bhasin shared her journey of working with some of the most iconic brands, her insights on making a campaign successful for GenZ, and how she scaled up Fastrack, Wildcraft, and now BRAG at a national level. Throwing light upon her learnings throughout her journey, she believes that it’s important to stay true to the brand essence and that each brand should find a way to become relevant to its consumers in order for it to become a success.
Starting with your journey with Fastrack - from watches to a lifestyle brand for the youth, was the transition easy?
“Everyone in the team at Fastrack was excited about trying something new. I always believed that we have to live the brand to build it and connect with it. That was our starting point. In a company like Titan, the transition was easy. Entrepreneurship is in the blood of Titan. It’s the organization that allowed us to explore innovative avenues for the brand. It’s comparatively easier to build a new brand from scratch or with a relatively smaller brand that is open to experimentation.”
How has it been like to scale brands with national presence?
“It’s simply the amalgamation of a universal business insight, a relevant product insight, and the brand insight that gives the nationality and scalability of the brand across the country. Simultaneously, working on the other aspects of the brand to understand the consumers comes into play that help in scaling brands on a national scale.”
How did the insights garnered from other brands help in building BRAG?
“One has to put oneself into the consumer’s shoes. We were always building a brand for ourselves. Having human bodies come in indefinite shapes and sizes, making the age-appropriate product and creating age-appropriate communication were some of the key parts of BRAG’s brand strategy. With some key hits and misses from the brand, having multiple channels explored, and a direct-to-consumer approach, it all fell into place.”
How would you define BRAG’s vision and why did you pick this particular brand name?
“Brag’s vision has always been “To bring girls’ innerwear out of the closet and onto the streets”. It inspires and aspires for women to speak. Product stereotype, business model stereotype, and the gender stereotypes were the hurdles that we jumped to create the brand. BRAG- the name was short, simple and it connected with our target group. We, as marketers, need to make it simpler for the consumers. The aim was always to leave behind a legacy and create an impact, however, we have seen the definitions of impact change every few months. The priorities shifted from having a cool product to a comfortable one. It’s been a vertical learning curve.”
Insights, Hits, Misses, and more...
“The approach was never to start off as a direct-to-consumer brand. 95% of India shopped for innerwear from offline stores. The game has changed now. Indian retailers have always been a tough nut to crack but they saw BRAG as an opportunity. Our biggest validation came from them. Soon, we were on leading brands’ radars. BRAG’s biggest selling product was for tweens but we were targeting teens. That was an opportunity from the brand to tap onto which gave birth to Ms.Brag (beginner bra for tweens), contributing to 80% of the revenue. The biggest learning for us was to change the consumers (especially teens) mindsets and selling the idea of ‘comfort’ with innerwear, who were habitual to a conventional bra. It was more difficult than convincing a beginner. Switching is a very big challenge and we faced too many barriers. The girls loved what the product looked like, more than what it felt like. Some very strong cultural nuances like these would come up in conversations, revealing external-driven purchase processes. For example, how is it fitting vs how is it looking during the trial sessions? So changing behavior was one of the learnings.”
What according to you are the key drivers to build a brand for GenZ according to you?
“Building brands is not just about identifying the demographic and we tend to get caught up in this a lot. It’s the mindset of the youth in the context of the age segment that is more important. Today, youth brands include Levis and we have seen 70-year-olds wear Levis. They are young at heart. At Fastrack, we defined it as the ‘campus-mindset’ that exists in older generations and younger ones too but the center of the gravity of the mindset is always on the campus. If we get stuck at the age, we still might go too wide and won’t be sharply defined brands. GenZ is extremely authentic and honest as consumers, and they are aware of almost everything, from gender-sensitivity to democracy. When they consume content, they are much more opinionated that previous generations.”
Marketing strategies and channels - what was so different about BRAG?
“Balance between communication for the teens as well as the mothers was crucial. How will the brand look like if the consumer came across the content and how would a mum see it. In the case of tweens, it’s the mother who is taking the user to the product. Hence, we are doing education for the mothers but it’s in the voice of a young girl and we have a separate brand presence on social media for that. Indirectly, communication is what a mum would relate to. It has to be more fun and less awkward, all of that coming from a tween girl to her mother. The trust is built differently hence a separate platform is dedicated to that audience set. As a brand, we also cannot forget to talk to the other set of consumers who have their own voice (the teens) because that might backfire. The content has to be relatable to both the groups.”
New Market Segment Vs Competing in an Existing one - what are your thoughts?
“Playing within the segment is relatively simpler because we don’t need to sell the relevance of the product. For a new segment, you have to build awareness around the need from scratch. That takes a lot of effort and it was the biggest learning for me. It’s not only about creating awareness for the brand but also of the need. Behavior change takes a lot more effort. The risk also revolves around being too early in the market. In the case of existing competition, we need to convince people that what they are buying is not good enough.”
Changing strategies, Changing times during Covid-19 - any message for the branding agencies?
“Marketing is largely a variable expense. Given that there are fewer brands in the e-commerce space, marketing budgets will reduce. Brands are going to cut down projects. For agencies, It's also crucial to recognize ongoing expenses, make operations leaner, and pick smaller projects to meet expenses and keep the cash flow going. It also comes with figuring out of the box solutions towards communication and media, which was probably not part of the mandate in the past. Being overly supporting and going beyond the original mandate will be much appreciated. Humanizing the decisions is the key when it comes to supporting employees...”
Building a brand’s digital community - what should be the starting point of this?
“Ensuring the ‘why’ in place is crucial. Clear purpose, brand persona, brand tonality need to be in place, along with having a strong target group in mind, keeping your communication streamlined. The sharper it is, the greater the chance of success would be. Every brand is online today and everyone is saying they are cool. We should also be very clear on what we will not do or talk about and it should be all part of the brand too.”
Can Purpose become the Brand’s Voice?
“Yes, the purpose can become the brand voice. The purpose can go hand in hand with the brand’s personality and can be used to communicate the end goal. We talk about things that matter to the brand. It may or may not directly talk about the product sometimes. Today, all of us are curating our feeds based on interest so every creation of the brand revolves around the interest. You will attract consumers of that kind.”
Watch the complete session of Simeran Bhasin in conversation with Social Beat. Feel free to drop your questions if you still have questions for Simeran.
Gone are the days when marketing used to be about intuition and gut feelings. Today, in a world where people use their phones for about 60% of their day, it’s extremely important for brands to understand what a typical day would look like in the lives of their consumers. What time would they wake up? What kind of breakfast would they prefer? Would they take a cab to work, ride a bike or drive their own vehicle? Where do they work? Do they come home to a nuclear family or a joint family?
The questions are endless, and while it may seem that brands are trying too hard to sell emotions rather than products, well it is true! Maybe it’s time to stop a moment and ask yourself, do you buy a product or do you buy the emotion attached to it?
It is because of this very fact, that brands are paying a lot more attention to deriving insights into their consumers and their lifestyles. Insight-driven marketing is nothing but tapping into your consumers at the right time and place with the exact communication that they would want to receive. Insight-driven marketing can help you navigate your way closer to your consumer, and it also plays a vital role in formulating strategic business decisions based on the marketing insights you receive from your consumers.
Understanding the demographics and habits of your consumers is not just a matter of numbers but is an art in itself. With an exhaustive insight-marketing driven approach you will be able to dive deeper into the following:
And many more such questions, which then allows you to optimize your marketing strategy to deliver the best results.
Here are an astonishing few facts that we found online from a study that dives deep into consumer behaviour -
Did you know?
55% of people interested in grocery online are men
51% of women are interested in social and casual gaming
60% of men are likely to be in-market for jewellery
56% of fathers online are interested in being a chef
Tapping into your consumer at the right time, using the right channel, with the right communication, can result in higher conversions, higher engagement and higher revenues in return. Many brands in today’s era are looking at diversifying their persona and communication, making it more personal and customised for their consumers. For example, a brand that’s available in Tier 1, 2 and 3 cities may want to communicate with their consumers in each tier differently, based on the kind of content each group resonates with, and the different channels each of them would be present on.
Knowing the consumer behaviour and patterns through first-party data is crucial, helping brands cross-sell and upsell products that may add value to the lives of our consumers.
Being able to track their behaviour and journey helps us dive deeper into whether or not they would be willing to purchase more products at even a higher price.
If a brand initially thinks of venturing into a new line of services, building a new product or expanding the current business in different markets, these decisions can be made a lot stronger and effective if they are based on facts and insights taken from the marketing data and their consumer’s behaviour.
While all this may seem a tad bit overwhelming, here’s a step by step process on how you can go about analysing your data and putting it to effective use.
While you may have run umpteen campaigns for your brand over the last year, giving you access to tons of data to look into, what’s really important is how you collate it, organise it and study the data. It’s extremely crucial to look for trends between your consumer demographics, age, gender, lifestyles and professions. For many brands, their data may not just end at consumer names, which cities they reside in, their age, profession and likes and dislikes, but also depend on which part of the communication did they most resonate with, that influenced their decision of buying the product or service.
Hence, for any brand that believes in connecting with their consumers, it is fundamental to understand:
Let’s follow a simple rule: Gather data points ------> Derive marketing insights -------> Jot down a way forward and implement
More often than not, marketing professionals pause at stage 2 - Which is deriving digital marketing insights from the data points. The key here is to apply all the insights to your campaigns and communication routes, which will, in turn, help the brand see improved business results and higher conversion rates, where consumers will start to resonate with the brand on a personal level.
Once you have implemented the marketing insights, the key is to compare data, both past and present, to be able to optimise your campaigns and strategy as you keep going. This will help retrospect on whether you’ve seen a rise in the sale of products and services of your brand and how much your brand has benefited from your insight-driven marketing approach.
Here’s one such example of insight-driven marketing implemented by us for Tata Mutual Fund’s – #NoToKatauti Campaign
To drive investments for their ELSS (Equity Linked Savings Scheme) Fund between November to March – which is the period when people resort to filing their taxes in India.
Process to gain insights:
We asked a bunch of 20-30 people over calls and video conferences, on how, when and under what circumstances they file their taxes.
Hence from this very thought, stemmed the campaign idea of #NoToKatauti!
Consumer segmentation based on data and behaviour analysis:
We divided our audiences based on four major factors in India, namely people’s love for cricket, love for food, the housewife community, and students.
Not only did we first deliver the video to them that they resonate with most, but we also followed it up with the other three in line, creating a ripple effect and building tremendous brand recall.
38.1% increase in brand lift
216.2% increase in brand interest
13.1% increase in brand awareness
25% of leads from YouTube
Here’s another example of insight-driven marketing implemented by India’s No.1 cookware brand, Wonderchef:
To create brand awareness, strategize and devise a campaign for a good cause.
We pulled out sufficient data to support the fact that the majority of men in India don’t cook, they don’t help out in household chores and they don’t have sufficient knowledge of ingredients. While we try to preach ‘Gender Equality’, are we really all that ‘Gender Equal’ as a country?
This very thought led us to create the campaign idea of #DearManHoldThePan.
We got out on the street to ask men their thoughts and gather more information on whether they knew basic ingredients, herbs and how to even break an egg without ruining its yolk! And guess what? The results were hilarious, but very satisfying in terms of numbers, reach and the appreciation we received. Not only did this make our case point stronger, but also helped us develop more content, in the form of posts, influencer videos and a whole lot more!
Reach – 14 Million
Engaging about 3 Lakh Viewers
And we turned a whole lot of eyeballs!
Various examples have shown us time and again that personalised marketing is a digital trend that adds a whole different dimension and layer to any campaign or brand. By reflecting different facets of an audience’s personality, a product or campaign is bound to be a success. Relatability makes room for connection, and thus engagement, which is why marketing insights will never fail you. And with performance marketing, the insights only ever grow, enabling you to drive growth continually for your brand.
Interest and investment in augmented reality and immersive digital marketing is greater than it’s ever been before. Through the journey of evolving brands, we have witnessed the adoption of a mobile-first creative approach. Augmented Reality marketing provides brands with a highly desired tool in their belt when it comes to driving sales and enhancing brand value through mobile devices.
The explosive growth of immersive marketing saw big brand wins during the early days of the adoption of AR in marketing. Because of this, AR emerged as one of the fastest-growing digital marketing trends, alongside voice commerce and the use of first-party data. Industries ranging from e-commerce to fintech and FMCGs raced to leverage AR marketing for their brands.
This growth has been witnessed with Augmented Reality marketing playing a key role in social media marketing as well. While Snapchat was one of the first social media giants to adopt AR, Instagram was quick to follow. Google, too, launched AR powered 3D images in searches for products on various e-commerce brands early this year. This proves that AR can be used in multiple ways for a number of different reasons, whether it’s increasing user engagement or offering interactive elements for consumers.
The first step to creating a space to build AR-powered apps, experiences and campaigns were taken by tech giants like Facebook, Apple and Google. They created platforms like Spark AR, Apple’s ARKit, and Google’s ARCore which made it simpler to leverage AR in marketing and products for any brand.
But the doors for AR marketing only really opened with the conception of Facebook’s augmented reality suite Spark AR Studio. This tool allowed anyone to create their own filters and campaigns which could be utilized for Facebook and Instagram Stories. Free for all to use, Spark AR by Facebook has provided a platform for many brands to create their own AR effects and filters. This quickly launched Augmented Reality marketing to new heights.
While e-commerce brands, specifically beauty and lifestyle, were quick to tap into the feature by allowing customers to try out products, brands also leveraged AR for high impact brand awareness. A prime example of this was Adidas Original’s decision to create a custom AR effect that was in line with the trend of vintage filters and retro photographs at the time. Their filter added a nostalgic look to your stories, including a ‘glitch’ effect. This custom AR effect was extremely share-worthy, very on-trend and was perfect for building brand awareness!
AR marketing witnessed a peak in the entertainment industry as well, with several well-known media giants tapping into Augmented Reality marketing for the launch of largescale projects. Known celebrities and producers used AR in marketing for movies, TV shows, and even new music. This was seen most prominently with Netflix. One of their largest campaigns tied up with the New York Times and Google Lens for readers to scan and discover images that led to a Stranger Things reveal.
The use of Augmented Reality and Virtual Reality is expected to steadily grow as more brands across sectors leverage it to engage their core audience. India is projected to increase both the creation and consumption of immersive media following the global trend. Brands in real estate, media and entertainment, automotive, and retail are expected to showcase the maximum adoption due to clear use cases, as per the Nasscom Graphic: Geetanjali.
By 2022, over $6.5 billion would be the estimated size of the Indian immersive media market, with a higher percentage of it pouring in from the Augment Reality market. Around $5.9 billion is expected, in comparison to the $0.5 billion estimated from the VR market, due to higher costs for creation and execution. The explosive growth of 172% from 2018 to 2022 can be attributed to the easily accessible tools and adoption of Immersive media by top Indian brands.
AR marketing has the capability to improve and create an immersive experience thereby leading to better brand perception if created well. As such, it is essential for brands not to use AR for novelty purposes, but to build a more seamless experience that would provide a positive AR experience while thinking about the long-term benefits of the experience.
Brands like Pepsi, with their #SwagStepChallenge and Lifebuoy, with #LifebuoyKarona, have used AR filters to create hashtag challenges on channels like TikTok to increase buzz around the brand. They roped in celebrities and influencer marketing campaigns to further amplify their AR filters. This helped create a massive awareness of their brand recording explosive cumulative reach of over 85 Billion views on both hashtags on TikTok, without the notion of driving sales or action.
Augmented Reality is often perceived with the restricted utility reserved for selfies or social media filters. However, the Augmented Reality market can stretch further this with the capacity for much larger impact. The ability to allow a customer to try out products without leaving their home or their screen is a level of immersion and interaction that even interactive ads cannot offer.
By creating AR versions of a product or set of products, brands can provide customers with a better idea on the actual look and feel, while simultaneously setting the right expectations for them in terms of the deliverables.
Brands that have most heavily used and relied on leveraging the tool are present in the retail, beauty and lifestyle segments. L’Oréal’s virtual makeup tool was a path-defining AR creation which helped customers across the globe test and try their makeup virtually anywhere. They added another step helping to enhance the marketability - the option to try the superimposed makeup in real-time with the filter, or take an existing picture to upload and have the filter tested on.
On the other hand, providing a vision to home and interiors, IKEA paved a way for real estate companies by allowing customers to view their products in real-time within their own homes. This increased the possibility of purchase with increased visualization, leaving very little to the imagination.
The real estate sector now faces the need to implement AR in product visualisation as well, especially to keep up with marketing during COVID-19. With fewer brokers and agents taking on home visits due to the restrictions imposed by authorities, it has become difficult to meet the existing demand for house hunters. While many have turned to virtual tours, AR can significantly drive sales, during and after this pandemic.
Your core audience is bombarded with a colossal amount of marketing messages every day, making it hard for marketers to ensure their message is heard. Providing your brand with the parachute of AR and adding a layer of immersive marketing can place it above other brands in a consumer's mind.
Making the brand more interactive, healthcare brand Medlife leveraged Facebook Augmented Reality marketing to educate viewers on the CPR procedure. This created deeper engagement for the audience by providing learning and greater rewards to their subconscious mind as well.
For brands who are dependent on the physical store experience to drive business, Augmented Reality provides the potential to amplify this by creating a digital experience simultaneously. A frequent example of this is seen with QR codes and bar codes that can be scanned. Doing so pulls up an AR manual or experience with detailed information on the product and brand.
Two popular examples of Hyundai and Mercedes have showcased how the auto industry has utilized AR to improve customer experiences. While Hyundai created AR-powered manuals for drivers, Mercedes created an app integrating AI to ‘Ask Mercedes’ any questions relating to the product and brand similar to a chatbot.
Augmented reality is a tool which can transform the B2B customer-vendor experience with the help of a single click. Limitations of what a vendor is able to provide, along with the misaligned customer experiences, is eliminated with the help of AR.
Creating dynamic sales presentation material to the customer with AR-powered content can provide a virtual 360-degree look at their product lines, and is one of the most used technologies in the B2B space.
Ever imagined that you could be in two places at once? With the help of a VR headset, this can be achieved. This novelty soon became a reality as the COVID-19 outbreak caused many companies to shift to a work-from-home model. Business continuity is a key focus for organizations while they are also looking to stay home to stay safe, but also want to provide real-time experiences. VR technology plays an important role to achieve this.
Companies like Quess, which is focused on sales-driven marketing and human interaction has their employees getting AI-powered training on their mobile devices. The face-reading AI also provides them with real-time feedback on their voice modulation, tone and facial expressions and key notes to focus on for improvement.
The biggest learning digital marketers can take from this is that it’s time to adapt. Investing in the available AI technologies to maximize your results has become the need of the hour. It is critical for your brand to reach the objective of managing more data effectively and improving your consumer experience.
The creative potential of using AR in marketing can provide your concepts and campaigns with an increased potential for brand awareness and recognition. 2020 is the year to explore immersive marketing to maximize your brand’s potential. At Social Beat, we implement a mixed marketing strategy which includes AR to enhance our efforts and deliver results.
In a constantly evolving economic landscape, there are many challenges that marketing leaders need to overcome. They are under constant pressure to improve the efficiency of marketing campaigns by lowering acquisition costs and increasing profitability. There has also been a significant shift in the data landscape along with increasing privacy concerns after the GDPR and Cambridge Analytica data scandal.
A cost-effective way to overcome these challenges would be to start looking internally and utilizing existing business assets. Leading companies like Nestle, Ikea, and others, are also looking to leverage high-quality first-party data in their marketing strategies. First-party data becomes an important factor for a successful marketing campaign and marketers who don’t adapt would be missing out a great deal.
Earlier this year, Google declared that Chrome, which is the most widely used browser in the world, would start eliminating support for third-party cookies. Third-party cookies are a simple line of code placed by websites on a user’s hard drive. These cookies form the basis of building behavioural profiles of users on the internet and help marketers in their targeting.
Companies who are at the centre of consumer data, including Facebook, Twitter and Oracle, are slowly moving away from third-party data. On the other hand, a widespread concern around data privacy has led to consumers becoming more aware and demanding increased levels of data privacy. Browsers like Chrome, Safari and Mozilla are now blocking third-party cookies in their browsers.
All of this combined would have a large impact on the targeting options available for advertisers. With third-party cookies now becoming irrelevant, first-party data in marketing automatically becomes a brand’s best option to track and target customers for their online campaigns.
Any data that you collect directly from consumers and with their consent is known as first-party data. This data is usually reliable and trustworthy and can help drive high-value leads and limit unnecessary ad spends. For a brand, their online sources for collecting first-party data in marketing would be the company’s website, app, CRM, social media, email marketing, surveys etc.
In November 2019, sportswear giant Nike had announced that they will stop selling on Amazon and focus on selling direct-to-consumer via its own website and app. This decision comes as a part of their vision to elevate consumer experiences and build direct and personal retail experiences with its consumers. Selling directly through their own online properties and retail stores would also mean Nike can completely control and own their first-party data. This move by Nike shows us that they are confident in driving all traffic to their own website to enhance the consumer experience and also lower acquisition costs and improve profitability. This might just be the tip-of-the-iceberg and actually be indicative of the start of a massive shift in how brands sell online and start opting for the direct-to-consumer strategy. And this, in turn, could lead first-party data in marketing to become a new digital marketing trend in the making.
For brands looking to accelerate their adoption of first-party data in marketing, one of the most important and invaluable assets they already own are in-bound consumer calls. As per a recent survey, consumers are increasingly turning to phone conversations during the path of their purchase journey. A lot of research happens online but they also prefer to call a brand when they want some specific information and are nearing the end of the decision-making process especially in case of high-value purchases or time-sensitive products and services.
Consumers are having important conversations and asking brands for more information that is relevant to them. They are sharing their concerns, their purchase intent and so much more on these calls. These inbound calls are a treasure trove of highly valuable information and it’s time for brands to pay attention and listen to what their consumers are saying.
Policy Bazaar, India’s leading insurance aggregator strives to provide its customers with a smooth hassle-free experience by digitizing its processes. Considering that insurance is not a one size fits all sort of industry, Policy Bazaar has been constantly implementing AI and latest tech solutions including chatbots to understand their consumer personas and ensure to sell the right product to the right consumer. They were one of the earliest companies to discover a goldmine of consumer insights in their 35 million minutes of monthly talk time via voice analytics. One of the key insights they found after analysing the word cloud of their conversations was that a lot of their customers were using the word cashless. The marketing teams assumed that consumers would be more concerned with premiums, claims, bonuses etc., and so there was no focus on showcasing the cashless network. Within a week’s time, the team launched a new feature that would show the customers a list of cashless networks that were available in the policies they were interested in.
AI in marketing intelligence can help turn calls into rich first-party data with actionable insights. Analysing these customer conversations and deriving key insights which can be implemented into the marketing campaigns and communication strategy will in-turn lead to a highly effective communication strategy, increase in conversion rates and lower acquisition costs.
Brands that are activating and collecting first-party data should be using this data to personalize the content on ads that are being shown to a particular user. In the case of e-commerce companies, understanding past purchase behaviour and knowing what your consumer likes or has added to their cart before will help you segment your audiences and show them relevant messages based on which step of the consumer journey they are in. Another key aspect is that brands should ensure to deliver personalized experiences across the entire marketing funnel of their campaigns.
Tata Mutual Funds, a leading mutual funds investment company had launched a campaign called #SayNoToKatauti which aimed at striking the right chords with personalized content to deliver higher engagement and reach. The campaign had a series of four brand films that had a common messaging point of tax-saving investments. The protagonist in each of the videos was in different relatable and everyday scenarios, like watching a cricket match or ordering food, which was then targeted and shown to people based on their own interests.
Personalized campaigns with AI marketing and first-party data would also automatically mean higher efficiency and reach of your campaigns across all your digital marketing platforms. On Facebook, you can create lookalike audiences from your first-party data which are very powerful and can help build the right mix of good quality and scale both. Google has also recently launched combined audiences which is enabling advertisers to narrow down their target audience and serve impressions to people who fit into two categories. For example, you could target people who have visited your site in the last 60 days and also are part of the in-market audience for your category. This combination makes your targeting more efficient and helps you spend your money effectively thereby improving your ROI.
AI in marketing is also quickly becoming the future of digital. With AI marketing, you can make a campaign immersive and experiential for a user, encouraging them to engage with a website or ad better. AI can use first-party data to leverage information and display content or information tailored to their liking, thus increasing the likelihood of driving them through to the end of the funnel. A prime example of this is the streaming services that have taken the world by storm - whether it’s television or music. By using AI, these companies display personalised recommendations that push the user to engage further with the service, optimising their experience with first-party behavioural data.
In today’s marketing scenario first-party data is becoming an increasingly popular choice and marketers are looking to utilize it across all platforms to accomplish their key marketing objectives. It is crucial for brands to take control and utilize their first-party data to improve ROI across their marketing efforts. Businesses must invest in building trusted and personalized relationships with consumers and raise the bar for transparency and data privacy. At Social Beat, we analyse first-party data from different sources to fuel campaigns and leverage different types of engaging content for target audiences to drive conversions. Is your company making the shift to first-party data?