Data increasingly powers every element of the marketing mix – source of growth, consumer performance, content creation, mix optimisation and measurement. At the first Data Science Congress in India, organised by Mindshare, MA Parthasarathy, Chief Product Officer, Mindshare explained how the agency has been providing strategic media and data-driven solutions to its clients through its data analytic tools Kyve or Future Adaptive Specialist Team (FAST).
He talked about Mindshare’s philosophy to help clients grow their business and drive profitability through adaptive marketing and that data is at the very heart of adaptive marketing.
The conference was about data science, analytics, big data, machine learning, artificial intelligence, cognitive computing, IoT and cyber security. Parthasarathy spoke on the topic, ‘New Age Marketing which is powered by Data & Analytics.’ with the help of installations.
Excerpts from Parthasarathy’s address:
Every stage of the marketing loop -- starting from defining source of business, through consumer insight, strategic direction, campaign planning, implementation and finally measurement and redeployment of learning – is defined by data. It supplements intuition, strengthens conviction and drives accountability.
At the outset, data drives the definition of the marketing objective. Where is the next wave of growth for the brand? Which market, consumer cohort and product mix is most likely to drive growth?
Consumer understanding has always been powered by a mix of intuition and data. While intuition is critical, the nature of data has changed exponentially. From sample-based studies that were based on claimed behaviour to census-level understanding of actual behaviour and intent, we now have a much richer appreciation of the consumer.
To promote the latest offering by Castrol for mini-truck drivers, Mindshare India commissioned a research and based on the findings developed a campaign. This data allowed them to identify key pockets where their target audience was present and come up with a targeted campaign using them as influencers among their peers. The team managed to reach out to about 85 per cent drivers, pushing sales by 40 per cent for Castrol India.
This has translated to a much more agile manner of targeting the consumer in media. There is a marked shift from buying inventory to buying audiences and customising the messaging to them in real-time
Now, data-rich categories like BFSI, Hospitality, Ecommerce and Retail have led the adoption of these practices, it is rapidly getting adopted and customised across all major categories.
Mindshare is well placed to leverage the power of data to drive business and marketing results for its clients. It brings together long-standing relationships with blue-chip clients, industry-leading data and content partnerships, dominant scale and the ability to integrate an end-to-end solution.
It drives FAST, its approach to real-time marketing. It comes to life in ‘The Loop,’ its real-time business command centre. It reflects in the diversity of talent (data scientists and technology leaders) not typically seen in a communications agency.