One of the biggest dilemmas of marketers is that while there are millions being spent on advertising and designing campaigns, are they actually effective? To address this, the Times of India Group and WARC organised a session titled ‘Unlocking Creative Effectiveness in India’.
The session was held in Mumbai and it saw several personalities sharing insights on how to achieve the maximum possible efficiency in creative processes.
Partha Sinha, President, Times Of India Group and President of The Advertising Club, too spoke about marketing campaigns and he shared five points (or provocations as he called them) which marketers should keep in mind when building brands.
- Why obsess over ROI- Sinha said that the ROI concept needs to be refreshed. Instead of focusing solely on numbers, marketers should look at ROI as (Return on Ideas). He gave an example of Nike and stated how the brand has created everything around a single idea.
- Is optimisation necessary- According to Sinha, today's marketing needs maximisation over optimisation. “In marketing today we have 2-3 years to build a brand. Why do you use optimisation and not maximisation? Say out of Rs 100 you spend Rs 5 on everything you will have great dashboards and presentations to show the bosses. However, is it translating into the market? Maybe optimisation is overrated,” he stated.
- Loyalty is a flawed concept- According to Sinha marketers cannot expect people to stay loyal and should increasingly focus on getting in new consumers. He said that the loyal audience might only buy your product five times a year, “The grip should be to find new people. In the world of super-targeted marketing, reach and desire-building are paramount,” Sinha said.
- Marketing is failing to be an asset- “Marketing campaigns are not working as they used to before. The secret towards creating a brand is to create memories. The point is if you don’t create memory-based assets there is no hope. Asset building is everything,” said Sinha.
- Measurability- According to Sinha, marketers are too scared to try something new or something that cannot be measured. However, he said marketers should also focus on the impact it has created overall in the market and the consumer’s mind.
Lastly, he advised the marketers to ask themselves, “Do you have an idea and can you make it big?”.