Martech goes beyond marketing, says HDFC’s Deepak Oram

New Delhi: Martech is that one tool in the box that organisations hold close when it comes to aligning with the rapidly changing landscape of marketing. While some consider martech as the confluence of marketing techniques and technology, Deepak Oram, Senior Vice President - Growth Marketing & Martech, HDFC Bank, believes that ‘Martech goes beyond marketing.’ 

“Initially, MarTech was perceived solely as a tool for marketing automation and effectiveness. However, due to the digital-first behaviour of modern customers, MarTech now generates a wealth of data and information applicable to areas extending significantly beyond traditional marketing functions,” Oram told BestMediaInfo.com. 

Laying the groundwork for the argument, Oram mentioned that earlier, the overlap between a digital customer submitting a lead and a lead entering the CRM from other channels was merely 20%. This meant customers would, for instance, visit the website and then separately call the call centre to submit a lead, with minimal correlation. 

According to Oram, this overlap has now surged to nearly 80%, indicating customers predominantly initiate their journey digitally before proceeding through the buying or consideration phases. 

 “If a customer calls the call centre after browsing specific pages or product features, this information is often unavailable to the agent or when they visit the house. Yet, there's an 80% likelihood the customer engaged digitally,” Oram explained. 

Oram pointed out that digital channels possess a profound understanding of today's customer. However, the application of this digital intelligence to enhance non-digital channels remains largely untapped. “Leveraging this digital insight would significantly elevate the customer experience, creating a 'wow' factor,” he said.

What Oram was implying is leveraging the digital touchpoints graced by the consumer to enhance the experience or service in other areas. This also aids the omnichannel marketing approach that is becoming a hot topic of discussion among marketers. 

While omnichannel marketing deals with the interoperability of various devices and avenues such as apps, websites, phones, CTV, etc., Oram advocates using the insights generated from the digital to the physical landscape and vice-versa. 

Speaking on omnichannel marketing, Oram highlighted how it is different for the banking sector. “Customers demand much more from banks, and that’s the challenge we face. Solving it isn’t easy because the channels are so disparate. 

Picture a bank with 10,000 branches nationwide: some customers use the mobile app, others call the call centre, and some walk into a branch. The customer’s current need is scattered across multiple systems, platforms, and touchpoints—be it branches, apps, or other information ports," Oram explained. 

According to the HDFC executive, customer care plays a pivotal role when it comes to taking the tech beyond marketing. 

In addition to this, HDFC is making tweaks to their hiring strategies as well to expand the ambit of martech in the bank. The bank’s focus is on acquiring “techno-functional personnel.” 

To be specific, people who possess a grasp of technology coupled with an understanding of consumer behaviour, marketing, or marketing operations, Oram told BestMediaInfo.com. 

Calling it a crucial area of investment, Oram stated, “A purely marketing-focused individual requires support from a techno-functional counterpart to drive innovation. Banking, with its stringent compliance, safety, and customer data privacy requirements, necessitates individuals to be deeply versed in data and technology. 

Conversely, marketers excel in consumer behaviour, communication, and targeting. Therefore, we invest in hiring people who are adept in both these areas to achieve desired outcomes.”