MMA Global India & GroupM launch 4th Modern Marketing Reckoner’24

New Delhi: MMA Global India and GroupM, WPP’s media investment group, launched the fourth edition of the Modern Marketing Reckoner 2024: Winning with AI at the thirteenth edition of MMA IMPACT Delhi. The report explores how AI is not merely transforming the 4 key pillars or Ps of marketing (product, place, price and promotions) but is revolutionising organisations from the ground up, marking an irreversible change. 

The report explores AI's potential to enhance marketing, from gaining consumer insights to transforming product design and the consumer journey. It discusses AI's dual role as both evolutionary and revolutionary, integrating tools like predictive text and chatbots across various marketing functions, including e-commerce and campaign execution, while emphasising the importance of measuring marketing ROI.

Prasanth Kumar, MMA Global India Co-Chair and CEO - GroupM South Asia, said, "The Modern Marketing Reckoner 2024 is a comprehensive guide for marketers who aim to succeed with AI. This report offers valuable insights, carefully researched data, and real-world examples of how AI can be leveraged in marketing. What sets it apart is the inclusion of perspectives from over 60 industry experts across diverse domains, whose human intelligence and experience in powering AI is truly invaluable.” 

Marketers and agencies are swiftly delving into groundbreaking technology, discerning between superficial novelties and truly transformative tools, with key imperatives:

• Marketers value high-quality, authentic internal data like brand essence, past communication, consumer insights, cohort responses, platform performance, packaging details, pricing, and customer reviews to ensure AI models are authentically trained for real-world application.
• Organizational transformation is vital for maximizing AI's impact in marketing, involving integration across Finance, Technology, CMI, sales, and Talent Management, with rapid evolution in budgeting, talent management, and a "Test and Learn" approach.
• Investment in Data and MarTech is increasing, with shared ownership of implementation and utilization among Marketing, Finance, and Technology leaders.
• AI is driving transformation in agencies, fostering new integrated models centered on AI-enabled platforms for seamless collaboration and co-creation.

Moneka Khurana, Country Head and BOD Member, MMA Global India, said, “The grand launch of the Modern Marketing Reckoner (MMR) at IMPACT Delhi marks a pivotal moment for the industry. The report provides actionable insights into AI's transformative impact on the 4 Ps of Marketing - Product, Place, Price, and Promotions. By compiling wisdom and foresight from over 60 industry leaders, it equips marketers with the strategies and frameworks needed to win with AI-driven marketing, fostering innovation and driving growth. At MMA, we are dedicated to empowering marketers to navigate and lead people and machines in unison to deliver business growth and marketing excellence.”