1.Which are the best Martech tools that you can suggest for a business?
Martech is becoming an increasingly growing space, and now covers a variety of facets of the marketing journey. At it’s core though, the key components of a solution include:
- Data collection
- Creating an actionable view
- Decision Engine
- Channel activation, and
- Performance measurement
These translate into the best tools, for the respective functionality.
2.What are the metrics/KPI’s that you consider as most important?
Martech is that area of marketing that you get into, where you necessarily need to go beyond the typically fuzzy marketing metrics, to hard core business oriented KPIs. And finally those are the ones that matter. Because martech solutions CAN drive business transformation at its core, depending on the objectives one has set, the relevant business metrics matter. For example, if we are doing a campaign for recovering lapsed customers in a subscription model, the metrics that matter are simply around the extent of recovery that we managed. Martech campaigns are designed around customer journeys, and with a specific objective in mind, and the key metrics also derive from the same.
3.What Marketing channels plays major role in a marketing strategy ?
Obviously there is no one-size-fits-all answer to this question. But the important part of strategy is to examine what are the key channels that the brand’s consumers are engaging on, where they are present, where they are likely to be influenced around the context of the brand, and basis which, to identify the channels that matter, for your strategy.
4.Why Customer data is Important for personalisation in marketing ?
The Internet and what it enabled, only hastened the extent of in-your-face brand messaging that any consumer gets today. Due to that clutter, there is a general rejection of blind-spotting of such messages. The only way then, for a brand to still get the consumer’s attention and capture his interest, is to NOT carpet bomb, but in fact, be extremely relevant to the consumer’s interests and requirements. The right message to the right consumer at the right time, is the mantra. And this can be achieved only basis customer data. Hence it is extremely important for personalisation.
5.How marketing automation works in adding value to your business?
Marketing automation is the perfect central engine around which most brands’ marketing strategies need to run. Marketing automation enables you to identify customer personas, figure out the various potential customer journeys with reference to the brand, and then strategize via an algorithm, the best engagement that the brand would like to have, in the context of the said customer journeys. Essentially enabling an algorithm based personalisation, that leads to most relevant communication between the brand and the customers, thereby enhancing the chances of getting a favourable customer response.
Doing this entire process at scale, is what marketing automation is about.
The actual external engagement could happen via different means, be it email, SMS, app notifications, digital ads, etc. But the central decision making engine is the marketing automation piece.
6.Which Marketing technologies works best in customer acquisition and engagement ?
Again, the real answer is different for each case. So there are no general sweeping responses to such a question. However, utilising a marketing automation engine, enables you to bring a high level of efficiency in both customer acquisition and engagement. As one is able to strategise using first party, or second party, or third party data, as one is able to use DMP to even engage with an anonymous audience who has visited your website, basis the pages they saw, the time they spent, etc., there are indeed, many ways to get customer acquisition efficiently, using marketing automation. And then as explained in the previous question, identifying the right customer, the right moment, the right platform, the right messaging, is also enabled viz marketing automation, and which therefore, leads to the best engagement metrics.
7.What type of Martech Strategies will you suggest for a business?
What we generally recommend as a starting step, is a “discovery process” that enables us to understand the key issues for the business, and basis that, to come up thereafter, with the detailed marketing strategy. The actual strategies could then include putting together the necessary components, be it a marketing automaton solution, or content marketing, or using voice or AR/VR, etc.
8.What are the major benefits in adopting martech into businesses?
The first major benefit of adopting martech into your business would be survival! Yes, we are gradually getting to a point where martech is becoming almost a necessity.
But other than that, the benefits are about getting marketing efficiencies. Traditional marketing techniques have involved a lot of shoot and pray, carpet bombing kind of approach. Martech enables you to take absolutely measured steps, with highly focused, extremely well-targeted efforts, with an extremely high level of measurability, which ensures that you are able to tweak your marketing spends to where they deliver the best results. And which of course, means efficiency. And since at this time still, fewer companies are adapting such means, the efficiency that your company achieves works out to be a significant competitive advantage as well.
About Sanjay Mehta:
Sanjay Mehta is Joint CEO of Mirum. He is responsible for driving a strategic growth focus for the firm, which involves identifying key areas of opportunity and enabling business development and planning to achieve its goals. Sanjay also oversees the media vertical and is responsible for growing the Mirum footprint in other geographies like Delhi, as well as in certain specialised new business verticals.
Sanjay is amongst India’s earliest internet entrepreneurs. In 1989, he co-founded Homeindia.com, an e-commerce venture that sold ethnic Indian products to customers across the world. Nine years of bootstrapping that venture saw Sanjay learn and master various aspects of digital, from design and development to marketing and commerce. Social Wavelength, now known as Mirum, was his next venture after divesting out of Homeindia.com.
Sanjay has worked across various facets of the digital agency business, contributing significantly to strategy, creative, planning and media. He has nurtured multiple crucial client relationships, including with GE, Genpact, Franklin Templeton, Greenlam, Star TV, AMFI and Sterlite Power.
Sanjay loves to share his domain expertise through his blog, social media handles, podcast as well as video blogs. Sanjay has been a part of India’s Digital Power 100 and similar recognitions multiple times and has also been a speaker at various industry events in India and abroad. Sanjay has been a jury member for the ‘mobile’ category at the Cannes Lions in 2015.
Sanjay is co-author of the book, “If I Had To Do It Again”, which outlines the journey of his first entrepreneurial venture, Homeindia.com, and serves as a guide for budding entrepreneurs.