Kumar Garvit,Co-Founder of TorcAI Digital Media Pvt.Ltd has shared his viewpoints on marketing strategy and importance of personalisation in present martech ecosystem.
Q)What Impact do you think will AI & Machine learning will bring to the Marketing Industry?
AI and Ml has already arrived, and is transforming the way Brands/ Ad Networks look at marketing.
Traditional marketing approach has limited insight into user behavior & interest area and is more of a Spray and Pray model. Whereas, AI-based marketing utilizes all the data points like User behavior and interest at individual level, helping marketers to devise data-driven strategies.
With AI and ML systems in place, Brand/ Marketer can look for better Personalisation, Consumer Life cycle management.
Q)How important do you think personalization is in the present marketing scenarios?
Personalization can trigger the heart of a Consumer and can create a long lasting connect with the Brand, if done in the right manner. Today, people consume content across multiple channels. Due to this avalanche of information flow, people naturally get their interests picked by content which is customized to their interests and needs.
Personalization is all about targeting your audience with the exact content/ offer/ information, he/she is looking for. It sounds much like a 1:1 approach, creating a memorable experience for customers at all touch points, driving loyalty to the Brand.
Q)What do you think, would be the future of marketing?
We’re in the midst of a tech renaissance, primarily because of two reasons: Personalization and Compliance with Data Privacy laws.
With growing trend on Data analytics, AI/ ML based solutions/ systems, Companies will continue integrating IT functions into their marketing departments with focus on sharpening their prospecting funnel, customer engagement and and improving the merging of their online and offline platforms.
Also, With Data privacy policies like GDPR, CCPA etc , one should start looking at in-housing Marketing stack or at-least Audience Data , to gain complete control on Data and its action, like User consent management, data deletion from the Ad serving chain etc.
Q)How do you think automation can help the marketing strategy?
With the tremendous growth in Consumer data points and marketing channels, it is almost impossible to manage everything on Excel spreadsheets, Words and Outlook.
Marketing Automation is all about optimization – optimizing the customer experience, optimizing the efficiency of the campaign process and optimizing your the marketing team’s time. It helps in streamlining the customized communication with customer, measure its effectiveness and send it back as feedback for fine-tuning the next cycle of optimization and communication.
Q)What Impact do you think Data-Driven Marketing will bring to the Marketing Landscape?
Data driven marketing beats the Gut instinct and brings in higher ROI of the campaign.
Q)What are the important metrics/KPIs for any business in Marketing?
If we define Marketing goals are our destination, Marketing metrics can be defined as guideposts to reach there. However, there are tons of different metrics that one could potentially track, the ones which i think are most important include:
– Life time value of a customer (LTV),
– User Journey w.r.t Traffic source
– Outliers- identification and exclusion
– Cost of Acquisition
– Marketing Originated and Marketing Influenced customers
Q)How important do you think is 3rd Party data for Marketers ?
3rd Party data help marketers to get deeper understanding of their customer’s interest and preferences outside their own vicinity. It not only helps them in improving User personalization, but also helps them in fine tuning their prospecting funnel. Eg: Making lookalike audiences of the existing customers.