4th Marketing Conclave concluded on FIIB Campus New Delhi
Considering the dynamic nature of current market and consumer behavior, marketing analytics and social media has now become an important aspect of study for any marketer. Focusing on the same theme FIIB hosted the Marketing Conclave on 1st November 2014 at the college in Delhi and invited industry experts to share their opinions on “Analytics and Social Media – Today’s Business Game Changers."
November 01, 2014
The Conclave started with Saraswati Vandana followed by lighting the lamp by our Key Note Speaker, Mr. Saurabh Mittal, Senior VP, Fractal Analytics. Ms. Radhika Shrivastava, Executive Director at FIIB Delhi, introduced the MBA student audience to the topic in her inaugural address. In her talk, she cited few interesting facts and figures showing the current impact of social media, globally. In an example she compared two different companies; NBA (pre-eminent men's professional basketball league in North America) and The Ritx Carlton Hotel (luxury hotel chain) and their approach towards their Facebook fan page. NBA’s target was to increase the number of followers during the football matches; on the other hand, The Ritx Carlton stopped their online campaign in just 1 month as their focus was to cater each and every query submitted by the customer. The target was not the growth in the number of followers but to analyze the fan queries and respond better. She also cited an example of success of PM, Narender Modi, where the clever use of social media and analytics was clearly witnessed as classic case of online branding. Our keynote speaker Mr. Saurabh Mittal, Senior VP, Fractal Analytics discussed with the student audience about the fast increase in the population who are available online on different platforms like, Facebook, Twitter, Pinterest, etc. Through the example of Flipkart, he explained that it is the customer who makes or breaks the brand. He said Flipkart’s Big Billion Day got popular as people talked about it on different platforms, so it is very important to understand the customer very well, which requires detailed study which involves extensive use of advance technology. He compared Microsoft’s search engine Bing and Google and said, though Bing has better technology and algorithm but still Google is popular as Google was successful in understanding people’s need. And this is only possible because Google has huge data and always turns out to be differentiator. In addition, this will also allow the customers to get engage with the brand and smart marketer should always strive for finding out new ways of engaging its customer that is called Hypo personalization. He also suggested that smart marketer should work on how to make it convenient for customer to share their data. Marketer should allow customer to deal with simplicity like Facebook does; at backend Facebook has very advanced technology but at front end it is very user friendly. Referring to 2 movies; Her and Transcendence he discussed how in today’s world machines and humans are coming together.
According to him, in next 5 years old strategies will destroy and new concept will arise considering marketing in the age of big data and he suggested students to get ready for coming revolution in analytics and social media, which will eventually a very exciting career option.
To conclude his talk he said, “Analytics can get good strategy, but one has to execute business well.” He discussed 7 critical points which marketer needs to plan before starting any marketing campaign and implement the strategies well.
- Data- Marketing should be driven by data
- Internet of things- With rise of machines, marketer should study the latest technology
- Analytics- will drive mass customization as per the targeted audience
- It’s not human vs. machines now
- Make technology simple in consumption
- Allow customer engagement on social media
- Do systematic experimentation
- Constituents of Big Data
- Data warehouse vs. Data Mining
- Types of Analytics
- Application of Analytics
- Future of Analytics
Session 1: Panel Discussion: Analytics in Business: Opportunities and Challenges
The Panel Speakers were:
- Mr. Punit Chahar: Director at Digital Marketing at Jabong, Delhi NCR
- Mr. Kunal Jain: Founder & CEO of Analytics Vidhya
- Mr. Abhishek Agrawal: Executive Director at MDRA New Delhi
Summary of the Discussion Mr. Chahar initiated the discussion with web analytics. He discussed how companies are using web analytics and helping its customers in taking right decisions and coming back with better experience. Focusing on importance of right data, he said, analytics starts with right data which comes through formal channels. As analytics of false data will generate false reports, it is very important for companies to check the validity of data before analysis. He discussed various tools like CAC (Customer Acquiring Cost), CLV (Customer Lifetime Value) and CTR (Click through Rate) by which timely decision can be taken on the marketing campaign. He said, it is very important to personalize your product as per your customer requirement. He shared that in Jabong, they use data to bring better experiences for their customer. While studying customer’s purchase history, they keep on suggesting various products on daily basis. While discussing the challenges of analytics, Mr. Chahal highlighted the major problems like, difficulty in studying the mass data and difficulty in track customer behavior as parameters change quite frequently.
In a very interesting way, Mr. Jain compared the traditional approach of marketing and business analytics with machine Gun (Mass Marketing) and Sniper (Focused and aimed marketing). He discussed various sectors where which are getting impacted by business analytics, like, BFSI, Insurance, Telecom, Heath Care, Manufacturing, etc. he discussed, how these different sectors are customizing their products and marketing strategies on basis on analytics and eventually incurring great profits. He highlighted that the major challenge to analytics is mindset. He said, organizations are not open to prediction on basis of data study and feel more comfortable in traditional approach of mass targeting. He urged students to get ready for exciting career which lies ahead as analytics is a next boom. He suggested making use of next 1-2 years in getting prepared for the career which will serve very well to students.
Mr. Agrawal took over the discussion, discussing how World Bank was able to come up various solutions to major traffic problem in Washington and how as per election commission report of India, the voting turnout was beyond 90% in recent elections with help of analytics. Talking about the future of analytics, Mr. Agrawal said that in next 5 years in several other sectors like, education, SME, defense and with an increase in its usage analytics will be one of the biggest recruitment drive, globally; more number of Data Scientists (who draws out various patterns as the data), will be required in future. He further added that, analytics and big data is a future of next decade and future managers should gear up for coming change.
Prof. Jones summarized the discussion and encouraged management students of the college to ask questions from the panel. Students of the college cleared all their doubts regarding Social Media and Analytics. The session was concluded by quoting W. Edwards Deming, “In God we trust; all others must bring data.”
The first panel concluded and was followed by the second panel on the following topic
Session 2: Social Media: Exploration to Exploitation
The Panel Speakers were:
- Mr. Kishore Chakravorty: Vice President (Consumer Insights) at McCann Erikson
- Mr. Kapil Gupta: Founder & CEO of OmLogic, New Delhi
- Mr. Rohit Khandelwal: Co-Founder of Inventra Technologies, Delhi NCR
- Mr. Sunny Jaiswal: Manager (Online Marketing) at SnapDeal, New Delhi
Through the panel discussion the speakers used their organizations and work to solicit examples of intense work and ample success received due to exploring and in due course exploiting social media. Mr Kishore sighted the example of a Japanese pharmaceutical company that traces the tweets of people who talk about their ailments. They are able to map the requirement of medicines in localities using this data and ensure that chemists in the area have their medicines stocked. While Mr Kishore sighted practical success stories, Mr Kapil made the discussion more useful for business graduates and helped them understand the importance of social media in building a brand for the student. He explained that recruiters focus on the social media presence of a candidate to determine whether they would like to hire them or not. He emphasized that social media activity is a better judge of a person’s nature than the twenty minutes of interview.
To involve the industry professionals present in the audience, he elaborated how employees form an important part of the social media activity that an organization can do. He explained how if every employee writes about their organization it can create a huge brand for the organization on the social media. He explained that brands are very careful about their social media reputation and sometimes this also becomes the reason to terminate employees especially if they write bad about the organization.
Mr Rohit added to the discussion by bringing another aspect of the argument that well established brands like whatsapp, facebook and google, do not advertise about themselves. They create a community of followers on social media and allow them to take the brand forward.
Elaborating on the important role that consumer community plays, Mr Sunny added that e commerce sites have a huge employee base to track consumer complaints online. Every site ensures that any complaint lodged online is addressed immediately since it can have adverse effects on the customer satisfaction and faith in the brand.
The panel then addressed questions from the student audience and discussed the flip side of having a social media presence though overall social media turned out to be a boon at the end of the discussion.
This was followed by a success story of Deobazaar.com as founder, Ms Mohika Rao shared her journey of establishing a successful e commerce firm. In her session she listed the following secret to success on social media which is creating content that goes viral
S-Social Currency: Giving inside story to the consumers to share thereby giving them an upper hand
T- Triggers and Teasers so that they can be gently reminded about the content repeatedly
E- Emotional content which could be make audience happy, sentimental, angry or even entertain them
P-Public Engagement especially through a call for action
P- Practical value where the consumer can use the knowledge in some way
S- Stories that narrate an idea so that they are easy to remember
Overall the sessions proved high on knowledge and information for all participants and it was an insightful conclave for the students pursuing MBA from the college.
AuditoriumFIIB’s state-of-the-art auditorium can seat over 150 individuals and has provisions for video conferencing along with other ultra-modern technologies. Students also enjoy the provision of multiple conference and seminar halls if required.
CafeteriaA fully functional cafeteria serves sumptuous meals and beverages all through the day for the students to refresh and revive. Students not only enjoy the meals here but sometimes unwind sitting in the area over a cup of coffee.
ClassroomsThe state of the art classrooms at the Institute enhance the learning experience of students as they are equipped with the latest equipment including projectors, screens, options for video conferencing etc.
Electronic Resource CentreThe campus hosts a state-of-the-art computer lab housing over 180 terminals and 200 laptops. The campus is Wi-Fi enabled. Online Learning and Teaching Software is also provided for flexibility and access to learning material at all times.
Indoor GamesThe recreational centre has arrangements for several indoor sports like pool, table tennis, carom and chess. These may be accessed by students during their breaks and can be used as effective recreational tools to relax.
Knowledge Resource CentreStudents can access a fully computerized and air-conditioned library housing over 15,000 books, 195 periodicals/journals, 750 audio-visual and multimedia. The Library subscribes to major online research and informational databases.
Outdoor GamesThe Campus also has provisions badminton, volleyball and a number of outdoor games and activities
Recreational CentreThe recreational centre of FIIB provides its students space and opportunity to indulge in activities like indoor games and relax. The Centre is outfitted with television, student lockers and various indoor sports like pool table, table tennis, carom and chess.