Digital Analytics Becoming the Magnet to Attracting Business' Success
Manoj Dawane, Founder and CEO, VTION Digital Analytics, 0
In conversation with Manoj Dawane, Founder and CEO, VTION Digital Analytics
The ‘Martech’ landscape is growing at a tremendous pace over the last few years. What are your thoughts about it?
‘MarTech’-‘Marketing Technology’ landscape is growing at a phenomenal pace, collecting and analyzing customer data, reaching target audiences and automating repetitive processes. MarTech companies should develop and operate tools that can automate the process of acquisition and retention, intelligently, with a learning orientation of tools such as Artificial Intelligence and Machine Learning.
According to MMA, a one percent improvement in marketing capability fit is associated with a 2.5 percent increase in sales and 2.35 percent increase in market value. We are in an era with technology and consumers evolving faster than businesses can naturally adapt. 52 percent of companies on the fortune 500 list became obsolete in the past 20 years. Evolving is no longer an option; it is a necessity to succeed.
The Modern Marketers Guide to Leveraging Data and Martech study also highlights that most organizations have 25 percent to 75 percent data aggregated in a unified data mart. However, many organizations lack clarity on how unified data can help in improving the connected customer experience. Therefore, a MarTech company must have an accurate architecture that includes a structured framework for Data acquisition and storage, Data assimilation and Cleaning, and Dashreporting & Reportage.
How can companies derive sharper consumer insights through appropriate marketing campaigns?
Understanding your customers is crucial to develop strategies for sustainable growth, create superior customer experiences, and drive innovation. To maximize the value of your business and the return on your investments in R&D, marketing, and sales, you need to understand what customers really want, what they might want in the future, to what extent they are getting it from your company, and how you can keep them coming back for more.
Insights tell you what customers value, to what extent your company delivers it, how market trends and consumer needs evolve, and which levers you can pull to improve your performance relative to your competitors. According to a research, organizations that leverage customer insights outperform peers by 85 percent in sales growth and by more than 25 percent in gross margin.
To derive sharper consumer insights, Media Planning and Alliances Planning are two important pillars.
Media Planning: Media Planning should be based on other apps used by a company’s core Target Audience Group.
Alliances Planning: Alliances Planning should be done in Correlation/ alliance with various brands for cross-promotions.
How can companies derive sharper consumer insights through appropriate marketing campaigns?
Understanding your customers is crucial to develop strategies for sustainable growth, create superior customer experiences, and drive innovation. To maximize the value of your business and the return on your investments in R&D, marketing, and sales, you need to understand what customers really want, what they might want in the future, to what extent they are getting it from your company, and how you can keep them coming back for more.
Insights tell you what customers value, to what extent your company delivers it, how market trends and consumer needs evolve, and which levers you can pull to improve your performance relative to your competitors.
According to a research, organizations that leverage customer insights outperform peers by 85 percent in sales growth and by more than 25 percent in gross margin.
To derive sharper consumer insights, Media Planning and Alliances Planning are two important pillars.
Media Planning: Media Planning should be based on other apps used by a company’s core Target Audience Group
Alliances Planning: Alliances Planning should be done in Correlation/ alliance with various brands for cross-promotions.
How can good digital analytics bring in good revenues for companies?
It is only Good digital analytics that will reduce the cost of acquiring new customers, while increasing revenue from the customer base. The necessity for a company to get their media to plan correctly and apt is becoming critical with digital medium. This in turn requires a good mechanism to assess the impact of the digital interventions.
The three pillars of digital analytics which can help businesses in earning good revenues can thus be summarized as:
Plan for maximizing reach and opportunity to interact - Select the right target segments based on behavioral profiling of segments.
Activate the optimum spread between publishers - Select the right volume, time and geographies of delivery with the right DSPs for a given target segment.
Measure Impact - Continue checking the impact of exposed audiences and expected outcomes / actions to modify the activation parameters and deliver the most effective result in the allocated amount of budget.
Can you elaborate the role of digital analytics in e-commerce sector.
The E-commerce industry is expected to become more integral to customer experience across markets. According to an eMarketer report, e-commerce sales are expected to account for 22 percent of all retail sales by 2023. The growing popularity of the e-commerce industry is expected to require huge amounts of data, which will, in turn, propel the growth of the market.
Data is instrumental in identifying and evaluating the target audience and their preferences and demands. A powerful digital analytics solution can help e-commerce companies create a clear roadmap in increasing revenue, enhancing consumer's lifetime value, optimizing operational efficiency and improving customer satisfaction.
Parameters that lead to an effective ROI conversion should be clearly understood and a proper system should be put in place for maximizing the returns. The key component for making an effective framework in this regard is the REAL TIME DETERMINISTIC BEHAVIOURAL DATA.
For instance, the advertisements in the e-commerce at the top funnel directly impact the bottom funnel additions in cart or the number of downloads and increase in engagement or walk-ins (digitally connected to retail). The success metric can thus be envisaged clearly and a call to action can be taken based on the outcome vs inputs.
What do you think will fuel the growth of the SaaS-based digital analytics sector in the future?
In today’s VUCA world, the consumer has unlimited options and they prefer experience over products. I believe that the key driver for digital analytics in this era is the availability of unlimited competitive options and the fragmentation of consumer tastes. Therefore, it becomes imperative to understand the choices and the trends alike, which can only be derived through good analytics which in turn will reduce the cost of acquiring new customers and increase the revenue from the customer base.
The necessity for a company to get their media to plan correctly and apt is becoming critical with digital medium becoming the preferred choice of consumers. This in turn requires a good mechanism to assess the impact of the digital interventions.
Thus the three pillars of digital analytics can be summarized as:
Plan for maximizing reach and opportunity to interact - Select the right target segments based on behavioral profiling of segments.
Activate the optimum spread between publishers - Select the right volume, time and geographies of delivery with the right DSPs for a given target segment.
Measure Impact - Continue checking the impact of exposed audiences and expected outcomes/actions to modify the activation parameters and deliver the most effective result in the allocated amount of budget.
Media Planning: Media Planning should be based on other apps used by a company’s core Target Audience Group
Alliances Planning: Alliances Planning should be done in Correlation/ alliance with various brands for cross-promotions.
How can good digital analytics bring in good revenues for companies?
It is only Good digital analytics that will reduce the cost of acquiring new customers, while increasing revenue from the customer base. The necessity for a company to get their media to plan correctly and apt is becoming critical with digital medium. This in turn requires a good mechanism to assess the impact of the digital interventions.
The three pillars of digital analytics which can help businesses in earning good revenues can thus be summarized as:
Plan for maximizing reach and opportunity to interact - Select the right target segments based on behavioral profiling of segments.
Activate the optimum spread between publishers - Select the right volume, time and geographies of delivery with the right DSPs for a given target segment.
Measure Impact - Continue checking the impact of exposed audiences and expected outcomes / actions to modify the activation parameters and deliver the most effective result in the allocated amount of budget.
I believe that the key driver for digital analytics in this era is the availability of unlimited competitive options and the fragmentation of consumer tastes
Can you elaborate the role of digital analytics in e-commerce sector.
The E-commerce industry is expected to become more integral to customer experience across markets. According to an eMarketer report, e-commerce sales are expected to account for 22 percent of all retail sales by 2023. The growing popularity of the e-commerce industry is expected to require huge amounts of data, which will, in turn, propel the growth of the market.
Data is instrumental in identifying and evaluating the target audience and their preferences and demands. A powerful digital analytics solution can help e-commerce companies create a clear roadmap in increasing revenue, enhancing consumer's lifetime value, optimizing operational efficiency and improving customer satisfaction.
Parameters that lead to an effective ROI conversion should be clearly understood and a proper system should be put in place for maximizing the returns. The key component for making an effective framework in this regard is the REAL TIME DETERMINISTIC BEHAVIOURAL DATA.
For instance, the advertisements in the e-commerce at the top funnel directly impact the bottom funnel additions in cart or the number of downloads and increase in engagement or walk-ins (digitally connected to retail). The success metric can thus be envisaged clearly and a call to action can be taken based on the outcome vs inputs.
What do you think will fuel the growth of the SaaS-based digital analytics sector in the future?
In today’s VUCA world, the consumer has unlimited options and they prefer experience over products. I believe that the key driver for digital analytics in this era is the availability of unlimited competitive options and the fragmentation of consumer tastes. Therefore, it becomes imperative to understand the choices and the trends alike, which can only be derived through good analytics which in turn will reduce the cost of acquiring new customers and increase the revenue from the customer base.
The necessity for a company to get their media to plan correctly and apt is becoming critical with digital medium becoming the preferred choice of consumers. This in turn requires a good mechanism to assess the impact of the digital interventions.
Thus the three pillars of digital analytics can be summarized as:
Plan for maximizing reach and opportunity to interact - Select the right target segments based on behavioral profiling of segments.
Activate the optimum spread between publishers - Select the right volume, time and geographies of delivery with the right DSPs for a given target segment.
Measure Impact - Continue checking the impact of exposed audiences and expected outcomes/actions to modify the activation parameters and deliver the most effective result in the allocated amount of budget.