Marketers at the Teradata CMO Round Table discuss big data, its challenges and the way ahead.
Marketing a product requires a lot of patience and study. And at the same time your customer is the one you must know about. In such a scenario, marketers have increasingly started using big data in their businesses. Teradata organized a round table conference, powered by Paul Writer, with chief marketing officers discussing the ways in which they use big data, the challenges thereof and the way ahead.
Venke Sharma, VP, digital marketing, Star TV, explained that in terms of immediate decision-making, microdata cannot be used by broadcasters. According to Sharma, a show might be topping the ratings chart, but may not be the best show on social chatter. When big data is used, immediate action can be taken more easily. At Star, big data helps in understanding clusters more. The clustered niche helps in content changes according to preferences.
BookMyShow.com's VP, business intelligence, Marzdi Kalianiwala was at a more advantageous position. BookMyShow's format lets him collect data almost regularly. Kalianiwala's clients come to him to understand what kinds of events work, where do events work more, or even when do these become popular. The company has started using the data to get back to the consumer as well through weekly review emails and notifications.
The review emails, he explained, are individualised according to the last two movies a user may have surfed on the site. The homepage of the site also changes according to data they have collected. So in case a Bollywood fan comes online, he will see the newest Salman Khan flick being displayed, while an English movie buff might just see the trailer of the newest Hollywood movie on the landing page.
Vikrant Mudaliar, VP - brand marketing, Tata Sky, felt that a lot has changed in the subscriber base over the years, and the data they collect is likewise changing. Mudaliar does not consider the audience as a universe of 10 million but segments them differently.
Big data, for Tata Sky, translates to being timely and more appropriate. He used the example of Durga Puja in West Bengal to show how Tata Sky changes its model according to data about the region and specific choices. Big data also lets them decide on the next targeting plan. But Mudaliar asked if there is a point of saturation where data analysis is concerned.
Aneesh Khanna, head - eBusiness, marketing and product management, IDBI Federal Life Insurance, explained that big data for their firm is used not just to collect information but also to help them secure a safer future. By understanding a person better, they increase persistency. On the other hand, insurance fraud is on the rise and big data helps them to understand and tackle this issue. Though at the initial stage now, Khanna hopes that the learnings from the present will help them prepare for the future.
Abhishek Gupta, CMO, The Mobile Store wondered if big data could be used to increase loyalty. The Mobile Store, he explained, faces a challenge from online players. Gupta has used the digital medium to bring both the physical and online stores under one umbrella and wishes to build it up by using big data.
Tata AIG's Jayraj Jadhav, head, e-business and digital marketing, was of the belief that general insurance uses big data very effectively. Right from price to who is a probable policy purchaser can be decided via big data. What gives them the flexibility is that most of the data collection is still done on a manual level.
Ruth Gordon, director, digital marketing, International Teradata Corporation used the opportunity to show that data driven value can be useful for the business. According to Gordon, 80 per cent of marketers she has spoken to feel that personalisation will be key to their marketing, and most of them also wanted to use personalisation in real time.
According to Gordon, data must be used quickly, while it is still relevant. She used examples from P&G and ShopDirect.com to show that personalised emails, messages and recommendations can affect sales as well.
It is not just a big word then. Big data is being used and utilised by marketers for their brands, and for connecting with the consumer.