Mumbai: The panel at IBS 2024 engaged in a thought-provoking dialogue on the evolving role of data in advertising, specifically questioning whether the sheer volume of data available today is sufficient for driving effective Return on Investment (RoI) in marketing campaigns. It also assessed if over-reliance on data and programmatic approaches might be overshadowing the need for value-driven strategies and calculated risks.
The session was chaired by Ipsos India, senior client director, Ananya Roy Mathur followed by panelists: Blue Star India head - Digital Initiatives, Abhishek Kumar, dentsu India senior vice president – Product & Technology, Abhinay Bhasin, NitiAayog chief mentor Kushal Sanghvi and Quora head of marketing, APAC and EMEA, Neha Chimbulkar.
Ananya asked Kushal on some of the most significant initiatives undertaken by the government years ago to which he says was the introduction of a single identity system, exemplified by the Aadhaar card. “With approximately 943 million Aadhaar cards issued, it serves as a unique identity for citizens, offering a comprehensive dataset that surpasses what any company, including Google or Facebook, possesses regarding consumer behavior. Today, almost everything is linked to this identity.”
He also delved on initiatives like UPI (Unified Payments Interface), which have revolutionized transactions by providing a seamless payment platform. “Just a decade ago, it would have been unimaginable to have such a unified channel. Today, numerous platforms like Paytm and PhonePe enable marketers to effectively engage with audiences. The government’s approach emphasizes using data to create a holistic environment, rather than merely monetizing it.”
Abhinay highlighted the behavior of the audiences and how it is evolving over the years. “Discovering audiences today involves understanding how behavior is evolving and integrating those insights into marketing strategies. Keeping a pulse on these changes is crucial for developing effective creative. The abundance of data we now have—processed at an unprecedented scale—provides invaluable signals from various sources, such as video viewership and behavioral patterns on platforms like Facebook and Google. This wealth of information shapes our understanding of consumers, directly informing the creative process and ensuring we reach the right addressable audiences effectively,” says Abhinay.
Neha lastly gave insight more on to the analytical tools available. “The key lies in combining strategy with the available analytical tools. Once you clearly define your objectives, it becomes easier to identify the relevant metrics and data points necessary for achieving those goals. Despite the vast amount of data at our disposal, if we don't focus on selling products or services that truly matter to us, we risk deflection and losing sight of ROI. In today’s marketing landscape, being ROI-driven is essential,” concludes Neha.
