Pitch CMO Summit: Industry leaders decipher impact of AI on brands
The e4m Pitch CMO Summit 2024 bore witness to an interesting session on ‘Brands Powered by Artificial Intelligence’. On the panel were Akash Agarwal, Co-founder, Zoff Foods; Ashish Tiwari, CMO, Home Credit India; Gaurang Thosani, Head of Digital Marketing and E-commerce, Royal Sundaram General Insurance; Gauri Malhotra, CMO, Bombay Shaving Company; Neelima Burra, SVP & Chief Strategy Transformation and Marketing Officer, Luminous Power Technologies; Sachin Vashishtha, CMO, Paisabazaar; with Kanika Mittal, Country Manager – India, Taboola who took over as Session Chair.
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The discussion took off with Mittal posing the pertinent question of how brands meander their marketing strategies and brand communication in a world that is inching towards AI and big tech, with analytical abilities becoming superior. Akash Agarwal of Zoff Foods answered stating, “Data is like gold.”
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He went on to explain how AI is trying to give consumers personalization, which increases the chance of conversions. Mittal chimed in saying that AI strategy has helped Taboola, while also saving time. Taking the discussion further, Ashish Tiwari of Home Credit India said that some of the metrics are becoming more important today than ever before. He mentioned engagement metric and how even within it, you can now tell where the engagement has happened. “Your funnel is no more just made of three parts, but rather 30 different parts,” he said. Interestingly, he went on to say that data in itself is useless, and what is important is critical insights into that data. Mittal hinged on Tiwari’s explanation and moved on to Gaurang Thosani of Royal Sundara, General Insurance, asking him about the unique insights in the insurance category, along with the consumer behaviour. She asked, “How do you identify actionable insights in a category like that, and are there any success stories and examples that you would like to share with our audience where tech was used to enhance that?” Thosani said there are two sects of customers, those who have not claimed and those who have claimed, and the former is happier than the latter. He went on to mention that the company focused on insights on data, customization, and localization that has helped the brand to stand where it is today. “This year is going to be a gamechanger for us, and all this with the help of tech AI, customization, and localization put together,” he said. Moving forward, Mittal asked Guari Malhotra of Bombay Shaving Company, how AI is relevant for an FMCG brand, and how is tech helping the brand break age-old habits of customers who are already aligned with other brands. Malhotra said that the brand is able to customize even the listing carts for every consumer. “What the does is improve our CTRs by 50 to 60 percent, and then we take the same experiments and scale it across e-commerce. The results keep multiplying beautifully.” Speaking on personalization, she said that the brand is now able to send voice enabled personalized messages, which are transforming classical CRM, conversions, etc., to a new high. Further speaking on the way, the brand combines its offline and online initiatives, she said that the brand has an omnichannel approach to marketing. Neelima Burra of Luminous Power Technology said how through AI one can connect it to results in the short term, and also build relations for the long term, and how omnichannel is a great example of how this can be done seamlessly. Giving an example from Luminous, she said the inverter battery company which also has solar solutions is using data propensity modelling to communicate with consumers regarding the type of product to use during power cuts. Mittal asked Sachin Vashishtha how Paisabazaar is using content marketing to make the customer more aware and increase knowledge. Vashishtha mentioned that the product he represents is consumed only once in three to five years. In this case, content is available as a channel to engage with consumers. “Content marketing for us is a way to make people aware about the importance of credit score, taking right credit decisions, and more.” Mittal went on to say that at Taboola, she learnt, “while content is king, context is king, So, you may be doing a lot of content marketing, but the way you distribute and when you distribute, and what you do with it also makes a huge difference; and timing is key”. For more updates, be socially connected with us on
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Tags : Ai Pitch Cmo Summit Brands