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The report is based on a survey in which over 170 CEOs and CMOs across various sectors participated to understand the trends amongst the CXO community on consumer data strategy and critical success factors. Here are the excerpts of the panel discussion that happened at the MMA Data Unplugged event in Mumbai. 

Moneka Khurana, Country Head and Board Member, MMA India says the last year’s MMA EY Leveraging Consumer Data for Marketing report showed that 82 percent of the users adopted data for marketing while this year’s report shows it is 91 percent. She remarks whilst data use is something that is increasing but data capability adoption is not increasing. 

Therefore, the data quality gap is glaring. A lot of consumers are having reservations because they don't see robust policies and processes in place to safeguard their data. They don't feel comfortable sharing that kind of data. Trust hasn't gone up. Consumers are continuing to not trust marketers to share the data, she adds.

She further says the consumer is concerned about sharing data because they haven't built adequate trust, they don't think there are adequate data security policies and governance. 

Moneka said it is a playbook that helps map yourself in terms of where are you in the data journey, get some POCs, increase the number of use cases for data and find ways to see if you would like to get a custom view of how you stack up in the category with MMA’s help. Collaborate with our data capability expert panel or any other expert who you think can help you to be able to strengthen your data capabilities, she added. 

Amiya Swarup, Partner, EY India, who moderated the panel discussion, attributed a recent report that indicates Indian advertising will exceed one trillion this year with digital advertising having a 50 share. Meta, Google alone are exceeding the projections on their ad revenue this year. 63 million SMBs sitting out there who will probably start using data. A lot of positives but with that comes challenges as well. Only one out of three marketers today and that's the finding of this report is currently using data for cross-sell competitor analysis and distribution management, he says. 

Sujit Ganguly, Head – Corporate Brand and Communications, ICICI Bank says that data is extremely important. Data also helps brands to customize and offer better propositions to customers. 

He says the beauty of personalization is that we're able to look at financial transactions, preferences, and data from different sources and be able to build saying a particular person may need a personal loan at so and so point in time.

He remarks that more than 50 percent of the organisation’s sales have happened to people basis on personalization and propensity platforms. 

He adds that data security is very important and it's incumbent upon brands to use the data correctly in a manner where we don't break the trust of the customer. 

Meanwhile, Dippak Khurana, Co-founder & CEO, VServ says as a technology enabler, the company works with a variety of enterprises across those 17 use cases as mentioned in the report. He finds tech adoption is much higher in startups or fintech companies. “When we talk to CPG category players, there the adoption is much lower. When we engage with the BFI sector, there is a positive eagerness to leverage as many use cases as possible", he adds. 

He says from a marketer’s perspective when he looks at it that one part of the role for a marketer really has been the growth marketing CAC optimization customer acquisition cost is really a primary problem.

“There is an element of consumer trust and there is an element of consumer understanding. There is a role that the enterprise also has to play with the consumer. They all have to come together. As an enterprise you have to create awareness with your own customers that do check out the privacy policy," he adds.

Dippak asked the audience whether they have read the privacy policy of the e-com platforms like Amazon when they shop on the platform. “I want to Echo that there is an element of consumer trust and there is an element of consumer understanding and there is a role which the enterprise also has to play with the consumer, so they all have to come together," he remarked. 

Enterprise is going ahead and announcing in the privacy policy that customers know when they are engaging with the platform and you're utilizing its services, and these are the use cases in which it will anonymize customers segments to leverage it for marketing objectives, but the platform would never share their personally identifiable information data all that is explicitly mentioned, Dippak added. 

During the panel, Dhiraj Gupta, CTO, and Founder, mFilterIt says everyone seems to be using data but no one seems to have seen the data. 

He said that the company found almost 20 percent of campaign click visits impressions to be invalid. “If in any other vertical I say 20 of your spends are fraudulent, someone is really going to be audited and really going to be concerned. But in advertising people are not looking at it, not considering it," he added.

He says that personalization is a multi-step thing that has to happen. 

Gupta suggested that one should look at data and weed out bad traffic which should be the first step of a digital marketer's journey. 

Deepak Mann, Director, Marketing Effectiveness, Nielsen India says when one compares MMM as compared to mythologies like AB testing or brand tracking relatively the size is low in India compared to the western world, USA being the pioneer of MMMs. 

He says in the last three to four years there is tremendous growth in advertisers embracing MMM like anything. He says Google and Meta consider MMM as a gold standard and they are also kind of pushing now with the advertisers to embrace it. He says in India, it started out with CPG and auto companies using a lot of MMM and now even the digital natives like the ride-sharing apps, food aggregators, and all once they have grown to a critical size.

Amrita Thapar, chief marketing officer, Microsoft India, and Board Member, MMA India who attended the panel virtually said Microsoft isseeing AI and ML play a stronger role across its content nurture programs. She said Microsoft has adopted many use cases of AI and ML recently.

Download the report here: https://www.mmaglobal.com/documents/india-leveraging-consumer-data-marketing-2022 

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