Goafest 2023: 'Should be cautioned against the perils of excessive data'

On day two of Goafest 2023 a panel comprising Chandan Mukherji, director and executive vice president, Nestle India; Priyanka Gill, group co-founder, Good Glamm Group and CEO, Good Media Co; Ravi Santanam, chief marketing officer, HDFC, and Vipul Prakash, chief operating officer, MakeMyTrip, discussed data-driven marketing strategies. The session was moderated by Vikram Sakhuja, Group CEO, Madison Media & OOH. 

 

The discussion commenced with Prakash highlighting the significance of data as a tool for making informed decisions. He emphasised, "There is potential for data in a cookie-less world, enabling advertisers to gain insights and better target their audience. Brands need to establish a feedback loop between marketers and agencies to enhance consumer targeting effectiveness."

 

Gill shared her brand's experience with data and expressed her view that data is currently a blunt instrument. 

 

"With time and the collective learning of teams, data can become a sharper tool. We should be cautioned against the perils of excessive data, and there is a need for a focus on conversion in performance-driven campaigns. It is important to have a feedback loop from marketers to advertisers, enabling effective outreach to cohorts," Gill remarked.

 

Data should align with brands' value

 

Mukherji emphasised the need for data utilisation that aligns with a brand's business objectives. 

 

"Nestle India leverages aggregated and personalised data, taking into account walled gardens and consumer silos as lead indicators for scaling a brand. The challenge with collecting data right now is connecting with audiences and using it meaningfully to improve targeting," voiced Mukherji. 

 

The conversation then turned to the evolution of data usage, with Prakash emphasising the transition from first-party data to the blockage of third-party data. "There should be a feedback loop between marketers and agencies to ensure precise consumer targeting," said Prakash.

 

Gill shed light on the attributes of digital media houses. He said, "The emphasis should be on diversity and robust cohorts. This enables them to add value by utilising subsets of data effectively. There should be potency when it comes to enriching partnerships to unlock the full potential of data. We need to track the complete consumer journey, employing strategies such as last-click attribution and monitoring first-party data at different touchpoints."

 

Data should reach finner cohorts

 

Gill emphasised the need to sharpen data. "When it comes to data our approach should be on reaching finner cohorts. The importance of refining information to reach specific target groups is essential," she said. 

 

Mukherji concluded the discussion by pointing out the significance of driving the right partnerships to gain access to enriched and penetrative data. He said, "There is a need for data-based content marketing and a thorough understanding of the consumer journey."