Top Sri Lankan marketers and CEOs shared knowledge and expertise on the future of marketing and the value of data in the digital age at the recently held Chartered Institute of Marketing (CIM)s CEO breakfast forum in Colombo.
The forum focused on ‘Is Data the New Oil?’ where advertising magnet Neela Marikkar, shared global trends and marketing shifts in the digital backdrop.
“Data has transformed businesses,” said Neela Marikkar, Chairwoman of Dentsu Grant Group, a 60% digitally driven advertising agency. “The top 5 most valuable companies in the world are tech companies and not oil companies. How data is used is a game changer in marketing. It gives an insight into consumers and help better target and customize campaigns that could give better ROIs.”
The CEO breakfast forum highlighted that Sri Lanka and many countries around the world underutilize this data resource as they don’t possess the tools to analyze or utilize this information to elevate their businesses.
“In Sri Lanka, there is a mobile penetration which is higher than our population and a smart phone and internet usage which is growing. What are we doing with the information we have of these users to provide appropriate and customized products and services?” Marikkar asked. Marikkar went on to debate that data is often used to push out offers and messages but the true opportunity is being able to understand the different types of data, moments and preferences of loyal customers.
“Each company must have a Chief Data Officer. This role is vital in helping businesses gather, analyze and utilize the massive amounts of consumer data that is generated and share them for appropriate use with the management,” Marikkar said. The panel consisted of industry figures including Kapruka Founder Dulith Herath, Neela Marikkar, and Colombo Creative Executive Director Miuru Jayaweerawho shared their views on the topic.
The panelists expressed views about the many opportunities and challenges that digital marketing has to offer. They debated that access to reliable consumer insights in campaign targeting and positioning, is one of the biggest opportunities in the online and social media space.
Panelist Dulith Herath said that data analysis must be approached with care not to get carried away by the over analysis of data.
Dr.Miuru Jayaweera shared that data was in fact a powerful tool in marketing. She said that data verification is an important element in ensuring that data used is genuine.
CIM is continuing to invest in the region, developing its network, expanding study centres and launching new ones in regions such as Kandy, Galle and Jaffna. The CIM community in Sri Lanka is the largest region outside of the UK and one of CIM’s most important regions. CIM
0 comments: