‘Marketers need to stitch the missing link between data and business value’
By N Jayalakshmi | June 01, 2021
Lloyd Mathias, Angel Investor & Business Strategist recently joined the advisory board of analytics firm PredictiVu. In an exclusive interaction with Retail4Growth, he talks about the critical role played by real time data in brand marketing today and how PredictiVu’s recently launched AI-powered data visualization tool, Dynamic Marketing Optimizer, offers actionable business insights that is 10 times faster than conventional methods.
You have just joined the advisory board of PredictiVu. Could you tell us more about your role there?
Today, marketers increasingly struggle to gain comprehensive visibility into the customer journey to develop ground-breaking marketing strategies. The data literacy gap and its availability in silos further limits marketers to make optimal use of customer intelligence. To marketers, data-driven actionable insights have become a necessity and more prominently for the ones driving strategic decisions within the dynamic smartphone retail segment where data gets added every second.
Near-real-time data insights to be able to reset marketing strategies while an on-going campaign is something marketers are looking for and PredictiVu’s capability and strength lies in that. It’s great to be part of the advisory board and guiding a team that is aiming to resolve the marketers’ most pressing challenge of data latency using automated AI advanced technologies.
PredictiVu is India’s first such analytics firm specialized in correlating marketing campaign performance with proprietary retail purchase data, digital trends, customer preferences, media spend at an immensely granular level to deliver near real-time business intelligence insights 10 times faster than traditional methods. I have been part of PredictiVu’s product development process since its early stage and have helped the team identify the existing gaps in the market besides enabling the tool’s visibility within the marketing community.
PredictiVu has recently launched its AI driven data visualization tool for analysis. How exactly does it help brand marketers with actionable insights?
Yes, PredictiVu recently launched Dynamic Marketing Optimizer which is India’s first centralized next-gen automated AI-powered data visualization tool. It is an Artificial Intelligence and Machine Learning supported tool integrated into India’s largest data set comprising of consumer purchase, web listening and campaign mapping equipped to provide near real time and actionable business insights on customer behaviour to CMOs and marketers 10 times faster than conventional methods. DMO is connected to 75,000 retail touchpoints present in 100+ Indian cities, it keeps adding 500,000+ unique consumer data points every month.
By analyzing proprietary, weekly consumer purchase data under the lens of Artificial Intelligence, Customer Intelligence, Marketing Intelligence, Ad Intelligence and Web Intelligence on a near-real-time frequency, PredictiVu’s market intelligence and web insights capabilities help provide marketers with actionable insights that can tremendously boost their marketing performance, sales and business growth.
10 times faster than traditional methods - Could you please explain that in detail?
We all know that marketers slog to design winning multichannel marketing campaigns due to the lack of real-time and meaningful business intelligence insights. Now that a comprehensive business insight of the marketing ecosystem from a centralized dashboard, on a near-real-time frequency is possible, marketers can target the appropriate consumer demographics by honing in on their needs and preferences at a micro level. They are more empowered to process and deploy these meaningful insights as they occur in the real world. They can adjust a promotional campaign, to better attract their target consumer. Using real-time data leads to a quick, efficient and trackable marketing process and hence business gains.
With traditional static data, it takes so long to analyze, process and share insights with marketers that the information might already deem obsolete by the time an analyst finishes compiling the report. But real time business intelligence, offered by tools like DMO, analyze data in real-time, pass it on to marketers at the right time so that it can be promptly leveraged and translated into business gains.
Low data latency continues to be a critical element of marketing success today. With marketers shifting to adopt data-driven marketing to fuel business growth, real-time insights will become a fundamental criteria.
How can consumer facing brands use such tools to map their retail strategy?
Using the near-real-time 3 level analytics i.e. descriptive, predictive, and prescriptive, offered by DMO, a marketer can now gain near-real-time actionable insights into not only their on-going campaign competitiveness, but also achieve a micro level review of the company’s potential markets and retail channel landscape at local level, within a short frame of just 2 weeks. Having reduced the time to collect and analyze business intelligence by 90%, now marketers can rejig and improve their strategies early in their marketing stage or time a new launch, better.
Accessing zero-latency business intelligence insights in record time like 2 weeks at granular level will give immense power to marketers to reset their marketing plans, if necessary. With DMO, it’s possible to update dynamic data in real time when there are changes or shifts in trends at the ground. Marketers can be served with more efficient and accurate insights that they can use to take informed marketing decisions.
Currently, PredictiVu’s offerings are available for the hypercompetitive smart phone multi-brand offline retail market.
Given the uncertainties of the times we are in, how important is it for brands to invest in such data anlytics tools?
For India, where there’s an insatiable demand for brands and D2C business is going to be worth $100 billion by 2025, the unexplored analytics capabilities that are limiting smarter marketing decisions can become a huge challenge for economic growth. This can particularly be more critical for a Smartphone multi-brand retail market considering its hypercompetitive, volatile and dynamic nature of business. Advanced tech AI/ML powered data visualization tools that can offer near-real-time insights will become key for gaining a competitive edge for brands operating within this market. Advanced consumer-focused technologies within offline Smartphone retail have given marketers a variety of options to drive their digital businesses under the pandemic’s impact.
To create effective strategies marketers need to stitch the missing link between data and business value. In the process, they will need to adopt and invest in such analytics tool if they really want to work with influential insight patterns and trends that are actionable on the spot, improve brand performance - both from an efficiency and customer-satisfaction standpoint.
Coming to PredictiVu what are some of the top challenges that you face in terms of brands’ adoption of such tools? What is your own immediate task going forward?
The tool has intrigued some of the leading brands in the smartphone vertical and trials have been initiated with a couple of them already. However, since the product caters to needs of multiple departments getting all team members available for demonstration has become a challenge owing to COVID-19. That’s the only concern, PredictiVu team is facing currently.
In the near future we plan to enter into the consumer electronics, appliances, FMCG and Pharmaceutical verticals.
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