Hansa Cequity, a leading Indian Customer Data Analytics, and MarTech firm, part of the RK Swamy Hansa Group, has released the India MX Report 2020 - The state of Marketing Experience in Indian companies.
Marketing Experience (MX) - The next competitive battleground for brands
Today, all products are conversations. Be it product-driven brands or service-driven brands, they are more and more differentiated by their experiences.
Companies or brands that deliver memorable experiences to customers keep gaining market share and improve stickiness with their customers.
When companies want to improve their CX scores, marketing experience scores play a pivotal role in making better CX happen.
Marketing, therefore, is no more about communication alone or about that one big idea, that one television commercial, that one viral video, that one e-mailer or chatbot; it is increasingly about orchestrating an exemplary marketing experience across touchpoints.
It is also not about narrowly deploying MarTech, as tools or platforms just don't deliver experiences by themselves. It is also not enough to just buy and implement a stack or technology platform once, as a customer's relationship with a firm changes over time. Marketing requires a fusion of imagination, technology, and process orientation.
This study, one-of-its-kind in India, attempts to benchmark Marketing Experience (MX) in over 100 companies across different industries that Hansa Cequity has researched and studied in detail, using data available in the public domain and our proprietary research & analysis.
Hansa Cequity has tried to provide a blueprint and a benchmark index of different areas of MX that industries are leading or lagging in, which can further be used to enhance Marketing Experience (MX) thereby improving customer experience. In addition, Hansa Cequity sees a positive impact on EBITDA, when MX is implemented and orchestrated well by firms.
Top five key findings of the report
1. Investing in a wide variety of marketing experience-oriented stacks/technology can impact customer experience positively.
2. Only 30 per cent of the marketing stacks/technology are being leveraged for enhanced MX representing a huge opportunity for differentiating marketing experience
3. Data & Analytics MX is not effectively leveraged beyond tracking media investments and insights.
4. Customer Data Platforms (CDPs) which is the data component of the MX stack is least invested by many firms.
5. Connected Marketing Experiences can have an impact on EBITA growth of over 25 per cent for companies.
"While there are many Mar-Tech tools/Platforms in companies, we tried to understand, and research why are only a handful of companies providing world-class Marketing Experiences (MX). We, at Hansa Cequity, have tried to provide a blueprint and a benchmark index of different areas of MX that industries are leading or lagging in, which can further be used to enhance Marketing Experience (MX) thereby improving customer experience. In addition, we do see a positive impact on EBITDA, when MX is implemented and orchestrated well by firms. Marketing of tomorrow requires a fusion of imagination, technology, and process orientation," said S Swaminathan, Co-founder & CEO Hansa Cequity.
"This report attempts to provide the answer to some key questions that marketers are looking for like what are the most popular marketing experience-oriented tech stack categories across industries, which industries are leaders and which one are laggards in adopting MX technologies and how efficiently are industry leaders using their MX-oriented technology investments," said Neeraj Pratap, COO, Hansa Cequity.
The world of marketing is changing with millions of dollars being now spent on marketing and advertising technologies. Globally, this is estimated to be a USD 45-55 billion-dollar market opportunity.
In India, over USD 100-150 million dollars is spent every year on many marketing & advertising technologies, and this is only expected to increase over the coming decade.
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