When Asian Paints (AP) dropped its lovable mascot "Gattu" in 2002, quite a many eyebrows were raised. People were astonished as Gattu created by the legendary cartoonist RK Laxman was part of the advertising folklore. It had become synonymous with Asian Paints. But then, the company had decided it was time to let Gattu go as they were trying to move into the premium segment.
And it wasn't just the mascot. AP was transitioning from just a paint company to a solutions provider, keeping the focus on a few strong brands. With over 5000 employees and a revenue stream of more than $2 billion, the company had a large amount of data across verticals, call centres, retailers, etc. AP realised that an intelligent use of this data could be analysing customer data across these points of contacts, providing them a competitive advantage which has translated into AP having more than 60% market share in 2016.
AP and a few others have realised that having a single nerve centre for customer data can help in keeping the customers engaged with the brand. An interconnected hub allows marketers to create in-depth customer profiles and provides a seamless experience which can translate into customer loyalty.
However, only a handful seemed to have pulled it off. One of the main reasons is a disconnect between the many divisions within an organisation. Data lies scattered among multiple units, in a silo. They have their own processes, systems, and people making interdivisional communications difficult. The result of this myopia is poor marketing campaigns, gaps in processes which lead to less than optimal interaction with the customer. According to a study by Forrester, only 16% of marketers have the capability to capture customer intent and deliver real-time, behavior-based marketing across all channels.
Breaking down such silos does not happen instantly. It requires leaping across technical barriers and getting the decision makers across channels to sit down and re-imagine their business processes.
Different customers have different personalities and companies try to create a tailored experience depending on how the customers discover and use the products and services. Due to the complicated nature of business, there is no one solution but rather a combination of technologies working in tandem that can make this happen.
Take control
Overcoming organizational hurdles and having open lines of communication between departments is crucial for any business to discovering new revenue opportunities, boosting customer engagements and adapting to the rapid changes in today's global economy. Access to real-time data is one-half of the story. Managers need to obtain valuable insights from that enormous amount of information. They are looking beyond just automation and want predictive analysis to see what the future holds for them. What they need is a system with a strong intuitive design principle and rich UI experience to provide the right solution.
Solutions that are device agnostic can also speed up the process especially in markets like China and India where the mobile market is huge. A study conducted by Google revealed that there has been a 91% growth in using mobile by B2B researchers over the past two years from the initial product research to actually placing an order on the site. Customers have come to expect the same experience from their business as they would as consumers from digitally native companies. They want businesses to pick up the conversation from the last point of contact be it a website, chat support or a meeting.
In the end, the journey to digital transformation requires a convergence of inputs across the spectrum. When silos are broken information gets converted into insight. And this can be used effectively by companies to ensure that the marketing and brand connect is at the optimum level. With a whole set of analytical tools readily available, it is no more a complex job to deliver a great experience. Just like how Asian Paints is now a solutions provider, not merely a paint company.
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