Making marketing accountable panel discussion

Tuesday 14 February, 2012

A stellar group of panelists gathered for this panel discussion. Vispy Doctor of Ormax Consultants, Ambi Parameswaran of DraftFCB Ulka, Punit Misra of Unilever, & Atish Chattopadhyay of SPJIMR all contributed to the discussion, while Dipak Jain, Dean of Insead chaired the session. The Marketing Impact Awards competition was completed & awards were presented as well, all @ the SP Jain Institute of Management & Research.

It’s important to be customer-focused & not push product & focus on cost. Measure changes in loyalty, because there is no loyalty for 1-time purchases. FMCG’s don’t have to justify marketing expenses much because marketing strategy converges with business strategy for them. But few companies have a Chief Customer Officer & when times go bad, advertising is 1 of the 1st expenses cut. Marketing gains respect with board metrics. Companies might do well to consider hiring product segment managers who have more accountability rather than product managers. Gaining share of wallet customizes customer importance. Boards appreciate clear thinking about brands. Now marketing is being equated with market creation.

Open Q&A

  • Marketing research should be a reflection of reality. Despite Steve Jobs devoting 0 pages to marketing research in his writings, Apple simply used less formalized forms of research.
  • Marketers need to understand digital’s role better. Today if smart phones don’t read bar codes, some consumers won’t buy them. Mahindra is driven by social media. Reducing age barriers in hiring would help.
  • Waiting lists do not create their own demand-they send customers elsewhere.

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