Lemnisk hosted a Buyer Information Platform (CDP) Digital Summit for the Center East & Africa area in February 2021. As a part of this summit, we had an enlightening hearth chat with trade chief, Banali Malhotra. The subject of this session was Transformative Martech Management.
As Director- Advertising and marketing at RAKBANK, Banali Malhotra is accountable to develop RAKBANK’s model dominance and drive revolutionary advertising and marketing methods.
With over 20 years of expertise throughout areas, she has efficiently launched a number of campaigns and merchandise which have earned many worldwide accolades just like the Summit Worldwide Inventive Awards and Promoting Marketing campaign of the 12 months award by the Asian Banker. Her interview is featured in Oxford College’s Advertising and marketing textbook showcasing RAKBANK’s success story.
Underneath her management, RAKBANK has launched into data-driven advertising and marketing to speed up its digital maturity and development. She’s a daily contributor within the advertising and marketing press and has served on the juries of prestigious awards like Effies MENA, Competition of Media, M&M International, MMA Smarties MENA.
Her life story has been showcased within the inspirational e-book “Break the ceiling, contact the sky” by best-selling creator Anthony A. Rose. She was conferred the title of “Asia’s Most Influential CMOs” (GCC Version) in 2015 by Asian Management Awards and “GCC’s Greatest Marketer” in 2016 by the Center East Management Awards. She was additionally felicitated among the many 9 prime Unstoppable Girls achievers of Dubai.
Listed here are a number of the key takeaways from the dialogue:
Transformative Martech Management
How can advertising and marketing management be demonstrated in a disaster just like the COVID-19 pandemic?
The necessity of the hour for advertising and marketing leaders throughout a disaster is to reply suitably and sensitively. At RAKBANK, now we have a guideline of communication comprising of 4 C’s – Cheeky, Combative, Clear, and Assured. With the rise of COVID, we launched a fifth C – Care. We inspired our prospects to be secure and for a quick interval we even modified our tagline from “Merely Higher” to “Merely Protected”.The underlying precept right here was to showcase empathy to the horrible scenario introduced by the pandemic.
The subsequent focus was to teach prospects on what had been the totally different digital channels and choices obtainable to them. Contactless funds grew to become an enormous hit throughout this era. We additionally launched a cellular app referred to as “Skiply” to encourage mother and father to pay college charges from the consolation of their houses. This app was extremely valued and appreciated by our prospects and it resulted in accelerating development throughout the pandemic.
What are methods during which you could have used buyer information and what outcomes have you ever seen?
- Entrepreneurs typically use the phrase “Buyer is King”. Together with this phrase, I want to add that “Information is Queen” and the 2 should marry.
We understood the significance of how first-party information may be leveraged to enhance buyer engagement. By investing in martech instruments corresponding to Buyer Information Platform (CDP) and Information Administration Platform (DMP), we ensured that we may ship personalization to prospects with the correct message on the proper time and on the correct channel. Consequently, we noticed a 9x enhance in engagement and an 8x rise in lead conversions. Now we have additionally invested in AI which has helped us in bettering precision-based concentrating on.
Why is it necessary for advertising and marketing leaders to concentrate on new applied sciences and the way can they make the most of them to navigate the brand new regular?
It has change into necessary to concentrate on new and upcoming applied sciences as a result of the client expects it. They’ve change into accustomed to digitally work together with manufacturers and therefore they count on them to ship nice digital experiences. Subsequently, entrepreneurs want to make sure that they will meet these expectations. That is the place it turns into essential for them to spend money on new applied sciences.
On this new regular, entrepreneurs don’t have a selection. It’s not about after they can implement new applied sciences. It’s about when and the way quickly they will implement them. Nevertheless, the secret is to establish the correct applied sciences that may assist in assembly buyer expectations and remedy the advertising and marketing ache factors & challenges. As applied sciences hold altering, it’s necessary that entrepreneurs sustain with the tempo which can provide them an edge over their opponents.
What’s it that you just search for when you choose a martech accomplice with respect to the technical & non-technical elements?
- On the technical elements, our working precept is to establish and work with the perfect martech accomplice in a specific operate. This permits us to have a mix of best-in-class options. And this mannequin additionally ensures that there’s seamless integration and compatibility amongst these martech stacks which allows them to speak to one another.
- From a non-technical perspective, there are 3 Ps that we take a look at – Product, Pricing, and Folks. Product and Pricing are very important to know what goal the accomplice goals to realize by way of their product and at what worth and what’s the ROI on that worth. The subsequent essential issue to take a look at is Folks. Upon getting the target and imaginative and prescient in place, it’s you and your accomplice who’re going to make it occur. That you must have that mixed imaginative and prescient and mindset between each groups to make sure that you’re on the identical path.
By Bijoy Okay.B | Advertising and marketing Supervisor at Lemnisk