Redefining entrepreneurship with marketing and analytics
I recently got a chance to hear Mr. Prashant Tandon, Co-Founder & M.D, Healthkart.com, at the FIIB Marketing Analytics Conference (MAC 2013), where he shared his experience and knowledge of using Marketing Analytics in the e commerce and digital industry. In his session titled “Marketing Analytics in the Indian E-Commerce Industry “ Mr. Prashant shared an in depth view of where marketing is headed, how digital communication is changing the dynamics and how smart marketers are set to become the most important resources for consumer businesses
With today’s job market stagnating to a restricted number of opportunities, but the steadily increasing number of applicants, it is only apt that we turn entrepreneurs. The ascent of Online and Digital marketing platforms has supported this shift even better. Though becoming an entrepreneur has never been an easy task, several tools and skills have assisted entrepreneurs in tapping the young generation very well through Social Media platforms. One such tool is Marketing Analytics and as a successful entrepreneur himself working extensively in the health industry online, Mr. Prashant shared some great insights into how Healthkart has been able to benefit from Marketing Database Analytics.
Excerpts from his session below:
India is getting digitally connected
The entire concept of marketing is going through a huge transformation. The consumers today are way too smart and live in a digital world. Contrary to the common belief that most of the digitally connected people belong to the cities, 34% of Indian internet users are from Tier 2, 3, 4 cities and 25% are from rural India. They have access to all kinds of information today. Being an entrepreneur, you must know where your customers are. You need to be at their looking zone and also be able to be relevant there. If you fail to do so, someone else will
How to leverage the power of analytics for smart marketing?
Digital channels and internet have changed the idea of customer understanding and targeting. With the added power of e-commerce, the consumers today have the liberty to monitor and access different trade markets, vendors and sellers. Online shopping, online marketing are trending like never before. Many big brands who had more faith in their traditional methods to take their decisions rather than relying on Data and Analytics has been forced to withdraw from the market. It is an essential recipe for every single entrepreneurial mind, to slot in into his/ her menu card.
Analytics today has affirmed that- every individual is a potential consumer with different buying habits than those of others. Digital connects the consumer and the brand like no one else. It helps in collecting detailed information about a consumer, his likes and dislikes etc. Very soon, every entrepreneur or business is going to be swimming in data. Only those who have understood the importance of Analytics as the changing wave will be able to draw profitable revenue for a longer period of time. Analytics help in understanding the behaviour and pattern recognition of the consumers. It helps in evaluating the loyalty, retention, new customer acquisitions and analysing the source & campaign for the newbies, plus the drop-off ratio. Without Analytics it is difficult to figure out what really matters in Marketing and how one is going to execute that.
As a marketer, it is important that you stay ahead of the curve, march along with the changes in the game of marketing and entrepreneurship with the right incorporation of analytics.
The Conference turned out to be a great platform to get knowledge into Analytics and more learnings from the Conference can be read here.
About the guest author
Ms Akshita Agrawal, Head- Corporate Communications at Fortune Institute of International Business is an avid photographer and writer.
Note: FIIB is a YourStory partner organization
