In the digital age, measuring media effectiveness presents challenges and opportunities. Hence, the need for comprehensive approaches and advanced measurement methods are required for a better understanding of a consumer. 

To address these challenges and opportunities, especially when the value of first-party data holds prominence, a panel comprising Vivek Malhotra, group chief marketing officer and chief operating officer - consumer revenue, India Today, and Shuvadip Banerjee, chief digital marketing officer, ITC, explored innovative methodologies and technologies that ensure effective audience measurement while upholding privacy standards, at MMA Impact India’s 'The Future of Modern Marketing' conference. 

The session was moderated by Arnaud Frade, president, commercial - audience measurement Asia, Nielsen. 

Navigating the digital landscape

Banerjee underscored the evolving landscape of media measurement. He underlined the role of augmented reality and strategic partnerships in harnessing valuable consumer insights. 

“There should be an imperative of synthesising diverse data sources to enhance marketing effectiveness. The challenge lies in synthesising diverse data sources and prioritising investments to enhance success rates. In this case, augmented reality and strategic partnerships offer valuable insights into consumer behaviour. In addition to this, the integration of AI and advanced analytics has revolutionised how marketers perceive and engage with their audience,” shared Banerjee. 

Speaking about the challenges of diverse touchpoints, Banerjee said, "By harnessing insights from diverse sources such as social media feeds and partnership data, marketers can now craft tailored content and strategies that resonate deeply with consumers. However, the shift towards cross-media measurement brings its own set of challenges. In a landscape where metrics are fragmented, and standards are lacking, marketers must navigate a maze of data points to gauge effectiveness accurately. From media metrics to brand and revenue metrics, the journey is fraught with complexity."

Embracing first-party data: A key to success

Malhotra highlighted the pivotal role of first-party data in navigating the marketing landscape. He stressed the importance of adopting a consumer-centric approach and prioritising first-party data to unlock actionable insights for brands. 

“Putting first-party data at the forefront is paramount amidst the abundance of data. A consumer-centric approach is the key to unlocking actionable insights and driving marketing success,” Malhotra advised. 

Banerjee outlined a blueprint for marketers to navigate the digital terrain effectively. He accentuated the significance of brand assets and value exchange on platforms, highlighting the centrality of consumer data platforms (CDPs) in driving marketing strategies.

He said, “Brand assets and value exchange on platforms are critical for effective marketing. Furthermore, consumer data platforms are pivotal in driving marketing strategies and enhancing consumer engagement."

Addressing measurement gaps

Malhotra addressed persistent challenges surrounding cross-media measurement, particularly in the absence of standardised metrics. He advocated for a unified view of consumers across media channels to drive marketing effectiveness.

"A unified view of consumers across media channels is essential for driving marketing effectiveness. Addressing measurement gaps is imperative to unlock the full potential of cross-media marketing,” Malhotra conveyed. 

Malhotra stated that the onset of digital advertising heralded an era fixated on performance metrics, dissecting every aspect for optimisation. 

"Amidst the plethora of data points, a crucial touchpoint remains elusive. Without a unified identifier bridging audience interactions across platforms, unlocking the full potential remains a distant dream. With a myriad of touchpoints across digital channels, the challenge intensifies. Despite glimpses of audience engagement, the lack of a cohesive framework hampers meaningful insights for marketers. In the absence of a standardised approach, navigating the maze of data becomes increasingly daunting," he shared.

Leveraging data-driven insights

As the panel concluded, Malhotra highlighted the importance of embracing contextual advertising and leveraging data-driven insights to stay ahead in the rapidly evolving digital landscape.

"A unified view of a consumer is the key to unlocking effectiveness and that can be achieved through cross-measurement. Advertising is going to move into contextual advertising and data will help. Embracing contextual advertising and leveraging data-driven insights are essential for staying ahead in the digital landscape. The future of marketing lies in harnessing the power of data to drive meaningful consumer engagement”, summarised Malhotra.