Marketers' Shifting Mindset For A Tech-Driven Future

Bhupendra Paintola Dec 01, 2023

The marketing landscape is experiencing a transformative impact with the growing influence of Artificial Intelligence (AI), signaling a future shaped by continuous technological evolution.

In a recent conversation with BW Businessworld, industry experts Sai Narayan, CMO of Policy Bazaar and Gauri Malhotra, CMO of Bombay Shaving Company, emphasised the importance of genuine consumer understanding and innovation in the landscape of marketing, particularly in the era of AI.

Narayan stressed the need for marketers to wholeheartedly embrace the AI revolution, emphasising that the shift in mindset is more critical than acquiring new skills. He acknowledged the significance of organisations allocating budgets for experiments, leading to both failures and successes. This adaptability is crucial as AI continues to reshape the consumer landscape.

Policy Bazaar, under Narayan's guidance, has taken proactive steps to enhance consumer experiences. "In a sector where physical products are absent, improving the buying process and claims management become paramount. Conversational AI has been integrated, leveraging automated speech-to-text recording for insightful analysis of customer interactions. This data-driven approach aids in refining and expanding their range of products and services," Narayan added.

Gauri Malhotra echoed the sentiment, emphasising the use of technology to identify and address consumers' needs. Discussing the challenges posed by a generation that prefers touch-and-feel experiences in certain product categories, she highlighted the role of technology in adapting to evolving consumer behaviours.

Both leaders agreed on the longevity of personalisation in marketing, with Narayan noting its history of aiding communication, creativity and faster service. For insurance, personalisation extends to predicting customer journeys and facilitating targeted marketing strategies, he added. Despite the technological shift, Narayan emphasised the timeless importance of understanding consumers and building strong brands.

Gauri Malhotra delved into the changing dynamics for Gen Z, emphasising that the lines between different platforms are less blurred. Marketing objectives

should remain rooted in selling, category development and providing excellent service, she added.

As the conversation turned to trends, Narayan and Malhotra shared a cautionary approach. They emphasised that trends should align with core marketing objectives and not be pursued merely for the sake of being in vogue. Gen Z, being well-informed, values authenticity, urging marketers to stay genuine in their approach.

In conclusion, it was clear that marketers must align with the ongoing tech revolution, leveraging AI while staying true to the fundamentals of consumer understanding and brand building. The industry's future, they agreed, lies in this delicate balance.