In a panel moderated by Sameer Kapoor, SVP - Business Head, Paytm Ads, on the role of Fintech in shaping digital marketing in 2023, industry players highlighted the need for a platform - Format Fintech, to educate marketers about offers or creatives. they can support them and dispel the ready-made myths that the marketing community wants to try.
Commenting on how fintech platforms support brand marketing initiatives, Sameer Jain, VP and Head of D2C eCommerce, Max Life Insurance, said that sometimes 60-70% of marketing funnels are spent generating brand awareness or marketing dollars, signaling simply because they are wrong or not aimed at groups target.
“Getting deterministic signals is very important to us and very few platforms today offer this kind of capability. It's actually a three-way street for us because we need the right audience, the right signal and the right ML model to be able to optimize the business goals we've identified," he said.
He added that due to the large amount of transactional data that is housed in most fintech platforms today, fintech offers a lot of deterministic signals and this is something that should be taken advantage of.
Referring to the challenges of brand security, proper attribution and lifetime value (LTV) for consumers, Archana Agarwal, VP-Media, Airtel said telcos have invested in brand security tools in the last two years and have comprehensive assessments. to determine with which platforms long-term landscape cooperation is possible.
“We're concerned not only with brand safety, but also with viewability and ad fraud, and we've identified platforms that provide solutions for all three of these challenges or some of them. So it's not a big challenge," he said.
He also said that from a performance perspective, Airtel is looking at cost per acquisition (CPA) of offline and online sales, because Airtel has an end-to-end and end-to-end budget. For better ROI, not only from a CPA perspective, but also LTV, bounce rate, etc.
Similarly, Anuja Mishra, Chief Marketing Officer, Mamaearth, said that each brand spends a disproportionate amount of effort, time and resources on brand safety issues, fraud etc.
"Any additional platform that you want to be involved with is always learning the same thing, and when a consumer is doing business in a market there is a level of trust. But when you open the device you have to make sure that the loop is actually closed with some safety glass and this is something which we are aware of and continue to guard," he explained.
Mishra also pointed out that LTV is critical, especially for any D2C brand, because the start of the journey is towards buying and it's a cost that some CPA firms can reduce on the brand journey.
"Real meat is at LTV, and for us at Mamaearth, that basically means how to build a cross-selling and upsell strategy over time while still staying in touch with consumers because we are a house brand, so the question is how do we forecast with our consumers through other new age brands to contact, BBlunt, The Derma Company etc through first data", he emphasized.
Therefore, according to Mishra, each evaluated platform is not only evaluated in terms of purchases, but also whether it has longevity to interact with consumers.
When asked about the importance of coupons, promotions, sampling, etc. for brands in the D2C space, they say all of these propositions play into the life of a brand and its journey with consumers.
"Over time, it's very important as a brand to engage with consumers and connect your values with them beyond the offerings you make. So everything is important, but it's very important to know when to start, stop and move on," he adds.
Jain of Max Life Insurance commented on how the insurance category could drive digital currency penetration and awareness in Bharat, saying that most insurance companies in India are targeting the top 50 to 100 cities to make sure they are only splashing and praying, but they are eating spicy food. their investment, time and effort.
"But our TG doesn't just live in these cities. We've seen the long tail continue to grow faster than the top 50-100 cities, despite addressing a rich and discerning audience. So need to get a decisive signal and stay away from the first 100 cities it is to achieve greater Bharat, but we have to be specific about it, otherwise marketing funds will run out in no time,” he explained.
Airtel's Agarwal shared his perspective on how fintech data helps create value for different SKUs and companies, saying that the value marketers see in fintech data is holistic and multi-targeted to deliver offerings across market segments.
Citing examples to back up his statement, he said that when the telecom provider launched its advertising campaign - Airtel Safe Pay - the target was one of the main consumer groups that do digital transactions and if there are those that do not. transaction, the product is not for them.
“From a brand awareness perspective, campaigns are creating media metrics for us, but at the same time we're seeing business grow in the mid and bottom of the funnel with fintech brands, where we launched scratchcards and it's doing really well because people scratch cards- those cards to see what they have won", he insisted.
Later, he also mentioned some of the challenges that come with fintech platforms, saying that one of the big challenges is limited video inventory, limited attention, and many brand security tools not integrated with fintech apps, leading to fraud. to take care of visibility issues etc.
“Airtel as a brand costs a lot of money compared to watching videos. Also, when people come to fintech platforms, they only come for a while because they register on the platform to make transactions and not to browse. Short attention span, ads can be a blind spot," he said.
Striking a similar vein to Airtel's Agarwal, Mamaearth's Mishra also notes that the entire coupon exercise has resulted in a relatively strong CTR for the brand, but has yet to prove the top of the fintech funnel.
"I think platforms attract digitally savvy consumers, but one of the bottlenecks for these platforms is a lack of visibility or attention. So when you're renting video inventory, your approach and visibility need to be positive," he said.
He also noted later that marketers are now shifting from spatial targeting to intent-based targeting, and how fintech is helping brands close the end-user loop, perhaps by building brands through more video content. commitment
Also, Jain from Max Life Insurance believes that engagement is a key factor, emphasizing that it is important to offer consumers something more and something new than just helping them transact on the platform every day.
Additionally, Mamaearth's Mishra emphasizes that fintech platforms need to clearly define what the platform can do for brands on their journey and work with the marketing fraternity in terms of creating use cases.
"The marketing fraternity is now more than ever ready to experiment, but it needs to show how to experiment on a large scale and not just keep it in the experimental phase," he said.
Agarwal Airtel also shares a similar view on the matter, saying that fintech is here to grow and thrive, so it's important to break the myths held by the marketing fraternity about these platforms and if brands are on it, the platforms they run out of. . , the budget will be low because the prevailing opinion in the industry is that it will only work for "x" or "y".
“It is also important for fintech brands to educate marketers about the types of content creators they work with and the right to do things on their platforms,” he added.
Additionally, as Jain of Max Life Insurance points out, more and more people are realizing that their desire to grow cannot be met by two platforms — Google and Meta — and spreading them too thin isn't going to work, so there's an opportunity for Fintech. . to catch up and become the third pillar of advertising.
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