This white paper aims at driving the point of how Digital Advertising is fast growing and reaching a peak in the BFSI Segment and how BFSI players need to join the bandwagon before it’s late. It also aims at creating the need to not just consider Digital Marketing as a part of Marketing but give it an independent status and have a DMO – Digital Marketing Officer and a team to assist him.
Data Source :
Digital advertising in India 2012 published by IAMAI – Internet and Mobile association of India (Reference – www.iamai.in)
Needless to mention that if we were to add the numbers of mobile subscribers in India and those who use Internet on their Mobile (IOM) or 3G then the above numbers grow by leaps and bounds.
Let us dwell into Marketing as a function:
The marketing team headed by a CMO; Chief Marketing Officer works towards activities such as campaign launch, maintaining brand, media buying, public relations, market research, etc keeping in mind the relevant target audience.
Changing Buzz words of marketing:
Till a few years back and since decades the buzz words of a Marketer would be print, outdoor, radio, television advertising, etc
However since the last few years and more so in the last 4 to 6 years the new buzz words have changed to online marketing, e-PR, search engine, mobile, social media, etc the list is endless
DMO – Digital Marketing Officer is the need of the hour:
The CMO of tomorrow would need to create a position in his team for a DMO who would report to him / her to stay in tune with the fast changes in media consumption.
The DMO would be given the task of handling all the digital marketing tasks of a BFSI Sector. Just like the CMO the DMO too would lead a team of not more than 4 to 6 highly skilled people from a Digital Marketing background.
Critical points worth mentioning:
- It is critical for the CMO’s of today to not just understand but also appreciate the role of your Digital Partners be it the agency, portals and others who are a part of the digital eco-system.
- Do not dwell to deep into the measurability factor of digital marketing only because everything on digital is measurable.
- Keep the digital agency in loop from the day the campaign is being thought through the impact would be very meaningful and digital would then be an integral part of the campaign and not an after thought.