SPJIMR, Mumbai, January 19, 2013 – The marketing discipline has always been more art than science; and corporations have spent untold billions on marketing without any appropriate way to determine as to how much the resulting "brand equity" or "consumer awareness" contributes to their bottom-line/top-line. To provide a platform to share the best practices and stimulate new thinking on how to measure and isolate the long term impact of marketing initiatives on business, SPJIMR hosted its annual event SPJIMR Marketing Impact Awards as part of the annual SPJIMR Academic Conclave (SAC).
'Making Marketing Accountable: Metrics for Measuring Marketing Effectiveness' was the theme for the event.
SMIA is in the 9th year now and is a recognized and well attended event in corporate circles. Corporates from various domains present detailed cases on marketing initiatives taken up to successfully solve a business problem or en-cash a market opportunity, with measureable impact on business. The winning team gets the prestigious SMIA trophy and the prize money of Rs 100,000 while the runners up get prize money of Rs 75,000. This year over 27 business, government and non-profit organizations participated to win the coveted award, of which 19 made it to the semi-finals. Finally, 4 teams were selected by the esteemed jury members to make the final presentations.
The first finalist, the team from ICICI Bank, presented a case on the marketing solutions provided by the bank to improve financial inclusion across 11000 villages across the country. Next presentation was on Four Fountains Spa by CMYK Health Boutique Private Ltd. The team talked about the growth story of the start up and how strict benchmarking standards and astute marketing efforts helped them outperform the industry. The team from Interface Communication-Kraft Oreo presented next on the entry strategy and growth of Oreo in the highly competitive biscuit industry in India and highlighted the importance of achieving an emotional connect with the customer in the brand’s communication. Last but not the least, were the finalists from Eureka Forbes, which presented a compelling case on a community fulfillment initiative towards building a sustainable business and selling the concept of ‘water shops’ across various rural areas in India.
A jury constituting eminent people from the academia and industry evaluated the cases on their innovation in marketing solution and the impact, measurability and sustainability of the described initiative. The team from CMYK Health Boutique Private Ltd (Four Fountain Spas) ranked first while that from Eureka Forbes was adjudged as runners-up.
The presentations were followed by an address by the Chief Guest, Mr. B. S. Nagesh, founder of TRRAIN and Vice Chairman of Shoppers Stop Ltd. He regarded connectivity to the end consumer as the biggest challenge businesses face today and also spoke about how organizations are using Balance Score Card as one of the means to improve efficiency and efficacy of marketing solutions. This address was followed by a speech by Professor Anil Srinivasan who talked about studying patterns behind numbers to evaluate returns on marketing investments because according to him ‘unless you measure, you don’t treasure what you have.’
The keynote speaker for the conclave was Prof. Nikhilesh Dholakia -Professor of Marketing and International Business at the University of Rhode Island. He spoke about the enduring dualism in strategic marketing, that is, while we as marketers feel the compelling need to the measure or systematize our performance on the existing efforts, equally compelling is need to innovate and disrupt. So he suggested marketers to maintain a healthy balance of metrification and disruption. He spoke on evolving marketing solutions with changing times and technology and cited examples like that Pinterest, with a 4225% growth rate or the success of TESCO’s new Virtual Retail Store.
The address was followed by a quiz, ‘The Marketing Conundrum’, conducted by avid quizzer and SPJIMR alumnus Sumukh Herlekar. It was very engaging for the audience which comprised of more than a hundred corporate delegates and guests.
The event concluded with a panel discussion by the Jury Members. Besides the keynote speaker and the chief guests the three other panelists were Mr. Pranesh Misra - Chairman & MD of Brandscapes Worldwide, Mr. Vivek Sunder, Head of Marketing Strategy & Planning Division at P&G India and the moderator for the discussion Dr. Somayajulu Garimella, Professor of Marketing at SPJIMR. The discussion focused on a marketer’s role in close-to-customer sectors like FMCG vis-à-vis more fluid organizations where hats keep changing and the roles are not as sharply delineated. The panelists agreed that marketing efforts are generally directed towards long term goals while performances are measured on monthly or quarterly basis. Hence, organizations must establish both long term and short term metrics to measure the tangible impact of their marketing initiatives.