India’s global trade body The National Association of Software and Service Companies says India is perfectly poised to capitalize on the emerging demand for marketing analytics.
A new NASSCOM report, “Marketing Analytics – An Opportunity for India to Lead,” published with independent research firm AbsolutData, says companies are increasingly using marketing analytic insights to gain competitive advantage in the market.
The evolution of marketing, the report says, has been driven by the explosion of digital media. With increased complexity in the consumer and digital marketing channels, chief marketing officers are increasingly turning to marketing analytics for strategic and tactical decision-making.
Som Mittal, president of NASSCOM said in the report that the marketing analytics industry “is poised for exponential growth and India will be one of the foremost forces leading this revolution.”
The study finds that India has “a distinct advantage” in delivering analytics with an abundant supply of “trainable” cost-effective analytics talent and players with extensive analytics delivery experience.
The report predicts the Indian marketing analytics industry will grow from a present US $200 million to US $1.2 billion in 2020, an annual compound growth rate of 25 percent.
Over the next few years in North America, customer analytics are poised to become part of real time enterprise operations according to Forrester Research. In one report, the analyst firm found that 73 percent of companies studies reported mature use of reporting and business intelligence for customer metrics, and that social analytics was the area most cited for future pilots and long-term goals.
A separate report from Hypatia Research finds that social and marketing analytics are attractive but immature fields in terms of organizational preparedness and governance. Leslie Ament, founder of Hypatia says companies “face a learning process to assimilate internal competency” in analytics.
Because of the variety of social and marketing channels and the complexity they bring to chief marketing officers, one scenario is the growth of a services industry in marketing analytics similar to what happened earlier with Web analytic service providers. In one example, India-based service provider Infosys, in partnership with the U.S. agency MPP to create a turnkey digital marketing platform and marketing analytics service called BrandEdge.
“We saw it as a way for the CMO to focus on the message and creativity and use BrandEdge across all kinds of digital assets, campaigns and agencies,” said Samson David, VP and global head of Infosys Business Platforms.
Dr. Anil Kaul, CEO of the firm that created the NASSCOM report said in the report that the evolution of trends, including big data, ties neatly into business priorities like marketing analytics for enterprises. “Given that the industry is abuzz with Big Data, this report gains additional importance, since Marketing is one of the first functions to adopt big data into its daily functioning.”
The report says India’s current talent pool, which largely contains mathematicians and statisticians presently have little insight into the consumer mind-set and that the industry also needs to develop roles and recruit talent among computer science and psychology graduates. The “call of the hour” the report says, is to consolidate analytical services and products under one roof and deliver a one-stop shop to customers, which will set the competitive bar among companies providing such services.