Marque Magazine - January 2023

FROM THE EDITOR

Welcome to the very special edition of Marque magazine. I am delighted that the marketing club has been given the chance to use its monthly publication as a forum for all young marketing enthusiasts who want to express their opinions on a variety of themes. It brings me great pleasure to write this letter as Editor of this one-of-a-kind issue of the magazine.

The theme of January's edition revolves around marketing in neobanks, virtual market places, supply chain marketing and role of AI and ML in marketing.

I extend my warmest gratitude to all the authors for their interest, enthusiasm, and well-documented submissions of excellent articles and participation in this magazine’s building. I firmly believe that no matter how your magazine is delivered; either at your doorstep or to your computer, printed on glossy stock or on cheap tabloid paper, appearing on your iPad or your cell phone screen, it is still the work of an editorial team for a discerning audience, a beautiful and meaningful package of ideas, words and images put together by a group of experts for its readers.

While technology efficiently delivers new stories to our desktops, lap- tops, and mobile devices, magazines are all about context –how ideas and images are presented in relation to one another and spanning a broader perspective. We, the editors, will always strive to keep you engaged.

Marketing Strategies of Neobanks

Author: Sheena Mattu IIFT Delhi

Introduction

The new black is neobanks. The global neobanking market size was valued at USD 47.39 billion in 2021 and is expected to grow at a compound annual growth rate (CAGR) of 53 4% from 2022 Neobanks are completely digital banks with no physical branches or operations This allows businesses to avoid costs like physical branches, associated infrastructure, and labour costs Based on their type, these banks may or may not have a banking licence (front- end or full stack) Hundreds of new digital banks have developed globally in recent years, offering attractive offerings that transform banking activities into engaging experiences Even in India, we have seen increase in growth with companies like Jupiter etc opening But these banks are like start-ups in the way they confront the same problems to maintain growth

These banks' expansion plans typically centre on locating a niche and underserved market Examples of micro-segment discovery and development are Revolut (frequent travellers), Family (teenagers), and Qonto (freelancers), among others. Another fintech called Wise, originally known as Transferwise, focuses on international payments, which are notoriously slow and expensive for everyone.

As a result, making them cheaper and faster became a terrific way of gaining and engaging people who had a critical banking requirement.

These fintech’s rely on identifying pain points to steer product features and place a premium on quality user interface and experience. They rely on unique marketing methods and relationships with banks and other fintech companies to build up A few unique marketing strategies used by these neobanks are explained below:

1. Brand bidding

This is a technique that involves bidding on keywords relevant to competitors Revolut focuses significantly on brand bidding and invests a large part of its budget in buying competitors' keywords such as "Monzo," "HSBC business" and "Lloyds commercial business This results in increased conversion and access to highly relevant traffic Furthermore, because customers searching for those terms are usually looking for financial products and services, brand bidding can help financial marketers gain visibility for their organisation

To overcome this, firms could bid on specific keywords that are only linked to their offering, rather than targeting the same terms. This will enable the introduction of new visitors to the website who may not have heard of them previously. These keywords can include "online bank," "business bank account," "bank card," and questions like "how do I get an online bank account?" They enable prospective new consumers to learn about a financial institution's products and services.

2. Content Marketing

For a content-marketing strategy to work, financial institutions must of course have relevant content. such as blogs centred around the topics, keywords, and phrases they want to promote Monzo has been outperforming Revolut in this regard by using its blog to significant effect Monzo targets queries such as “should I get a credit card?”

A blog focused on that topic enables a new audience to discover their services. Beyond the SEO benefit, they also create a sense of authority and improve credibility, which can be a deciding factor for consumers who are searching for a product or service.

3. Unique Landing Pages

According to the GA Agency, having unique landing pages for different inquiries is also significant because it affects how Google Ads calculates firms' quality scores. Revolut uses this by routing business-related questions to Revolut's small-business-focused landing page, while other queries are routed directly to its App Store download page This helps to direct the customer traffic to the page that uniquely solves and caters to their problem

4. Unique consumer experience

Providing distinctive and innovative product packaging, as Revolut has done, can also help with acquisition Another approach, as demonstrated by Revolut, is to eliminate all needless touch points and provide a rapid connection with little data collecting To convert customers into fans, Revolut also established a retail line of branded merchandise such as t-shirts, caps, and hoodies

5. Increased personalisation

Real-time personalised communications with customers are a sure shot way of improving customer experience and interaction thereby improving retention. A survey of marketers found that 95% of fintech platforms agreed that personalization is important to customers, while only 37% said they were confident in having a solid personalization strategy.

6. Easy to understand communications and Call-to-Action (CTAs)

When they see marketing materials, most customers do not want to deal with rational areas of differentiation. Because change is stressful, many of them are incentivized to postpone making decisions or making changes if their finances are stressful. Thus, instead of making it difficult and stressful, neobanks strive to use easy language to provide notifications focusing on a joyful activity instead. Credit Karma, for example, instead of prompting clients to begin working on their taxesa stressful process for most sent ads inviting them to come and "estimate their refund "

7. A move towards the SuperApp

These applications try to tackle a wide range of problems to retain clients The Revolut app does a lot more than most neobanks apps It offers nofee deposit accounts with debit cards, free ATM access, savings and budgeting tools, and early paycheck access It also combines retail and business banking in a single app, as well as device and travel insurance, investment, cryptocurrency access, and, most recently, merchant services This puts it in direct competition with successful fintechs such as Stripe, Adyen, and Square

As a result, while neobanks are a growing force in the global fintech business, they need to use more relevant marketing strategies to acquire consumers from traditional banks. The fundamental impediment remains trust in the present financial organisation, which will be tough to undermine. More awareness is needed to make people aware of these alternatives and their benefits, as well as to urge them to use them While these companies are moving on the right track, it needs to be seen how it will ramp up its efforts in developing counties like India which also hold great promise for future growth

Analysis of Use of Online Decision Aids in the Virtual Market Place

Author: Rishita Agrawal Indian Institute of Technology (IIT), Delhi

Clicking into an online shopping platform, one is riddled with choices and options of what one could buy that seem near infinite in number One could log on to buy a simple pair of shoes and be bombarded by many different kinds based on their color, purpose, the material used, and who knows what else Recognizing the plight that a consumer might face purchasing items online, decision aids were introduced to ease and help customers choose according to their goals and aims They are in the form of simple sort and filter tools, along with more complex recommendation systems based on either collaboration with other users or the content being browsed.

Diving into a bit more depth of the kind of decision aids, a standard classification that prevails is how interactive the aid is. What also matters is the characteristics of the consumer and what type of decision-making style they might have. Broadly, one way to classify consumers is to understand whether they are maximizers, who want to maximize the quality of the decision they are making and look for near perfection, even at the cost of a significant amount of time and effort, or whether they are satisficers, who are satisfied by a good enough match, and do not want to expend much energy into the search for perfection.

Hence, satisficers, who want to make this process easier, will rely on decision aids more than maximizers, who usually do not want to rely on other features to make their decisions for them Further, consumers that know what they wish to tend to be able to extract more benefits from recommendation agents A tech-savvy user can also gain some use of these agents, compared to one with limited knowledge

Moreover, it is crucial to understand that customers often seek familiarity and require authoritative control for better choices Studies found that many consumers shy away from 'nontraditional' decision aids and flock towards familiarity Also, when customers are given unlimited access to use as many decision aids, the choice quality decreases considerably. Generally, this can happen by overuse of decision aids, or even high sophistication of these aids, that may have good intentions but lead to the opposite of the desired effect. Giving consumers an excess of alternatives for the products they seek may cause the same result. On the other hand, when they have limited access to these agents, the quality of their choices improves. These are the two aspects of the issue at hand.

Another feature that retailers might overlook but is considered extremely valuable by customers is product reviews given by other customers. They foster affirmation and a positive attitude in the customer by evoking a sense of camaraderie with others that had purchased the product before and were satisfied enough to leave a review. They gain the ability to match their expectations with the perceived reality of the product. Ratings are helpful, too, in giving a numeric evaluation of the quality of the product.

Users focus not just on the content of the review but also on the number of reviews that exist for a particular product, the variance amongst the reviews, the mean rating, and the origins to gauge the reviews' reliability

Additionally, media richness is another attribute consumers look for, whether included in the retailer's product description or within customer reviews When consumers face more complex tasks, they look to graphical information for easy decision-making Overall, media-rich reviews and reports elicit a positive mentality towards the product or brand and increase the customer's intent to purchase

Final Thoughts

Eventually, what comes out to be the primary takeaway is that in the digital age and the virtual marketplace, where there exists a plethora of information for consumers, retailers have the duty

to ensure that their customers have assistance in making easier decisions to purchase their products by providing ample decision aids that suit every customer's purchasing and cognitive styles, although still maintaining some degree of restriction so as to avoid information overload.

Retailers should familiarize themselves with consumer psychology and use technology to create apt decision aids to help customers along their purchasing journey Of course, other features can improve the experience, like the website interface and the website interactivity, all of which play a role in enhancing the purchasing intent Therefore, retailers should keep in mind that consumers face different dilemmas while shopping online and that the onus is on them to create a welcoming environment that allows customers to receive assistance to maximize their profits.

The Role of Marketing in Supply Chain Management

Author: Priyanshu Jangid Global Institute of Technology (GIT), Jaipur, Rajasthan

Let’s suppose there is a company xyzzy They wanted to make a product, and they need raw materials and other equipment’s for making the product. So, what they will do is they will purchase the raw materials, machinery and other equipment’s form the supplier. Supplier supplies these things to the manufacturing company. The manufacturing company will supply the made product to the retailer or wholesaler or directly to the customer. If the company is supplying the product to the wholesaler, then the wholesaler will supply it to the retailer and the retailer will supply it to the customer.

So, this is the basic cycle of product from its birth to the delivery to the customers. This supply of the product is itself a chain and this chain is called Supply Chain. The management of this chain is called Supply Chain Management A supply chain is a combined network of individuals, organizations, resources, activities, and technologies involved in the manufacture and sale of a product or service A supply chain starts with the delivery of raw materials to a manufacture and ends with the delivery of the finished product to the customer It is the flow of goods, data and finances related to a product or service, from the procurement of raw materials o the delivery of the product at its final destination It refers to the handling of all the operations that relate to building a product and getting it to the right customer’s/ Companies The purpose of a supply chain is to set goods produced and distributed quickly and efficiently as possible

Supply Chain Management was firstly defined by Oliver and Webber in the year 1982 They defined it as “Supply chain management (SCM) is the process of planning, implementing, and controlling the operations of the supply chain with the purpose to satisfy customer requirements as efficiently as possible.”

How Marketing Affects the Supply Chain Management?

Think about the marketing what comes up to the mind, the one word “Communication” For having the system for Supply Chain Management Marketing plays an important role to keep the operations at best pace Some of the points for how the marketing affects the Supply Chain Management are listed below:

1 Marketing helps the many of those people who are behind the supply chain management so, what happens is that the marketing communications such as press releases, email conferencing, business newspapers and many

more of the resources where the news for demand is generated helps the suppliers by informing them about these demands at all the levels about the brand and products. This helps them and support them as well as they play a part in the delivery of the final product and customer’s experience.

2 Marketing fosters collaboration among all these suppliers in the supply chain By communicating with them and treating them as their customers, they nurture a culture of collaboration Utilize specific messaging and distribution of information to connect with and integrate suppliers into their team They can have multiple platforms for the keeping in touch with the suppliers Keping the contact consistent with them helps them maintain better alignment between supply and management of the products

3 Marketing gives the partners the marketplace knowledge to keep the supply and demand in a balance Its every supplier duty to stay on top of industry trends and changes, the marketing department knows how to keep the [ace up and having the collaboration with the marketing team they can have well developed knowledge pf what the people want to have in terms of products and what the things required to be at the top of the industry and maintain the survival.

4. Marketing informs the customers what its supply chain consists of and what their expertise is. The information can be used to inform the customers, the reader shows them the expertise, announce the news about something new, highlight success and many more.

The marketing team which showcases the expertise about the supply chain that takes it further a step above This is the way the marketing supports Supply Chain Management

5 Marketing throws light on the brand awareness to propel business efforts It’s important for the supply chain partners to be brand-aligned in order to understand and represent each other effectively Marketing is one of the most important things if we will look from business point of view and when the supply chain gets the marketing done by the marketing teams it’s like takin it to the next level

Final Thoughts

Well, it is true that marketing helps a lot the supply chain industry and its also true that supply chain industry has to be depended on the marketing industry, but Marketing may not be the first word it comes to your mind when you think about supply chain management, Marketing is important for the efficiency of the business and for the growth of the supply chain and reaching out the right product to the customers.

Through the collaborative relationship between the marketing and the supply chain it provides a well-defined path to the supply chain for their betterment and reaching out to a large number of people Apart from this what I feel is that marketing helps the supply chain management for strengthening the company’s competitive position, and building the internal and external relationship that support the operational efficiency

The Use of Artificial Intelligence and Machine Learning in Marketing

Author: Jenil Rita Great Lakes Institute of Management (GLIM), Gurgaon

Artificial intelligence (AI) and machine learning (ML) are transforming the field of marketing, providing businesses with new and powerful tools to understand and engage with their customers In this article, we will explore the ways in which AI and ML are being used in marketing and the potential benefits and challenges of this technology

One of the main ways in which AI and ML are being used in marketing is to improve the customer experience. By leveraging data and algorithms, businesses can create personalized and seamless customer journeys that are tailored to the individual needs and preferences of each customer. For example, a retail website might use AI and ML to recommend products to customers based on their previous purchases and browsing history, providing a more relevant and engaging shopping experience. Another important use of AI and ML in marketing is to automate and optimize marketing campaigns. Using algorithms and data, businesses can develop and test marketing strategies in real-time, and adjust their campaigns based on the results. This allows marketers to identify the most effective tactics and messages,

and to reach the right audience at the right time with the right message AI and ML are also being used in marketing to improve targeting and personalization By analyzing customer data and using predictive analytics, businesses can create more accurate and effective customer segments,and deliver tailoredmarketing messages to the right people at the right time This can help businesses increase the relevance and impact of their marketing efforts, and drive better results.

Using AI to make predictions about consumer behaviour

The use of artificial intelligence (AI) in predicting consumer behavior is an increasingly popular and effective approach for businesses looking to understand and engage with their customers. By leveraging data and algorithms, businesses can develop predictive models that can help them understand the likely actions and preferences of their customers, and make more informed marketing and business decisions.

AI can also be used to make predictions about consumer behavior by analyzing market and

industry data. By incorporating data on market trends, economic conditions, and competitive landscape, AI algorithms can help businesses understand the broader context in which their customers are making decisions. This can help businesses make more accurate predictions about how consumers are likely to respond to different marketing strategies and business initiatives.

Overall, the use of AI in predicting consumer behavior can provide a range of benefits for businesses. By leveraging data and algorithms, businesses can make more informed and effective decisions about their marketing and business strategies, and better understand and engage with their customers

However, the use of AI and ML in marketing also raises some important ethical and legal considerations One of the key challenges is ensuring that the data used to train AI and ML algorithms is accurate, representative, and fair If the data is biased, for example, it could lead to unfair and discriminatory marketing practices Additionally, businesses need to ensure that they are transparent and accountable for the use of AI and ML in their marketing efforts, and that they respect the privacy and rights of their customers

Impact of AI in Marketing Mix

Artificial intelligence (AI) is increasingly being used in marketing to improve and enhance the marketing mix, which refers to the four key elements of marketing: product, price, promotion, and place. By leveraging AI and data analytics, businesses can make more informed and effective decisions about each of these elements and create more targeted and personalized marketing campaigns.

For example, AI can be used to improve the product elementof the marketing mix by providing insightsinto customer preferences and needs. By analyzing customer data and market trends, AI algorithms can help businesses identify the features and benefits that are most important to their customers, and develop products that better meet needs.

AI can also be used to optimize the price element of the marketing mix By analyzing customer data and market conditions, AI algorithms can help businesses determine the most effective pricing strategies and tactics, and adjust prices in realtime to maximize revenue and profitability

In terms of promotion, AI can be used to improve the targeting and personalization of marketing campaigns. By analyzing customer data and interactions with the business, AI algorithms can help businesses create more accurate and effective customer segments, and deliver tailored marketing messages to the right people at the right time.

Finally, AI can be used to improve the place element of the marketing mix by providing insights into the most effective channels and platforms for reaching customers. By analyzing customer data and market trends, AI algorithms can help businesses identify the channels and platforms that are most likely to be effective for their target audiences and allocate their marketing resources accordingly

Final Thoughts

However, the use of AI and ML in marketing also raises some important ethical and legal considerations One of the key challenges is ensuring that the data used to train AI and ML algorithms is accurate, representative, and fair If the data is biased, for example, it could lead to unfair and discriminatory marketing practices Additionally, businesses need to ensure they are transparent and accountable for the use of AI, ML in marketing and respect the privacy and rights of their customers

Overall, the use of AI, ML in marketing has the potential to provide significant benefits, such as improved customer experience, enhanced campaign optimization, and more effective targeting and personalization. However, it is important to carefully consider ethical, legal implications of this technology; use it in a responsible and transparent manner. As AI, ML continue to advance, we could expect to see more businesses leveraging these to improve their marketing, drive better results.

MARQUING OMENTS T H E

MARQUING OMENTS T H E

#BUZZFEED

Shark Tank S2: Game of

Marketing?

After a successful first season, Shark Tank Indian is back with yet another exciting season with sharks Anupam Mittal, Aman Gupta, Peyush Bansal, Namita Thapar & Vineeta Singh. This season we have a new shark joining the stage, the founder of Car Dekho – Mr. Amit Jain. Though he has not been launched in any of the episodes up until now, he will soon be joining the other 5 business magnets to play his part of the investment game.

Shark Tank season 1 was heartily welcomed by the mass of our country for various reasons and it was the first time for such a show to be aired in prime time in place of age-old Indian serials. The sharks were criticized too for being overly demanding or ‘rude’ occasionally. However, inspite of its highs and lows, the show brought out the knowledgeable nerve in Indians because of which people enjoyed watching the show sitting with their families

The hype created by season 1 was channeled well by the makers of the show to promote their second season Instagram campaigns focusing on the success stories of companies we saw in season 1 were run on social media and digital platforms to gain traction for the second season. They increased the visibility of the campaign by partnering with the sharks who gained much fandom post the first season. Sony ran multiple TV advertisements to reach to the older audience who might be missed while marketing digitally.

The second season has started and 4+ episodes have been telecasted so far and the response is quite similar to that of the last season – a mix of both love and criticism The sharks, in their recent interviews, mentioned that it only gets better from here on – which makes us wonder, is it a game of marketing, all over again?

#BUZZFEED

IPL 2023:

A New World for Advertisers

Live streaming of sports, particularly cricket, on OTT platforms has resulted in a revolution in advertising Cricket matches, known for their mass appeal, used to be battlegrounds for major brands, but not any longer. With OTTs like Hotstar offering advertising opportunities for as little as INR 5 Lakh, several start-ups and SMBs have debuted their sports advertising campaigns in recent years.

Since IPL is the king of the cricket series, advertisers expect something new every year to take their advertising experience to the next level And Disney+ Hotstar has delivered on this promise every time. Many people who work late, cricket fans, and people who cannot afford to pay for live match subscriptions would rely on Disney+ Hotstar highlights to stay up to date. In addition to the live match, brands can include IPL 2023 highlights in their strategy to extend their presence beyond the match hours.

Last year, geography-based targeting was restricted to the following seven regions: Mumbai, Delhi, Bangalore, the top six metropolises, the Hindi Speaking Market (HSM), Western and Southern states. This year, the option has been expanded to include individual states as well as metropolitan areas

The money spent at the IPL 2023 mini auctions was 15% more than the money spent at the IPL 2021 mini auctions. While ten teams spent a total of 167 crore in the 2023 auction held in Kochi on December 23, eight teams spent 145 3 crore in the 2021 auction. IPL 2023 will start from April with the newly made teams and advertisers are hooked onto make the best use of this season’s ad space.