Leveraging Technology and Sustainability for New Age Marketing

Ride the WAVE

Congratulations to the Marketing and Strategy Area of IBS Hyderabad for successfully hosting the 10th ICOMBS2024.

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DTW

During the Week, I moderated an enlightening panel discussion on "Sustainability-Driven Marketing: Embracing Tech for a Greener Future" during our flagship conference ICOMBS2024 at IBS Hyderabad. I am deeply grateful to our esteemed panelists, who are not only industry leaders but also dear personal friends. A heartfelt thank you to our panelists Lakshmi Narasimha Moorthy K, Co-founder nicheBrains ; Komal Sinha, Director, Verra; Vikram Prabakar ♻️, Cofounder, Recykal.com and Devanand Kolothodi Regional CEO, Aster DM Healthcare for sharing their valuable insights.

During ICOMBS2024 held on 15th and 16th March 2024, multiple events delved into the evolving marketing landscape, viewed through the lenses of digital transformation and sustainability. Various topics were explored, including the integration of sustainability principles into marketing strategies, leveraging technology for sustainable marketing practices, fostering customer engagement and brand perception, and measuring the impact of sustainability initiatives. These discussions provided valuable insights into how businesses could effectively navigate the intersection of technology and sustainability to redefine the future of marketing. Expert speakers and industry leaders shared their experiences and best practices, contributing to a rich exchange of ideas and strategies for creating a more sustainable and impactful marketing ecosystem. Attendees gained a deeper understanding of the opportunities and challenges in incorporating sustainability into marketing strategies and learned about innovative approaches to leveraging technology for sustainable business practices.

Overall, the discussions at ICOMBS2024 underscored the importance of aligning marketing efforts with sustainability goals to drive positive change and enhance brand value in the evolving marketplace. I would like to present some of the insights about the role of technology and sustainability in marketing function through the WAVE a framework highlighting the Widespread Digitization revolutionizing marketing, Augmented Reality's immersive experiences, Value-driven Marketing's authenticity, and Eco-friendly Practices driving sustainability in marketing strategies. Here are more details for each mega trend-

W - Widespread Digitization:

Widespread digitization is transforming the marketing landscape, empowering businesses to connect with consumers in innovative ways. Indian companies like Flipkart and Zomato have leveraged digitization to revolutionize e-commerce and food delivery, respectively. Flipkart's data-driven approach uses AI algorithms to personalize recommendations, enhance user experience, and drive sales. Zomato, on the other hand, utilizes technology to optimize delivery routes, improve efficiency, and ensure timely service. Globally, Amazon is a prime example of leveraging digitization for marketing success. The e-commerce giant's use of machine learning algorithms for product recommendations and personalized marketing emails has significantly increased customer engagement and retention. Amazon's digital advertising platform provides targeted advertising solutions based on consumer behavior, driving conversion rates and ROI for advertisers.

A - Augmented Reality Experiences:

Augmented reality (AR) is reshaping marketing experiences, offering immersive and interactive solutions for brands. Indian companies like Lenskart have incorporated AR technology into their platforms, allowing customers to virtually try on eyeglasses and sunglasses before making a purchase. This enhances the online shopping experience and reduces returns due to misfitting products. In healthcare, AR technology can facilitate remote consultations and telemedicine, allowing patients to access expert medical advice and follow-up care from the comfort of their homes. This accessibility improves healthcare access, particularly for patients in rural or underserved areas.

Globally, IKEA's AR app is a standout example of leveraging AR for marketing. The IKEA Place app enables users to visualize how furniture will look in their homes using their smartphone cameras. This AR experience not only engages customers but also increases confidence in purchasing furniture online, driving sales for IKEA.

V - Value-driven Marketing:

Value-driven marketing focuses on transparency, authenticity, and ethical practices to connect with consumers. Indian companies like Tata Group have embraced value-driven marketing by emphasizing sustainability and social responsibility. Tata Motors' commitment to electric vehicles and renewable energy solutions aligns with consumers' growing concern for the environment, enhancing brand reputation and customer loyalty.

Globally, Patagonia is renowned for its value-driven marketing approach. The outdoor clothing company promotes environmental sustainability, fair labor practices, and activism through its marketing campaigns. Patagonia's "Don't Buy This Jacket" campaign encouraged conscious consumption and raised awareness about the environmental impact of fast fashion, resonating with environmentally conscious consumers worldwide.

E - Eco-friendly Practices:

Eco-friendly practices are becoming essential for brands to showcase their commitment to sustainability. Indian companies like ITC Limited have integrated eco-friendly practices into their marketing strategies. ITC's "Greenest Luxury Hotel in the World" initiative at ITC Grand Chola in Chennai showcases sustainable architecture, energy-efficient technologies, and responsible waste management, appealing to eco-conscious travelers.

Globally, Unilever has been a leader in promoting eco-friendly practices through its brands. Unilever's "Sustainable Living Plan" focuses on reducing environmental impact, sourcing sustainable ingredients, and promoting social responsibility. Brands like Dove, which launched the "Dove Real Beauty Pledge" to use 100% recycled plastic packaging, demonstrate Unilever's commitment to eco-friendly initiatives.

I was glad to see some of our MBA students volunteer and participate in ICOMBS2024.

Thanks for their efforts and hope they would carry some insights into their summer internship projects focusing on technology and sustainablity.

In conclusion, the WAVE framework provides a comprehensive roadmap for young managers and MBA students within the marketing domain. Embrace digitization for data-driven strategies and AI insights, leverage augmented reality experiences for immersive brand engagement, prioritize value-driven marketing for authenticity, and integrate eco-friendly practices to resonate with environmentally conscious consumers. By riding the WAVE, you can navigate the evolving marketing landscape effectively and drive impactful results for your brand.

OTW

Over the Weekend, Ellyse Perry, the shining star of Royal Challengers Bangalore (RCB), left spectators in awe during the WPL 2024 Eliminator against Mumbai Indians when one of her powerful sixes shattered a car window. Tata Motors, the car manufacturing giant, didn't let this unique feat go unnoticed. At the post-match presentation ceremony, they surprised Perry with the broken car window, now turned into a memorable memento, celebrating her exceptional talent and the thrilling moment she created on the field.

Aru had written about the need for WPL way back in 2020 in one of earliest post in her substack. That’s the New Year wish which got postponed by the outbreak of Covid19 and we seem to have covered a lot of ground since then.

Break the glass ceiling by winning 2020 !

Keep breaking those #GlassBarriers!

I Love You

Shailendra