Mumbai: MMA Global India and GroupM, WPP’s media investment group have launched the fourth edition of the Modern Marketing Reckoner 2024: Winning with AI at the 13th edition of MMA Impact Delhi. The report explores how AI is not merely transforming the four key pillars or Ps of marketing (product, place, price and promotions) but is revolutionising organisations from the ground up, marking an irreversible change. MMR bears cutting-edge POVs from 60+ industry leaders, AI practitioners and decision makers across the digital transformation ecosystem. AI adoption in marketing so far is just the beginning.
Amid ongoing AI debates, the parties state that it’s vital to recognise that human intelligence remains central to many innovations, particularly in marketing, which is fundamentally about understanding people. The report explores AI’s potential to enhance marketing, from gaining consumer insights to transforming product design and the consumer journey. It discusses AI’s dual role as both evolutionary and revolutionary, integrating tools like predictive text and chatbots across various marketing functions, including e-commerce and campaign execution, while emphasizing the importance of measuring marketing ROI.
Prasanth Kumar, MMA Global India co-chair, CEO GroupM South Asia said, “The Modern Marketing Reckoner 2024 is a comprehensive guide for marketers who aim to succeed with AI. This report offers valuable insights, carefully researched data, and real-world examples of how AI can be leveraged in marketing. What sets it apart is the inclusion of perspectives from over 60 industry experts across diverse domains, whose human intelligence and experience in powering AI is truly invaluable.”
Marketers and agencies are swiftly delving into technology, discerning between superficial novelties and truly transformative tools, with key imperatives:
Marketers value high-quality, authentic internal data like brand essence, past communication, consumer insights, cohort responses, platform performance, packaging details, pricing, and customer reviews to ensure AI models are authentically trained for real-world application.
Organisational transformation is vital for maximising AI’s impact in marketing, involving integration across Finance, Technology, CMI, sales, and Talent Management, with rapid evolution in budgeting, talent management, and a “Test and Learn” approach.
Investment in Data and MarTech is increasing, with shared ownership of implementation and utilization among Marketing, Finance, and Technology leaders.
AI is driving transformation in agencies, fostering new integrated models centered on AI-enabled platforms for seamless collaboration and co-creation.
Moneka Khurana, country head, BOD Member, MMA Global India said: “The grand launch of the Modern Marketing Reckoner (MMR) at Impact Delhi marks a pivotal moment for the industry. The report provides actionable insights into AI’s transformative impact on the 4 Ps of Marketing – Product, Place, Price, and Promotions. By compiling wisdom and foresight from over 60 industry leaders, it equips marketers with the strategies and frameworks needed to win with AI-driven marketing, fostering innovation and driving growth. At MMA, we are dedicated to empowering marketers to navigate and lead people and machines in unison to deliver business growth and marketing excellence.”
