Mindshare lays out three-pronged strategy for next five years
May 06, 2014 00:00
IN PREPARATION for the rapidly growing digital market, Mindshare, a major advertising and media agency, aims to |be a top achiever in three key developments - digitalised platforms, advanced analytical tools and data expertise - in five years.
“A challenge lying ahead for the industry is how to deal with |the impact from the change of technology and consumer behaviour. How do customers choose brands? And how does a brand engage with people? We must be able to define the data,” Ashutosh Srivastava, chairman and chief executive officer for Asia-Pacific, Russia and emerging markets at Mindshare Worldwide, told The Nation recently.
To join the dots in the ocean of data in digital media, his company needs to get access or plug into that arena by creating a data-management platform.
And the company must have the ability to analyse that data. That needs two more key components – advanced analytical tools and data scientists.
The company is focusing on further investment in those key parts as the first priority throughout the next four or five years.
“We’re searching for data scientists to work with us. The data scientists we have account for less than 3 per cent of total staff. By 2019, we hope to have such positions up to 20 per cent,” he said.
However, recruitment is very difficult because there are very few educational institutions around this area producing such talents for the industry, he said.
Besides preparing the platform, people and tools, Mindshare also developed its first “The Loop”, a data monitoring and controlling war room, at its New York office.
This new war room includes multiple screens monitoring data from more than 100 sources in real time. Data partners are defined on a market-by-market basis. This is to help clients make collaborative and adaptive decisions and across their paid, owned and earned marketing in real time.
The Loop is also used to track competitors’ efforts in paid, owned and earned media, as well as to provide intelligence on trending and viral news, videos and pictures, enabling instant decision-making.
The company is planning to install a war room in many countries including Austria, China, France, Germany, India, Ireland, Mexico, the Netherlands, Poland, Singapore, Turkey and Britain.
For the Thai market, a war room will be set up in Bangkok by early next year, Srivastava said.