EXCLUSIVE: Ogilvy Africa CEO Mehta explores conflicting CMO and CFO perspectives on ROI, CX metrics
By Zion Rufus
In an exclusive interview with Marketing Edge at the Cannes Lions International Festival of Creativity, Vikas Mehta, CEO of Ogilvy Africa and Juror of the WARC Awards (Lions) 2023, delved into the ever-evolving landscape of consumer behavior and the challenges faced by marketers in delivering better customer experiences while balancing the pressure to deliver return on investment (ROI).
Mehta, an industry veteran with extensive experience in the African market, emphasized the complexity of the continent when it comes to ROI measurement.
He pointed out that many companies underestimate the intricacies involved in determining ROI and the lack of clear measurement metrics to demonstrate its impact.
The conversation, amongst several matters, turned towards customer experience (CX), a subject gaining increasing importance in our region.
Mehta observed that different countries in Africa are at varying stages of the learning curve in understanding the value that CX brings.
As a result, marketers often rely on what he referred to as “vanity metrics” as a proxy for ROI. For instance, in retail initiatives on social media, success is often measured by likes, comments, and shares. While these metrics make sense from a Chief Marketing Officer’s (CMO) standpoint, they do not necessarily capture the true business impact, making it difficult for Chief Financial Officers (CFOs) to assess ROI accurately.
Mehta stressed the importance of moving beyond vanity metrics and focusing on hard metrics that have a direct impact on the bottom line. He urged marketers to evaluate whether their customer experiences are truly driving business results, such as increased affinity, consumption, and penetration; further noting that by shifting the focus to these tangible outcomes, marketers can enhance their credibility and contribute to the overall performance of their companies.
The interview further shed light on the prevailing dependence on vanity metrics like reach and affinity, which, although necessary, are insufficient on their own as Mehta calls for a more holistic approach that aligns customer experience initiatives with concrete business goals.
Meanwhile, as the African market continues to evolve, Mehta encourages marketers to adapt their strategies and measurement frameworks to suit the unique dynamics of the continent.
In his opinion, understanding the diversity of consumer behavior and market nuances is crucial in establishing meaningful ROI metrics and delivering exceptional customer experiences.
Mehta’s insights also emphasizes the need for a harmonious relationship between CMOs and CFOs, where the focus extends beyond vanity metrics to hard metrics that demonstrate tangible business impact.
By embracing this approach and navigating the complexities of the African market, marketers can position themselves for success in delivering superior customer experiences while achieving meaningful ROI.
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