The CMO MO (Modus Operandi) highlights some of India’s top CMOs as they share their marketing mantra, trends for the future and what keeps them up at night while giving us an insight into the person behind it the title. Here, we chat with the who’s who of the country’s leading marketers while asking questions that allow executives to shed light on their personality, projects, and exciting plans for the year ahead.
This edition of India CampaignCMO of a Somesh Surana, Head of Digital Business Group and Marketing of HDFC Ergo General Insurance, in the hot seat.
With a career spanning almost two decades, of which over eleven were with the general insurance firm, Surana has extensive experience, primarily in the BFSI segment. During his previous tenures, he was instrumental in developing and repositioning business communications and digital sales channels for brands such as Barclays Bank and Kotak Mahindra Bank. Prior to his stint at BFSI, he also dabbled in advertising as a group account director at Ogilvy & Mather.
Surana shares his thoughts on the existence of robust measurement matrices, the changing role of the CMO and insurer growth trajectories in an “attention economy”.
What are the three biggest marketing challenges for your brand right now?
First of all, insurance as a category is very underpenetrated. The non-life insurance sector in India accounts for 1%, which is much lower than that of other developed global economies. So much remains to be done to educate customers about the importance of insurance. With insurance considered an afterthought and relegated to the back burner of customers’ overall considerations, it has a huge effect on brands like ours.
Second, there is the issue of the attention economy and reducing clutter to ensure the brand remains top of mind for customers. With so much information bombarding people every day, it’s important to stand out. Then there’s the challenge of creating messaging that sets your products and services apart, especially when they’re similar to those offered by competitors. We have to do all of this in a regulated environment.
Finally, while it is a wonderful time for marketers with the advent of so many digital avenues opening up and thus leading to the scale of innovation, the fact remains that with With these rapid changes in the behavior and expectations of today’s customers, our competition is no longer just coming from other insurance companies. We are faced with food delivery apps, online shopping platforms and even streaming services. So, our products must be simple, services must be differentiated and hyper-personalized, turnarounds must be fast and we must always be relevant in customers’ lives.
What are the three biggest opportunities for your brand?
Firstly, the name “HDFC Ergo” attracts credibility. It draws on a lineage of two promoters: HDFC Bank, one of the largest and most trusted banks in the country and a household name, and Ergo, a global insurer with presence in over 25 countries across the world .
While we are backed by such a strong lineage, the main driving force behind HDFC Ergo is its futuristic approach. We are a “digital insurer at scale” and believe technology is a game-changer and opens up new opportunities for our brand to reach the last mile.
Finally, India is currently on a good growth trajectory in insurance, complemented by positive regulatory changes, encouraging more individuals to realize the importance of insurance. Additionally, the vast territory and large demographics also give all insurers plenty of room to tap into new geographies and new under-penetrated populations. Therefore, complemented by such favorable factors, it gives us a good scope to extend our brand to the last mile.
Where are you investing your marketing budgets this year? Where are you increasing or reducing your spending?
I believe that you cannot manage what you cannot measure and that is why we have implemented solid measurement matrices. We care about every penny we spend and our marketing strategy is aligned with the company’s overarching goal. Although digital marketing plays a central role, we believe in adopting a 360-degree media approach, leveraging traditional and digital platforms as needed. Additionally, performance marketing will continue to be an important focus area for us, quickly adding numbers to overall revenue and thus becoming part of the real action.
Marketing Maestros or Growth Gurus: Are Chief Marketing Officers the New Chief Growth Officers?
This is indeed a trend to note in the current economic landscape. Traditionally, CMOs were primarily responsible for overseeing marketing strategies, brand management, and customer engagement. However, as companies become more focused on sustainable growth and ROI, the role of the CMO has expanded beyond traditional marketing functions. For example, marketing directors were once in charge of managing websites, but today they design specific marketing campaigns to drive website traffic, create transaction journeys, generate leads and thus play a active role in increasing income.
One such result-driven campaign at HDFC Ergo was the launch of Here App, where our collective marketing efforts not only increased the number of downloads of the app but also helped improve engagement and customer loyalty.
Are you leveraging Generation AI to future-proof your marketing efforts?
AI and data analytics are game changers. They not only help track campaign performance but also optimize media mix and measure target audience reach. By leveraging AI, you can dig deeper into customer data and discover patterns and trends that would otherwise have gone unnoticed. This allows you to gain invaluable insight into what motivates customers, what they like, what they don’t like, and ultimately how to tailor your marketing efforts to resonate. deeper with them.
I believe the future will be all about AI-based performance measurement tools, enabling marketers to adopt, test and learn from approaches based on measuring campaign success rate , tailor course corrections to address gaps in previous campaigns, and maintain consistency for greater retention.
Somesh Surana
Give us an example to convince our readers that your brand leads by example when it comes to sustainability.
At HDFC Ergo, sustainability is at the heart of our business philosophy. We aim to be sustainable in our business practices and serve our stakeholders consistently. To integrate ESG elements into all aspects of our business, we have developed an ESG framework. Our initiatives to protect the environment are implemented through our products and services. We also launched a one-stop solution portal which acts as an electric vehicle ecosystem for existing and potential electric vehicle users. We believe this initiative will accelerate the adoption of greener vehicles, which represent the future of the industry. We have a portfolio of products that offers our customers various coverages against losses caused by climate change.
Additionally, we are also an equal opportunity employer and one of the important elements that play a pivotal role in our diversity efforts is the HDFC Ergo Diversity Council. I am a core member of this council, along with the other government leaders, and we have worked together to create and execute the DEI strategy.
Complete the sentence: “Today’s CMO must be…. “.
Today’s CMO must take a customer-first approach and also be a profit center. At the heart of any successful marketing strategy is a deep understanding of the customer: their needs, preferences and behaviors. This will help them design the right proposition for the customers and thus contribute to positive revenue for the organization.
What kind of CMO are you? Answer using a maximum of three adjectives.
Practical, futuristic, ethical.
Tell us something personal about yourself that others may not know.
I find inspiration by looking outside for new ideas, whether that’s reading books like Tiger Fire by Valmik Thapar, who provides a unique perspective essential to marketing professionals. I also love exploring new places and meeting new people, as it recharges the gray cells in my brain, helping to develop new ideas.
What is your favorite brand campaign that you have been a part of or wish you had?
Amul. They are consistent yet simple and trendy. I have not come across any Amul advertisement in the last few decades that seems out of place. As a marketer, I always look forward to what they will come up with next.
Name another brand (can’t be yours) with an incredible customer experience that you really admire. Why is it great?
Apple. Any product they offer is backed by extensive customer research and responds intuitively to customer needs. Additionally, their seamless customer service and track record of the brand’s commitment to innovation truly sets them apart.
What keeps you up at night as a CMO?
I usually sleep well at night because we have well-oiled machinery and a good business continuity plan.
