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Mr. Kevin Huang, Chief Operating Officer, SCMP, Mr. Cheuk Shum, Head of Marketing, HSBC Hong Kong Wealth & Personal Banking
Mr. Kevin Huang, Chief Operating Officer, SCMP, Mr. Cheuk Shum, Head of Marketing, HSBC Hong Kong Wealth & Personal Banking
[Morning Studio Feature]
Marketers say investing in technology has become an absolute necessity, and that the impact of AI, big data and other technological advancements will impact companies and brands if they want to achieve lasting success. Avoiding this is no longer an option. This is the key message presented in his 2024 Marketing Predictions series presented by the South China Morning Post.
Cecilia Cheung, head of marketing and communications at Colliers Hong Kong, said the success of any brand or business lies in its ability to move with the times. Marketers need to anticipate the unexpected, act quickly and keep up with digital developments. Even a real estate brand like Colliers, which has been operating in Hong Kong for 45 years, still cannot rest on its laurels.
“Colliers is a brand that has been around for a while and our professionals have been around for a while and are known in the industry, so that’s our strength,” she said. “But over time, customer behavior changes and their needs change, so as marketers, we need to develop marketing strategies that continue to resonate with our customers.”
Understanding consumers means brands need to invest in digital platforms as part of their marketing efforts. Colliers has begun to have a presence on new social media platforms.
experiment
Other brands are taking this a step further by experimenting with cutting-edge digital marketing technology to stay ahead of the curve. HSBC has launched an AI-powered campaign combined with digital features built into its mobile app.
Cheuk Shum, Head of Marketing, Wealth and Personal Banking at HSBC Hong Kong, says the brand has long understood the importance of experimentation. HSBC has launched many industry firsts thanks to the budget and resources set aside for experimental purposes.
“Sometimes experiments work, but sometimes they fail. It’s okay for some experiments to fail. When we take a risk approach to allocating a certain amount of budget, we tend to focus on areas where we can expect a return. “Focus,” he said.
He acknowledges that the experiment could fail, but if it succeeds it means the payoff could be huge. Cheuk advised that before embarking on the deep end of your digital efforts, it would be wise to take the first step of mining data for insights about your customers.
personalization
Jacqueline Choi, head of marketing at Prudential Hong Kong Limited, agreed, adding that AI will shape the digital marketing landscape next year. He said that to take advantage of this technology, brands need to leverage data to uncover and understand customer needs.
“This allows us to generate more insights and provide our customers with the right solutions to better serve them, putting all of our customers at the heart of what we do. ” said Choi.
human touch
While investments in technology continue to shape the landscape, marketers must strike a delicate balance and maintain a human touch. Dr Winfried Downe, Group Head of Advertising, Brand Strategy and Media at UBS, spoke about how important trusted sources of information are in today’s world.
“In this era of AI-generated artifacts and misinformation campaigns, knowing what information is trustworthy and making decisions based on it seems like a crucial part of our lives. As we speak to more people beyond our customer base, we partner with trusted brands to create engaging, relevant, and authentic content for a broader audience. That’s important,” Down said.
Check out our 2024 Marketing Predictions series.
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