 So let's go back to the turn of the century. When planning for a trip was actually a cumbersome process. We had to really think too much when we had to plan any trips outside during summer vacations. But now, I think the era has changed. Now everything can be done with just a click of a button. And our next speaker has played an instrumental role in consolidating Make My Trips' market leadership position in India's online travel industry. And as we are at the marketing summit, who doesn't love their campaigns and their use of their brand ambassadors, Alia Bhatt and Ranveer Singh? Please put your hands together to welcome on stage our keynote speaker, Mr Rajesh Magu, co-founder and CEO of India at Make My Trip Ltd. Thank you. Good evening ladies and gentlemen. Am I audible at the back? Thank you. I know this session is after the break. So if it is a lunch break, normally people say that it's not a great idea because people will fall perhaps asleep. So I'm hoping that this break, you had a nice cup of tea and you're fresh. And I'm also hoping in the next 15-20 minutes that I'll engage you enough to stay awake. You know, when I was invited for this talk, I was given the topic marketing is a combination of art and science. And I said, I was thinking about it and I said, okay, what should I talk about marketing a combination of art and science to this audience, probably experts in this field and would probably know more than me in this subject. So I said, let's think about something else. Let's think about, let me see how my own experience in Make My Trip has evolved and what are the kind of challenges, the opportunities, the evolution that we saw in the marketing space. And then I suddenly came up with this theme, which I'm going to share it with you in the next 15-20 minutes was something called disruption, disruption in the conventional marketing wisdom. So I'll explain you what I mean by that. And disruption is kind of a buzzword, right? I mean, when you look at disruption, I'm sure you would have attended many conferences and all of that. Everyone has been talking about disruption, whether it's an e-commerce business, whether it was an internet, internet was a massive disruption of a business model and it has also evolved over the years, et cetera as well. I can assure you, and I'm sure as we go through this session, you would probably relate with this that marketing as a function, marketing as very important lever for the business has also evolved and actually in many ways got disrupted. So I thought it'll be interesting because it'll probably be talking about our own experience and evolution and it'll be like a storytelling kind of a thing which will be perhaps more interesting rather than just trying to be very copybook about what do I mean by art and what do I mean by science in marketing. So that's how I thought. Let's hope you find it interesting. So just to give you a little bit of a background, then we started way back in 2000. In fact, I just met someone who reminded me of our first office in Okhla phase one, very modest office, C79 phase one there. It was about 19 years, so it's almost like two decades and for the first five years, we did not take off as a model. And therefore, if I take my mind back and whatever were the marketing related techniques that we used to use at that point in time and what we use it today, there is a massive, massive evolution and massive, massive difference that I see. And with the topic, I will walk you through some of those, but let me just start by saying what's happening today. So the first disruption that I see today, if you look around, you just get up in the morning, everyone has got a smartphone here, every alternative five minutes, you would get a push notification and what does that push notification say? What does that say? It only talks about cashback offer, it only talks about discounts, it only talks about deals, it only talks about promotions and a different kind of promotions and different kind of offers. If you try and link back with the business strategy and specifically on marketing side, you would realize, this is the kind of stuff that you would see, that it's only discounts and what does this mean? What are we trying to do out here when we're trying to look at business, look at marketing levers, good old days, the conventional marketing techniques, everyone knows, everyone used to be focused on how do we build the brand per se? Do we realize that that kind of a conventional wisdom has got lost somewhere? I certainly do, I think it has evolved into a massive different modern techniques today, if I may call them. And I think in the first area that has over the last about, I would say five years, if not ten years, this phenomena of focusing on acquiring customers, at the end of the day, what do you do? When you build the brand, you're obviously trying to, at the end of the day, get customers to your platform, to your shop, to your business, that's what you do at the end of the day. So it's obviously a customer acquisition kind of strategy on your mind when you're trying to go out and do an ATL tomorrow, go out and do any kind of an advertisement tomorrow historically. Today, most of the businesses just look around and I know some of those numbers very little bit more in detail, of course, for our own business, but also I had the opportunity to be associated with Flipkart for many years, so I have a lot of insights on that as well. And if I look around, and what I see around, and I'm sure you see that, lot of the focus today for all the marketing experts is today going into just transaction acquisition, if I may call it. And the focus is not necessarily, and I don't blame them because that's the business goal that is kind of defined for people. And what's the business goal? And we do it day in and day out at our brands as well. And the business goal is that it starts with visitors and it ends with transactions. And somewhere, you would probably realize the focus has gone away from customers per se. Very few people, when you get into this discounts and then you go into aggressive offers and there are all kinds of offers. Look at all these brands, including by the way our own brand, whether it is a form of a game, or it's an auction, or it's a billion day, or it is something else, or we have like an app fest, which we keep doing on Make Point RIP, or if you really see big brands even globally, Alibaba, and so you see most of the brands in China, by the way, have this strategy today. I don't think there is a lot of strategy that is behind to kind of build the brand. At the end of the day, they try to build the brand, at least in the e-commerce space, more through acquiring customers. And there's only one company from the west that I've seen, not many companies, by the way, from the west, that has actually got into I very famously call, at least at our office, this drug addicted to this particular drug called Discounts. It's only Amazon. No other company, if you would see, from the western world, they don't know how to play this game at all. It all started from China and it has come to India, whether it's a virus or thing, and that's how it used to be looked at early days. Now, when it started picking it up, and when you started looking at this little bit more in detail, the models started evolving out of it. I kid you not, I give you two comparisons. When we built our air business back in the days 2006 to 2010, we built it on the back of completely conventional marketing. Conventional marketing as well as digital marketing, because digital marketing had just kind of started and we'll talk about that as we go along. But largely it was, of course, you will give the price, offers, et cetera, but what you would not do that you would go negative unit economics, you would not do that if I'm earning, let's say my margin is 10 rupees or 20 rupees, I would sell it for 25 rupees, which means I give all the margin away, I give five more rupees from my pocket to acquire the customer or acquire rather the transaction per se, and then I will acquire it again and all. Because at the end of the day, all I'm trying to look at it is I'm chasing the growth and what I'm going to just do is to keep pumping in money, whichever channel is giving me immediate liquidity, I would just invest in there, get some traffic, give some more discount, convert, and then do the transaction. Lot of that is happening today, it wasn't happening in the past. When we started building our hotel business, fast forward, let's say 2012-13, it was very different. It actually changed from, at that point in time, 75% of our spend used to be marketing but real marketing, the conventional form of marketing. Think about offline media, think about TV, think about brand building, think about all of those, and now when I see a lot of the marketing has changed to digital marketing, a lot of it has actually changed to offers, discounts, various kind of promotions, etc., that we've been also doing. It has been a phenomenal change that has happened for over the years, and I actually think that this nuance where you actually end up going unit economics negative is very, very, very, very harmful for the business. Because the result of that is that it doesn't give you stickiness of the customer. It actually doesn't. You know, you keep trying and you will get the transactions but you won't get the customers because customer is going to just keep looking for another shop where he's going to get better discount. So when you go back into your business and you look at, just make sure that you keep watching this very, very carefully. This trend is very, very dangerous in my mind. Sometimes you don't have a choice because the market dynamics are such that you will have to play that. But be careful. How do you want to do it? Don't lose sight of that whether that customer is going to retain, whether that customer is going to come back again, and is there going to be some kind of a lifetime value of that customer or not? If you are able to build that model, then I think it might still make sense. Or if you are able to balance your strategy between the aggressive offers and promotions and all of that, it's not that it never used to happen even in the past, but we have just completely gone overboard with this. Because of the fact that everyone is chasing transactions and losing sight of the customer retention completely and not worry about long-term worrying about immediate next month or next quarter or next six months and so on. So I think that is one of the very big change that we see in terms of numbers. Like I was telling you, if you start seeing it, it's a major portion of the total marketing kitty is actually going into this discounting, deep discounting, which I call as drug, and we should be careful about that. The second disruption, and this is not a new phenomena, but it is a very critical aspect of today's marketing because if you really see this graph, it will tell you how the digital marketing is growing and how the conventional ATL marketing is coming down. And there is one more aspect to this graph. If you think about it, the future in my mind about even the TV advertisement is going to be the Netflix and the hot stars of this world. I don't think it's going to be the conventional TV. They're losing content by the day. They're completely losing content by the day except cricket. And cricket also, you know, a lot of the time it is more popular on hot star because you're on the move, you have that small gadget, everybody has got a smartphone and you're kind of on the move watching it. I think the trend is changing for us, the experiments that we've done on channels like hot star have been more very successful and very different from an IPL, let's say as a mega event is a completely different thing. We have always been kind of advertising on IPL as a mega event and you get those TRPs, you get that traffic bump up, but I think it's just fading away. I think it's just going towards the digital channels more and more. Look at the deluge of digital channels, there are tons of them today and this is what we call it as performance marketing. And what does this performance marketing do? The performance marketing actually gives you immediate results. Performance marketing targets, uses data, uses models, you reach out, you do the bidding, you basically do targeted marketing and you get that traffic again and then get that traffic to convert, you end up giving some kind of an offer and promotion, you convert that traffic and you get those transactions or orders. So, large portion of the advertisement is going there and I do definitely see if I kind of see for the last over 12, 15 years this trend has only gone in one direction, I do not see this changing in future as well. One of the forms of digital marketing, within digital marketing, actually the disruption happened and one of the biggest players by the way who's got like 90% plus market share, which is that player by the way who's got 90% plus market share in search? Google of course, right? So, they got disrupted, actually a lot of people think that they got disrupted, I don't think they got disrupted. Actually, they saw it coming early. They saw it coming early that there is going to be a smartphone and they are not going to be able to control it. The internet access device is going to be small screen. It was not going to be desktop because desktop was not necessarily going to grow. Smartphones were going to go through the roof across the globe, especially China and India, which is like 1.2 billion population each. They saw it coming early and what did they do? Can anyone guess? Android. They came up with Android, right? And they came up with Android and that Android became a platform for mobile phones. And today, Android share, that's how Google operates. Today, Android share is phenomenal, right? Most of the business, if you really see, by the way, which is happening and I can give you our stats, the 80% of our hotel bookings today are happening on mobile and mobile app, not mobile web. And 90% or not 90%, about 75, 80% of that is Android. You know, over the last four, five years, right? And that was Google, right? So they started building this platform and I don't know if, you know, the thought crosses your mind. It does cross my mind all the time. How dangerous is that? What has happened with this? You were dependent on Google on one platform. Now you are super dependent on Google on another platform. And tomorrow, if they decide to do something to Android, what will happen? Nothing. Your business gets disrupted. Get used to it because that's technology for you. You can't do anything more. And guess what's happening? I'm sure some of you would be knowing right now that, you know, now from mobile app, slowly and gradually, the narrative is building towards mobile web, right? That is what is happening right now. If you go on Google today, I don't think there's any rocket science, by the way. People have the device. Device is smartphone, which is mobile phone. They have to either open the app or they have to open the browser. And because of the apps, the size of the apps, and when you expand to mobile population to half a billion, not necessarily everyone has the high-end phone, and you don't have necessarily high-quality bandwidth, what do you do? You open mobile app, browser on mobile, because you're not going to go back on desktop or laptop. They don't even have it, right? So nobody is going to do that unless you're going to office and, you know, doing surfing there. Nobody is going to do it. It's a very simple, straightforward consumer behavior. Imagine the transfer that happened from desktop, which they saw it early, brought it with the Android platform, now back to mobile web. When we discussed this marketing strategy in our office, every time I have that question, that are we going to be dependent on one single player in India for all the performance marketing? The answer is no, because, I mean, largely, of course, because of their share, but look at the channels that we have today, right? Multiple channels that we have, and those channels have also started doing really, really well, whether it is Insta or Facebook. I mean, there are different kinds of marketing techniques that I'm sure you guys know it, and you may be able to teach me a few. I don't need to teach you anything on that, but the point I'm trying to make is that mobile did not necessarily only disrupt the business models, it also disrupted the mobile techniques, the marketing techniques, because the screen was very small. How are you going to do marketing? What is going to be your download campaigns? How are you going to look at web ads and so on and so forth? So this was also, in my mind, mobile as was a disruption phenomena in many ways, and now we should wait for the next one, because I do think this is going to get disrupted in the future as well. The third one, no surprises again. Over the years, a lot of the businesses, you know, the conventional businesses, which was brick and mortar businesses, also used to collect a lot of data. It's not that they did not have the customers, right? They had the customers, but what they did not have was technology. They did not have the technology, they did not leverage the technology, they did not realize. They used to do conventional CRM activities with conventional databases and the rest of it. Technology and big data technology, you know, leveraging data science and engineering and data science models have completely phenomenally changed the game for marketing, by the way. I'll tell you, and towards the end, when I finish, I'll tell you another story, but before that, I'll tell you one instance just to make my point here. When we interview marketing people today, not necessarily we go for, we take marketing concepts, competence as given. What we focus a lot more is the understanding of data, how are the analytical abilities, you know, do you understand digital marketing channels? Do you understand big data models? That's what we do because the jobs today, if you think about it, if you have outsourced your performance marketing, that's a completely different story, but if you haven't and if you are 50, 60% of the marketing spend is going to be in performance marketing, which is not necessarily going to use the marketing concepts of or the conventional wisdom, which used to be in the past, which is all about art and creativity, then what's the point? Then you have to look for alternative skills. And if you don't have those skills, and I think from a skill standpoint, it has actually disrupted a lot of people mobile, technology people got disrupted because suddenly they had to learn Android programming or iOS programming, and I think marketing function people got disrupted because they had to learn performance marketing, they had to learn data analytics, they had to learn various channels, building models, figuring out what is going to be the KPI measurement of that and how's the ROI getting measured and ROI gets measured more with the data than the conventional creative marketing, if you will. So a lot of the new skills that you had to learn before you became expert and you get used to or you could adapt to the new way of doing marketing because the focus is fundamentally going to be customer acquisition. There is so much of noise on the digital channels. If you don't participate, then you're going to lose it. And of course, it's very expensive and I'm not going into economics. Maybe we'll leave it to the question. Some interesting questions might happen because it's easier said than done, but right now I'm just being focused on what I believe that how marketing has evolved over the years more in a disruptive fashion. You know, this is a little bit of a complicated picture, but essentially what it is trying to do is essentially leveraging data to acquire, to retain, and to grow. You do all kinds of models by the way. And I'm telling you, marketing folks today in our office use data science team to build their models and then automatically that gets connected to on the funnel doing pricing and stuff like that. So everything is integrated, but the underneath of that are only two things, technology and data. And you suddenly think that maybe we studied something different. In fact, you know, on the first topic that I was making, on the deep discounting, I have been saying this and I will not be surprised that it will go into the management books, the new way of building lifetime value, case study in terms of building lifetime value by focusing more on promotion than offers and not doing anything else. There are already people who are trying to make business case that listen, you give me 100,000 rupees. And if I spend more on customer directly, my immediate ROI is much more than that I do it through the any, any other way of marketing. They're already doing it. They're already building it. They're trying to see also expanding and see lifetime value. Why go far? We are doing it between our two brands. Make My Trip is very old established consumer brand. That's how we build the brand. Absolutely the conventional way. And then of course, you know, when you're in a technology business, you can't do digital marketing. So we evolved along with the, with the, you know, the way marketing techniques evolved. But when we got merged with GoAibibo about two years ago, a little over two years ago, we inherited two more brands, one GoAibibo and one Redbus. The Redbus was established consumer brand like Make My Trip. You know, the top of the mind recall the direct traffic was phenomenal. Repeat rates were phenomenal and so on and so forth. When it came to GoAibibo, it was a completely different brand insights that we got from a consumer insight standpoint. And we, what we, we tried doing, we saying, listen, you know, maybe this is not the right way of doing it. Let us experiment and see whatever we know, how we have built, you know, brands in the past. Why don't we just go go and do the same thing? We failed miserably. We failed absolutely miserably because that is now not that platform was built. You know, and we tried again same with Bollywood Celebrity, you know, the best of the Bollywood Celebrity, et cetera, didn't work. And then we were very quickly forced back to see, okay, what is that we need to do differently? And it turned out that all of those consumers on that platform were coming through various different features, whether they were, you know, the, the referral programs, whether there was two sided network that was built by giving a lot of the promotions and the offers. And when you do the math, the amount of money that was being spent on that on the face of it, it would look like, listen, you know, you're just playing with cash. But, you know, just taking the negative unit economic aside, which we fixed it, it started making sense because, you know, you try and change the technique, it didn't work. And it was working, it was working for the consumers, because, you know, you have all kinds of personas and the consumers in the marketplace who are used to, I showed you all the brands that they are doing it, not that, and they're all very, very successful brands. And it started building it. So my, my, you know, prediction is that this, whatever is happening in India and China, in terms of customer acquisition, different techniques being used by, you know, investing directly more into customers is going to go into the management books very soon. Watch it. Okay. Coming back, this is again, you know, another example, again, using leveraging data here, basically, this one, this diagram is trying to do the matching principle, you know, which we do it, you know, one side, one side, you will take a lot of the variables, we'll take the searches, we will take the, you know, the visits happen, you click through on a particular property, click through on a particular flight and all of that, you take the demand side variables and you take the supply side variables, you take the traffic side variables, bring them all, all in, and then try to match and give a personalized experience on the other side. You will be surprised, it looks like more like a product slide that, you know, maybe the product experts would be doing it, a lot of the marketing folks do this today. It's not necessarily non-marketing folks are doing it. The CRM today, and we talked about customer relationship management, right? Conventional way of doing that was, I think it was because lack of technology and lack of ability to just compile the data very differently. It used to be very conventional way of doing that. And this is an age old thing. And I think it continues and it is very, very effective. But what has changed, and again because of technology and data, what has changed is the way you do it. It's far more personalized. It is far more, you know, you can do cross-sell in a very effective sort of way. You can, you have the gadgets, you can do it and you can push it, you can do differently from a timing standpoint because you know, for example, you know, if you do a return booking on, on Make My Trip platform or Go Aibibo platform, and we have that data and, you know, and we need to figure out whether, you know, if it is a return flight, then you probably need a car and can I push you a car from an airport transfer standpoint, pick up or drop, or if it is just going to be an overnight stay, can I push, push you a hotel, but, you know, do it in a, in a way which is you know, very personalized sort of way and also leveraging the data. But what am I trying to do here? I'm trying to basically acquire customer here or acquire transaction here or trying to upsell here or trying to do the cross-sell here. That's what I'm trying to do, right? So, so the lines are getting blurred between, you know, you know, I am sitting in a marketing function and therefore I'm only going to just go out and do the offline media ad and, and that doesn't work in a, in an overall e-commerce or a technology company at all. You know, I think it is far more now transitioning into working very closely with the product folks and, you know, work to get whatever is the best thing to give it, to give it to the customer. In fact, from a, from a budget ownership standpoint, I must tell you, we have realized that you can't have only marketing budget and you can't have sales promotion budget and you can't have loyalty budget. All of the budget has to be looked at together because if you do it in silos, you don't go anywhere because everyone kind of drives it and then eventually when you look at the overall P&L, it goes for a toss. You look at all of it together with one person's ownership and say, this is the total budget. Decide what you want to do. Objectives are only two. One customer acquisition, two customer retention and then tell me on that particular customer, which is the, the, the bucket that we use from a spend standpoint. It doesn't matter, right? And show me the overall lifetime value for that, right? I give you the example of, you know, because of all of these and these are the techniques that people have started learning in our office, most of the IJPs that happen, cross functional movements that happen, happen from marketing to product. You people, you know, good old days would not even dream about it. They want to, they've done their marketing techniques because they've understand the data. They've understood the funnel. They've understood consumer. They are experts on actually marketing techniques, acquisition and retention and they start to, when they want to make a transition, they say, we will do an online product job. There are many. There are many. In fact, not only that, our head of marketing, the CMO historically has also moved from a marketing to business role and product role. As we speak, that also is, is happening. Okay. So if all of this was the evolution, you know, we spoke about discounting. We spoke about discounting in the context of acquiring customers or acquiring transactions, not customers actually, unless you do the LTV. We spoke about digital. We spoke about mobile and we spoke about data and we spoke about CRM. All of these have evolved over the years. So where is the conventional creative marketing then? I think the very small amount that is kind of left. Even there, by the way, there is, it has moved and transitioned, sadly though, from what it used to be, and this is our example, you know, make my trip in Diltor, Ominghai was a very brand building campaign. And the other one with Alia and Ranveer was very tactical customer acquisition campaign. Of course, two celebrities that do a good job, there was a sense of humor and so on. But which one do you think worked the most? The right side, right? So, I mean, that's what is happening today. It actually, the first one, to be honest, it bombed. It didn't work at all. We thought it was beautiful. There was also Nasiruddin Shah in this beautiful lake and trying to build the brand and all that. It just didn't work. Things are changing because suddenly, and then what happens? Then because business also has to see the result and I don't think I'm not saying it is the right thing to do. I think sometimes we are guilty of losing. We are business people, CEOs, whatever designation that you want to call it, we are guilty of taking a very short term view. Very, very short term view. We try to do it because you have immediate numbers pressure and you say, listen, this campaign did not work. It was supposed to give me X number of shoppers, et cetera, et cetera. It did not happen. So, let's move to another technique. I don't think you should make that mistake. I think you should make sure that you strike a balance. Similarly, you see some of the other ads, Airtel versus GEO, close friends, her friends, the Ruri have was a beautiful campaign. Look what happened with GEO. You got completely disrupted. Completely disrupted. One can turn around and say that it was aggressive pricing. Part of it is true, but part of it is very aggressive land grab kind of gorilla marketing in my view. And that's very important. And I met Gopal at some level as a friend the other day, and we were talking about it, and he was giving the whole background and story, and not lot many people know. In fact, they have been able to, in this whole noise, been able to actually hold on to their high quality, high R2 customers. What has got disrupted is the people who were deal conscious. They moved. And that's what is happening, but that's like a big chunk. So there's a challenge with you. The growth comes from that. The money comes from the elite group. How do you balance the two? But that's what is happening. So you got to strike a balance. Similarly, we spoke about it, brand love or customer acquisition. So my point is just the last one, and I'll tell you a little story, and then we'll open up for questions if we have time. My question to you all is, I'm in food for thought. It's not question. They're how prepared are we? I'll tell you the reason why I'm saying that, and people might think that, you know, we are well prepared. I'm sure most of you would be, if not all of you. But we were looking for a senior person in marketing, and it's not a pitch, guys. I have met many people personally. I, to be very, very honest, senior seasoned people, I have seen them struggling for all the five, six slides that I showed it to you, all the five, six disrupting areas, because they did not jump into it to learn to adapt to absolutely deep dived into it to understand that game completely. You see massive gaps, massive gaps. And we are struggling, and we're saying, okay, what are we supposed to do? We are not able to get. So we've been changing our job description and saying, okay, maybe we don't need this kind of person, because this is like, this is a 10-year-old phenomenon, maybe not even that. And there are not too many people who are experts in it. So let's then go back and say, okay, maybe we'll pick up change the criteria, pick up sharp people, pick up conceptually strong people, people who have the understanding of some data at some reasonable level, basic smarts, intelligent people, leadership skills, et cetera. And then let's run with that. We're forced to do that, do that, because you don't get that, unfortunately. People think, and you know, the reason why I'm saying that is that when you think about, and you know, and it could be just maybe industry specific, so pardon me for that, but e-commerce industry is definitely, you know, or digital, any digital technology powered industry is a very big industry, and this argument kind of holds true for that. The superficial knowledge that I have done it, and I have kind of looked at it, and it kind of, I understand it doesn't work. It just doesn't work. Because you would only realize that, you know, the 500 crore budget that you suddenly have that you need to spend, it was very easy for you to call agencies and then do the scripts and then do the call them and do massive ads or radio campaigns or offline media advertisements, because you've done that and you know it all. But here it is going to be, you know, money goes like this because it goes down the drain, if it doesn't work, and you do it right, and guess what? The competition is absolutely, absolutely fierce. So you have to perfect that art, and that will only happen if you practice it, otherwise it doesn't happen. You go deep into it. It doesn't happen. It remains superficial, and then you would struggle. You would struggle, and the history of MiKmaTrip over 19 years, I have seen people struggling, beautiful, absolutely expert marketers struggling the moment the transition happened to performance marketing. They were not able to adapt. They were not able to get deeper into it, and they got disrupted, because then they will have to figure out, because market demand was only that, unfortunately, for them. So I think I would just shut up here. I would just conclude it by saying, hope you found some resonation with what I said in terms of how we saw, how I saw the evolution happening, and in the form of disruption, and hopefully you would have probably liked that as well. So let me pause here, and perhaps do we have time for some questions? One or two? Okay. Thank you, guys. Thanks for your patience. Yes, good. This is not a question, basically. This is open to all, I would say, that what you mentioned here was actually true, and when you talk about diving deep into data, I've seen that happen in my instance, where I'm looking at the data day in, day out, and I could see that working with agencies also, they superficially track the data, present it, and then sometimes I've seen it happen that even the agencies, they are not diving deep into it. So is it something that you have found happening, probably because you are going out into B2C segment, which is even wider? And secondly, I also have, this is kind of a concern that I have, this is with the players whom we are trusting. I have seen a lot of data mismatch when I dive deeper into those insights. Sure. I could see that the data that I was shown, and it's not a fault of the agency, it's a fault at the source, which we are trusting to reach out. Yeah. Not only source, and sometimes, by the way, it's techniques the way you measure it. And I'm sure you guys would know attribution techniques, right? I mean, I don't need to get into that. And everyone takes a convenient position on attribution, right? At the end of the day, when I kind of look at it and I say, listen, okay, you say this much of, this percentage of traffic is coming direct, but then if that is true and organic traffic, for example, we are getting some 75% either through SEO or direct, which is like typing McMutri or brand McMutri or the variant, then why are we spending this kind of a money? And that's only to do with the attribution. So sometimes it's also, because, but to answer your question specifically, you know, all the time, I've seen, but I don't think, you know, I don't think it is dishonesty. I don't think it is an integrity issue. I think it's a, it's a competence issue because you, you know, if you don't have those skills, and by the way, these skills are very, very deep skills that you need. And sometimes you have to be an engineer to learn it, right? If you're talking about data science, there will be modeling, then you have to get deeper into it, right? So it's a question, and, and, you know, I personally believe nothing is rocket science. You can get into it, and you will understand it if you go first principle. So I think it's about the capability building. Unfortunately, we have not invested into that. And some of the agencies who claim that they can do it, and maybe they are able to do the, the superficial job because they're just focusing on quantity. You know, I remember good old days, desktop days, you know, you give the budget to the marketing person and you say, okay, you know, we need to get traffic growth going. There will be a hockey stick growth, like in one week. And when you, when you go next level, that traffic will be coming from songs PK, the traffic will be coming from some of the other side, you know, if you would recall, right? Because the quality focus will not be there because all that what you need to do is to focus on vanity metric. But we promote that kind of a culture that's saying, listen, I don't want, I don't care, I just want too many people coming on my platform. So what you need to do fundamentally, actually two things. One, figure out whether the capability exists or not. And if you, if you don't have that outsourced agency, who has the capability, then build it in house. You know, from our point of view, we've never outsourced this, by the way, because we can't do it. There's so much of data that we have. It's our own data, it's IP, and you invest behind that IP. You absolutely, absolutely keep fine tuning that. It takes a lot, it takes years to perfect that. It doesn't happen overnight, right? And agencies will not invest that kind of deep money and therefore that'll happen, right? So that's one. And the second one is just define the goals properly. Do not focus completely on quantity. Somewhere you got to see the quality KPI as well. Because if you don't see quality KPI, you're going to get crap. Sorry, but that's what'll happen. Yeah. Good evening. Thanks for your insights today. I would take your attention to 2008, where I had first time interacted with you, you would not remember, of course. I was with Denand Bradstreet, and that was the first time make my trip undertook a market analytics project. Next logical purchase and purchase cycles, et cetera. And from there till 2019, the world has really changed around early days of analytics. So my question to you is that, what is it that make my trip is doing to disrupt the entire travel aggregation industry, specifically in the wake of a borderless world of travel aggregation. And we also have onslaught from international players with deep pockets like booking.com, et cetera. So just a couple of things that you would want to share with us today. Yeah, sure. No, it's a great question, by the way. And I do faintly remember. So actually, there are many things, but I'll tell you, you know, this overall intermediary platform business, just by definition and design, right? Because it's out there. It's B2C, right? Whatever you would do will be out there, will get copied. Smart guy will copy in like one week. Not so smart guy will copy in three weeks. So the game here, the first point you need to keep in mind, the holy grail is that you got to constantly innovate at speed and consistently. You stop that for a quarter you are disrupted, right? The underneath framework that you should use is the customer experience. What is that we are trying to do? Whether it's a small feature here, or you're trying to just completely change the UI, you change the design for that, or you actually try to make it extremely convenient funnel experience, or even post sales experience, and trip experience, and so on and so forth. At the back end, I mean, it looks very fancy and modern on the face of it, back end, lot of effort that goes behind it. So the holy grail is look at overall end to end and focus on customer experience, continuously keep improving it. Do not stop. If you stop, you're dead, right? You'll get disrupted because, you know, you're out there. There's no IP here. So it's an execution game, right? Continuously keep doing it. Build the brand on the back of experience. Don't build the brand. Don't build the brand on spending only marketing dollars. It does not happen, right? Over the period of time, you know, first click or attribution or last click attribution, if Make My Trip has organic traffic about 75%, and if I mean, you know, super conservative in terms of attribution, it will be probably 55-60%. It doesn't happen just like that. It takes a lot. It doesn't happen because, you know, we're giving you advertisement top of the mind recall, and then they'll come. No, it doesn't happen like that. It happens because the customers have traveled with you, booked with you, experienced with you. I'll give you a very good example. And I heard it in one of the panel discussion, you know, with our partner who was, you know, a lemon tree founder. And we were together and, you know, we have love and hate kind of a relationship, if you will. And he started and then, you know, I was just talking about it. Somebody talked about customer experience, loyalty and so on. And he made my day the other day. And he said, you know, Rajesh is exactly right, but I'm not happy because I looked at the data the other day. He looked at the data the other day. There was one customer who had been coming to lemon tree hotel probably 12 times in a year. And every thing and they were like, you know, he was looking at few months data. So he was talking about some hundred, hundredth visit and he wanted to visit to visit and meet him every single time. And this came from him, not from me. Every single time he had booked on us. So he said, what do you do that every single time and she said, when I go back to my team and people say it's cashback, he said, I basically tell them dismiss them. And I said, no, it doesn't happen only with cashback because 100 times if somebody is coming, you got to build an experience. It doesn't happen only with promotion, offer cash back and all that. It doesn't happen. You take one experience and by the way, by no stretch of imagination, I'm saying that we are like gold standard on servicing. It doesn't happen. It's a very tough business. Today as we speak, we are struggling because something happened to jet. You know, call center was flooded and so on. But the intent, every time that you deal with this crisis and intent with the customer and the way you deal with it makes all the difference. So it's about execution. It's about focus on customer experience. It's about your local industry knowledge, local country knowledge and all of that. And you know, last but not the least, don't get paranoid about watch the competition absolutely minutely, but don't get paranoid strategy. You have to have your own. Sorry, long question, long answer. Okay, that's it. I guess. Thank you so much, sir. Can we have a huge round of applause for him, please?