Meet Ibotta’s New Chief Marketing Officer, Suchit Majmudar
Named to the role in December, Majmudar aims to amplify Ibotta’s expansion
Ibotta, a platform for rewarded mobile shopping, announced that Suchit Majmudar, a senior executive with nearly 20 years of leadership, marketing and product experience, joined the organization as Chief Marketing Officer, Dec. 13, 2017.
Majmudar’s hire comes at a critical moment, as the company strategically grows within the mobile commerce sector, striving to solidify its reputation as the destination for rewarded shopping.
In his role, Majmudar will oversee all marketing and external communications; brand strategy; media strategy; user acquisition, growth and retention; public relations; creative direction and design; social media and influencer marketing. He will report directly to Ibotta Founder and CEO, Bryan Leach.
We recently got to pick Majmudar’s brain about his background and intentions within the new role at Ibotta. Here’s what he shared:
CB: Talk about your early career aspirations.
SM: Early on in my career, I wanted to learn as much as humanly possible as quickly as possible. Having this mindset is what drew me to my first two roles. I worked as an investment banker at Goldman, Sachs & Co. in New York for two years, then spent two more years as an investment associate at a non-traditional private equity firm, The Pritzker Organization.
What did you study in school?
I studied Finance and International Studies with a minor in India Studies during my undergrad at Indiana University. For postgrad, I earned an MBA in General Management from Harvard Business School.
Talk about your career trajectory – highlights/tests + trials?
I’ve worked at a variety of organizations – from lululemon athletica and J.Crew to Caribou Coffee and even my own consultancy – and have been fortunate enough to learn from great leaders who helped me develop a wide breadth of experience in numerous functional areas.
My biggest challenge came right after I graduated from business school. I knew I wanted to work in retail, but had to take several steps ‘backward’ in hierarchy to get my foot in the door. I started out as an Associate Merchant at J.Crew managing the sample room and other not-so-glamorous duties. That initial transition from financial services to retail wasn’t an easy one, and wrapping my head around shifting from an individual contributor to a team-first orientation was a bit of a struggle.
Are there any consistent motivators throughout your career?
My most consistent motivator has been seeking challenge and discomfort. Since business school, every position I’ve taken has come with massive change, in everything from the actual functional area to my level of experience.
Becoming a merchant at J.Crew without any direct experience; leading the merchandising organization at lululemon athletica with less than one year of experience and transitioning to the restaurant industry are all examples of embracing “discomfort” in the spirit of personal and professional growth. There’s a quote from a book I recently read that accurately captures this sentiment: certainty is the enemy of growth (from The Subtle Art of Not Giving a F*ck: A Counterintuitive Approach to Living a Good Life).
How did you first hear about Ibotta?
I first heard about Ibotta through a former colleague and current board member, Amit Doshi. We were interns together at Goldman Sachs in 1999, worked there for a few years together and both attended business school at the same time.
What drew you to the company?
Ibotta is at a turning point, as the company shifts from a focus on couponing and cash-back to a broader, rewarded shopping experience. I’m excited by the ability to grow and nurture Ibotta’s core business while driving the expansion into m-commerce. I was also impressed by Ibotta’s senior leadership team, who are all humble, intellectually curious and hard working.
Describe the key challenges/opportunities with Ibotta?
It’s impossible to please everyone, but my goal is to build a more wide-reaching brand for Ibotta that’s just as successful as our current business. I want to resonate with customers emotionally and deliver them value while still keeping our investors and board happy.
What is your game-plan? Anything to look forward to from a marketing perspective?
I want to create a culture of smart risk-takers who are encouraged to make mistakes and learn from them. I hope to support the team by reinforcing our vision and strategy, but also a shift in marketing leadership to embracing
1. Cultural change (prioritizing emotional intelligence, intellectual curiosity, humility and work ethic)
2. Displaying partnership and vulnerability (owning mistakes and encouraging questions and
3 A maniacal focus on our top priorities and consistent communication related to those priorities. I’d also love to make everyone in Colorado (and beyond) an Ibotta user.
Talk about the culture/team at Ibotta?
There’s so many great things about the culture and team at Ibotta, but the two company values that stand out to me are ‘outhustle’ and ‘a great idea can come from anywhere,’ which, as far as I’m concerned, has more to do with humility and listening to the customer.
What uniquely Colorado opportunities do you see?
Through Ibotta, I hope to continue to establish Colorado as a hub for smart, creative and high-growth people and organizations alike.
What has most changed in marketing since you’ve been in the field and how can you apply this to your next role?
Much has changed since I started. But the biggest difference in my mind is that it’s no longer possible to be a one-dimensional marketer, or really, one dimensional across any position. Businesses today move very fast, and you have to be knowledgeable in almost all aspects of a company to be successful. It’s challenging, exciting and motivating.
Data and technology go hand in hand when it comes to making decisions today, and customers in term have access to an onslaught of much of the same data. Now more than ever, organizations need to be more customer centric.