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Deciphering the secrets of building scalable MarTechConsumers today spend most of their time online. Whether it’s shopping for groceries, learning new skills, or pure entertainment, digital has emerged as their go-to medium. As a result, brands have stepped up their technology game to better analyze customer behavior and use these insights to acquire new users and engage with existing ones.
They deploy multiple marketing technologies to automate and scale processes, personalize communications, listen to social chats, retain customers, analyze customer data, and more. Whether their goal is to tackle exponential customer growth, retain more existing users and increase revenue, there are many examples where martech can deliver improved business outcomes. .
In May 2022, ETBrandEquity launched “The Big Leap” in collaboration with CleverTap. This is a large-scale campaign that will help you understand the latest innovations in customer retention strategies and tactics.In a series of roadshows, India’s Digital pioneers share their growth stories on how they acquire, retain, and convert consumers into loyal customers. The Rise With Retention roadshow is back in Mumbai on his October 13th.
The event began with a panel discussion on the theme of “Future of the Future”. MarTech – Converts technology back to MarTech. The session was attended by industry leaders such as Akash Deep Batra, Executive Director of DBS Bank India and Head of Marketing, Growth, Analytics and Customer Experience. Dhruv Chopra, co-founder and chief marketing officer of Chalo. Kuldeep Pawar, Chief Marketing Officer of Spice Money. Martand Singh, Vice President – Digital Business, Axis His Mutual Fund. Avi Kumar, Chief Marketing Officer, Join Ventures; CleverTap Data; Jacob Joseph, his Vice President of Science; and Rishabh Shekhar, Co-Founder and Chief Operating Officer of Pepper Content. The session was moderated by Senior Independent Journalist Gautam Srinivasan.
Today, brands across all sectors rely on technology to improve customer experience and drive growth. Marketers must invest in their marketing he technology to create seamless end-to-end customer journeys and deliver a delightful user experience.
Pawar said Spice Money, a local fintech app, has seen tremendous growth in the post-pandemic period as merchants rapidly adopted digital payments. Customer acquisition was not a challenge, but the brand needed to sustain its rapidly growing customer base over the long term. This has led us to build the martech stack from the ground up, automating key tasks and removing friction from the onboarding experience. “Our audience belongs to rural India and does not have a very high level of literacy, so it was important to have segmented and highly localized communication,” he said Pawar. .
Personalization plays a key role in how marketing is conducted, and it has evolved from simply calling customers by name in communications to knowing their individual preferences.Brands leverage MarTech tools to personalize and do it at scale.
Giftech branded Join Ventures engages customers in contextual ways to add value to their lives. If you don’t, you’ll not only miss out on revenue opportunities, but you may also lose customers entirely. “Indian customers are having heartfelt festivities and do not want to be exposed to irrelevant brands his communication. You can keep it away,” Kumar said.
Similar to co-panelists, Shekhar said brands find it difficult to stand out in digital chat due to the number of channels organizations have to interact with their customers. “Sending generic communications to customers is not effective in driving retention. Two key factors in retaining customers are appropriate content and timely delivery, which We need a decent MarTech stack implementation,” said Shekar.
Today, the rise of omnichannel communications has made monitoring customer journeys more complex. “Previously, to create a personalized sequence, you had to get a UTM (Urchin Tracking Module) and paste it separately on different platforms. It was very difficult for us to do that,” recalls Singh. Axis Mutual Fund then leveraged his CleverTap solution to consolidate and create a single source of truth for monitoring different customer journeys. Its effectiveness has been excellent, creating the right experience throughout the customer journey.
As organizations increasingly rely on data to power analytics and derive customer insights, businesses are asking themselves where to draw the line between personalization and privacy.
In the banking and financial services industry, the amount of behavioral and transactional level data that brands have access to is much higher. Batra says data can help you better understand your customers, but there’s a fine line between adding value to your customers’ lives without getting in the way. “The responsibility to use customer data in the right way is very important. Modern customers expect personalization, but they are also conscious of privacy,” he said.
Bus transportation app Chalo has built a high level of trust with its customers by creating a service that customers can access without sharing their data. “We do not collect any form of personal data. We do not ask our customers for their name, email or phone number except for live tracking. It’s about converting customers digitally and using the bus more often,” said Chopra.
A common challenge faced by most marketers during this period of rapid growth is deriving relevant insights from data in real time and acting on them quickly. Timing of communication is one of the key aspects of an effective personalization strategy. “If an organization is building his MarTech stack, they should be looking at tools that can solve problems holistically and not in silos,” he said. He believes CleverTap’s proprietary database, his technology, TesseractDB, will store up to 10 years of historical data in a cost-effective manner, enabling brands to make insight-driven decisions and engage with customers on the go. I have shared how it can be done.
The session concluded with learning that all MarTech implementations must put the customer context at the center of it in order to provide marketers with optimized results.
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