The manner & moments of reaching out to people can help brands scale up consumer retention & lifetime value: CleverTap's Vikrant Chowdhary

With the wave of D2C business flourishing in India, numerous e-commerce players have entered the market in the last two years in every category. Scaling up conversions and retaining existing customers is the major challenge the industry is facing collectively. BestMediaInfo.com caught up with Vikrant Chowdhary, Chief Growth Officer, CleverTap, for an understanding of factors that will help with a better business and consumer retention.

While most of the brands focus on accessible online channels, Chowdhary stresses the fact that understanding consumer behaviour in real time and at scale is the key to scaling up consumer retention and lifetime value. “The moments and manner of reaching out to people on their preferred channels with the most relevant context can help brands scale up their consumer retention. For instance, someone is SMS friendly, someone is WhatsApp friendly, someone is email friendly, someone is not device friendly. 

“With technology, it is becoming easier to understand the persona of the consumer the brand interacts with. Central to this capability is an ability to harness data of how consumers behave in the moment of their buying journey, from awareness to consideration to evaluation and then decisioning and buying in a matter of minutes, in an e-commerce world on their mobile devices.”

“However, the awareness of relevant technology is a piece that we need to bridge. Companies like CleverTap strive to understand consumer behaviour and leverage technology to hyper personalise their brands’ consumer experience through the lifecycle, thereby enabling growth for digital business’ needs,” he added.

Shared by CleverTap 

Ability to understand, analyse and act on real time customer behaviour is one of the important factors to consider while developing a marketing solution. This leads us to the other strategies a marketer should keep in mind. Chowdhary says that while old-school segmentation of customer dynamics, such as age, gender, location, education, should be considered, there are new classifications now that can help marketers to come up with better strategies. Some of the strategies that he highlighted while talking to BestMediaInfo.com are as follows: 

1. Enabling a Growth Stack like CleverTap is essential for every brand that’s enabling a digital business to respond in real time to every user action automatically while they are on the platform. This will help brands to understand the interests of consumers and create moments of delight for their users. 
2. Taking into account consumer behaviour data gathered in this platform, contextual activities executed by consumers, helps brands to leverage technology to give the wholesome consumer experience and create lifetime value.
3. Usage of AI/ML (Artificial Intelligence/Machine Learning) will bring in the right content/recommendations for the consumers. The technology learns and adapts as per the behaviour, preferences of the consumers while they are interacting with the applications, and runs like a growth machine.
4. Consider first-party data rather than third party data. The data gathered from consumers themselves should be the one to focus on.
5. An omnichannel presence since different consumers prefer different formats of reaching out.

The marketing industry is an ever-evolving industry, there is a new tool, strategy, trend that woos the consumers. Chowdhary mentioned some of the innovations in the B2B/B2C market segment. He said, “Some of the trends that I’m seeing are creating market making categories like quick delivery services in ecommerce and multiple businesses coming together in a super app context, so it's an ecosystem trend.” 

The D2C industry works on customer data, using it to scale up their business. With the new data privacy regime, the control will now be in the hands of consumers. While some say that it is a disadvantage, Chowdhary said that it will be a boon for the industry to understand consumer behaviour better when it comes to their preferences.

Companies like CleverTap help brands create a growth platform for digital businesses and harness the power of first party data to create delightful consumer experience, scaling up consumer acquisition and retention.

Shared by CleverTap

Info@BestMediaInfo.com