ETBrandEquity.com partnered up with WebEngage, a customer data platform and marketing automation suite to host a panel discussion titled ‘Martech Dialogues‘ to discuss on how companies are best adapting to marketing technology and analytics to provide users with an enhanced experience.
WebEngage, a pioneer in the B2C marketing automation space in the Indian market assists enterprises to stimulate more revenue from their existing customers through contextual and personalied user engagement. They have extended their reach to more than 300 enterprise customers serving sectors like E-Commerce, Edtech, Gaming, Financial Service and have also teamed up with influential global brands with the likes of Myntra, Unacademy, Unilever, Goibibo to name a few.
Along with nine assorted communication channels for engagement campaigns, they also offer
- Product Analytics
- Marketing Analytics
- Campaign Performance Analytics
- Tag-Based Analytics
Additionally, with the introduction of educational initiatives like EngageMint, EngageCast, and the WebEngage blog, the brand is encouraging product and marketing teams to acquire knowledge about the impact of smart engagement on revenue and growth.
Data is a gateway to creativity. Data, in combination with technology, drives much of the revolution happening in business today. For marketers who are often at the epicentre of acquiring, understanding, translating, and leveraging data, it can have a significant impact on their jobs—what they do, how they do it, and the challenges that they face. This webinar was focused on similar interests and Gautam Raghunath, CEO, Dentsu Webchutney who was also the moderator brought out such topics along with a tad bit of humor to host a very informative debate along with an esteemed set of panelists that included Ankit Utreja, Co-founder & CTO, WebEngage; Siddharth Menon, CMO, Drums Food International and Anika Aggarwal, CMO and Director, Digital Business Max Bupa.
Menon on opening up this conversation spoke on how difficult it is to stay relevant among consumers because their preference and taste keeps changing and it is challenging to stay ahead. So the need to be flexible within the brand is very important. There is a continuous need to innovate within the brand to keep up with consumer demands.
“Proliferation among new-age brands are being witnessed,” said Utreja. He highlighted how filling the gaps in their business processes, be it acquisition or getting their processes acquired was important. Removing campaigns or cohorts that fail to work out or are not suitable and getting back to the loyalty factor is where the integrity of a brand could be judged by. The need to work on more feedback by the consumer and not on promotions would matter.
Aggarwal pointed out that if insurance would be considered a product in pre-pandemic situations, consumers looked at it as a purchase that would possibly drive in dilemma. However, the pandemic drove in the safety and health factor and an increased conscience among people was witnessed. This was the perfect example of a ‘watershed experience’ for insurance providers and a great learning opportunity as their business module is being restructured to provide services that tailor fit a consumer needs.
Utreja said while reflecting on the digitization speed that has been picked up recently is massive and game-changing. Changes and modifications that were supposed to take place a span of 3 or 4 years have already come in existence.
WebEngage is a single-point solution for consumer brands who are looking to understand their users and user actions better, craft compelling campaigns based on data, and get them to convert more efficiently with personalization and the power of context. The lack of an orchestration engine and tools in the B2C segment was recognized by them and they decided to bundle the tools. The importance of good data is very essential and even if there is a good team to back up work yet the data needs to help marketers weave a story and craft better-informed strategies overall. Otherwise, growth will become challenging. The focus should primarily be on engagement backed up by strong data.
Adopting and depending on digital architecture
Utreja spoke on how fresh WebEngage was in the retention marketing automation space and how more ROI could be produced from the user. Retention comes only after understanding the wider picture of adoption. A shift towards an agile stat is being witnessed among brands which provide them flexibility to run their marketing automation strategies. For this unification of data becomes essential.
Agarwal reflected on the importance of getting the data architecture right. At Max Bupa when the plan for digital businesses was being chalked out, one key aspect they took care was of fore keeping pillars and making the platform customer friendly. Having an own data lake and a good platform for direct consumer business along with paving the route with getting the principles of utilization of data right was exactly what would be ideal for any marketer. At Max Bupa, this strategy was adopted almost 18 months ago, which further provided them the opportunity to battle pandemic times and try a newer approach for an insurance brand.
Menon acknowledged how reactive they were to the digital world during the pandemic as the playbook they were adhering to, got disrupted due to the pandemic. To cope up, they decided to create a certain wave in the form of ‘preorder’ service to work on feedbacks and get to make that product a successful one. This also helped them interact with their consumers and receive nutrition suggestions which they further went on to imply on their products. Sharing thoughts on the loyalty factor is where the integrity of a brand could be judged by. The need to work on more feedback by the consumer and not on promotions would matter.
Creativity in driving efficiency and providing curated choices
Before mentioning about the boon that technology had brought on to marketers and advertisers, Utreja stated how creativity could never be replaced whatever may and how even the machines were working on creativity and it was all about catching up to it. Predictive algorithm is something that is making the end-user experience much better and this what would drive platforms to evolve.
Agarwal said that the feedback loops were getting much shorter through the use of tools and a real-time consumer feedback could now be procured and also jobs were becoming easier. But simplifying it in two parts would provide us concept selling and driving efficiency. Whether for serving a particular consumer or a huge user base, creativity becomes important to bring the right context with the right motives.
In today’s uncertain economic and public health environment, it is more important than ever before to make decisions that are grounded in facts and connected to revenue. Effective use of data and analytics can help marketers stay anchored to their customers’ changing reality and focused on their moments of truth. Data surely makes the future of marketing very bright! With high-quality data being collected in real-time, and the availability of technologies like machine learning and AI, the world of marketing is up for massive changes. It’s no surprise that only the sky’s the limit to what sophisticated marketers can achieve in the near future!
Watch the full session: