“Data is the new oil”, so goes a cliché take on how data is the key differentiator between a successful and failed digital engagement strategy. But more often than not, marketers and business leaders are overwhelmed with what to do with their data, specifically how they can use specific data to their specific needs to improve customer retention and increase the lifetime value of their customers over time.
In this case, customer lifetime value (CLV) has emerged as a pivotal metric for enterprises, encapsulating the long-term economic contribution of a customer to a business. Beyond the conventional focus on acquiring new customers, recognising the importance of customer retention and loyalty has become a cornerstone in establishing a robust and thriving enterprise. This metric transcends mere transactional interactions, delving into the intricacies of customer relationships and their cumulative impact on a company’s bottom line.
In a sea of seemingly endless data, the challenge for the industry is: what and how personalisation strategies could truly help businesses get better engagement from their customers, retain for much longer, and build greater relationships.
This was the key point of discussion for the keynote presentation of the all-in-one customer engagement platform CleverTap during the recently concluded What’s NEXT 2023: Marketing in Malaysia hybrid conference, held on December 5, 2023, at the Sheraton Imperial Kuala Lumpur.
The presentation, spearheaded by Jezreel Teng, Enterprise Account Executive at CleverTap, provided attendees with a comprehensive look into how brands should conceptualise and launch successful digital engagement strategies through the power of personalisation across their users.
Why context matters over content in improving CX
In the presentation, Teng simplifies the explanation of the importance of understanding the context in digital engagements by using an example of how understanding the predicament of a coffee shop patron allows the barista to make ideal choices and recommendations for the customer. He goes on to say that it is important that brands should be able to make a memorable customer engagement strategy through its plethora of data.
While content undoubtedly forms the backbone of any marketing effort, it is within the dynamic realm of context that content finds its true resonance. Contextual relevance tailors the customer experience, aligning it with individual needs, preferences, and the specific stage of the customer journey.
To achieve successful personalised engagement strategies, he stressed the importance of context; where a brand should be able to use all information given to them, understand its context, optimise the appropriate response, and then engage the customer in a way they would prefer.
This is especially important, as understanding context extends beyond demographic data; it delves into the intricacies of a customer’s interaction history, behavioural patterns, and real-time situational factors. By grasping the nuances of context, businesses can deliver messages that are not only timely but also deeply meaningful, fostering a sense of personalisation and connection.
Moreover, it is also worth mentioning that a key facet of prioritising context over content is recognising that customer engagement is a journey, not a singular transaction. Mapping the customer journey allows businesses to anticipate needs, address pain points, and deliver content that seamlessly aligns with the evolving dynamics of the relationship.
From the initial awareness stage to post-purchase interactions, each touchpoint represents an opportunity to enhance the customer experience. By tailoring content to fit the specific context of each interaction, businesses can cultivate a sense of continuity and relevance that transcends individual transactions, thereby solidifying customer loyalty and increasing CLV.
How CleverTap aims to help businesses navigate the complexities of customer engagement
With these in mind, Teng lays out in detail how CleverTap can create personalised experiences to retain valuable customers. This is summed through its four value propositions: understanding customers for life, faster and smarter decisions using advanced analytic capabilities, true personalisation for customer delight, and being purpose-built for your business.
As businesses navigate the intricate landscape of customer engagement, the paradigm of context over content emerges as a guiding principle. Recognising the multifaceted nature of context empowers businesses to forge deeper connections with their audience, enhance the customer journey, and, ultimately, elevate their customer lifetime value.
Moreover, in a world where personalised experiences are increasingly sought after, mastering context becomes the cornerstone of customer-centric strategies. By weaving a narrative that is compelling and contextually relevant, businesses can navigate the complexities of the modern market, leaving a lasting imprint on their customers and ensuring a sustainable path to success.
Teng also explained in detail how TesseractDB™, its database built specifically for engagement and retention, can serve its various clients with diverse customer analytics across the entire customer lifecycle, for every customer. For them, it features an array of services beneficial in overcoming the limitations of martech, including mapping lifecycle stages to industry frameworks, answering queries (funnels, cohorts, and others) spanning millions of data points in a single pass, featuring complex combinations of user properties and multi-rules, and having native AI models for predictions or recommendations with discovery/exploratory data-science features.
Teng’s presentation is part of a series of presentations and discussions under the What’s NEXT 2023: Marketing in Malaysia hybrid conference, where CleverTap is a proud gold sponsor.
The company offers an all-in-one customer engagement platform that helps brands personalise and optimise all consumer touch points to improve user engagement, retention, and lifetime value. Moreover, it is built to address the needs of retention and growth teams, with audience analytics, deep segmentation, multi-channel engagement, product recommendations, and automation in one unified product.
What’s NEXT 2023: Marketing in Malaysia is part of the trilogy of conferences from MARKETECH APAC’s “What’s NEXT 2023-2024” series. The conference featured a diverse lineup of marketing leaders across Malaysia, representing local and international brands including AEON, Astro, Atome, Boost, CelcomDigi, EDOTCO Group, Gentari, IHH Healthcare, MR. D.I.Y., PropertyGuru, Secret Recipe Cakes & Cafe, Sunway Malls, and Touch ‘n Go Group.
To learn more about CleverTap’s marketing services, you can contact them directly through their contact form or keep in touch with Jezreel Teng, enterprise account executive at CleverTap.
