How brands are leveraging consumer data and behavior to drive more revenue: Best Media Info

At a time when the market is flooded with options for a single product, understanding customer behavior is very important, experts say. This was one of the main topics discussed at the summit organized by the Internet and Mobile Association of India (IAMAI).

Sharing their insights during a panel discussion at the IAMAI Indian Affiliate Summit 2022, the experts also echoed the need for a strong data bank and the ability to analyze it to increase lifetime value client.

According to Anita Nayyar, COO-Media and Communications, Patanjali Ayurved, there are no specific measures to increase brand revenue from customers. According to her, it mainly depends on the category or the stage of the brand’s life cycle.

“If as a brand I’m not relevant and I don’t give relevance with benefits, and with benefits I don’t engage the consumer, we’re nowhere because if that’s the case, you’re not even in the consumer’s mindset,” she said.

Nayyar also pointed out that understanding consumer behavior is key and since all brands are at different stages and deal in different product categories, customer lifetime value is going to differ from brand to brand.

According to Shashank Bhagavathula, Advertiser Account Manager, Taboola, “Within three or six months, if we are able to identify that any customer who came from channel ‘x’ or any category ‘x’ based on the data, then we can also identify what led to the sale in terms of coupons or influencers or cost reduction through the data.

According to Sudeep Bansal, VP-Growth, Wow Skin Science, “Being a D2C brand that has data, we know who the customer is, what the repeat rate is, what the customer retention rate is, it’s important to us to understand client behavior so that we can decide how much to invest and as well strategize, which can lead to incentivizing repeat behavior.”

Bansal went on to point out that in the past, data was a problem for many traditional brands, but in the case of new era brands, data is not only available, but is used to generate transactions and generate love. consumers.

Citing an example of how CLV can mean different things to different brands, Bansal said, “A consumer might order a Coca-Cola from Swiggy once every two weeks and a Wow Skin Science product once every two months. Therefore, there is no one-size-fits-all solution in terms of CLV. »

Moreover, Bansal also said that for any brands operating in a category where there is a lot of competition, customer trust becomes really important.

Moving forward, Abhishek Gupta, SVP-Growth, MamaEarth, also pointed out that if a brand isn’t clear on its purpose, it won’t be able to deliver on its long-term promise.

“On the data analysis side, there are two things that MamaEarth has focused on so far. One is to analyze the data, create cohorts and the other is to reduce these cohorts and target customers on a personalized level to increase CLV from Facebook and YouTube, among others,” he said.

Adding to this, Patanjali’s Nayyar said, “Data has been around since the dawn of time, but today brands are building their databases and then applying technology to make sense of the acquired data.

Bansal of Wow Skin Science also pointed out that today’s consumers are very flirtatious. If a particular brand doesn’t resonate well with them, they end up switching to readily available options.

“As data science advances, understanding consumer behavior becomes really important. Not only that, but having data banks is also necessary to help the brand come up with strategies and techniques, not only for segmentation, but also to nudge consumers at the right time to lead to further conversions,” a- he declared.

Furthermore, Gupta also pointed out that since MamaEarth previously mainly focused on online mediums and influencers for promotion, the brand had a lot of difficulty in attributing the sales figure to a specific channel. “When the company decided to expand its overall media mix, we were able to determine the geographic impact through granular data and incremental revenue from each channel,” he said.

Patanjali’s Nayyar also echoed the need to have data on a single dashboard as attribution becomes an issue for brands, especially when it comes to digital media.

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