How to Increase Customer Lifetime Value Sanjay Tripathy

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Speakers Sanjay Tripathy Sr. EVP - Marketing, Analytics, Digital and E - Commerce Sanjay

Customer Lifetime Value 4 Copyright 2017. Netcore Solutions.

When it comes to growing your business, there are essentially two tactics at your

Acquiring new customers More customers = More Sales = More Revenue = More Profits

“ The purpose of a business is to create a customer and grow that

Acquisition Vs. Retention 16% Just of companies focused more on retention than acquisition. companies

Importance of the Customer Lifetime Value (CLV) metric Customer Lifetime Value (CLV), sometime

What is hampering your ability to increase customer lifetime value? Digital Touch Points •

Ways to Increase Customer Lifetime Value 11 Copyright 2017. Netcore Solutions.

The Unified / Single Customer View • Single customer view is an aggregated, consistent

Analysing the data to get customer level insights Helps in understanding • Buying behavior

Create right content for the right segments • Segments should drive your content marketing

The Modern Marketing demands Right Person Right Content Right Time Right Channel Customer Experience

Case Study How HDFC Life increased Customer Lifetime Value (CLV) by 20% 16 Copyright

Many businesses are faced with the challenge of knowing what whom when next to

Uses Propensity Analytics model to analyse data and predict what customers will buy, even

Challenge 4 -5 Platforms being used & Lot of Manual Involvement in running cross

Marketers at HDFC Life could input the insights from their predictive tool, define rules-based

SOLUTION: To plan an automation workflow such that each of the contacts can be

The Marketing Technologists Group built the automation workflow on Smartech 11 Day workflow 7

Insights From The Campaign Voice channel proved to be the best for generating leads

Key Takeaways • Marketers must wrap themselves around the entire customer life cycle. •

Q/A “ “ Experience the Netcore Smartech Demo, email us on sales@netcore. in 27

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How to Increase Customer Lifetime Value Sanjay Tripathy Sr. EVP - Marketing, Analytics, Digital and E - Commerce, HDFC Life @Sanjay_Tripathy Copyright 2017. Netcore Solutions. Kamini Rupani Chief Marketing Officer Netcore Solutions @Rupani. Kamini

Things To Remember Tweet Use below hashtags and handle to tweet during the webinar @netcoresolution #Netcore. Webinar Question Please use the chat window to ask questions during the webinar Slides & Recording You will get an email with slides and recording post webinar 2 Copyright 2017. Netcore Solutions.

Speakers Sanjay Tripathy Sr. EVP - Marketing, Analytics, Digital and E - Commerce Sanjay is credited for establishing HDFC Life as a strong and distinct brand for establishing two best-in-class sales channels (Ecommerce and Direct). Under his leadership, HDFC Life was declared one of India’s 50 most valuable brands by Brand. Z™ (2015, 2016). He has been recognised as the ‘Marketer of the Year’ (2014 & 15) in the Insurance category by the International Advertising Association (IAA). He is also the Vice Chairman at Media Research Users Council (MRUC) and an Advisory Board member at DMAi and i. Media. @Sanjay_Tripathy Copyright 2017. Netcore Solutions. Kamini Rupani Chief Marketing Officer, Netcore Solutions A Senior Corporate Strategy and Marketing Executive with over two decades of strategy, marketing, product and operations management experience across several industries including e. Commerce, security, information technology and telecom. She comes with an extensive international marketing experience of spending 18 years in the US. Kamini leads marketing, brand, and digital as Chief Marketing Officer at Netcore. She recently spearheaded the re-branding of the company. @Rupani. Kamini 3

Acquiring new customers More customers = More Sales = More Revenue = More Profits = Good times ahead Retaining existing customers and increasing CLV Old wisdom that it’s cheaper to keep a customer than to find a new one 6 Copyright 2017. Netcore Solutions.

Acquisition Vs. Retention 16% Just of companies focused more on retention than acquisition. companies surveyed 82% agreed that retention was cheaper than acquisition. Source: Econsultancy’s 2014 Cross-Channel Marketing Report Copyright 2017. Netcore Solutions. 8

Importance of the Customer Lifetime Value (CLV) metric Customer Lifetime Value (CLV), sometime called life-time value, is a prediction of the total net profit a company can expect to make from a customer over the course of their relationship. 9 Copyright 2017. Netcore Solutions.

What is hampering your ability to increase customer lifetime value? Digital Touch Points • A poor digital strategy is a hindrance • Understanding the customer life cycle journey will be vital Working in Silos • A lack of coherent marketing approaches • Seamless work & communication inert-department to have seamless customer journey Measurement • Third of the top three concerns companies have • Depends on variables specific to each company 10 Copyright 2017. Netcore Solutions.

The Unified / Single Customer View • Single customer view is an aggregated, consistent and holistic representation of the data • A single customer view gives you the ability to track customers and their communications across every channel Strong Interactions Between Online & Offline Channels • Marriage of offline and online channels help brands to take into account all consumer touch points 12 Copyright 2017. Netcore Solutions.

Analysing the data to get customer level insights Helps in understanding • Buying behavior • Buying preferences and • Purchasing power Create right segments Segmentation is the process of segregating your users (customers) into groups based on behavior, characteristics and/ or needs. 13 Copyright 2017. Netcore Solutions.

Create right content for the right segments • Segments should drive your content marketing strategy • Personalized marketing and contextual remarketing prove to be the two most effective techniques of retaining your customers Executing the campaigns across channels Deliver Personalised Experience • Right message • Right person • Right channel • Right time 14 Copyright 2017. Netcore Solutions.

Marketers at HDFC Life could input the insights from their predictive tool, define rules-based actions on Netcore Smartech and deliver messaging across multiple channels Predictive Tool SMS Missed Call Voice Copyright 2017. Netcore Solutions. Netcore Smartech Multichannel targeting Email Demand generation Lead Scoring Lead Nurturing

SOLUTION: To plan an automation workflow such that each of the contacts can be reached Database with mobile number and email address Database with only mobile number SMS Copyright 2017. Netcore Solutions. Missed Call Voice Email SMS Missed Call Voice

The Marketing Technologists Group built the automation workflow on Smartech 11 Day workflow 7 Modules for 7 product categories 4 Channels (Email, SMS, Voice, Missed Call) Copyright 2017. Netcore Solutions.

Results $ Brand targeted its customers on mobile, voice and SMS channels and saw phenomenal response Copyright 2017. Netcore Solutions. 30% Increase in email open rates because of relevant targeting Overall, the cross channel campaigns gave a jump in the leads by 30%

Insights From The Campaign Voice channel proved to be the best for generating leads More than 70% of the leads were high quality, sales ready leads [CATEGORY NAME] [PERCENTAGE] 61% April Email 21% Voice 40% 45% March Voice 55% Missed Call 9% 29% Missed Call 2% SMS 21% 23% 17% 9% SMS 26% 15% 2% Leads Score 1 Leads Score 2 Leads Score 3 March Leads Score 4 April 25 Copyright 2017. Netcore Solutions.

Key Takeaways • Marketers must wrap themselves around the entire customer life cycle. • It is important to blend the art of engagement, the science of data, and the power of technology to create digital ecosystems that connect at every touch point. • Old models and marketing silos will no longer be effective. • Communicating effectively with your customers is key to increasing their value. 26 Copyright 2017. Netcore Solutions.