Jakarta Mixer: Using Cross Channel Engagement and Attribution Data to Improve Customer Retention

Introduction

Today’s businesses, irrespective of the industries they may belong to, face many challenges while formulating their growth strategies. Two main reasons for this include the enormous quantity of data they have at their disposal, courtesy of the various internal and external analytics platforms they use and their customers’ ever-changing needs and demands.

People, nowadays, use multiple channels and platforms for digital transactions, be it online shopping, banking, or paying credit card bills. Owing to this, keeping track of user interaction and behaviour on various platforms has become one of the greatest challenges businesses face. Data on cross-channel user behaviour is required to plan marketing strategies for the future and understand the entire journey of customer interaction with a given brand.

A panel discussion between Mahendra Dhiraj, Head of Business Analytics and Consulting at GTech Digital Asia; Dennis Jatmatama, Head of Growth at DANA; Andi Firmanata, Senior Product Manager at LINE Corp; Ignasius Igor Irendy, Internet Marketing Senior Lead at Tokopedia; and Kshitij Hastu, Head of Growth (SEA) at MoEngage unravelled some interesting trends and insights on how cross channel engagement and attribution data can help in customer retention. 

Tracking User Behavior across Multiple Channels

Companies use both internal and external tools to track and analyse user behaviour on their platforms. The real challenge arises when the user interaction data across multiple platforms (online, offline) and devices (laptop, tablet, smartphones, etc.) needs to be tracked. A complete 360-degree view of cross-channel user behaviour is required so that an overall understanding of their interaction and pain points can be gauged. In addition, attribution data is also important to determine which marketing campaigns have been most impactful and cost-effective in the past so that future campaigns can be planned effectively.

One way to observe and analyse user behaviour trends for customer retention is to arrange them in a top-down funnel structure. It gives loads of metrics, starting from a broader spectrum on the top and then breaking down into specifics as one dives deeper toward the narrower end at the bottom. The next step is to share this data among all stakeholders, who then analyse it before devising plans for the future.

Sometimes, after analysing all the data, the planners may be in for some pleasant surprises. Such trends then affect the entire way of looking at things and sometimes even completely change it. For instance, Mahendra Dhiraj mentioned that GTech Digital Asia once launched a new product, and it instantly caught attention due to its popularity and goodwill in the market. No marketing needed to be done for the same. This event entirely changed their outlook on market trends and enabled them to better place their brand in the market.

Key Metrics to Gauge Customer Engagement

Every business relies on some key metrics to determine user interaction and behaviour on its platforms. These, of course, are based on the type of business, its offerings, and its long-term goals. So, every business will have a distinct set of key metrics to determine user engagement and loyalty.

DANA, for instance, is a fintech company that focuses on metrics such as Monthly Active Users (MAUs), Daily Active Users (DAUs), daily transaction data, Gross Merchandise Value (GMV), daily registrations, etc. On the other hand, LINE Corp, an Internet company, focuses on metrics such as time spent by individual users on their app and the number of recommendations each day.

The basic objective is to get more customers alongside retaining the existing ones, which is often the more difficult part. This is because once a brand becomes well-known, the number of new customers is bound to rise. However, if a company does not keep on innovating and updating – introducing new products, creating promos, offering discounted deals & special offers, and so on, it is difficult to gain customer loyalty and make them make repeat purchases. This is where key metrics play the role as they help understand customer needs and pain points so the company can make that appropriate updates, repairs, and innovations.

Identifying Customers You Want to Retain

Key metrics no doubt provide an overall picture of user engagement on business platforms. However, it is also important for any business to identify which customers they actually want to retain.

To put it simply, if a registered user hasn’t done any transaction for a long time and another one who actively transacts on a periodic basis, the business would definitely like to focus on the latter. That, however, doesn’t mean that the company is happy to lose the inactive user. The point is that the company’s strategies to engage these two customers would be different from one another. So, the key to successfully retaining customers is tracking metrics using automated analytics tools and understanding their behaviour, which demands a human hand to a great extent.

To sum it up, customer retention is a tricky business. One should perfectly identify their needs, likes, preferences, and spending capacity in order to devise successful marketing campaigns. Moreover, since people these days use multiple platforms to transact, it is also vital to look at a 360-degree panoramic view of their buying behaviour to ensure effective user engagement.