During the second edition of The D2C Summit, panel discussion themed “Cutting Through The Noise: Building Effective Retention & Acquisition Strategies” touched on various areas, such as:
- Selecting the right channels at the right stage of your journey for a specific target audience
- The key KPIs to look at for the different acquisition & retention channels
- How to optimise customer acquisition costs
- The key metrics to track and improve customer satisfaction & user growth
- The metrics to track and improve in the post-purchase experience
- The role of marketing automation — data and analytics — in enhancing the customer’s lifecycle value
Moderated by Sriram Vinjamuri, Chief Customer Officer, Tanla and Group Companies, the discussion saw the participation of Manish Taneja, cofounder & CEO, Purplle.com, Harini Sivakumar, founder, Earth Rhythm, Deepak Gupta, COO, Bombay Shaving Company, Shwetank Jain, founder, Hash & Arpi Mehta, cofounder & CEO, Toothsi.
Solving The Retention & Acquisition Puzzle For An Accelerated Growth
According to the Inc42 Report, India is home to over 50k+ digital brands, with the sector projected to touch $100 Bn+ by 2025. The segment has seen the launch of hundreds of new brands in last two years in each category.
In order to keep pace with the growing competition and for sustainable growth, meeting customers’ expectations and formulating an engagement strategy for users is a must for any brand.
A Harvard Business Review article indicates that satisfied customers spend up to two times more than unsatisfied customers. It also mentions that acquiring a new customer can be five to 25 times more expensive than holding on to an existing one.
Therefore, customer engagement and customer experience (CX) go hand in hand and lead to retention and revenue growth. But even before forming a strategy to ensure customer satisfaction and build customer loyalty, companies need to understand what customers want and familiarise themselves with customers’ mindsets.