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Mar 16 2024
Marketing Strategies: integrating AI/NLP technologies into conversational engagement

Jardine Cycle & Carriage is a well-known brand in Singapore and Malaysia with a reputation that has been built up over the past 125 years and now serving Singapore, Malaysia Indonesia, Thailand, Vietnam, and Myanmar. As a premier automotive dealership on the Malayan peninsula, they have operated since 1899 offering iconic automotive brands like Mercedes-Benz, Mitsubishi, Chrysler, Jaguar, Kia, and Citroën brands.

As the tides of technology continue to reshape industries, JC&C, with its clientele spanning the affluent and high-affluent segments, has seemingly embarked on a new transformative journey by forging an innovative strategic partnership with ada to integrate AI/NLP technologies and “redefine the automotive experience”.

Malaysian multinational Telecomms conglomerate Axiata’s ada (analytics, data, advertising), is headquartered in Singapore and Malaysia, and partners with leading brands across Asia to drive their digital & data maturity and achieve their business goals. In sharp contrast to JC&C, they’re a relatively young company vested by Axiata in 2014 and supported by renowned regional brands like Mitsui, Sumitomo Corporation and SoftBank Group. They bill themselves as a leader in digital transformation across Asia focused on automated customer service solutions and data-driven marketing strategies. Serving 12 markets, working with a composable CDP that makes use of best in class components and leveraging tools like Databricks, ada complements its unique digital expertise with deep proprietary data of 375 Million consumers served by over fourteen hundred employees associated with just as many commercial clients. ada have been recipients of numerous awards like the Effie Awards with Gold, Silver, and Bronze accolades for innovative campaigns in multiple markets.

In an article from The Edge Malaysia Weekly, dated July 8, 2019, Axiata Group’s digital advertising arm, ada, unveiled a plan to revolutionize the advertising industry through the strategic use of tech data and innovative business models.

At the time, led by CEO Srinivas Gattamneni, ada aimed to cater to the evolving landscape of digital consumers by providing digital marketing, data science, and platform-building solutions. Backed by Axiata Digital, ada aspired to become the agency of the future, blending data science, consulting, and agency services.

The substantial investments and ambitious goals aimed to disrupt business models and focus on value-driven approaches to shift industry norms. Central to ada’s digital strategy is emphasis on data-driven advertising, leveraging deep consumer insights to deliver targeted and impactful campaigns. By harnessing data from various sources and investing in technology, ada sought to maximize advertising ROI and drive business outcomes for clients. ada anticipated the seismic shift towards programmatic and automated ad buying, albeit with the concomitant challenges of bad actors using technologies like bots to drive activity and commit fraud.

Despite being a young player in the industry, ada’s apparent rapid growth and innovative approach continue to signal its potential to disrupt the marketing landscape as a whole and shape digital futures in marketing.

Their collaboration with JC&C of course will not come without challenges, amongst them those related to data privacy and security as well as compliance with regulatory requirements. Transparency in what data is used and how it is used is essential in maintaining customer trust and so the integration of AI requires careful planning and ethical considerations.

As Cycle & Carriage and ADA continue on their collaborative journey, the fruits of their labor appear to becoming manifest. From enhanced customer engagement to streamlined operations, the impact of AI integration is apparently palpable, Cycle & Carriage leverages ADA’s expertise to implement AI-powered chatbots, personalized marketing campaigns, and data-driven insights, driving tangible business outcomes and setting a new standard for digital transformation in the automotive industry.

Not every organization can be a JC&C nor will they be able to afford a relationship with an agency like ada. It might not even be that relevant given they are a regionally focused player, however consider the following.

Let’s be clear, Pretectum CMDM is not a part of the tech stack in use in this example, we present it, because it demonstrates some great possibilities for any organization. What we would like you to consider, is how any composable CDP that incorporates something like the Pretectum Customer Master Data Management (CMDM) system, could be leveraged to support more personalized engagement with customers through various touch points in marketing, sales, service, and support channels for any organization.

By centralizing and standardizing customer data across departments and systems, Pretectum CMDM enables businesses to have a holistic view of each customer.

This approach allows for better organizational decision-making, enhanced customer interactions, and the delivery of more personalized customer experiences. More specifically using Pretectum CMDM could involve the following strategies to enhance customer engagement:

  • Personalized Marketing Campaigns: By using the centralized repository of customer data in Pretectum CMDM, you can create targeted and personalized marketing campaigns tailored to individual customer preferences and behaviors.
  • AI-Powered Chatbots: Implementing AI-powered chatbots integrated with CMDM data can provide real-time assistance and personalized responses to customer queries across various channels.
  • Data-Driven Insights: Use the comprehensive customer data stored in CMDM to derive valuable insights that can drive strategic decision-making in marketing, sales, and service operations.
  • Enhanced Customer Service: Ensure that all parts of the organization have access to up-to-date, verified, and consented, reliable customer information from the CMDM system, improving customer service interactions and overall satisfaction.
  • Streamlined Operations: By centralizing and synchronizing customer data, organizations can streamline operations, leading to more efficient processes in marketing, sales, and service functions.

By adopting these kinds of strategies with a CMDM platform like the Pretectum CMDM, organizations can enhance their customer engagement efforts across multiple touch points, ultimately leading to improved customer relationships, increased brand loyalty, and better business outcomes.

redbuttondata 0 Comments
Jan 4 2022
What Is Customer Lifetime Value (CLV): All You Need to Know

Each client is important, but some lay the foundation and keep you afloat.

They exist at the core of your business – sometimes they are responsible for most of your revenue; in other cases, a valuable customer that stays with you is more important than bringing tens of new ones.

How to identify them and use the knowledge of their lifecycle to repeat that success? The answer is measuring CLV – an incredibly important metric in every marketeer’s book. What is customer lifetime value? Read on to find out.

CLV meaning is, relatively speaking, how much a customer is worth to your business. When the client first receives any information about your business, service, or ware and decides to check it out, their lifetime value begins to accumulate. It sums up the amount of revenue a customer has brought to you, creating a clear picture of the dynamic between your company and them.

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Juwel Tan 0 Comments
Dec 28 2021
Customer Lifetime Value – The Essential Marketing Mantra

Post-Covid the basic human lifestyle changes have started to happen. To put it in a nutshell, slowly the mouse and keypad will be antique pieces, and “voice and hand gestures” will be the new user interface with all devices.

Don’t be surprised if your 55-inch TV becomes “obsolete” as more and more wearable glasses or even contact lenses become your basic visual devices. We all would be having our very own virtual assistants who will help us throughout the day doing all the work and chores. Therefore, the predicted mobile traffic by 2025 is going to be more than 100 exabytes.

With so much talk on technology, where does it leave the marketing teams of the future?

The digital trends used for marketing are bound to change as more artificial intelligence, voice search and gestures, mobile-oriented campaigns and emotional visual content will be used.

But having used all these latest or future technologies, how do you measure the Return On Investment (ROI)? The future marketeers who may refuse to acknowledge or ascertain the returns will not succeed and fade out soon. Irrespective of the trends or means of marketing the one thing we all need to keep in mind is the “Customer Lifetime Value.”

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Uli LOKSHIN 0 Comments
Dec 21 2021
Customer lifetime value modelling

A customer lifetime value (CLV) is one of the most important metrics in marketing, outlining the total value a company is expected to reap from a customer relationship. But how can a marketer determine a customer’s lifetime value? And what modelling provides the best outcome? Rokas Salasevicius and Justas Jankunas from management consultancy CIVITTA shed light on the topic. 

While there are different definitions of customer lifetime value, at CIVITTA we follow the following definition: “Customer lifetime value is a concept which estimates how much money the customer is going to bring to a company in the long run.”

Calculating and tracking customer lifetime value is of huge importance for marketers, for a number of reasons. First, it enables marketers to observe the business – CLV is used as one of the KPIs that provide information about the health of the business and customer base. CLV allows understanding how strong the current customer base is and track how it is changing over time, as well as identify reasons why it is changing.

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Juwel Tan 0 Comments
Dec 14 2021
Calculating Customer Lifetime Value Is Tricky

A customer’s lifetime value is more important for an organization than the profits on the first, or perhaps even the first several sales.

Many companies offer discounts — sometimes steep ones — to obtain the customer’s initial business. Some may even make the first sale at a loss, with the idea of making it up on subsequent sales. But to determine if a discount will pay off in the future, a company needs to know how to accurately calculate customer lifetime value (CLTV). It’s not as easy as it might first seem.

Attracting and retaining the highest value customers is key for every business. Knowing your customer’s lifetime value can help you make sound marketing decisions.

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Uli LOKSHIN 0 Comments
Nov 16 2021
How To Calculate (And Improve) Lifetime Value

Lifetime value (LTV) is a significant metric that helps estimate the growth of a company.

By comparing LTV to customer acquisition cost, the results can help make crucial decisions. This might include devising your advertising and marketing budget, for example.

Businesses can use LTV to acquire and retain high-profile customers.

This means more income, thus scaling. But, if customer acquisition costs are higher than LTV, scaling is impossible.

For you to predict and improve customer lifetime value successfully, you’ll need to know how to measure customer lifetime value.

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Juwel Tan 0 Comments
Nov 8 2021
Why Lifetime Value Is The Most Important Metric For Measuring Clients

As a marketer and business owner, I know just how important it is to keep your eye on metrics related to your marketing campaigns, revenue and overall business. From cost per lead to conversion rates, understanding the health of your company comes down to a lot of different numbers.

Unfortunately, those numbers can quickly start to run together. When you have so much to track and analyze, it can become difficult to know exactly what they’re telling you. You can waste a lot of time monitoring analytics without learning much.

Instead of trying to track it all, I’ve found that focusing on just a few key metrics can help you understand how your marketing is performing. One of my favorites is lifetime value (LTV). The lifetime value of a customer is the amount of money a customer contributes over their entire life as a customer.

Let’s take a look at why LTV is so important for your business, how you can find it and how it should influence your marketing and business decisions.

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Uli LOKSHIN 0 Comments