Growth Stage - Keynote #1 - Crafting Memorable Product Experiences

Summary

The speaker at a Jakarta conference discusses crafting memorable product experiences to unlock limitless customer lifetime value (CLV). They share insights on integrating product and brand experiences, emphasizing the importance of a seamless customer journey across digital and physical platforms. Using examples like McDonald's and clevertap's automated product, the talk highlights the significance of understanding customer segments, leveraging technology for personalization, and the strategic approach to pricing and packaging to enhance CLV.

Takeaways

• 🌟 The speaker emphasizes the importance of crafting memorable product experiences to unlock limitless customer lifetime value (CLV).
• 🤖 The goal at CleverTap is to create such an automated product that marketers are not needed to change 'light bulbs,' indicating a high level of product self-sufficiency.
• 🛍️ Brand experiences have evolved, and these experiences should be mirrored within products to maintain consistency across digital and physical touchpoints.
• 🍔 The example of McDonald's illustrates how a consistent brand experience is crucial, and the same principles apply to the digital world where tangible cues are absent.
• 🔄 The customer journey is not linear, and a seamless experience is necessary across various channels to increase customer lifetime value.
• 🔗 The line between product and brand is blurring, and integration of marketing and product management is vital for a cohesive customer experience.
• 📈 CLV is a composite metric that measures the relationship with a customer, influenced by both positive and negative experiences.
• 💡 Value is defined by the incremental revenue from customers and their perception of gains from the brand, product, or tech stack.
• 🔑 To maximize CLV, it's essential to understand customer value through segmentation, personalization, and leveraging the right engagement channels.
• 🛫 The company Emirates is highlighted as an example of effectively understanding and segmenting customers to predict value and optimize engagement.
• 💼 CleverTap's approach involves using technology like Tesak DB for merging product and marketing tracks, and tools for segmentation, recommendations, and instant messaging to enhance customer engagement.

Q & A

What is the main topic of the speaker's presentation at the Jakarta conference?

The speaker's main topic is about crafting memorable product experiences to unlock limitless customer lifetime value (CLV).

How does the speaker describe the automation level of CleverTap's product?

The speaker describes CleverTap's product as highly automated, to the point where it doesn't require marketers to change a light bulb, implying minimal human intervention in the marketing process.

What is the significance of the McDonald's example in the script?

The McDonald's example is used to illustrate the importance of a seamless brand experience both in physical and digital environments, and how it contributes to the overall customer experience and brand perception.

What does the speaker mean by 'the line between the product and the brand is blurring'?

The speaker means that the distinction between what constitutes a product and what constitutes a brand is becoming less clear, as both are now integral parts of the customer experience.

What is the role of customer lifetime value (CLV) in product development according to the speaker?

According to the speaker, CLV is a composite metric that measures the relationship with the customer and is crucial in product development as it helps in understanding the incremental revenue potential and the value customers perceive from the product.

How does the speaker suggest measuring the impact of brand and product on customer engagement?

The speaker suggests integrating marketing and product management efforts to measure the impact, ensuring that both can claim their contributions to customer engagement and purchases.

What is the importance of a unified tech stack in delivering customer value?

A unified tech stack is important as it allows for seamless customer experiences, which in turn can increase customer loyalty and CLV by providing consistent and personalized interactions across all touchpoints.

What does the speaker mean by 'hyper-personalization' in the context of customer engagement?

Hyper-personalization refers to tailoring campaigns and messages to individual customers based on their specific behaviors, preferences, and interactions, with the goal of increasing engagement and loyalty.

How does the speaker describe the process of increasing CLV through product changes?

The speaker describes it as a process of understanding customer segments, predicting their value, optimizing engagement levers, and personalizing messages to build brand loyalty and increase the customer's lifetime value.

What are some of the key factors considered in CleverTap's approach to pricing and packaging their product?

Key factors include being customer-centric, value-based, ensuring a clear ROI, scalability, and creating a frictionless sales process.

Can you provide an example of how CleverTap has successfully increased a customer's CLV?

One example is Dream11, a fantasy sports brand in India, where CleverTap helped send out 100 million campaigns within minutes during a pre-match window, resulting in a 5x return on investment in terms of engagement.

What is the 'Remote Config' feature mentioned in the script, and how does it contribute to increasing CLV?

The 'Remote Config' feature allows for the dynamic adjustment of UI elements and campaign timings without engineering help, enabling hyper-personalization and optimal timing of engagements, which can strengthen CLV.

How does the speaker define value in the context of customer relationships and CLV?

The speaker defines value as the amount of incremental revenue that can be derived from customers, and from the customer's perspective, it's about the gains they can receive from the brand, product, or tech stack, which is inversely proportional to the bad experiences they have.

What are some advanced frameworks to find value besides the value proposition canvas mentioned in the script?

The speaker suggests that the value proposition canvas is just a starting point, and the actual framework for finding value should be customized based on the specific ICP (Ideal Customer Profile), the number of users, and the industry in which the company operates.

How can a company obtain superior customer value?

To obtain superior customer value, a company needs to merge brand experience, product experience, and tech stack, understand and segment customers well, and target them at the right time with the right engagement model.