We had a quick chat with Ranjit Behera, Head Performance and Digital Marketing, BankBazaar. Ranjit has been in the field of digital marketing and analytics for over 8 years and worked with companies like Aditya Birla, Zivame and iQuanti. He shared his insights with us on building successful marketing strategies. Read the full interview to know more!

What are the mobile marketing initiatives at your organization?

We are investing more in automation in both segmentation and personalization, as well as on our mobile site and app to make it faster and improve user experience. We’re also connecting website content to MarTech segmentation at the user level to make on-site content more customized.

What according to you is pivotal to creating a successful mobile marketing strategy?

  • Efficient targeting by using both behavioural data as well as mobile specific information.
  • Contextual and customized communication.

What is the biggest challenge you face with customer acquisition?

The rising cost that comes with targeting a potential customer. Although overall CPM/CPC shows a trend of flattening or going down, owing to the increasing number of people coming online, the potential target audience increase is not of the same order. And the share of quality customer internet space for competition (both BFSI and non BFSI) is sky rocketing.

“A lot of investment will take place in AI and Machine Learning to serve users with more customized solutions. Automation will slowly play a vital role in multiple aspects – right from marketing, personalization, customer on-site journey and customer care assistance.”

How has Marketing Automation helped in customizing your marketing strategy?

Mass marketing has moved to 1-1 marketing or close to it and this has been possible only via technology. Customization and communication are more analytics based and hence result in higher engagement and conversion. Automation and use of other tools results in faster A/B tests and helps deliver customized content which works better. The highly efficient segmentation and customization has resulted in better ROI.

What are some key trends in MarTech you expect to see in the future?

A lot of investment will take place in AI and Machine Learning to serve users with more customized solutions. Automation will slowly play a vital role in multiple aspects – right from marketing, personalization, customer on-site journey and customer care assistance. We will also see social media behavioral integration to MarTech for better customization.

What would be your top three points of advice to budding marketers?

  • Always think of solutions from the customer’s point of view and what will make their life easier. Such solutions will be effective and can be implemented in the long term.
  • One of the key pillars to differentiate communication and get better ROI is to invest in technology and automation.
  • Use analytics and constantly experiment to improve customer experience. Don’t fear failure, fear that you will not be able to offer better customer solutions, if you don’t experiment.