Test, learn, succeed: How a traditional Indian brand grew its business using automation
An experimental mindset gives marketers the ability to stay agile in an ever-changing landscape, using the three A's of the trade: Assets, Automation, Access, to elevate and create successful marketing campaigns. With automation, marketers can enhance customer experience, expand their reach to both existing and potential customers, and minimize any inefficiencies in their processes.
Join us as we take you through ICICI PruLife’s digital transformation journey with ICICI Prudential Life Insurance’s CMO, Manish Dubey, and CEO, Zenith India and head of global partnerships for Publicis Media India, Tanmay Mohanty, as they share how the 20-year-old brand is using automation to stay ahead in the game.
Manish Dubey: So we have a very interesting funnel for our business. We get lots and lots of interest, but only a portion of that then goes into the next stage of wanting to know more.
This means that we have to continuously keep learning as we manage the customers from the top of the funnel to the bottom of the funnel.
The first step here is to understand the customer experience. How can we make the customer life better. And then using technology to enhance this experience. And automation then helps us do this.
One of the big initiatives that I'm particularly very happy about is our ability to stitch end-to-end journeys for select customer groups.
I am very happy with the efficiency that has been provided by our machine learning mechanism…
...which scores or tries to classify customer behaviour into higher propensity, middle propensity or lower propensity.
We have tried to take away a lot of manual and human discretion out of our bidding.
Tanmay Mohanty: So what machine learning drove for iPru was almost 11% higher on ticket size. 42% growth in terms of cost of sales. As well as at the same time a 10% higher numbers.
Over the last two quarters between assets and automation we have seen almost 15% better results from search alone.
For life insurance it's the highest number that I have seen among all clients.
In performance marketing that is probably the difference that we see is that everything is measurable.
It's not about having just one big idea, put it onto TV or put it on digital. It's about seeing how your full funnel works for you. How you're attributing that to which part of the marketing and how to bring one coherent data strategy amongst all of that.