Webinar: Introduction to Customer Value Management
Weekends at SIDTM always opens an opportunity to gain insights from industry experts. This time, we had our esteemed Alumni, Batch (2007-09), Mr. Ameet Phadke, Associate Vice President, Growth Marketing at Rebel Foods. Rebel foods were formerly known as Faasos. Sir has Joined rebel foods in January 2020. Before that, he worked for 10+ years in Vodafone India at various positions including Senior Manager for Customer Value Management.
What is Customer Value Management?
The session began with the basics, what is Customer Value Management? Well, in crude terms, customer value management is doing every possible thing to make customers stay with the company. That is, to increase the customer lifetime value for the company. To increase the lifetime value of the customer, the company has to retain the customer for a longer period, and that means, it has to reduce the customer churn rate. But, it’s not as simple as it looks to read. That we come to know when sir discussed his experience in the telecom sector and efforts the companies need to take retain the customer. Especially, this customer form Gen Z has minimal Brand loyalty and is very easy to churn out. And, as time passes by, companies need to deal with the majority of this kind of customer, which is easy to be churned out.
CVM and the new Normal
The importance of CVM increases in this “New Normal” scenario. As the businesses are moving online, the data about the customers, the products, and the buying patterns started to become available for analysis. The data shows us the consumer behavior and helps analyze the patterns and places where the churn is happening and where we can retain the customers. The data also helps identify and segment the customer. This helps in not just Customer Value management, but also to increasing the lifetime of the customer and making customized add towards the targeted customer. The targeted advertisement campaigns help to reduce cost and increase customer retention. Ameet sir explained it in such a wonderful way with relatable examples of Various sectors.
Decision Making based on Analytics and Data
The focus of the lecture was not just to understand the concept. Sir also shared the strategy of improving customer lifetime and having a good Customer Value Management practice. The strategy of how to retain a profitable customer, which should include decision making and what should be the base of decision making, how to design and optimize the campaigns, etc. The experiment is the key to campaigns. One has to keep experimenting to come out with a successful strategy. That’s the only way to keep offering new things to customers and hence, retain the customer.
And, to do all of this, the company needs to have a good analytical tool. The tools that will give you the analysis which is crisp and to the point. The analysis dashboard which will show to the relevant content, which you will need to mold your strategy. Sir was connecting the concepts and examples so well, that it was a buttery smooth experience for us. This made the students be on the same page with Ameet sir.
In the end, to summarize it all, sir discussed a couple of case studies with us to mention how they used CVM to reduce customer churn and increase Customer Lifetime Value. The discussion also gave us a perspective on how to study the Case Study. It will be surprising if there were no questions from students. A lot of questions denote that the students had an interesting webinar which made them think. Sir, very well answered the questions and cleared the doubts. No wonder we crossed the stipulated time. But, this session gave a very thoughtful insight and a new career perspective for us from our very own Alumni.