Lenskart is a leading e-commerce portal in India that revolutionized the eyewear industry with its omnichannel approach. Take a look at this blog to find more about the vital metrics in detail.

How Data Can Be a Powerful Tool for a Startup’s Growth Journey?

Leveraging data depends on the stage of the startup. One needs to balance qualitative and quantitative inputs. When a startup begins, quantitative data may not be enough. Thus, relying on qualitative data is helpful.

As startup scales, multiple metrics like new user acquisition, average revenue per user, gross to net, and Net Promoter Score (NPS) come into the picture. It is always possible that an increase in any other metrics can impact the other ones. Hence, defining data metrics beforehand can help startups build the right growth strategy.

Creating monthly and daily dashboards to get a quick view using a plethora of tools and building data democracy also plays an important role.

What are Important Metrics for Scaling Startups Rapidly?

As Ramneek suggests, “Important metric we look at is the net promoter score (NPS)”. A business with very high NPS is a strong indicator that it’ll always grow. Having clarity on the number of consumers and NPS is helpful because it is one metric that needs to be driven. It makes sure that a company grows.

If you can solve the problems of customers who haven’t taken any action, it is 60% possible that they’ll make a purchase. These are the metrics that may not be easily available, but they need to be available to everyone to analyze them.

What is a Good Measure of Customer Conversion?

Customer conversion can be divided into two buckets for startups that are:

• Horizontal in nature
• Vertical in nature

The startups horizontal in nature, have a lower conversion rate of about 1-2%. These are marketplaces where people come to check out new products every now and then.  

The startups vertical in nature tend to have a higher conversion rate of about 5-10% because people come for a specific need. These may include platforms that cater to a specific line of businesses like fashion and many more! 

How Can Payment Solutions Impact a Product?

Payment gateways like PayU, bring in value-added services like Buy Now Pay Later and EMIs that create a direct impact. With the increase in usage of UPI and reduction in payment failures, there’s an uptick in payment solutions like subscriptions. Payment solutions like this increase average ticket size because customers get better payment options.

To find out more about metrics that matter the most in the product journey, check out this video.

To know more details about the upcoming episodes, click here.

The post The Most Vital Metrics in a Product Journey that Make a Significant Difference appeared first on PayU Blog.

CleverTap is the number one customer retention platform trusted by over 10,000 global brands. It is a comprehensive platform that will help you, find out behavioral analytics and boost engagement across various touchpoints.

Here’s what we’ll find out.  

How should Startups Leverage Customer Behavior and Analytics?

If you use data right, it can do wonders. The foundation of leveraging customer behavior has to be high fidelity data. As Anand Jain quotes in the episode,” Data is the new oil”. The two things that a startup needs to leverage customer behavior and analytics are:

User Data

You need to collect every user’s data using platforms like CleverTap. They’ll help you track new users, old users, and the amount of time spent by users on your platform. Platforms like CleverTap help bubble up the insights like user behavior after the data is collected.

Audience Segmentation

You can segment your audience using a plethora of automated segmentation like RFM (Recency, Frequency & Monetary value). Depending on the segment, you can run automation. This automation will help you change the user experience. It’s a cycle that completes with every user interaction and is data-driven.

Becoming data-driven will reward you in long run. You’ll know the channels that work for you and the right segment you want to target. 

How can Brands Boost Engagement with Touchpoints Available? 

You need to plot where your users are and how are they consuming your services. A user does not pay heed to the form factor they use. You can use this data to make their experience effective by plotting their journey. Make a holistic picture by doing the intervention with automation. These are referred to as journeys. You can create a user journey with a set of nudges. Using predictions from platforms like CleverTap will help you work backward to target that audience.

How can Smart Segmentation Help the Payment Processors Maximize Transactions and Optimize ROI on Marketing Spends?

Segmentation is the heart of everything that’s data-driven. There are several ways to divide users by RFM model as they are loyal people. You can do intent-based segmentation or prediction-based segmentation with the amount of data you have.

You can send nudges and interventions to the users to use multiple engagement channels like WhatsApp, push notifications, SMS, and emails. Check their efficacy and understand which channel works for which type of user.

This helps you intervene at the right time to the right person using the right channel through the right medium without pestering them.

How Data can be Connected in Meaningful Way to Personalize Messages?

You can do a lot depending upon the data that originates from various touchpoints. This external data will help you send the right message to the right user. It helps you customize the same message and personalize it in different ways. It narrows down to the likelihood of customers buying products they want.

To find out more about consumer engagement, check out this video. 

To know more details about the upcoming episodes, click here. 

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