Netcore Solutions is now the only Indian company to provide an integrated solution that combines customer analytics, cross-channel marketing automation and marketing analytics. With this strategic decision, Netcore Solution predicts to gain 15% YoY growth in the order book which will give a good fillip to overall revenue in the next five years. The Indian marketing analytics industry’s present annual revenue is pegged to be around $2.03 billion and it is predicted to grow at a healthy CAGR of 23.8% till 2020.
While companies in India have shown a keen interest in adopting marketing analytics to make informed, data-driven decisions and effectively reach out to the target customers, the concept is still at a nascent stage. The market is largely serviced by the ‘pure play’ analytics companies. This has resulted in a vacuum whereby marketers were unable to get a unified view of the customer as multiple vendors would handle each marketing channels, which mostly resulted in data lying in silos.
With its intuitive solution and a team of analytics experts, Netcore’s smart and easy to deploy solution will empower marketers and analysts with the insights they need to make every customer interaction smarter. Netcore marketing data integration services will bring together relevant customer data and on top of it build summary data attributes to deliver a clever customer data mart which is necessary for a seamless and effective data driven marketing campaign.
Using analytics and customer data mart, marketers will be able to identify most profitable customers, most frequent customers, most responding customers as well as preferred products, channel of communication and much more. Different attributes attached to each engagement will allow marketers to closely analyse customer behaviour across every point of interaction. Consequently, this will have huge impact on the cost of acquiring customers, improve retention rates, and reduce customer churn.
Elaborating on the decision to diversify into analytics segment, Kalpit Jain, CEO, Netcore Solutions said, “India is currently witnessing a trend of ‘parallelism’ in consumer behaviour. Consumers today have multiple personalities depending on the time, place and platform they interact with a brand. The attention span and turnaround time are also shorter than ever before. Therefore, a holistic outlook of the customer – encompassing insights on customer demographics, digital activity, transactional data, key customer attributes, and behavioural data – is imperative for the brands to improve RoI as well as reduce customer acquisition and retention costs. With this strategic move, we will offer marketers the capability to marry expertise of our intuitive marketing automation platform (Netcore Smartech®) with intelligent customer and marketing insights derived through this analytics service.”
In terms of sectors, presently, BFSI is the biggest adopter of analytics services in India. Of the total revenue earned by analytics industry in India, 37% of the total amounting to $756 million in revenues is contributed by the sector. This is a 31 per cent increase compared to last year.
While Netcore has already started providing services to some of the key companies from the BFSI segment in India, it plans to roll out the analytics service in a phased manner to Malaysia, Singapore, and Nigeria where it has a strong presence in the marketing automation space.
Analytics important, say Indian CMOs
The Indian CMOs’ search for adding analytical capabilities along with the implementation of a full stack marketing automation solution was also highlighted in the first-of-its-kind B2C Marketing Automation Report India, 2017 launched by Research NXT and Netcore Solutions.
The report highlighted that about 29% of marketers believe that it is important to have the right marketing mix in order to gain better customer lifetime value. In addition, 28% of marketers were considering using analytics, while 18% had already included analytics at the core of its marketing strategy.
The report also emphasized that analytics is going to play an important role in automating and improving customer engagement. This, in turn, is going to help the marketers get a better conversion rate optimization by enabling brands to engage in a personalized manner with their customers, leading to increased Customer Lifetime Value (CLV).