It might make you feel nostalgic to remember the days when you saw artists painting movie posters. You surely miss the smell that pushed through your nose when a bunch of women crushed and ground spices. Those days were really precious when you wore a handmade sweater, knitted by your grandma.
However, those days are long gone, and the unique design of your sweater isn’t unique anymore, but made in a bunch and sold in lots inside a mall. Today, the big brands are promoting factories with digital prints, and 3D printers have taken over the sculptor’s qualities.
Similarly, the powerloom clothing pieces are being chosen over handloom due to their low range of prices. The local businesses that once boomed are now fearing the low revenue and changing market.
Digitally we are becoming aware but that should not take us apart from our culture. The Indian culture has always been true to its core, where each state has its own folklore. Inspired by these tales, you come across music, art style, painting, clothing, and more.
From Warli paintings of the North Sahyadri Range to Pattachitra Art of Odisha one can’t get enough if subjected to. And let’s be sure, digital art can’t take over the old culture that took days and patience to get the final piece ready. Remember, the Mona Lisa wasn’t just printed out on warm paper.
This article is an ode to those who have stood still, in these times of technological advancements and even now are promoting the handcrafted business.
Quality over quantity is the aim of handmade businesses. And this technological age has widened the gap through its conjured automation and robotics in this niche. The interaction is gone, but the Indian markets still echo with the sounds of wooden pieces being sculpted.
These handmade businesses belong to the same old markets, that not only have seen generations practicing the art for decades, but a whole village coming together and producing artifacts for centuries.
Chanderi Saree
Our team at StartupTalky had a prestigious opportunity to interview Kamal Koli, who is a producer of Chanderi Sarees in Madhya Pradesh. Koli belongs to the village by the same name as the clothing piece and has been in this business since 1998.
As per the saree maker, his handweaving sarees are most appreciated in Bollywood, and he also has a range to fit in for every class. Other designs Koli and his family have adapted are the Plain Block Print Saree and Real Jari. The patterns that are used in Plain Block Sarees are called block prints and take more than 7 days to prepare just one piece. The producer knows patience as a single Real Jari saree takes 3 to 4 months to be ready for the shelf.
Chanderi fabric goes back to the Vedic period and is known to have been founded by Shishupal, Lord Krishna’s cousin. And just like it is in demand by queens of Bollywood today, throughout the Mughal era in India, these sarees were admired by the queens during that sacred period too.
Madhubani Paintings
Madhubani Paintings
Neeraj Kumar Shah introduced us to a more heartwarming side of art, that not only talks about India but influences from Nepal as well. We are talking about Madhubani paintings, also known as Mithila art.
This craft is famous for its geometrical designs and originates from the Madhubani district of Bihar, the same place where Shah belongs. While getting to know more about the paintings, Neeraj told team ST that all the paintings are done on paper made out of bamboo.
Adding more to your intrigue, the paints used in these art pieces are made out of flower juice, leaves, and grass. More than 35 people from different families in the same village have dedicated their lives, to creating this art.
The Madhubani paintings have fine details, created by artists using finger designs, twigs, nib-pens, and matchsticks.
As per the legend, these paintings come from the holy age and were first invented in Mithila, the birthplace of Sita.
Charmakare Puppets
Charmakare Puppets
If you are a fan of Chinese puppet shows, look around you and seek Charmakare Puppets. You might have never heard of this but it does exist in India, you were just too busy appreciating foreign cultures.
The art belongs to Andhra Pradesh and is also known as leather puppetry craft. Vanarchu Ganesh introduced team ST to this art, which he and his family have been practicing for generations.
In the Nimmalakunta village, more than 50 families have been making these puppets for ages. With time, the making of these puppets has evolved into paintings and lampshades. The reason why it is called leather puppet art is because the puppets are made using goat skin, the same ones used in Tabla and Dholak. The colors too are natural and are made using vegetable colors.
Vanarchu Shankara, the father of Ganesh has even won the V Shankara State Award for his art in 2016. And recently, Indian Prime Minister Narendra Modi witnessed the puppet show appreciating the art practiced by the whole village.
Indian Government Promoting Handmade Businesses
In September 2014, the Indian government launched the Make in India initiative globally, to promote the country as a prime manufacturing destination for companies around the world. One of the missions of the Make-in-India program was to promote handloom businesses in the country.
With a belief these businesses are an integral part of India, the government announced an economic package known as Aatma Nirbhar Bharat Abhiyaan. As the name suggests, the package was meant to boost the economy of India while also making the country self-reliant.
This package was launched in support of weavers, artisans, and karigars of various MSMEs to help them review their businesses.
Besides the above-explained gesture by the government, tourism is also promoted hugely which ultimately can boost the local market of different states and traditional artifacts celebrated by the regions.
India’s Handmade Exports From 2016 to 2023
How Can Technology Help Those in the Handmade Business?
Everyone is using the internet, which is a fast and expanded link to spread the word. The support by the government is already explained above, which can also be adapted by you.
Whenever you are out on a field trip or on a break from your tiring job, and if you come across something that seems to be in need of a promotion, you can simply take your phone out and put it up on your Instagram story while asking your friends to follow the page of that particular business.
Help the uneducated with your sage. Make them understand how to operate social media and reach new audiences.
Yes, the days have seen a change in the way business works today, and technology has surely taken over several businesses. But at the same time, if used wisely, you can revive the age-old handmade businesses and crafts with a simple spiced-up effort of technology.
Online marketplaces are always the best option. Plus today, some tools can help these drowning businesses a bit. Tools used for sourcing, listing optimization, and advertising would work perfectly.
Conclusion
There is still a chance left to help these handmade businesses get back into the market. They are the ones that are keeping Indian culture one of the most appreciated globally today. When you are embracing tech, keep your roots true to your heart and keep a legacy alive.
Help the handmade craft survive. Because it’s never too late to begin again!
Building wealth requires managing your money, whether it’s for savings or bill payments. Cashback programs are essential to this process because they encourage a savings-oriented mindset by providing discounts, refunds, or credits that are applied to future purchases. These cost-cutting devices function by getting paid by companies to advertise their goods, resulting in a win-win scenario where consumers save money and companies earn repeat business.
In India, where people are always looking to save money and find the best discounts, the idea of cashback has become very popular. Seizing the chance, Swati and Rohan Bhargava established CashKaro, one of the biggest cashback systems in India. Collaborating with over 1500 retailers, CashKaro delivers exclusive coupon and cashback promotions, providing users with a streamlined method to maximize savings while shopping.
In this article, we will delve into the successful journey of CashKaro founders, business models, funding, competitors, and more.
One of the most popular places to find amazing bargains is CashKaro.com, a well-known website recognized for its outstanding cashback and coupon services. CashKaro regularly provides the best discounts, coupons, and offers on a wide range of products, including mobile phones, travel, apparel, and more. The platform is steadfastly committed to unearthing incredible sales from a wide range of retailers, making sure that customers have access to the best offers out there.
The unique selling point of CashKaro is its dedication to quality, which is attained by a blend of merchant rebates, CashKaro-selected promo codes, and extra cashback.
CashKaro – How it Works?
It is easy to navigate CashKaro’s user-friendly platform, which offers two convenient options for online purchasing: using their Android and iOS applications for a smooth rewards-earning experience or shopping straight through their website. With features like on-screen discount coupons that users can touch and copy with ease, the cashback app ensures a hassle-free buying experience on well-known platforms like Flipkart, Amazon, and Myntra. It also has a good user interface.
It’s simple to access the best offers using the CashKaro program. Upon creating a complimentary CashKaro account, consumers are granted access to an extensive array of exclusive discounts, offers, and promo codes. They can choose their favorite brand using the search bar, which takes them to the CashKaro store website.
The site shows the best rewards programs, promo codes, and discounts along with an orange “activate” button. After choosing a deal, customers are taken to a new page that displays all of the coupons that are available for the selected brand.
Users only need to paste the code into the business’s payment page to receive the discount, which enables them to carry on their shopping spree while saving even more money. This simplified procedure serves as an example of how CashKaro skillfully incorporates discounts into the online buying experience.
CashKaro – Industry
According to the Research and Markets report analysis, the global market for mobile coupons was projected to reach US $509.7 billion in 2022, reflecting the altered business scenario following the COVID-19 pandemic. According to projections, the market is predicted to increase significantly, with a value of US $1.6 trillion by 2030.
This represents a strong Compound Annual Growth Rate (CAGR) of 15% throughout the analysis period, from 2022 to 2030. These results highlight the changing dynamics and growing importance of mobile coupons in the global market, as highlighted by Research and Markets’ perceptive analysis.
CashKaro – Founders and Team
CashKaro was founded in 2013 by Rohan and Swati Bhargava, a husband and wife duo.
Swati Bhargava and Rohan Bhargava, Co-Founder of Cashkaro
Swati Bhargava
Swati Bhargava, Co-Founder of CashKaro, started her academic journey at National Junior College in Singapore, excelling in GCSE A Levels and focusing on subjects like math, economics, and physics. Later on, she attended the London School of Economics and Political Science (LSE) to pursue a BSc Hons in Mathematics and Economics.
Before co-founding Pouring Pounds Ltd., Swati was an associate at Goldman Sachs after completing her graduation. Her strategic thoughts and entrepreneurial energy ultimately led to her being a key co-founder of CashKaro, which established the site as one of the top cashback platforms in India. Swati also serves as the Co-Chair of the Indian Chapter at H2.
Rohan Bhargava
Rohan Bhargava, the Co-Founder, earned a Bachelor of Arts in Economics from Franklin & Marshall College and a Bachelor of Science in Economics from the London School of Economics and Political Science (LSE). He commenced his career at Goldman Sachs, progressing from an intern to an associate. Following this, he excelled at Washington Square Investment Management and later assumed the role of Associate Director at Credaris.
Rohan’s entrepreneurial drive led him to co-found Pouring Pounds Ltd., showcasing his innovation in the business landscape. Expanding on his success, he co-founded Cahkaro.com, a significant milestone in his entrepreneurial journey. Leveraging his finance and entrepreneurship background, Rohan continues to drive Cahkaro.com’s success, cementing his reputation as a dynamic and accomplished professional.
The CashKaro team operates with 201–500 employees, as per LinkedIn.
After completing her studies at the London School of Economics, Swati Bhargava delved into a financially rewarding yet demanding role at Goldman Sachs, dedicating five years to investment banking with work hours extending from 8 a.m. to midnight.
She met her future husband, Rohan, an LSE alumnus, during her time there, and it was Rohan who first introduced her to the idea of cashback websites. Curious about the concept, the couple co-founded Pouring Pounds, a UK payback company that worked with well-known organizations including the Daily Mail and the Metro Newspaper.
Motivated by the desire to capitalize on India’s passion for frugal living, Swati and Rohan Bhargava moved to Gurgaon, India, and introduced CashKaro in 2013. This signaled the launch of a platform designed to give Indian customers a fun and rewarding way to save money with cashback and unique offers.
CashKaro’s mission is “to be the biggest savings destination for online shoppers.“
CashKaro’s vision is “to beIndia’s largest cashback and coupon app.“
CashKaro – Name and Logo
CashKaro Logo
The company’s legal name is Pouring Pounds Ltd.
CashKaro – Products and Services
CashKaro products and services are:
CashKaro EarnKaro
CashKaro launched EarnKaro as a social cashback app, which has taken off well. This app has since been helping CashKaro get into exclusive agreements with top Telegram creators, Facebook group owners, and WhatsApp group owners, which include students, housewives, and others. All of them can use affiliate links for any e-commerce products, which, if sold, get them commissions.
CashKaro Store Network
CashKaro launched this business in 2021, with the help of which CashKaro has successfully entered into partnerships with over 25K kirana stores across the country as of July 2022.
All of these store owners can collect orders from their walk-in customers and place them online with the help of the relevant CashKaro platform. This will, in return, help them receive cashbacks. Besides, these partners are also having rural reach and gaining new shoppers from the Tier 3 and Tier 4 towns of India.
Bankkaro
BankKaro is a user-focused platform for finding credit cards and loans. It is the sibling of CashKaro. It rewards users across all applications with an emphasis on value and simplicity, which is consistent with CashKaro’s goal to give clients the greatest deals and most value in the financial services industry.
CashKaro – Business Model
CashKaro operates on a dynamic business model, seamlessly integrating cashback and coupons into the online shopping experience. CashKaro, the biggest cashback and coupon website in India, works with more than 1500 stores to give consumers the opportunity to earn actual cashback on purchases made via the app or website. This exclusive offer is available on well-known websites, including Mamaearth, Ajio, Myntra, Amazon, and more.
The foundation of CashKaro’s business strategy is affiliate marketing. Reputable e-commerce sites like Amazon, Myntra, Ajio, and Big Bazaar use CashKaro to grow their clientele. The online platforms give CashKaro a commission in exchange for this customer acquisition; this commission is usually a portion of the total order value.
This affiliate marketing strategy establishes a win-win situation for both online platforms and users. Users receive real cashback, while CashKaro maintains its position as a key player in affiliate marketing and online savings.
CashKaro – Revenue Model
CashKaro generates revenue through the below strategy:
CashKaro Store Network and EarnKaro: CashKaro derives 30% of its income from the CashKaro Store Network and EarnKaro, with the remaining share originating from its core platform, CashKaro.
Commission-based Earnings: In acknowledgment of its pivotal role in customer acquisition, CashKaro earns revenue through a commission, typically a percentage of the total purchase value.
Strategic Advertisements for Revenue: CashKaro boosts its revenue by strategically deploying advertisements and campaigns, solidifying its crucial role in facilitating customer acquisition for online retailers.
CashKaro encountered pivotal challenges during its entrepreneurial journey. Building a cohesive team aligned with the company’s vision was a primary hurdle. The task of creating a user friendly platform that attracts and retains users posed another significant challenge.
Financial hardship increased due to the COVID-19 epidemic as e-commerce-centric business experienced failures. In response, CashKaro expanded into other educational markets, including UpGrad, Vedantu, Coursera, Udemy, and Byjus, in order to keep up with the changing market.
In conclusion, CashKaro was able to emerge stronger and more diversified as a result of adopting adaptive tactics to overcome obstacles in team building, platform development, and financial resilience.
CashKaro – Funding and Investors
Cashkaro has successfully raised nearly $30.3 million in funding to date over the five funding rounds it has witnessed.
Here’s a glimpse into the CashKaro funding.
Date
Round
Amount
Lead Investors
Nov 3, 2022
Series C
Rs 130 crore
Affle
Sep 15, 2020
Series B
$10 million
Korea Investment Partners
Jan 19, 2016
Venture Round
–
–
Nov 16, 2015
Series A
$3.8 million
Kalaari Capital
Jul 3, 2013
Angel Round
$750K
–
CashKaro – Growth
CashKaro’s noteworthy growth milestones are:
CashKaro has helped 5 million users save money as of January 2024.
It has a special coupon code for 1500+ retailers as of January 2024.
It has 17 million registered users as of January 2024.
It has crossed 18 million+ users as of 2021.
Till 2023, the company has paid over Rs 700 crore.
Financials
CashKaro Financials
CashKaro Financials
FY22
FY23
Operating Revenue
Rs 216 crore
Rs 249 crore
Total Expenses
Rs 233 crore
Rs 263 crore
Profit/Loss
Loss of Rs 15 crore
Loss of Rs 11 crore
Expenses Breakdown
Cashkaro total expenses rises from Rs 233 crore in FY22 to Rs 263 crore in FY23.
EBITDA
CashKaro Financials
FY22
FY23
EBITDA Margin
-7%
-2.8%
Expense/Rupee of ops revenue
Rs 1.08
Rs 1.06
ROCE
-28%
-6.4%
CashKaro – Advertisements and Social Media Campaigns
CashKaro Campaign
CashKaro and Owled Media joined forces to create three engaging ad films starring actress Genelia Deshmukh. The movies highlight the possibility for savings with the CashKaro app while offering an insight into the purchasing behaviors of Genelia’s fictional family.
In the first movie, following her father’s social media gaffe, Genelia goes on an unplanned internet buying binge and suggests CashKaro. In the second movie, Genelia suggests that her sister utilize CashKaro to pay for an upscale lipstick. In the last scene, Genelia’s husband is shown looking for a trimmer online, underscoring the app’s usefulness in optimizing savings in a variety of situations.
The popular CashKaro platform, which offers cashback and coupons, hopes to turn a profit in the next two years and reach 100 millionusers, as per a news report from November 2023. This strategic vision highlights CashKaro’s dedication to growing its market share and offering consumers exclusive bargains and profitable cashback chances, all the while navigating a path towards long-term profitability in the cutthroat world of online savings and affiliate marketing.
FAQs
What does CashKaro do?
CashKaro provides the finest offers, coupons, and deals, whether you’re shopping for mobile phones, tourism, clothes, or anything else.
Who founded CashKaro?
CashKaro was founded in 2013 by Rohan and Swati Bhargava, a husband and wife duo.
Where is the CashKaro headquarters?
The CashKaro headquarters are located in Gurgaon, Haryana, India.
How does CashKaro make money?
In exchange for introducing customers to the digital platforms, the platforms pay CashKaro a sales commission. This charge is normally a percentage of the order’s total payment amount. To bring customers to the e-commerce biggies, CashKaro uses affiliate marketing.
What is the CashKaro revenue model?
The CashKaro revenue model is dependent on its affiliate marketing business model, which allows users to share links to products and, in turn, receive exciting commissions. Around 30% of CashKaro’s revenues come from CashKaro EarnKaro and CashKaro Store Network, while the remaining 70% of its revenues come from CashKaro itself.
Fashion itself is a statement, and you put forth one when you promote a brand by wearing it. Adaptation of fashion sense has become crucial these days. Be it presenting yourself as a corporate bug, someone who is into rap culture, or simply going out on a date, the clothes you choose define you.
In a way, you are perceived by what you wear. Worry not, brands like Hennes & Mauritz, also known as H&M are here to save the day. Although the company was established way back in the day, it has been keeping up with the fashion and trends changing with generations.
The company has achieved a status around the globe in the fashion industry. It is not just clothes that the Swedish-origin company serves but also the related accessories. Be it the millennials who have an immense difference in taste, or the newly welcomed Gen Zs, H&M has got something for everyone.
The journey of this fashion brand began back in 1947, when Erling Persson opened his first store in Västerås, Sweden. This was a store called Hennes meaning ‘Hers’ in Swedsih and only sold women’s clothing. Later in 1964, Persson opened its first store outside Sweden and was situated in Norway.
Four years down the line, Erling acquired the hunting apparel retailer Mauritz Widforss. This was in Stockholm, with which the company’s name was changed to what it is today, with the sale of men’s and children’s clothing.
Headquarter and Operations
The current headquarters is located in Stockholm itself, while also covering 75 marketplaces around the globe. The company at present has 4,801 physical stores with a grand online presence too.
Target Audience
With the interest in fast fashion, the target audience that H&M serves are the customers who usually belong to the young generation. Meaning, the brand aims at millennials as well as caters to the needs of Generation Z. This includes both men and women with a main focus on women.
Key Products
Don’t get confused with the product category that is covered by H&M. Just because it is a fashion brand doesn’t mean it has got only shirts or pants, your wardrobe can be filled with variations in style.
From shirts & blouses, you can get trousers, dresses, jackets as well coats. With that, the brand has a range of jeans, shoes, sweatshirts, and hoodies. Most importantly, H&M even sells beachwear as well as swimwear. H&M is also famous for its fashion accessories such as purses, necklaces, and even scarves.
H&M – Why They’re Successful
Business Model of H&M
Different brands have different business strategies but usually stick to one or two. H&M has several models that cover a variety of segments.
Here is a brief understanding of how H&M’s business model works.
From customers looking for fashionable clothing at an affordable price, to the ones who are Eco-conscious customers, H&M covers everyone’s needs. The brand has a range of clothing for those who are fashion enthusiasts, with exclusive designs and unique collections.
Meanwhile, the brand also ensures that fashion is accessible to everyone and offers the latest trends at an affordable price.
The multinational fashion brand does not only think of its customers but also of the retailers. H&M collaborates with various stores and businesses. It even supports global retailers helping them to open franchised stores. This has gained H&M a strong status in the fashion industry and built a strong bond with their go-to partners.
As a brand, H&M represents a brand that values environmental ethics, luxury in these days of rising costs, and fashion that fits within everyone’s budget and taste.
USP of H&M
Hennes & Mauritz being a fashion brand has covered what is important for its audience as well as has garnered a huge market. The Unique Selling Point of H&M is simple and truly defines its idea of branding.
H&M aims at fashion for all. Meaning affordable fashion and also a trendy collaboration of chic, stylish clothes, with a twist of classic look.
The brand has got everything for everyone when it comes to fashion. For men, women as well as teenagers, you can choose from a vibrant collection. It even promotes its clothing and accessories for groups of people with purchasing power from high to medium.
Talking more about its USP, H&M offers a great combination of high-class brands, and classic fashion all at an affordable price.
It’s a huge franchise and it belongs to the fashion industry, there are certainly several ways to earn. And yes, H&M is one of the most buzzing brands. But talking more precisely, about H&M’s ways to earn money, we’ve made a perfect review for you.
Sales
Of course, sales are the foremost important niche to generate money for H&M. Clothing, accessories, and its home decor collection are the most important products that generate sales for H&M. These things are sold from both its online as well as physical store, so yes, the stores count too.
The sales made in its stores, online and physical both, make up most of its revenue. Then comes the franchise part.
H&M isn’t called multinational for nothing. The fashion brand partners with franchisees worldwide and has opened stores in several nations. With this idea, H&M has covered a huge market and has been earning money through its sale of franchises.
The brand collects fees from its franchises and in return, helps them with restocking the clothing products and other goods to sell.
Speaking of sales, H&M also sells its products to other retailers. This is how the brand expands its wings and reaches newer markets without even opening a store.
Net Sales of the H&M Group Worldwide From 2014 to 2022
Collaborations
H&M is known for collaborating with famous designers and celebrities. These are the special edition collections that create hype amongst its customer base and drag people to the stores. This is another strategy that increases the sales of H&M.
Other Initiatives
H&M is not the only brand that generates income. It even has other brands that cater to different tastes and markets. These brands include COS, Monki, and Weekday.
Similarly, the brand at its present state is exploring new and innovative ways to make money. It is trying to have a sustainable approach as much as possible. H&M at present is trying to present itself as a brand that has adapted to sustainable fabrics and caters to audiences that have the same taste.
H&M SWOT Analysis
Strengths
H&M has adapted fast fashion to its core. Meaning that it can turn the latest trends into affordable clothing in no time. It has also got a huge global presence, with its stores available in big cities and small towns. Similarly, the brand has a range of collections in the fashion industry. Be it clothes, accessories, or home decor, it has something for each of its customers.
The most recent one is its sustainable practice, with which it is trying to be more environmentally friendly. This has worked best while attracting customers.
Weaknesses
The first and most harsh would be the trend that could affect the brand if not taken care of. If at all, H&M misses out on what’s the trend that is attracting customers, this could heavily affect its sales.
Next would be the environmental lookout. Although the brand is doing its best to promote sustainable clothing, it is still facing a lot of criticism when it comes to the production method. Also, the dependency on its supply chain would affect its customer base. From production to delivery, everything has to be in process without any obstacles.
Opportunities
Although the brand has covered a huge market, it still has a chance to grow by entering the untapped market in several places, regions, and countries. It can collaborate with more designers. It can target new fashion designers and talent to create unique collections.
Threats
With the option of trendy fashion at high to medium rates, H&M still has huge competition. A few brands are selling clothes at much lower rates which could put the long-standing mission of H&M at risk. The economy could also affect the brand as people usually skip their spending on fashion accessories during an economic downturn. With all of that, tariffs put forth by countries and social media backlash are also the ones that could be a big problem for the growth of the brand.
Conclusion
H&M is a brand that is not just known for its fashion statement but also for its responsible behavior towards the environment. It has got a good hold of its stores worldwide, be it the physical stores or the online ones.
Moreover, the brand is always on the lookout for opportunities, and the moment it catches a proper trend where it could fit in, it starts similarly promoting itself. Everyone from almost every class can get a hold of what they need at H&M.
Be it sustainable clothing, or fashion that goes beyond expectations, H&M has got you covered with all.
FAQs
How many H&M stores are located worldwide?
H&M Group, a worldwide fashion and design powerhouse, boasts a presence in over 70 markets with 4,000+ stores and online retail spanning 60 markets.
What does the H and M stand for?
H and M stands for Hennes & Mauritz.
What is H&M known for?
The H&M Group presents a diverse portfolio of eight distinct brands, each embodying its unique identity. Their core business concept revolves around providing fashion and quality at the optimal price point.
Today we have the tools and technology for everything, whether it’s for business meetings, day-to-day tasks or even managing complicated business processes. And that’s done with workflow automation tools that will make the business processes a lot easier to manage for you.
Workflow automation is a technology that streamlines repetitive and time-consuming tasks, making work processes more efficient and productive. With the increasing demand for efficiency and productivity, workflow automation tools have become indispensable in streamlining tasks and processes, freeing up employees’ time to focus on more strategic work.
Some examples of workflow automation processes are given below:
Generating personalized reports monthly and sending them to a predetermined set of people.
Automating the employee onboarding journey, from recruitment to sending welcome messages and distributing forms for new hires.
Creating task assignments and setting reminders for due dates.
The right workflow automation software tools can help your team speed progress across tasks and projects and may even include built-in analytics to help you pinpoint inefficiencies. Most workflow automation tools provide a visual aspect where you can build workflows without coding or a lot of technical knowledge. Drag-and-drop, form, or flow chart setups make this software a great fit for marketers, salespeople, medical and industrial workers, and even educators. Many vendors also offer flexible customizations for small businesses and unique processes.
Automated Workflow Overview
You might be wondering how exactly workflow automation tools works. So, whenever a form is filled, user action is taken or any internal signal is given, this automated workflow tool transforms the whole data as per your instructions. This saves a great amount of your time by simplifying redundant and lengthy work. But, here’s a catch. What’s the best-automated workflow tool? To get the answer to that, you need to be clear about your preferences. Like, you need a tool that will help your team speed up and also, include built-in analytics in it.
The market is flooded with a wide range of workflow automation tools, making it difficult to choose the right one for your business. This blog aims to provide an updated overview of the best workflow automation tools for 2023, highlighting their key features, benefits, and pricing. Whether you’re a small business looking to automate your sales process or a large enterprise seeking a comprehensive workflow automation solution, this blog will help you find the best tool for your needs.
Best Workflow Automation Software Tools:
These 14 excellent workflow automation tools come with a visual aspect, to spare you from any coding or technical work and simply build the workflow. So, let’s check them out!
Topping our list, here is ProcessMaker which is an open-source workflow automation tool with minimal coding. The handling is pretty easy and helps you build approval-based workflows. The whole system of ProcessMaker is based on WYSIWYG, which stands for what-you-see-is-what-you-get, to help the user manage any industry. Plus, you get API access for the developers that help them customize the large organization and entangled processes.
Features of ProcessMaker
Visual interface that allows you to easily create and manage workflows.
Provides a powerful business rules engine to automate complex processes.
It helps you to assign tasks, set deadlines, and track progress in real-time.
It has the ability to manage cases and track their progress from start to finish.
Provides a centralized repository for documents and forms to support the workflow process.
Variety of process modeling techniques, such as flow charts, decision trees, and state diagrams.
Pros:
User guides and automation
API-access
Robust form builder
Configurable dashboard
Detailed reports and analytics
Cons:
Not interactive user interface
Poor support
Pricing Plan:
Plan
Pricing
Standard
$1,495/user/month
Enterprise
$2,479/user/month
Custom
Custom Price
Integrify
Website
www.integrify.com
Rating
4.6/5
Free Trial
Available
Platforms Supported
Web
Best For
Businesses with complex automation requirements
Integrify – Low-Code Workflow Management Platform
Next is Integrify, an automated low-code workflow management tool that adopts a service-based approach, and comes with assistance and consulting in process improvement. Integrify enables organizations to transform manual processes into intuitive user applications. This software is built to ease up your workflow and has a drag-and-drop editor as well.
Integrify is affirmative with its service-oriented model and its website includes examples for workflow and a guide for users, to begin with.
Features of Integrify
Process builder that helps to design the workflow with visual drag and drop functionality.
It supports the creation and management of tasks, including task assignments, due dates, and approvals.
Helps to create custom forms for data collection and storage, with options for data validation, formatting, and reporting.
Provides a custom portal to empower the users to track the progress of workflow.
Automatically sends email notifications to participants when tasks are assigned, or completed, or when a workflow has been triggered.
It allows you to add custom rules and conditions to workflows to meet specific business requirements.
Pros:
Custom Self-Service Portal
API integration
Single sign-on
Free process templates
Customizable reports
Live chat support
Cons:
Complicated user interface
Pricing is not disclosed
Pricing Plan
Integrify offers custom pricing plan, you can directly contact vendor to get a price quote.
Being an amazing cloud-based service platform, Kissflow supports both structured workflows (process/bpm) and unstructured workflows (case management). It helps user to create automated processes, task boards, cash flows with no coding requirements. It works pretty easily in comparison to other workflow automation tools. And rather than using the BPMN 2.0 notation, the Kissflow Workflow includes an intuitive visual builder that doesn’t need any expertise and comes with very easy handling.
Moreover, it offers a visual interface along with drag-and-drop features that help the users to build logic-based forms and pre-populated fields. Plus, you’ll get access to user management, ad-hoc reports, KPIs, and dashboards.
Features of Kissflow Workflow
It supports complex and multi-step workflows with different types of tasks such as approvals, comments, forms, and document uploads.
It can create and customize forms that can be used as a part of the workflow process.
Automatically assigns tasks to the relevant stakeholders based on predefined rules and conditions.
Offers a library of pre-built templates that can be customized according to the needs.
Provides real-time updates and status on tasks to ensure that everyone is aware of the progress of a workflow.
It provides collaboration tools such as comments, notifications, and in-app messaging to improve communication.
Pros:
Kissflow academy to learn process building
Proper documentation
Workflow testing environment
Mobile access
Advanced Reporting
User-friendly interface
Cons:
Hard to export reports to personal email
Doesn’t have copy/paste functionality
Pricing Plan:
Plan
Pricing
Small Business
$18/user/month
Corporate
$20/user/month
Enterprise
Custom Price
Nintex
Website
www.nintex.com
Rating
4.1/5
Free Trial
Available
Platforms Supported
Web
Best For
Businesses needing a powerful and scalable platform
Nintex – Powerful Automated Workflow Tool
When you’re looking for an intelligent automated workflow tool, Nintex is your holy grail! It comes with the process of collaboration as well as content management systems, which only makes it the best choice. Nintex optimizes processes and provides seamless collaboration for team members and integrated content. All these features help the users to streamline workflow processes with total ease. Plus, the pricing is very affordable and works for all: small, medium, and large businesses.
Features of Nintex
Provides a visual representation of the workflow process to manage it efficiently.
Advanced automation capabilities such as looping, conditional branching, and dynamic data extraction.
User-friendly interface that enables you to create workflows by dragging and dropping tasks onto a canvas.
It helps in creating, customizing, and publishing forms for data collection and data management.
Powerful reporting and analytics capabilities to monitor workflow performance and optimize processes.
It helps to manage and monitor end-to-end processes, process tracking, reporting, and analysis.
Pros:
Free trial is available
Workflow generator
The mobile app is available
Document repository
RPA Botflow to automate task
Live chat support
Pre-built process map and workflow
Cons:
Limited integration option
Lack of learning resources
Pricing is little bit higher
Pricing Plan
Nintexoffers custom pricing plan, you can directly contact vendor to get a price quote.
Flokzu
Website
www.flokzu.com
Rating
4.8/5
Free Trial
Available
Platforms Supported
Web
Best For
Easy to use and affordable workflow automation platform
Flokzu – Business Workflow Management & Automation Tool
Flokzu is a cloud-based business workflow management and automation software designed to help organizations automate and streamline their processes. It offers features such as document management, workflow management, task management, and reporting, among others. It aims to help organizations to improve their productivity, reduce manual errors and make decision making easier. If you need help getting your workflow set up, Flokzu offers a range of templates for inspiration. The platform’s user-friendly design, customizable forms and analytics abilities enable users to set up, track and manage all their business processes and workflows.
Features of Flokzu
Provides you with the ability to control who can access and edit specific parts of the workflow process.
You can create custom forms to capture data, information, and documents relevant to the workflow process.
It helps to assign tasks, set due dates, and monitor task status in real time.
Sends automatic notifications and reminders to help you stay on track with your workflow tasks.
It allows you to upload, store, and manage all your business-critical documents in one place.
Facilitates collaboration between team members and allows them to share documents, communicate, and provide feedback on tasks.
Building enterprise-level applications using several integrations
Quixy, Workflow Automation Software
Quixy, a cloud-based no-code workflow automation software, can help streamline processes. By using it, you can streamline your workflows and build enterprise-level applications customized to meet your company’s needs. This software features an easy-to-use drag-and-drop application builder that can help you create custom applications in just five steps. This automation software offers 3000+ Zapier integrations, and it can be integrated with any external application using API integration.
Features of Quixy
It sends notifications to relevant users when a task is approved or rejected for efficient task management.
It enables you to create dynamic forms for data collection and approval processes.
Customizable workflows to meet specific business requirements, such as the addition of custom fields, business rules, and approval processes.
Helps to monitor and evaluate the performance of workflows.
Integration with other tools such as Google Drive, Salesforce, and Slack.
Pros:
14-day free trial
The mobile app is available
40+ charts and report
Configurable dashboard
Quixy Academy course to help you learn the software
Live chat support
Multi-factor authentication
Cons:
Poor user interface
Pricing Plan
Plan
Yearly Price
Solution
Custom Price
Platform
$20/user/month, billed annually
Enterprise
Custom Price
ClickUp
Website
Clickup.com
Rating
4.7/5
Free Trial
Available
Platforms Supported
Web, Android, iPhone/iPad
Best For
Teams that want to work smarter and more efficiently on a masterfully intuitive platform
ClickUp – Workflow Automation Tool
ClickUp is well-rounded project management software that includes all sorts of functionalities for your business such as time management, process, and task. It also includes mind maps that help you plan projects and tasks easily. You can create your to-do list, sub-items, and all kinds of checklists here.
With ClickUp, you can streamline repetitive tasks and establish effective procedures. This tool offers customizable process templates to suit your individual tasks and business requirements. It can be used to automatically assign tasks, post comments, alter statuses, and many other actions. Furthermore, ClickUp integrates with external applications such as Dropbox, Slack, Bugsnag and GitHub.
Features of ClickUp
Set up approval workflows to streamline the decision-making process and keep track of approvals.
Automatically assign, prioritize, and categorize tasks based on user-defined rules and triggers.
Custom field creation to store additional information about tasks and use them in automation rules.
You can create approval workflows that automatically send tasks for approval when a certain condition is met.
Custom notifications to automatically inform team members of task updates, deadlines, and other important events.
Prebuilt templates to quickly and easily create new workflows.
Another easy-to-use workflow automation platform is Pipedrive, which comes with various amazing features. This pipeline management platform makes it very easy to manage and keep track of your sales effort using a drag-and-drop sales pipeline.
Also, it makes the importing and exporting of data very easy from CRM software to Pipedrive. It helps you add data about deals, notes, leads products, activities, and others.
You can get sales leads transferred directly, from the custom chatbots and web forms to your pipeline.
Features of Pipedrive
You can set up automated email campaigns that can be triggered based on specific actions or conditions.
Provides an intuitive deal-tracking system that allows users to monitor the progress of each deal.
It offers a range of customizable workflows that can be customized to meet the specific needs of businesses.
Provides an accurate sales forecasting feature that helps you to predict future sales.
It allows you to keep track of your daily tasks and prioritize them efficiently.
Reporting and analytics to track the performance of the sales and marketing efforts.
If you are searching for a flexible workflow management tool, ProofHub is the perfect choice for you. It’s an intuitive project management software that makes the work of project managers as well as teams, super flexible. And this makes it one of the most versatile software solutions that exist for workflow management.
ProofHub comes with tons of amazing features such as Gantt, discussion, chat, Kanban boards, custom workflow, measuring progress, online proofing, task management, time tracking, and many more.
But the best thing about ProofHub is that it runs for all kinds of businesses or teams. This simply means that it doesn’t matter whether you are a small business or a large enterprise, ProofHub will work fluently for both.
Features of ProofHub
Gives the option to customize roles and permissions for team members to control access to projects and tasks.
It offers a centralized repository for storing and managing project files and documents.
It helps in creating, assigning, tracking, and completing tasks easily.
Provides a centralized platform for team members to collaborate and communicate effectively.
Offers Gantt Charts for the visual representation of project timeline, dependencies, and progress.
Enables you to automate tasks, processes, and workflows to save time and increase efficiency.
Pros:
14-day free trial
Templates are available
Custom workflow
Huge range of integration
API Access
Custom reports
IOS and Android app is available
Cons:
Clunky user interface
Pricing Plan
Plan
Yearly Price
Monthly Price
Essential
$45/month
$50/month
Ultimate Control
$89/month
$99/month
Wrike
Website
www.wrike.com
Rating
4.3/5
Free Trial
Available
Platforms Supported
Web, Android, iPhone/iPad
Best For
Enhancing workflow driven by a powerful automation engine
Wrike – Work Management Platform
Wrike is a reliable work management platform that provides powerful workflow optimization capabilities. The automation engine automates daily business operations, eliminating tedious tasks and saving time.
Wrike has integration capabilities with more than 400 cloud and on-premises applications, including, but not limited to, CRM programs, emails, chat, file storage systems, and business intelligence solutions.
Being a fast-growing private corporation, Wrike comprises thousands of new customers on board every year and has stable annual growth. In fact, this software is so popular that it has worldwide customers, including some famous brands as well such as PayPal, Citrix, Hootsuite, Hubspot, and many more.
Features of Wrike
You can track time spent on tasks and projects, and generate reports to help with budgeting and invoicing.
Wrike integrates with a variety of third-party tools including Zoom, Slack, and HubSpot.
In-depth reporting and analytics to help you understand how your team is performing and identify areas for improvement.
It allows you to manage tasks, assign responsibilities, and track progress from one central location.
You can create projects, set deadlines, and track progress with real-time updates.
It allows you to add custom fields to tasks and projects to capture additional information that’s important to your team.
Pros:
400+ integration options
Help Center to learn
Mobile app is available
Different templates are available
API Access
Free plan is available
Cons:
Gantt chart is average
Interface is clunky
Pricing Plan
Plan
Monthly Price
Free
$0/month
Team
$9.80/month
Business
$24.80/month
Enterprise
Custom Price
Pinnacle
Custom Price
Snov.io
Website
Snov.io
Rating
4.5/5
Free Trial
Available
Platforms Supported
Web
Best For
Providing automated workflow capabilities to meet your CRM and marketing needs
Snov.io – Outreach Automation Platform
Those in the B2B Saas industry are quite familiar with the functionality of Snov.io, which is an outreach automation platform, comes with features like lead generation, email sending and tracking, deal management, and email verification. This software makes it very handy to scale the outreach process through personalized triggered email drip and enhance your conversions. Plus, it helps you in assisting your team in functions like verifying contacts, finding more leads, automating cold outreach, and tracking your lead’s progress.
In addition to this, Snov.io offers a free CRM that comes with the purpose of building custom pipelines, growing revenue without over-expenditure, and managing deals. The user can simply sync their data with more than 2,000 sales and marketing tools to gain complete control of workflow automation applications.
Features of Snov.io
Provides a suite of automation tools to help streamline your workflow, including autoresponders, triggered emails, and more.
It allows you to schedule your email campaigns in advance, so you can focus on other tasks while your campaigns are running.
Provides a platform to create and automate email campaigns, which can be used to reach out to potential leads and prospects.
It offers a comprehensive lead generation tool to help you find and collect the contact information of potential leads.
It ensures that your email list is accurate by verifying each email address.
It tracks all your emails, including open and click-through rates.
Building entire workflows using several integrations
Snov.io – Outreach Automation Platform
Zapier is amazing workflow automationsoftware with a simple interface and easy app connections that works great for marketing and project management users. A few years back, in 2016, Zapier came up with multi-step Zaps that enhanced its functioning and allowed users to create complete workflows through more than 500 integrations, from project management to email marketing. The primary advantage of using Zapier is its ability to integrate with virtually any application from email marketing and document sharing to social media and project management at no cost. Zapier offers a “free forever” plan that gives access to ongoing applications and 100 tasks per month.
Features of Zapier
It can trigger workflows based on specific events, such as a new email in Gmail, a new task in Trello, or a new lead in Salesforce.
It has a simple, drag-and-drop interface that makes it easy for anyone to automate workflows.
It allows you to create custom actions that can be triggered by events or by manual intervention.
Enables you to build multi-step workflows that can run automatically based on triggers.
It has pre-built action templates that can be customized to meet specific needs.
Easily integrates with task management apps like Trello and Asana to automate the creation of tasks and tickets.
Pros:
Automation across 5000+ apps
Multi-step workflow
Easy-to-use interface
Zapier university to learn
Free forever plan is available
Free trial on paid plans
Live chat support
Cons:
Steep learning curve
Pricing Plan
Plan
Monthly Price
Starter
$29.99/month
Professional
$73.50/month
Team
$448.50/month
Company
Custom Plans
Comindware Tracker
Website
www.cmwlab.com
Rating
4.5/5
Free Trial
Available
Platforms Supported
Web
Best For
Non-technical users to design, run and modify processes
Comindware Tracker or CMW Tracker is a cloud-based workflow tool designed to connect people, data, and processes to streamline everyday business operations without the need for coding. This solution offers comprehensive features for approval and change management, customer request management, and issue tracking.
CMW Tracker is widely famous among e-commerce businesses and educational facilities for its low-code requirements for functioning. The document and task-based workflow of Comindware Tracker are specifically designed for those business processes which are less served by structured systems.
You can easily transfer workflow from desktop to mobile and the drag-and-drop builder comes with an outlook/excel aesthetic that allows smooth onboarding.
Plus, its cloud and on-premise deployment features make it a safe and secure option for financial and highly-regulated medical organizations.
Features of Comindware Tracker
You can deploy this software on the cloud or on-premise based on your choice.
It allows you to create custom workflows to match your specific business needs and processes.
Document management system that allows you to store and manage documents in one central location.
Provides a centralized platform for managing tasks and projects, with features such as task delegation, reminders, and prioritization.
Real-time reports and analytics to track progress and make informed decisions.
Enables teams to collaborate in real-time, regardless of location to manage projects and tasks.
Pros:
Live chat support
Reporting and analytics
Configurable web forms
Trial is available
Graphical workflow builder
Cons:
Pricing is not disclosed
Limited learning resources
Poor UI/UX
Pricing Plan
CMW Tracker offers custom pricing plan, you can directly contact vendor to get a price quote.
Smartsheet
Website
www.smartsheet.com
Rating
4.5/5
Free Trial
Available
Platforms Supported
Web, Android, iPhone/iPad
Best For
Easy-to-use workflow automation interface
Smartsheet – Work Performance and Collaboration Platform
Smartsheet is a super easy and user-friendly work performance and collaboration platform that is based on the idea of an excel spreadsheet interface. Smartsheet has rapidly become a favorite business app for businesses due to its user-friendly interface, as well as its abilities to share files, generate Gantt charts, and automate workflows. It makes team planning, project management, and tracking very easy and quick. This tool helps you explore various automated actions and situations in a single workflow, as per your preferences.
Moreover, Smartsheet keeps reminding the team members of tracking and setting up the work on time. And not just this, you can also automate the update of work status and streamline the approval process.
Features of Smartsheet
Feature to share and collaborate on projects in real-time with team members.
Automates repetitive tasks and helps streamline work processes, reduce errors, and improve productivity.
Helps to keep track of assignments, deadlines, and progress.
Provides customizable templates for various types of projects and workflows, making it easier to get started.
Provides custom formulas and functions to help you automate complex tasks and perform complex calculations.
Ability to create custom forms for data collection and input.
Surely, the workflow automation tool makes your work management pretty smooth and productive. It includes all kinds of features needed for you to customize the workspace and handle every task and update with total ease. And in this article, you’ll surely get great help in deciding which workflow automation tool will work best for you.
FAQs
What is workflow automation tool?
Workflow automation tool is a software solution designed to automate repetitive and time-consuming tasks, streamlining work processes and improving efficiency and productivity.
What are the benefits of using workflow automation tools?
Workflow automation tools can increase efficiency and productivity by streamlining repetitive and time-consuming tasks, freeing up employees’ time to focus on more strategic work. They can also reduce manual errors, improve collaboration, and provide real-time visibility into work processes, allowing for better decision making and increased operational agility.
How to choose the best workflow automation tool?
To choose the best workflow automation tool, consider your specific needs and requirements, such as the types of tasks and processes you need to automate, your budget, and the size of your organization. Also, consider the tool’s ease of use, scalability, integration capabilities, and security features, and compare it to the offerings of other workflow automation tools to ensure you find the best solution for your business.
What are the key features of a good workflow automation tool?
A good workflow automation tool should have an intuitive interface, flexible and customizable workflows, integrations with other tools, and robust reporting and analytics capabilities. It should also be scalable, secure, and easy to use.
What is the need workflow automation software?
Workflow automation software is needed to increase efficiency, reduce manual errors, and streamline repetitive and time-consuming tasks in organizations. It can help organizations keep pace with the fast-paced business world, allowing employees to focus on higher-level work, improve collaboration, and drive better results.
What are the real-world applications of workflow automation tools?
Workflow automation tools can be used in a wide range of industries and applications, including project management, customer service, HR, and sales. They can automate tasks such as data entry, approvals, and other administrative processes.
What is content management system?
A content management system is software used to create, manage, modify and publish content on digital platforms.
What is email marketing?
Email marketing is a form of direct marketing that uses electronic mail as a means of communicating commercial or fundraising messages to an audience.
This article has been contributed by Sonakshi Pratap, Co-founder and CEO, leadzen.ai.
Customer segmentation is an important strategy for leading firms toward success. Businesses can improve precision by using a well-defined segmentation plan. They may adjust their products, marketing campaigns, and customer experiences to certain niches, providing a more personalized experience for their customers.
Businesses must use segmentation to cater to their audiences’ individual needs, interests, and aspirations. By doing so, individuals can boldly embark on an effective path toward their objectives.
Tech Target defines Customer segmentation as “the practice of dividing a customer base into groups of individuals that have similar characteristics relevant to marketing, such as age, gender, interests, and spending habits.”
Companies that use customer segmentation understand that each customer is unique and therefore targeting all consumers with the same technique is ineffective. Instead, the organization’s marketing efforts would be more effective if they targeted particular, smaller groups with messaging that customers found relevant.
Understanding the Importance of Customer Identification and Segmentation
Customer identification in the SaaS industry is not just about understanding who your customers are; it’s about building a deep and evolving understanding of their needs, behaviours, and expectations. LinkedIn shares that 80% of companies that use market segmentation report increased sales. Do you know why? Following are some main reasons why customer identification is important in SAAS:
Tailored Solutions
SaaS offerings are diverse, and one size rarely fits all. Research shows that 10% to 15% more revenue is generated by businesses that tailor their offerings to customer segments than by those that don’t.
Customer identification allows suppliers to better grasp their target audience’s specific wants, difficulties, and preferences. This allows them to personalize their solutions to unique requirements, giving more value to clients.
Effective Marketing and Communication
Customer identification is essential for targeted marketing efforts. Understanding your audience’s demographics, behaviours, and preferences allows you to communicate more precisely and effectively. It guarantees that marketing efforts reach the intended target, resulting in improved engagement and conversion rates. 49% of participants in a study stated that they purchased something on impulse when it was presented to them with a personalized message.
Customer Retention
In a subscription-based business, such as SaaS, customer retention is just as important as acquisition. Customer identification assists in identifying the aspects that influence customer happiness and loyalty. Providers can then deploy tactics to alleviate pain areas, reduce churn, and build long-term connections.
Knowing the intricacies of your customer base guides product development. Customer identification ensures that new features or updates align with the evolving needs of users.
A recent study shared that using personas makes 90% of companies more knowledgeable about their customers and their bottlenecks, which can lead to more growth. This customer-centric strategy improves the chances of successful product launches while lowering the risk of spending on features with low demand.
Data-Driven Decision-Making
In an age where data is a strategic asset, customer identification allows for data-driven decision-making. By constantly monitoring client data, SaaS providers may make informed judgments about product enhancements, marketing strategies, and overall business direction.
Competitive Advantage
The Campaigns that are segmented had 14.31% higher open rates and saw 101% more clicks than non-segmented campaigns.
Thus, it is safe to conclude that customer-focused SaaS companies gain a competitive advantage. They stand apart in a congested market by continually providing solutions that properly fit consumer needs. Positive client experiences and word-of-mouth recommendations are important growth drivers.
Personalization Data Companies Use for Customer Profiling 2023
5 Ways To Master Customer Identification And Segmentation
Now that we’ve understood how a good customer identification and segmentation strategy helps your SAAS business let us now take a closer look at 5 ways to master customer identification and segmentation.
Crafting Comprehensive Customer Personas
Customer personas are the foundation of effective customer identification. Dive deep into the characteristics that define your ideal customers. The four of most common segmentation criteria are demographics, geographics, psychographics, and behaviour.
Beyond basic demographics, consider work duties, problems, and objectives. Use data to construct detailed personas that act as living documents, evolving with market dynamics.
Segmentation Strategies for Precision Targeting
Segmentation is the key to providing individualized solutions. Use behavioural data, usage trends, and customer interactions to divide your audience into groups with comparable needs.
A recent study states that on average, companies will use 3.5 different segmentation criteria. By doing so, companies enhance the applicability of their offerings, addressing specific pain points for each segment. The more segmented your customer profiles are, the more likely to be more precise with your offering.
Utilizing Machine Learning for Dynamic Profiling
In the era of AI, machine learning algorithms can significantly enhance customer profiling. These algorithms analyze vast datasets to identify intricate patterns that human analysis might miss. Some tools like Lusha and Leadzen.ai have robust algorithms that help you in doing so. Machine learning-driven profiling ensures real-time adaptability to shifting customer preferences.
Data-Driven Personalization for Enhanced User Experience
Personalization is a cornerstone of effective customer identification. Data Axle shares that 74% of marketers believe focused personalization can improve total customer engagement, and personalized communications result in 6x greater transaction rates. So use data insights to personalize user experiences, ranging from bespoke interfaces to personalized content recommendations. This not only increases client satisfaction but also promotes brand loyalty.
Measuring and Refining Identification Strategies
Customer identification is an iterative process. Implement robust metrics to assess the efficacy of your strategies. Key performance indicators (KPIs) should be consistent with your business objectives, such as customer retention, acquisition, or upselling. Review and modify your identification procedures regularly using performance indicators.
The Future Landscape of Customer Identification in SaaS
Ultimately, perfecting customer identification in SaaS requires continuous refining and adaptation. By embracing data-driven insights, employing sophisticated technologies, and remaining attentive to client dynamics, SaaS providers can position themselves for long-term success in a competitive landscape.
Companies benefit from understanding each group’s unique needs, desires, and pain areas. With this knowledge, firms may create products and services that are specialized to these specific segments, boosting the likelihood of meeting or exceeding customers’ expectations
Paytm company has become the talk of the town these days as RBI is cracking down on its business operations. Those in the know say that the Reserve Bank of India’s technical audit exposed accounting and supervisory issues caused by data and money traffic flows between the highly regulated Paytm Payments Bank Ltd. and the rest of the Paytm universe. According to those who asked not to be named since the issue is private, the regulator had previously notified Paytm about these problems, but they have not been remedied.
Those in the know also alleged that the regulator became concerned about the bank’s and Paytm’s shared management structures. They noticed that the same group of senior executives were representing both the bank and the fintech firm as a whole, which raised concerns about possible biases.
Citing ongoing noncompliance and supervisory concerns, the Reserve Bank of India (RBI) issued an order to Paytm Payments Bank, a subsidiary of Paytm and 49% owner of the parent firm, on January 31, 2024, ordering it to cease operations, including its popular mobile wallet business. The part of the bank that handles payments for the massive Paytm brand was ordered by the regulator to cease all banking operations as of February 29.
Stock in the affiliated company, One 97 Communication, fell below 20% the day after the Reserve Bank of India (RBI) forbade Paytm Payments’ Bank from accepting deposits and conducting credit transactions, including top-ups, in any customer accounts, wallets, FASTags, or other instruments after February 29.
On the National Stock Exchange, the stock price plummeted 19.99%, reaching Rs 609. On the BSE, it dropped 20% to Rs 608.80, its lower circuit limit. Following many brokerages’ downgrades of the stock, the company’s market capitalization dropped 9,664 crore rupees to 38,664 crore rupees in early trade.
According to an analyst call by One97 Communications, the parent company of Paytm, the company is collaborating with partner banks to expand its financial services and payments business. The CEO and creator of Paytm, Vijay Shekhar Sharma, has stated categorically that the firm will reduce its reliance on its affiliate, Paytm Payments Bank.
“Marketing business services are not affected due to these directions,” Sharma said, adding that OCL and PPSL are already in the process of shifting nodal accounts to other banks. Companies will collaborate with major banks, according to Milind Deora, president and group financial officer, who also offers these services to other consumer-facing businesses.
Fintech Players Supporting Paytm
Despite RBI’s strong crackdown on the fintech firm, many fintech players have come out with strong support for Paytm. There has been a lot of support for the Paytm founder from other company founders and VCs.
Some members of the startup community have spoken out against the RBI, claiming that it has an unsupportive attitude towards financial technology companies.
Following a protracted period of non-compliance with central bank regulations regarding customer due diligence, fund usage, and technology infrastructure, the Reserve Bank of India (RBI) has decided to block new deposits into Paytm Payments Bank accounts and other popular digital wallets starting in March.
Co-founder of BharatPe Ashneer Grover vented his anger at the RBI in a tweet, calling the limits imposed on Paytm “Doglapan.”
Extending his disappointment, Grover wrote on X “I don’t understand RBI. Clearly RBI does not want FinTechs in business – of late all regulations / moves are against Fintechs. Such moves will kill the sector altogether. The @FinMinIndia @nsitharaman @PMOIndia need to step in. Startups have been biggest creators of market cap and employment in last decade. Today IIM and IIT are struggling to place people – we as a country cannot afford such overreach ! Tom-Tom-Ing @UPI_NPCI to the world and punishing pioneers in the space is pure ‘Doglapan’ !”
I don’t understand RBI. Clearly RBI does not want FinTechs in business – of late all regulations / moves are against Fintechs. Such moves will kill the sector altogether. The @FinMinIndia@nsitharaman@PMOIndia need to step in. Startups have been biggest creators of market cap…
The prime minister’s office, the finance ministry, and Nirmala Sitharaman, the finance minister, are among the important authorities that Grover urged to swiftly resolve the issue because such regulatory restrictions could hinder the expansion of fintech in India.
Capitalmind CEO Deepak Shenoy was shocked by the RBI’s judgment and drew comparisons to the bank’s handling of the Yes Bank issue.
Paytm Experiences an Effect of ₹300-500 CR EBITDA
According to brokerage Macquarie, Paytm Payments Bank’s capacity to provide loan and payment products and retain customers will be significantly hindered by RBI’s restrictions.
Macquarie analyst Suresh Ganapathy noted, “We think revenue and profitability implications in the medium- to long-term could be significant and remain a key item to monitor. I couldn’t agree more.”
The RBI is essentially taking away Paytm’s PPI (pre-paid instrument) license, according to Ganapathy, since there is no immediate plan to fix the issues.
“Lending partners may reevaluate their relationships with Paytm moving forward due to the company’s poor standing with the regulator,” he added further.
One97 Communications and Paytm Payments Services Ltd’s nodal accounts must also be terminated by February 29, according to RBI’s Wednesday announcement.
Bipin Preet Singh, a visionary entrepreneur and the force behind MobiKwik, is a key player in the ever-changing world of financial technology. As the Managing Director, Co-Founder, and CEO of MobiKwik, Bipin has been crucial in transforming how India handles transactions, manages money, and adopts digital payments. His journey is a clear example of how determination, creativity, and a commitment to excellence can bring about significant change.
Bipin’s deep understanding of the evolving needs of the digital economy has guided MobiKwik to become a major player in the fintech industry. His leadership style, combining strategic foresight with hands-on involvement, has not only led MobiKwik to success but has also left a lasting impact on India’s fintech landscape.
Bipin’s role as the Managing Director, Co-Founder, and CEO of MobiKwik, along with being a Co-founder at ZaakPay, reflects his unwavering dedication to transforming India’s financial scene through innovation and inclusivity. His entrepreneurial spirit, along with a forward-thinking approach, has not only positioned MobiKwik at the forefront of the fintech industry but has also established him as a leader and influencer in the broader business community. As India embraces the digital revolution, Bipin’s vision and leadership are set to play a crucial role in shaping the future of financial technology in the country.
Exclusive chat with Bipin Preet Singh, Co-founder & CEO, Mobikwik
Bipin Preet Singh – Biography
Name
Bipin Preet Singh
Born
16 June 1980
Nationality
Indian
Education
B.tech in Electrical Engineering, IIT Delhi
Position
Managing Director, Co-founder, and CEO of MobiKwik
Bipin was born on 16 June 1980. He is married to Upasana Taku.
Bipin Preet Singh – Early Life
Bipin Preet Singh embarked on his professional journey by earning a B Tech in Electrical Engineering from the prestigious Indian Institute of Technology, Delhi, spanning from 1998 to 2002. In the initial phase of his career, he served as a Senior Design Engineer at Intel from 2002 to 2005. Here, Bipin played a pivotal role in the Whitefield project, Intel‘s groundbreaking server microprocessor design initiative in Bangalore. Starting in a 30-member team, his expertise in comprehensive hardware design expanded, encompassing logic and circuit design, formal modeling, and verification for a high-end x86 server microprocessor.
Following his stint at Intel, Bipin transitioned to a role as a Training Facilitator at Janaagraha in 2006-2007, contributing to the creation of India’s first citizen awareness program for the youth. His focus was on motivating individuals, particularly students and young IT professionals, to actively engage in the democratic process beyond just voting. The impact of his efforts is evident in one of the students he trained, who later led the renowned Jaagore campaign.
In 2006-2007, Bipin served as a Platform Architect at NVIDIA, collaborating with the global architecture team on media and communications processors. During this period, he fine-tuned a high-end memory controller for post-silicon performance and played a key role in developing the architecture for storage technologies such as RAID and SATA/AHCI. Subsequently, he took on the role of SoC Architect at Freescale Semiconductor from May 2007 to June 2009. Here, his focus was on multimedia and memory technologies for handheld devices, showcasing expertise in generating and analyzing performance models and proposing innovative features for Motorola chipsets.
Bipin’s entrepreneurial journey began in August 2009 when he founded MobiKwik, where he currently serves as the CEO. Over the past 14 years and 7 months, he has dedicated himself to building disruptive technologies that make financial services affordable and accessible to 500 million Indians, marking a remarkable trajectory in his career.
Bipin Preet Singh – Career
Bipin Preet Singh’s journey embodies the spirit of entrepreneurship. Growing up in India, he began his career fueled by a passion for technology and a talent for spotting business opportunities. Early on, Bipin recognized the potential of digital payments and aimed to create a platform to simplify and transform financial transactions. In 2009, alongside co-founder Upasana Taku, he established MobiKwik with a vision to make digital payments accessible to every Indian, marking the start of a transformative path.
Under Bipin’s leadership, MobiKwik has become a pioneer in digital payments and financial services. The company has played a crucial role in promoting digital transactions in India, providing services such as mobile recharges, bill payments, digital wallets, and more. Bipin’s commitment to financial inclusion is visible in MobiKwik’s initiatives to empower millions of users, particularly those in underserved areas, with convenient and secure digital payment solutions. His strategic vision has guided MobiKwik through the challenges of the fintech industry, adapting to evolving consumer preferences and technological advancements.
Bipin Preet Singh’s noteworthy accomplishments include guiding MobiKwik through different growth phases, securing significant funding, and forming strategic partnerships. His skill in attracting investment and building alliances with key industry players has not only helped MobiKwik grow but has also established the company as a crucial player in India’s digital economy. With a deep understanding of market dynamics and a focus on innovation, Bipin has successfully led MobiKwik to expand its services, introducing digital credit, insurance, and wealth management.
Bipin’s influence goes beyond the boardroom, he actively engages with the broader fintech community, sharing insights and contributing to discussions about the future of digital finance in India. His thought leadership is evident in public appearances, where he advocates for policy changes and technological advancements that can drive the growth of the fintech sector. Bipin’s dedication to fostering an ecosystem of innovation has not only helped MobiKwik but has also played a role in the overall development of India’s digital infrastructure.
In 2012, MobiKwik introduced a digital wallet system allowing users to deposit money online for bill payments and more. Teaming up with CashCare in May 2016, MobiKwik started offering small loans ranging from ₹500 to ₹2,500. The MobiKwik Lite mobile app was launched in November 2016, catering to users with older 2G mobile networks and those in areas with limited internet connectivity. By that time, the company had over 1.5 million merchants and 55 million users. Following the demonetization of Indian banknotes in November 2016, MobiKwik saw a 400% surge in financial transactions by late December 2016.
In February 2017, MobiKwik shared plans to invest about $45 million to increase its user base from 50 million to 150 million in 2017. By June 2017, Paytm and MobiKwik jointly accounted for 80 percent of India’s mobile wallet transactions market. In 2019, MobiKwik expanded its services internationally through a partnership with DT One. Also in 2019, the company diversified its offerings by providing loans, insurance, and investment advice.
On February 25, 2021, an Indian security researcher named Rajshekhar Rajaharia asserted that a hacker group named Jordandaven had taken the KYC details of almost 100 million MobiKwik users from a company server and posted them for sale on the dark web. The company, on March 4, 2021, refuted the claim and declared its intent to take legal action against the researcher. Subsequently, several independent researchers and users confirmed the availability of their MobiKwik data online. On March 30, 2021, TechCrunch reported that the company was hiring a third party to conduct a forensic data security audit.
Bipin Preet Singh – Achievements and Recognitions
Bipin is widely acknowledged as one of India’s top tech founders. In 2016, he made it to the ‘Fortune 40 under 40’ list of Indian entrepreneurs. Additionally, in 2018, he was recognized in the ‘Economic Times’ 40 under 40′ list of India’s prominent business leaders.
Bipin Preet Singh is the Co-founder, Managing Director, and CEO of MobiKwik.
What is MobiKwik about?
MobiKwik, India’s top digital banking platform, offers diverse financial services for both consumers and merchants, encompassing payments, digital credit, and investments.
What is MobiKwik used for?
MobiKwik has broadened its scope to cover various use cases, spanning bill payments, eCommerce, food delivery, petrol pumps, major retail chains, pharmacies, and local Kirana stores. Their platform facilitates peer-to-peer transactions through the Unified Payment Interface (UPI), MobiKwik Wallet, and seamless transfers from MobiKwik Wallet to banks.
Top 3 winners will receive prizes worth INR 10 Lakhs, 5 lakhs, and 3 lakhs respectively,
New Delhi, 2nd February 2024: Zomato, India’s food ordering and delivery platform today announced a ‘Plastic-Free Orders Packathon’ in collaboration with Startup India to encourage innovation in sustainable packaging for food delivery orders. The Packathon is a competition for startups to showcase food delivery sustainable packaging options for restaurants catering to online food orders.
Anjalli Ravi Kumar, Chief Sustainability Officer, Zomato said “Zomato is deeply committed to reducing the environmental impact of food deliveries. In September 2023, we began to recognize restaurants that have adopted sustainable packaging materials for food deliveries via a ‘Plastic-Free Orders’ banner. The program is live in 8 cities and 3.6 million orders have been recognized as plastic-free till December 31st, 2023.The program surfaced the fact that many national restaurant chains have adopted paper-based or bagasse-based packaging. Standalone, mid-tier and budget restaurants, especially those outside metro cities, are struggling with the availability of affordable and functional alternatives to plastic packaging for their deliveries. The problem is particularly acute for restaurants specializing in gravy-based cuisines with multiple condiments and accompaniments. We believe focused innovations hold the answer to this problem and the Packathon is a way to surface and recognize Indian innovators.”
Zomato Plastic-Free Orders, Packathon
Aastha Grover, Vice President, Startup India said, “The launch of Zomato Plastic-Free Packathon is a testament to our shared commitment to helping Indian businesses and citizens transition to sustainable practices. Given the burgeoning issue of plastic pollution, this initiative is a clarion call to all Indian startups to innovate and devise sustainable packaging solutions for food delivery that can significantly reduce plastic usage. This challenge presents a unique opportunity for Indian startups to showcase their ingenuity and contribute to a new era of sustainable consumption. As part of Startup India’s mission, we are excited to facilitate and support innovative solutions that will preserve our planet for future generations.”
Open to all DPIIT-recognized start-ups, the deadline for application submission to the Packathon is February 29th. The top three winners will receive prizes worth 10 Lakhs, 5 lakhs, and 3 lakhs respectively, in addition to receiving the opportunity to showcase their solution to Zomato’s restaurant partners.
Zomato also recently announced its comprehensive 2030 sustainability goals, including, continuing to facilitate 100% plastic-neutral food delivery orders through voluntary recycling, and also facilitating the delivery of 100 million plastic-free food orders by 2025. Over the years, Zomato has undertaken various initiatives to reduce the environmental impact of food deliveries, through its 3Rs approach of ‘reduce, recycle and reward’.
In 2021, the company made ‘Do not send cutlery’ the default option on its food ordering and delivery app, giving customers the option to ask for cutlery, only if they needed it. Over the past two years, this simple initiative has cut cutlery waste by 1,000 MT or 1 million kilos. In FY 23, Zomato recycled 20,000 MT of plastic waste – more than 2X the weight of plastic used by restaurant partners to package orders received through Zomato. In 2023, the company launched a recognition program for restaurant partners who make the switch to plastic-free alternatives for their Zomato deliveries.
About Zomato
Launched in 2010, Zomato’s mission is to provide better food for more people. Zomato is a restaurant search & discovery and food ordering and delivery platform.
About Startup India
Startup India is a flagship initiative of the Government of India, intended to catalyze startup culture and build a strong and inclusive ecosystem for innovation and entrepreneurship in India. Launched on 16th January 2016, the Startup India Initiative has rolled out several programs with the objective of supporting entrepreneurs, building a robust startup ecosystem and transforming India into a country of job creators instead of job seekers. These programs are managed by a dedicated Startup India Team, which reports to the Department for Industrial Policy and Promotion (DPIIT) under the Ministry of Commerce & Industry. Currently, there are 1,19,000+ startups recognised with DPIIT as a part of our initiative.
New Delhi (India), February 2: Raktim Singh is an experienced professional weaving his expertise into societal betterment in technology and innovation. Born in Gonda, Uttar Pradesh, Singh’s journey began under the shade of a tree, overcoming childhood struggles.
Armed with a B.Tech degree from IIT BHU, he entered the corporate realm in 1995, finding his niche in Infosys. A TEDx speaker and an Amazon Best Seller for ‘Driving Digital Transformation,’ Singh has become a thought leader on the intersections of FINTECH, Digital Transformation, AI, and ESG, among others. Digging deeper into Singh’s narrative, he shares, “I wish I had a mentor during my early years, someone who could guide me through understanding my strengths and weaknesses.” This revelation stems from his own experiences of self-discovery and a desire to bridge the mentorship gap for others.
Singh’s journey was only sometimes apparent; his initial reluctance to public speaking shifted when he won an impromptu event in college. Recognising the power of communication, he later embraced speaking engagements, becoming an advocate for overcoming self-doubt and embracing one’s capabilities.
Singh’s foray into writing and speaking revealed his passion for simplifying complex topics. “I love taking complex subjects, researching them thoroughly, and then explaining them in a way that a common person can understand,” he shares. His Amazon Best Seller and over 100 articles covering FINTECH, Digital Transformation, Metaverse, and Soft Skills for personal growth reflect this passion.
Reflecting on his mission and vision, Singh envisions a society where technology serves the greater good. With a focus on financial inclusion and a belief in the transformative power of technology, he strives to disseminate knowledge. “To me, technology should help us in social good,” he emphasises. His unique ability to navigate both macro and micro levels, simplifying intricate topics, positions him as a ‘Thought Leader’ aiming to deliver talks at forums like the ‘World Economic Forum.’
Singh’s impact surpasses the corporate arena. With a Hindi version of his book and articles on mediums like Medium and Finextra, he caters to a diverse audience. Corporate professionals with over a decade of experience find value in their insights in the financial, fintech, and technology sectors. Simultaneously, Singh serves the ordinary person eager to comprehend various technologies straightforwardly.
In Singh’s words, “I can relate at both the macro and micro levels, explaining complex topics in a simple way for the common person to understand.” This commitment aligns with his broader mission of contributing to societal well-being through his rich experience and deep knowledge in FINTECH and Digital Transformation.
As Singh envisions making a mark on the global stage, his efforts culminate in his desire to speak at the ‘World Economic Forum.’ He aims to bring about positive change through talks, articles, and a relentless pursuit of knowledge dissemination.
Not long ago, marketing personalization was limited to inserting someone’s first name in an email subject line. But the emergence of artificial intelligence (AI) is transforming personalization, enabling marketers to deliver tailored recommendations, content, and experiences customized to each individual.
AI and its underlying technologies like machine learning and natural language processing have become invaluable to marketing. As you’ll see in this article, AI marketing capabilities help businesses improve customer experiences, operate more efficiently, and gain a competitive edge.
While challenges exist, the customer behavior modeling benefits of AI marketing personalization cannot be overstated. Responsible development and oversight pave the way for realizing immense advantages.
Before looking at applications, it’s helpful to set a level set on what AI is and what it enables for marketing teams.
Artificial intelligence (AI) refers to software systems that can simulate human intelligence for tasks like visual perception, speech recognition, and decision-making. Major categories of AI include machine learning and natural language processing (NLP).
Machine Learning
Statistical models and neural networks trained on huge datasets to analyze inputs and predict outcomes without needing traditional programming. Machine learning empowers predictive analytics and customer segmentation modeling. It also aids personalization engines, forecasting and more.
Natural Language Processing
Focused on automated understanding and generation of human languages. Marketers apply NLP for applications like chatbots, voice search optimization, analyzing consumer sentiment, automated content creation and building contextual recommendations.
Powered by data and advanced algorithms, AI delivers key capabilities highly valuable for marketing:
Predictive analytics: Identifying trends and patterns in consumer behavior data to foresee outcomes
Automation: Streamlining repetitive tasks to reduce human effort
Personalization: Customizing content/recommendations for each individual based on preferences
Now it’s time to explore some of the ways AI personalization is transforming marketing.
Benefits of AI-Driven Marketing Personalization
Leveraging AI algorithms to personalize marketing delivers measurable improvements across the board, from strengthening customer experiences to boosting efficiency.
Hyper-personalized Customer Experiences
The greatest advantage of AI-powered personalization is the ability to provide tailored recommendations and content calibrated to each person’s preferences and interests. While marketers previously created a few generic customer segments, AI enables true 1:1 personalization, or hyper-personalization.
Tailored Recommendations/Content
Machine learning algorithms ingest purchase history, browsing behavior, and multiple other data signals to understand individual customer inclinations. They then generate product recommendations, custom web page layouts, email content, and other personalized experiences aligned with each person.
This precision dramatically lifts engagement rates and conversions. One study found that 56% of customers expect personalized offers and recommendations. Hyper Personalized mobile push notifications deliver up to 800% higher conversion rates. Personalized subject lines alone drive 29% higher unique open rates.
In today’s digital landscape, creating relevant personalized experiences is no longer just a “nice-to-have” — it’s virtually mandatory for winning and retaining customers. AI addresses this imperative.
Forecasted Global Market Value of Artificial Intelligence (AI) in Marketing
Competitive Edge
AI grants companies data-driven insights competitors lack, providing an intelligence advantage to make smarter decisions.
Predictive Analytics
Sophisticated machine learning algorithms unlock future visibility by detecting subtle patterns in volumes of historical data. Predictive analytics applications in marketing include:
Buyer propensity modeling: Scoring leads/accounts to focus sales efforts on those most likely to convert.
Customer lifetime value (LTV) prediction: Estimating long-term spending for each customer to guide investments.
Churn analysis: Pinpointing customers likely to cancel subscriptions/lapse and taking mitigating actions.
Market forecasting: Anticipating trends in consumer demand for new products and inventory planning.
These AI-enabled use cases produce actionable predictions, directionally improving marketing efficiency and results. And with consumer behaviors continuously evolving, predictive analytics will only grow more vital.
AI personalization dominates digital experiences, as the following examples illustrate:
Ecommerce Product Recommendations
Virtually every online retailer today displays purchase suggestions based on individual user histories, popular items, and trends.
For instance, when visiting Amazon, you’ll notice product recommendations with messaging like “Inspired by your Shopping Trends” or “Frequently Bought Together”. Powered by AI algorithms processing millions of customer interactions, these extremely targeted recommendations account for 35% of Amazon’s revenue.
Similarly, Netflix relies heavily on AI to analyze viewers’ content preferences and present custom-recommended shows/movies most likely to match their tastes. This personalization is a major factor in Netflix’s content consumption stemming from algorithmic recommendations.
Personalized Playlists
Music and podcast streaming services thrive based on playlists tailored to users’ listening habits. Spotify created a category called “Made for You” with algorithmically curated playlists updated daily, including Release Radar (new music based on artists you follow), Discover Weekly (new music based on your favorite tracks), and Daily Mixes.
This personalization drives nearly one-third of all listening time on Spotify. And the more people use Spotify, the better recommendations become.
Conversational Chatbots
Advances in natural language processing (NLP) allow AI chatbots to deliver personalized responses as though conversing with a human. They can answer common questions, recommend relevant products/services, and even place orders, streamlining shopping experiences.
For example, Sephora’s chatbot helper gives beauty tips tailored to customers’ skin types, color preferences, and purchase history. Over 70% of Sephora’s online chat conversations are fully automated by their chatbot, leaving human agents more time for complex customer issues.
Best Practices for Implementation
AI personalization clearly provides tremendous advantages. But succeeding requires an intentional, phased approach addressing people, processes, and technology.
Assessing Business Needs and Goals
The first step is honestly evaluating existing capabilities and desired outcomes. Are you struggling to create hyper-personalized experiences at scale? Do routine responsibilities limit strategic marketing initiatives? Set tangible goals for how AI personalization will progress key performance indicators like customer lifetime value or content engagement. Maintain a clear line of sight linking AI solutions back to actual business objectives.
Educating and Training Staff
Humans drive AI adoption. Marketers must comprehend AI abilities at a foundational level and receive proper training before automating the processes they manage. Reservations often stem from misunderstandings (like AI stealing jobs vs. augmenting productivity). Thoughtfully introducing AI through workshops or online courses reassures staff and makes integration smoother. Ongoing training is also crucial as algorithms continuously improve.
Starting Small with Pilots
An incremental rollout focuses on initial use cases where AI personalization can make the biggest material impact. Testing changes with small audience samples enables gathering feedback and fine-tuning approaches. Build upon pilots’ success, quantify ROI, and publicize wins across the organization. This logical sequenced strategy smooths the path to eventually permeating AI throughout marketing systems.
Monitoring Performance
The work doesn’t end once AI personalization goes live. You must closely track performance, measure against key performance indicators, solicit customer input, watch for technical issues, and keep strategies current. Agile marketing teams continually evaluate results, understand what’s moving the needle, and optimize accordingly.
AI allows coordinating personalized cross-channel campaigns matched to customer needs. It maps the broader journey from initial interest to eventual conversion. Then, it informs messaging consistency and timing across each step.
Connected AI layers enable sequential nurturing based on demonstrated behaviors and predictive intelligence. This closes more sales by meeting prospects with relevance at the right moments.
But effective orchestration takes more than channel quantity or even predictive analytics. AI provides qualitative insights through sentiment analysis to decode unspoken needs. It reveals emotional connections missed by data alone.
This emotional awareness creates two-way relationships via predictive empathy. AI graduates from simple personalization to data-driven intimacy. The result is magical moments harmonized across channels. And customers who feel truly understood.
Overcoming Key Challenges
Adopting emerging technology like AI inevitably involves hurdles around change management, responsible development, transparency, and more.
Privacy and Security Concerns
Protecting customer data is imperative, especially when leveraging AI algorithms dependent on collecting and analyzing consumer information. Privacy cannot be an afterthought. Prioritize data security from the start, minimize unnecessary data intake, allow consumers transparency into how you manage data, and ensure compliance with regulations like DPDP and GDPR. Earning trust around ethical data practices must underpin AI adoption.
Avoiding Bias in Algorithms
Left unchecked, AI systems can reinforce societal biases and exclusions, whether from imperfect training data or simply mirroring systemic prejudices. Form diverse data science teams, continuously review algorithms for fairness, and proactively mitigate prejudicial outcomes. Responsible AI must align with organizational values of equity and inclusion.
Maintaining Human Oversight
Despite advanced AI, humans must remain accountable for technology-driven decisions. Enable human monitoring of automated processes, establish guardrails where needed, and give staff power to override incorrect AI recommendations. Marketing leaders must encourage transparency around AI while nurturing organizational AI literacy.
The Future with AI Marketing
Looking ahead, AI will inevitably continue advancing and permeating marketing technology. Momentum clearly shows more investment into ever-smarter algorithms and even greater personalization capabilities.
As consumers themselves leverage AI tools for shopping and research, they’ll expect seamless brand experiences where each interaction feels tailor-made just for them.
Companies failing to continually integrate state-of-the-art AI put themselves at existential risk in the modern economy. Adopting AI provides the only path to keep pace with skyrocketing personalization standards and deliver the remarkable experiences customers demand.
The message is clear: AI is no longer just one component of marketing stacks. It must become the connective tissue unifying all systems to address individuals at a one-to-one level. Lean into this new era, where marketing finally realizes the full potential of AI to revolutionize personalization.
To Summarize
AI transforms marketing, delivering hyper-personalization at scale and actionable insights through data, all by automating rote tasks. So teams can focus on strategy and creativity.
The future is here. AI propels transparent and ethical marketing, building trust through responsible development and caring for customer wellbeing.
Adopting AI is now mandatory to keep up with ever-rising expectations. It provides a clear competitive edge to brands embracing new tech.
Get started with AI in steps. Prove value through measured pilots, then expand use cases over time. Put AI at your core and transform experiences, strengthen connections, and boost performance. The personalization era beckons and AI answers its call. Will you seize the advantage?
Preeti Karna
