Smartphone adoption has skyrocketed in the APAC regions in the last few years. If you look at the number of mobile phone users worldwide, China and India occupy the top two slots on that list. Consumers in these countries turn to their mobile devices throughout their purchase journeys, and that’s great news for marketers. To cater to these mobile-first users, companies need to bring about a shift in their approach to customer engagement at all touch-points.
What factors define the mobile-first markets of Asia? What are some cutting-edge growth strategies that companies in these regions implement? What metrics should you focus on? We explored answers to some of these questions in our #GROWTH MIXER San Francisco with Anand Chandrasekaran, who’s an experienced product leader and an angel investor.
We are happy to share a summary of that discussion in this blog.
Anand has led teams that built products that impacted millions globally. He has the unique experience of leading product teams for Yahoo and Facebook in the US as well as unicorns in Asia such as Snapdeal and Airtel. Owing to his experiences with internet first companies on both sides of the globe, he brings an interesting perspective, comparing the business landscapes and trends of the West and the East.
In 2018 alone, China had 100 new unicorns, the number in India went from 8 to 26, with six new unicorns created in Indonesia - and these numbers just scratch the surface of Asian markets.
The center of gravity for mobile-first businesses has started to shift towards the East. A few years ago, every founder based in the Philippines, India, or Singapore would go to the Valley to learn from the US businesses. Today, everyone goes to Beijing, Shanghai, or Schengen to understand how new companies run and how consumers are operating on their smartphones. Even investors turn to China and other Asian countries. In fact, five out of the top 10 investors named in the Forbes Midas list have made their primary deals in China.
All businesses need to identify and measure the North Star metric that best captures the core value your company delivers to customers. Identifying the right business metric is perhaps the toughest and the most complex conversation within an organization. Nevertheless, it is of utmost importance as it impacts several business decisions at the highest level. It is a matter of what you want to see versus the reality. While the right metric depends on the respective business models, some examples are:
Take a look at these three real-life examples of companies who have successfully leveraged the North Star Metric.
1. 2-way Sends in a messenger platform
One of the world’s leading messenger platform uses 2-way sends as the North Star Metric. To determine engagement, they count the number of times that a user has messaged a business, and the company has responded. Similarly, they measure the number of threads where two people have messaged each other. This helped them avoid counting of Spam messages and focus on real interactions.
2. Daily orders minus returns minus cancellations in E-commerce portals
One of India’s biggest e-commerce marketplaces uses a North Star Metric- daily order minus returns. The company launched a new category of FMCG goods and saw their orders soar from 0 to 1000 in just three weeks. However, a closer look determined that the company was feeding the growth of small-time sellers who bought the company's goods at 70% discount and sold them to the neighborhood at almost 50% profit; plus they returned what they couldn’t sell within seven days. The daily orders minus metrics indicated that 85% of the orders were returned.
3. Song plays in a music subscription app
Wynk, a music subscription app in India had an entry pricing at 1/10th of the nearest competitor. Wynk’s team decided to use song plays as the North Star Metric for every feature they launch. This helped them determine that with the right programming and pricing, they could get people to shift from pirated music consumption to authorized channels for music consumption.
#GROWTH is an exclusive user engagement and digital growth community powered by MoEngage. Currently, #GROWTH includes over 500+ entrepreneurs, product owners, and growth marketers from 100+ digital and mobile-first brands in Asia.
Would you like to refer a friend or colleague to join our exclusive community of marketers and product owners?
Please send us an email to firstname.lastname@example.org. Don’t forget to tag your friend’s email while sending the request.
Built for the mobile-first world, MoEngage’ has transformed business startups in 35+ countries around the world with its customer engagement platform. We have helped companies successfully bridge the gap between analytics and marketing automation. Asia’s first and only company to feature in Gartner’s Magic Quadrant for Mobile Marketing Platforms, MoEngage is one of those few platforms that help companies make the most of their marketing efforts and accelerate growth.
Here are some ways in which you can use MoEngage and sharpen your marketing performance:
Want to know how brands like Samsung, McAfee, Gaana, Travelodge, Wynk Music, and Oyo Rooms use MoEngage for customer engagement?
Here are actionable resources we've curated for you!