CleverTap customers saw a 561% ROI according to a study by Independent Research Firm
MOUNTAIN VIEW, Calif. and MUMBAI, India, Nov. 9, 2023 /PRNewswire/ -- Customers of CleverTap, the all-in-one engagement platform, have seen a significant 561% return on investment (ROI), according to a Forrester Total Economic Impact™ (TEI) Study commissioned by CleverTap. The study investigates the potential ROI enterprises may realize by deploying CleverTap's platform. It highlights how CleverTap has helped brands deliver personalized and precisely timed interactions across various digital channels, improving user engagement and retention rates. By analyzing real-time user behavior, CleverTap enabled brands with more informed decision-making, leading to higher conversion rates and a better understanding of campaign performance.
The study identified the following quantifiable benefits (over a three year period) realized by a composite organization, comprised of interviewees with experience deploying CleverTap's platform:
- The composite organization experienced USD 8.1 million in benefits while incurring USD 1.2 million in costs. This resulted in a net present value (NPV) of USD 6.8 million and a significant ROI of 561%.
- Up to 30% improvement in customer retention. CleverTap's ability to identify user trends and analyze retention rates helps brands anticipate churn and accordingly curate engagement campaigns. The reduced churn and improvement in user retention are worth USD 5.5 million to the composite organization.
- Up to 50% improvement in click-through rates and 35% improvement in conversion rates. CleverTap's triggered campaigns ensure that messages are sent at optimal times, further increasing the likelihood of click-throughs and conversions. The increased click-through rates and conversion rates are worth USD 2.3 million to the composite organization.
- 8 FTE (full-time equivalent) hours saved daily when developing marketing campaigns. Using CleverTap, brands can create a unified cross-channel campaign and automatically adapt it to diverse regions or multilingual audiences with significant operational efficiency. The improvement in campaign efficiency is worth USD 113,000 to composite organization over three years.
- After investing in CleverTap, the composite organization is able to retire its homegrown point solutions, leading to a 20% cost saving which adds up to USD 238,000 over the course of the three-year analysis.
From a qualitative standpoint, the study also found that:
- Interviewees organizations that started using CleverTap's AI-powered assistant, Scribe, which is a part of the Clever.AI engine, were able to automate the creation of marketing copies and optimize their communication and user engagement strategies. Interviewees pointed out that they wanted to increase their usage of Scribe in the coming years.
- A/B tests help evaluate different iterations of a brand's marketing campaigns. This enables interviewees' organizations to optimize their go-to-market strategies.
- With insights into customer sentiment, organizations are able to evaluate and improve particular areas of customer experience.
- By leveraging CleverTap's solutions, the composite organization also experienced a significant boost in employee satisfaction. With technology taking over a lot of the mundane work, marketing teams are able to focus their energies on more strategic and impactful tasks.
Anand Jain, Co-founder and Chief Product Officer, CleverTap said, "At CleverTap, we're committed to empower businesses with innovative MarTech solutions, boost engagement rates on their platforms and maximize their customers' lifetime value. Brands require trusted MarTech partners who can support their marketing efforts and it's very reassuring to learn that our existing clients have successfully been able to achieve their business goals while providing an enhanced experience to their customers. As we continue to work towards offering cutting-edge technology to our customers, we ultimately aim to put the "tech" back in MarTech."
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