Below is the edited transcript of his interview to CNBC-TV18.
Q: Technology plays a vital role in an e-commerce business. MakeMyTrip's service experience and delivery happens via technology. How do you use large amount of data in marketing?
A: Data is very important for any e-commerce company lead by technology. We get access to lot of customer information which starts from the time they start browsing our website to the time they browse over different sessions.
At the same time when they transact, share information with us via transactions behaviour and demographics. Later on, when we interact with them through our customer relationship management (CRM) surveys and e-mails, we are then able to create an entire eco-system of data about a particular customer and use it to the advantage which gives customers customize solution for their needs.
Q: Besides reach out and acquiring customers, do you also use data analytics to customize your packages and your services to create products especially for individual customers?
A: Yes. We use both kinds of analytics. One is predictive, which is forecasting that a particular type of customer based on the segmentation of affluence, age, city of residence is trending to go towards certain destinations and what type of breaks they take like short or more international breaks, so we analyse the trend.
We also validated with them through more surveys which happen through off-line e-mail marketing and then we create products which have potential to go with the taste of customers. That enables us to customize our products, solutions and cater to the needs of the customer based on past information. That helps us derive both values at our end as well as for the consumer.
Q: Earlier, MakeMyTrip said that hotels and packages as a revenue stream will become more important in the future compared to air fares which was the bulk of your revenue streams. Would data analytics and targeted marketing will be even more critical?
A: A product like hotels or holidays are high involvement products because customers will have experience about the stay or holiday experience, it is a function of what a customer is exactly looking from the company while an airline is a standard experience. So, it becomes important for us to use the data analytics that we get from consumer behaviour, both on airlines as well as on hotels and give them offerings which will suite to their needs, which are customized packages.
Q: We saw MakeMyTrip doing some focused advertising on television but what about online marketing. How important is that in terms of what proportion of your budget do you spend on online marketing?
A: We are spending a substantial portion of advertisement quota on digital marketing. With digital media we are able to target our consumer in a much better manner. From digital media we understand what a person is browsing on sites and accordingly we provide them with results based on his keywords on the search engine.
Here we get these people on board and it becomes very much possible for us to measure our ROI and give them specific targeted offers. While, we do realize mass media is very important in a country like India because we need to reach out the consumer and so we are investing aggressively in mass media. But the skew remains towards digital media.
Within digital, social is an important channel for us. It is important to an extent of driving engagement and awareness with the right kind of audience that we look up to. The advantage is that they are responsive to provide us the feedback as to what they plan to do in future. We also use this input to design our products and services and it is working very effectively for us.
Q: What are the challenges or pitfalls while using data analytics route with taking proper precautions?
A: If the data is correct then it is only advantageous. If the data has sanity, has correct information, based on actual real time, either transaction history or some information provided by them, it is just an upside because if you are able to customize the products and services which are lined up to the customers needs then both the customers are happy and they are able to transact much more. We see better conversion rates where the promotions which are targeted in using data analytics, so, I think there is only upside from here.
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