A Changing Digital Landscape
With 60% of customers expecting better digital experiences than before the Covid-19 pandemic, it’s integral for companies to create customer journeys that count. Businesses have always needed to provide a seamless online experience, but a new era of digitally savvy users means the pressure is truly on.
Substandard customer experiences remain at the root of many cross-sector challenges, from low customer retention scores to digital ad waste and poor return on investment (ROI). It is now much quicker and simpler for customers to switch to a new brand or provider if their current company isn’t offering the level of service they expect. Businesses that fall short of cultivating loyalty continue to be the most vulnerable.
Orchestrating a better customer experience is needed, with use cases a crucial tool for businesses across every sector. Use cases give businesses the insight they need to fully understand how potential interactions can shape and improve their customer relationships and identify key opportunities for attracting, engaging, and retaining high-value customer bases.
Gaining and Retaining Loyal Customers
For organizations with successful customer retention strategies, there are substantial financial rewards. By increasing customer retention rates by just 5%, companies can benefit from profit increases of up to 95%.
But the challenge for businesses is knowing how to retain customers. It’s not just about understanding the people using your services but actively predicting their wants and needs to continue delivering a relevant experience. Creating a single customer view is no longer sufficient.
Ultimately, there’s a difference between having data and leveraging data. Data collection only really offers 60% of the overall benefit. You need to know what a customer’s journey looked like before arriving at your product or service to unlock 100% of the data’s potential.
To leverage data efficiently, businesses should implement a customer data platform (CDP) that identifies and responds to behavior changes in real-time. CDPs that follow customer-focused use cases provide opportunities for businesses to truly connect, from delivering seamless onboarding processes to identifying valuable cross- and upselling possibilities.
Building Customized Solutions for Bespoke Customer Experiences
To continue moving forward in a competitive market, businesses must build and use automated platforms that make customers feel seen and heard.
Use cases that predict every step of a fruitful customer journey can help create platforms that instantly engage and enable seamless acquisition processes, tailored discounts, and post-purchase communications that keep customers coming back for more. When it comes to nurturing customer relationships, businesses cannot be complacent.
However, they must also recognize that there are variations in customer experience. This means treading carefully between unlocking the power of a templated program and shoehorning a one-size-fits-all solution.
For many organizations, the big question is: How can we quickly connect with our customers without compromising on the personalization of our interactions?
With NGDATA’s Intelligent Engagement Platform, businesses can offer real-time, trigger-based interactions that let customers choose the steps they take and offers they benefit from, creating a consistently relevant journey that rewards the customer and service provider.
Offering templated solutions built on industry-agnostic use cases, the Intelligent Engagement Platform allows businesses to be proactive and agile when expanding their marketing strategies.
Unifying data from all available sources creates comprehensive propensity models that empower businesses to connect with individuals effectively, whether by targeting potential new customers with onboarding offers or drawing lost customers back with attractive promotions.
This holistic approach to customer interaction ensures businesses can reduce churn rate, improve customer lifetime value (CLV) and increase average revenue per customer (ARPC) by delivering the level of service expected in an ever-evolving digital marketplace.