Shifting consumer expectations, increasing competition, and the growing boom of digital channel variation, businesses are under massive pressure to adapt. Gone are the days where customers stay with you because of brand loyalty and scarcity of product. Today’s customer retention’s playing field is survival of the fittest – and the winner will be the businesses that listen to their customers.
Welcome to a world where consumers switch brands and channels in ways that we have never seen before. According to McKinsey & Company, 75% of consumers have tried a new shopping behaviour since the pandemic began. In comparison, 73% of consumers said that the online experiences they received today would impact their future purchasing behavior.
Here are four ways you can improve your customer experience strategy in this digital boom.
Boost Your Customer Retention Rates
It’s hardly a secret that it costs less to retain customers than to find new ones, but you might want to put a bit more effort into those existing clients with the increasing lack of consumer loyalty. Customer retention rates are indicative of the customer experience they receive. In a New Voice Media survey, 39% of customers said they’d never return to a business they were dissatisfied with.
Getting it right all the time can be difficult, but if you leverage predictive analytics effectively, you can get the odds in your favour. By predicting when a customer might churn, your company can proactively take steps to resolve the issue before a customer leaves.
Improve Product Experiences for Customers
Product failure rates can be high. So high in fact that 95% of the 30 000 new are high. Every year, over 30,000 new products are introduced, and according to Harvard Business School professor Clayton Christensen, 95% of those products fail.
But what if you could avoid product failure by getting insights directly from your customers about features of your product they like or how they perceive your product compared to competing products? Experience analytics can provide you with these types of insights—and more.
Discover Hidden Insights in Your Data That Can Impact Customer Loyalty
Collecting data has become easier but getting insights from that data is the real challenge. This is especially true for unstructured or dark data such as call recordings, chat logs, social media posts, and other data that isn’t organized in a predefined manner.
The majority of company data is considered unstructured or dark data. Moreover, 85% of companies say their data remains unusable because they have no tool to capture or analyze that data. With the right analytical tools, you can go even deeper by uncovering emerging topics that may not currently be the most prevalent—those that could become more urgent if you don’t take action on them.
Gain Insights from the Entire Customer Journey
The average customer now uses more than 8 different channels to communicate with brands, making it much more difficult for businesses to leverage all their customer data. It is even more difficult to tie together how the experience on one channel impacts other channels.
When your business can analyze customer data across all channels, you’ll have a much more holistic view of the customer journey and make adjustments that ensure a seamless experience across all channels.