Driving Customer Retention and Expansion in 2023
Consumers have high expectations when it comes to the quality of their experience and the level of personalization being provided by their favorite brands. They expect companies to deliver relevant content, offers, or messaging while respecting their privacy and upholding their preferences. Especially now, many consumers are more risk averse and are sensitive to messaging that doesn’t match their expectations.
How can businesses drive growth in times where there is strong economic pressure and buyers’ expectations are at an all-time high?
One area to focus on during economic instability is your customer base. Nothing is more important than ensuring your current customers are happy and their needs are met.
Speak to the Moment and Build Trust Through Targeted Consumer Messaging
By understanding your customers, you will learn to speak their language and this is the start to developing a long-term trusted relationship. This means you need to understand their business vernacular, experiences, challenges, and what drives them. Once you have that, the next step is to ensure you have a unified view of your customers to activate targeted engagements and messages (ex: offers) at scale and in real-time.
Embrace Consumer Sensitivity and Test New Pricing and Offers
Look for insights on how your own customer base is responding to price adjustments. Develop strategies to align different segments of your customer base with different offers by using trusted customer data and activate those offers in multichannel programs. Bonus, the information you learn about your customers with these programs can also be used in your strategies for attracting new customers.
Reinforce Your Privacy Preferences and Accessibility to Drive Trusted Experiences
Proper data collection and usage, privacy, and accessibility are more important than ever. Customers are keyed in on how companies are using their data and will be put off if they don’t think you’re being responsible with their personal information.
Make sure you have your customer data properly collected and organized so it’s easy to maintain privacy preferences.
The good news is your organization already has customer data. Some of it is probably being used and analyzed, which is great. The challenge is it can be outdated, incomplete, or stored in multiple places. That makes it more time-consuming and expensive to use effectively.
When data is in siloes or not collected in real-time, it can result in poor experiences. For example, a buyer might not have their privacy preferences updated accurately or they receive a communication that just misses the mark (which can be frustrating for a loyal customer).
Accurate customer data is essential to deliver the right results. Imagine how incomplete or outdated customer information can impact how that data is activated (email, mobile, website, product updates, etc.).
Aspects that help with retention
Respect privacy preference
With a unified view of your customers, you can ensure privacy regulations are adhered to and user preferences are upheld throughout the entire customer journey, because data silos are removed.
Use messaging that resonate
By bringing all of your customer data together, you will have relevant insights to ensure the right message is delivered to the right customer at the right time. A proven example of this is marrying call center data with website data. When a customer interacts with the call center, an agent will have all the relevant data on hand to facilitate the most impactful conversation ex: eligible for a device upgrade or a free promo.
Spot risk early and act
Having real-time customer data helps teams quickly examine patterns. Look for declines in product usage, regular purchases, etc. Teams should have programs ready to run for at risk segments.