The influence of technology continues to manifest across different businesses, making it imperative to adopt the latest tech solutions into operations. By leveraging tech tools, businesses can facilitate better customer experiences, specifically illustrated by higher loyalty and retention rates. Moreover, retention rates are invaluable to increasing your bottom line. In fact, Business News Daily contributing writer Max Freedman cites that a "5% increase in customer retention can lead to a profit increase of 25% to 95%, with 65% of a company's purchases coming from returning customers". Ultimately, the application of technology can drive customer retention. This hinges on a business's capacity to offer convenience, collaboration, and strong communications that produce positive user experiences. But with its adoption comes several obstacles such as media clutter and passive consumption. Fortunately, having the right tech tools will cut through the noise and generate meaningful leads that can keep your business profitable and successful. Here are some ways you can ensure customer retention using tech tools:
If you want to keep your customers engaged, you must ensure that your marketing efforts are guaranteed to create returns. As an experienced internet marketing professional, Karen J. Marchetti recommends in her book The Results Obsession: ROI-Focused Digital Strategies to Transform Your Marketing that marketers should stay updated in regards to the latest trends, formulas, and metrics of digital marketing to guarantee returns. Marchetti points out that these factors will make diagnosing, correcting, and managing your online marketing presence easier. Fortunately, you can simplify the process using automation tools in social media or even emails. Email automation can optimize easier-scaled marketing campaigns. Specifically, if your business currently employs a reward program, consider integrating interactive rewards response tech to your message and digital prompts using customer retention software. Our Event-Driven Rewards platform makes automation easy. You have the option to either introduce an automated gifting step in your email sequence or include rewards information through texts. These are important to keep your customers updated on multiple rewards and provide tangible reasons to retain their engagement.
Customers will choose your products and services every time, when they trust you. In fact, marketing expert Donald Miller shares in his book Building a StoryBrand: Clarify Your Message So Customers Will Listen that customers are willing to engage, boost your sales, and connect with your brand if they resonate with your brand story. However, your brand has to pique the interest of your target consumers and be distributed effectively on digital platforms to build trust. To make your brand campaigns more effective, you can use tech tools that can speed up the story development and distribution. Your business can use social media content management tools like Cision to help you craft and distribute stories for your brand. The tool also offers smart reporting and data collection features that can measure the impact of your brand on your target audience. Through this comprehensive platform, it will be easier for your business to win the trust of your consumers.
The reality that more and more consumers are doing their business online and requiring further assistance from online platforms has necessitated more robust customer care and support. This means utilizing AI-based chatbots doesn't only allow your employees to increase their productivity and efficiency but enhance customer experiences as well. AI-based chatbots have become increasingly popular in customer service. They offer several time and cost-saving opportunities by responding to queries fast and handling multiple customer tickets at once. Additionally, AI-powered systems can even extract data to assess a customer's tonality, keywords, and phrases, to identify trends. This is showcased by BlenderBot 3, which has been programmed to create personalized responses. These customizable data points can then be applied to building growth strategies, and more importantly, improving your overall services to guarantee better customer satisfaction.
Incentives are a critical attribute of the customer experience and allow businesses to boost their response rates. But how difficult is it to secure a high response rate in the first place? Our How Businesses Can Incentivize Customers to Actually Take Surveys article reports that response rates can fall as low as 5%. Don't be alarmed though, challenging as it seems, drawing feedback is achievable with the right strategy in place.
The key is to introduce an incentive-based rewards system. This way, you can incentivize your customer surveys by offering a few extra points once completed. Likewise, you can also employ our interactive rewards to enhance your company's product feedback. Our program treats every survey as a Reward Campaign and helps you break each gift into strategic points to ensure reduced costs per lead. Therefore, having a rewards campaign will lead to a twofold success, with the increased likelihood of both feedback and customer retention.
For more insights on how your business can incentivize your communication platforms, check out our latest posts at FynCom.