The global business environment today is dynamic and conducive in nature. The ease of doing business has increased the competition inherent in the different domains of the business. To sustain and thrive in such a world, you need to have a solid customer base. One step in this direction is to have strategies tailored toward acquiring customers. Another step is to retain the customers acquired.
Customer retention is critical for ensuring an organization's growth as the acquisition is comparatively costlier. In fact, customer acquisition costs have gone up by nearly 50% over the past 5 years. Hence, it is economical and efficient to focus on customer retention. It builds customer loyalty, saves costs on acquiring new customers, and ensures that the business can hit the minimum profit target. Meeting expectations is one of the key requirements here. You can use the Net Promoter Score or NPS solutions in India to measure the performance of your customer experience in India. B2B CUSTOMER RETENTIONB2B, a type of business model that involves exchanging products, services, or information between businesses, also needs to focus on retaining the customers. Due to a myriad of options and competitors available, you need to have proper marketing strategies to boost customer retention. Many big companies need B2B partners to make their business operations efficient. For example, Tata Motors holds B2B relations with many companies such as Mutual Technologies INC, GNA Udyog Limited, etc. HOW CAN BLOGGING BOOST B2B CUSTOMER RETENTION?Blogging is one of the most promising marketing strategies adopted by firms to help market their product or service. MARKET CREDIBILITYRolling out regular, highly technical content related to the industry concerned establishes your firm as a domain expert and establishes market credibility. This elevates your image in the eyes of existing customers, who will in turn trust you with your products better. This also works as a great reassurance tool about the services you offer. There are several NPS solutions in India that can help you in this process. MARKETING TOOLHaving published valuable blog content comes in handy when businesses try to use other marketing strategies such as email marketing, Quora posts, etc. You can repurpose your blog content and tailor it according to the platform that you are looking at as a marketing venture. This signifies that you can build a trustable and popular brand by adopting the best CXM services in India across several platforms simultaneously, keeping you connected with your audience base, and hence boosting customer retention. REVIEW BACKINGBlogging is a great way to put out customer reviews to back your brand in public. Different customer experiences and positive testimonials can help your existing customers maintain reliability in the company and hence remain long-term customers, which proves to be beneficial for your business. This testifies in the favour of the Pareto principle, which says that 80% of the profit comes from only 20% of the customers. COMMITMENTSharing free resources regularly adds value to your customers’ lives. Consistency, dedication, and commitment towards maintaining a blog platform shows how you view serving society as a selfless, nonprofit-oriented act. Such ventures can help create a trustworthy image among your customers. Your business will reap the benefits of having a famous brand image when launching a new product or repurposing the existing products. The already-existing customer base can prove to be very helpful in your new ventures. CONCLUSIONCustomer retention must be one of the main goals of every business. Loyal and recurring customers are primary proof of a great brand image and growing business. They are significant contributors to your revenue and profit margins as well. According to Bain & Company, you can have a 25% to 95% increase in profit with a 5% increase in customer retention. Hence, companies striving to provide a great customer experience in India will experience growing profits if they adopt blogging into their strategies.
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When dealing with customers, you also have to be geared up to deal with their complaints. Even the finest companies face the challenge of catering to their individual customers’ needs. Businesses need to comprehend the complaints in a manner that helps them to foresee and prevent flaws in their products and services. Therefore, inculcating functional complaint management and customer experience management (CXM) in businesses could be helpful in the long run.
Providing a smooth customer experience is the need of the hour, especially to retain your existing customers. Neglecting or mismanaging complaints could lead you to a battle of even risking your customer base. Thus, applying the best CXM services in India helps boost customer satisfaction and engagement, thus contributing to your Net Promoter Score (NPS) too. About 83% of customers feel committed and loyal to brands that attend to their complaints 3 BEST COMPLAINT MANAGEMENT PRACTICESHere are the 3 best practices that a business can adopt to nurture productive complaint management solutions. HANDLE CUSTOMER VISIBILITY EFFECTIVELYSoon after a complaint is filed, everyone in the team should be aware of the details of the issue. This also means that the team members should be trained well on the subject of the complaints and their resolution. Asking customers to explain their complaints repeatedly could set a wrong impression on the company. As an example of customer complaints being acted upon, Bank of America dropped its fee amount after customers complained about the extra charge deducted every year from debit cardholders. SUPERVISE SOCIAL MEDIA PLATFORMSSocial media is the most powerful weapon we have today. Not only has customer management witnessed a revolution but so has been an improvement in the overall customer experience in India, owing to the increasing adoption of social media. An upset customer can express their dissatisfaction on social media by virtually tagging their brands of concern. However, automated replies on any platform, be it Twitter or email, by companies can make things worse. 48% of customers expect their complaints to be heard on social media within 24 hours. In such situations, a complaint management system can help. Alternatively, NPS Solutions in India could be another way to detect customer experiences. Many companies like Starbucks have hired social media teams that spontaneously reply to their customers’ queries online and attend to their complaints as soon as possible. COMMUNICATE WITH CUSTOMERSThe trick to making the best CXM services in India work is to solve problems beforehand by offering customers exactly what they need before they resort to complaining. Constructive communication with customers by speaking their language could be an added advantage. After all, the customer is the king. Mismanaging a complaint could cost one or more customers too. About 40% of customers intend to have a real conversation with a real person instead of a crafted voice when dealing with typical issues such as payments. Adobe and Spotify make sure they tend actually listen to their customers instead of solving their problems over an automated voice. THE NEED FOR COMPLAINT MANAGEMENTComplaints don’t have a hardcore destination; they can come to you through multiple sources. A complaint management process truly helps address the complaint, resolve it, and benefit the customers. This significantly enhances customer service. Globally, companies attend customer service questions 85% of the time. However, customer experience in India is valued the most after Singapore, the US, Britain, and Japan. Solving a problem also means ensuring that the needful measures are taken to prevent them from happening. This is where NPS comes into the picture. In addition to collecting metrics from customer experience programs, they also gather data on their customers’ loyalty towards them. There are plenty of NPS Solutions in India that assist in the process. CONCLUSIONMany businesses aim at turning unsatisfied customers into content ones with the least effort. The need to attend to grievances and customer complaints is the first step towards it. Regardless of how unhappy a customer is, they need you to resolve their problem. Thus, offering the best possible solution, even with customization, is the only way ahead. In recent years, we have shifted to a more customer-centered economy, and a business is not about closing one-time deals anymore. Customer lifecycle management (CLM) allows you to better prepare your marketing, sales, and customer service teams to turn one-time purchasers into returning customers through analysis. You can measure customer satisfaction through the Net Promoter Score (NPS) ranking through NPS solutions in India.
WHAT IS CUSTOMER LIFECYCLE MANAGEMENT? CLM is the process of tracking the stages of the customer lifecycle, assigning metrics to each one, and measuring the company’s success based on them. You would want to provide the best customer experience in India which can be done through efficient CLM. As a matter of fact, CLM is the reason why Toyota can predict customer desires and sell more vehicles, with a shorter trade cycle and higher repurchase rate (over 60%), at significantly lower costs. STAGES OF CUSTOMER LIFECYCLE MANAGEMENTREACH This is the first stage of the customer lifecycle, where a customer searches for a product. This is when your company can reach them while they compare products across competing brands and carry out their research. ACQUISITION This is a company’s approach to understanding the consumer’s needs to in turn promote their brand in a manner that proves how it best fills in the vacancy caused by the needs. Companies focusing on customer acquisition need to prove how they stand out in the market. CONVERSIONIf your prospect makes a purchase after the acquisition stage, they have converted into your customer. RETENTION In the retention stage, you will want to offer exclusive perks that only your customers have access to. You need to find out how the customer feels about your product and make improvements. Increasing customer retention by 5% can increase profits from 25-95%. LOYALTY Repetitive customers become important assets to the brand by making recurring purchases. They post on social media about their experience or write great product reviews online. Your loyal top 10% spend 3 times more per order than the lower 90%, and your top 1% of customers spend 5 times more than the lower 90%. THE 6 CLM STEPS Once you have your stages figured, your company needs to perform the following 6 steps for a successful customer lifecycle management process. TARGET AUDIENCE IDENTIFICATION Determine who you are trying to reach. Rather than marketing to everyone, identifying a specific target audience will help you create content that is relevant to your customers. CONTENT RELEVANCY By putting out useful, engaging, SEO-optimised content, your company can become more visible when customers are searching for related topics online. Plus, publishing industry-related content on your site can make you more reliable. SELF-SERVICE RESOURCES Customers like to handle as much of the purchasing process on their own. Hence, provide them with a means to guide themselves. Do not hesitate to put up detailed information, instruction-guides and answers to FAQs about your products. CUSTOMER SERVICE PROACTIVITY Potential customers walk away from a purchase if they do not get to know enough about your product. Your sales team must reach out to leads, offering them demonstrations to help with product familiarization. The tech giant, Apple has implemented impeccable customer service which helped them to retain a customer loyalty rate of 90% for the past several years. FRICTION ELIMINATION Building a simple and smooth ordering system will result in more purchases. This is because no one wants to experience the buyer's remorse, and this fear of regret can act as a major point of friction during the customer experience. Provide support options during the purchase stage to counteract this hesitation. CUSTOMER EXPERIENCE PERSONALIZATIONIf you forget about your customer after their purchase, they probably won't be back. Make the customer feel just as cared for post-purchase as they are pre-purchase. You may set up an automated email system that immediately thanks customers for their orders, reach out to them asking about their experience, or send them special discounts for their next purchase. Providing the best CXM services in India will help your brand achieve that extra boost. CONCLUSION According to Starbucks, if a customer’s average weekly value is about INR 1833, they may be worth nearly INR 11 lakhs over the next 20 years.Customer lifecycle management is customer-specific and data-driven. It is critical to guide customers to your brand and provide the best CXM services in India. You can maximize the effects of customer lifecycle management and measure your NPS through the available NPS solutions in India. Visit Site https://www.qdegrees.com/blog/all-about-customer-lifecycle-management-you-need-to-know-in-2022 Over the past decade, a domain that has evolved after the advent of AI is customer experience in India through computerized chatbots. Chatbot-based customer interaction systems are known for their human-like communication experience.
80% of all customers getting their queries solved by chatbots hold a positive response about their experience. This can boost your Net Promoter Score (NPS). The NPS survey in India says that your company excels in CX services if your NPS ranges between 30 to 100. UPCOMING TRENDS IN 2022CONVERSATIONAL INTELLIGENCEChatbots are smart communication windows that lead customers to quick solutions for different queries. When there are multiple distinct ways of asking a question, conversationally intelligent chatbots can easily comprehend the demand raised and answer efficiently. This is where Natural Language Processing (NLP) techniques come into play. Food service companies like Zomato and Swiggy have developed robust conversationally fluent chatbots to significantly improve their customer satisfaction levels and hence, their NPS. INTERACTIVE VOICE RESPONSEChatbots working on text and MCQ bubbles are common. But the advanced feature of recognizing the human voice, decoding its audio into an order, and executing the command is now grabbing the attention of popular firms. Voice-driven chatbots make the user experience seem so natural that customers often prefer it to textual communication. The best examples around are Siri and Alexa, standing a class apart owing to the factors of convenience, speed, and customization that they offer. From websites to mobile applications, IVR can bring about a drastic change in CX services in India. INTEGRATED WITH DATA ANALYTICSAnother advancement in chatbot technology is the integration of customer-inputted data with data analytics to extract patterns from the said text. For instance, suppose that you are a regular customer at Domino’s and prefer ordering from their food delivery application. Over a certain period, the chatbot will start observing the repetitiveness of your order, the choice of food according to weekday, the beverages ordered, etc. Soon, it will start giving you suggestions based on its smart predictions, making your order placement experience quicker, simpler, and merrier! Such chatbots can help generate and follow-up on leads. Apart from superior user interaction, it can give your business an upper hand in issue resolution and CX services in India. SOCIAL MEDIA ENGAGEMENTSocial media platforms like Facebook, Instagram, and Twitter have seen a tremendous spike in the volume of audience in the past decade. This means that by combining the intelligence of chatbots with the power of social media, your marketing efforts and customer relationship management will both be taken care of efficiently. From product queries to procedural doubts, from purchase complaints to order repetition, virtual assistants can automate your operations to a remarkable level. Your reach will get multiplied when you take the help of platforms like Facebook to deploy chatbots. Collect data about your customers, publicize your brand, and pull off your customer retention strategies with utmost ease. The NPS survey in India has shown that the Mahindra Holidays and Resorts India Ltd. group has improved its customer experience using such chatbots. Revolutionary Use Cases of Chatbots in 2022 With the current rate of increase in AI for developing smart chatbots, innovative use cases of chatbots to transform CX services in India are coming up. One of them is FAQ-focused chatbots, especially in insurance companies, for resolving all queries related to different claims under different conditions, market rules, age-related criteria, and documentation. Such chatbots can also be trained to lead the customer through the documentation and payment processing procedures. Another area of focus is browsing time. You can get everything that you’re looking for within a few clicks. Moreover, through data analytics, chatbot solutions like Teplar also use various insights for personalized recommendations. Chatbots have also begun giving out push notifications to users to nudge them into using the application. ConclusionAI and its powerful ability to revolutionize human lives and businesses have proven their potential to transform otherwise manually-operated domains into completely automated functionalities. With more market focus turning towards a digitally controlled consumer space, more companies must look to adopt chatbots into their system to see their customer satisfaction levels rise. Over the last couple of decades, several companies have been increasing their focus on customer relationship management. From customer service for issue resolution to user interface on the homepage of their website, businesses have begun realizing the importance of customer experience.
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