Gain customer loyalty in a contactless digital economy
Communication is the cornerstone of every relationship to truly understand one another and this holds true for brands too, when it comes to maintaining relationship with their customers.
"Actively managing your customer and prospect interactions creates more opportunities for engagement. Each engagement takes you one step closer to more personal & consistent one-to-one relationship" -states a 2019 Forbes report.
Your interface with customers and the way they perceive your brand, all depends on the way you align your Customer Communication Management (CCM) strategy. A poor & inconsistent CCM would leave your customers confused and annoyed, the price for which will be - the trust & loyalty that you have earned over years!
More importantly, with technological advancements, and rise of 'uber like user experiences', brands are struggling to keep pace with ever rising customer demands, and complying with regulatory and compliance requirement at the same time - pertaining with data storage & management (case in point - GDPR).
So, the larger question is - how to build trust and still strike the right balance?
Interestingly the answer is pretty simple!
A centralised & automated CCM with the ability to provide robust and personalised customer experiences - built upon a digital-first approach.
Before we dive deep, let's have a look at some stats by PwC.
- 88% customer share their personal data with companies they trust
- 87% will switch their loyalties due trust deficit pertaining to data
- 77% of customers say that they find it too difficult to read company’s privacy policies,
- Whereas, 78% say they have no qualms sharing the data if the purpose is communicated well
A CCM strategy today must be centered around CX initiatives and the two cannot be triggered in isolation!
Centralized & Automated CCM solution: Let customers control communications
With the evolution, acceptance and diffusion of digital technology - every customer today is armed with the power to completely own the way they want to engage with their brand. Hence, brands need to be armed with a well-managed centralised CCM platform to support personalised, real-time, multi-channel and contextual communications leading to improvised & seamless CX anywhere, anytime!
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In this digital era, well-known brands are also facing competition from new entrants, along with borderline margins and impatient customers- leading to the decline of even those brands which have ruled the market for ages.
Customers today want superior CX laid on the foundation of personalised & human connections in this digital world.
"Personalization is the automatic tailoring of sites and messages to the individuals viewing them, so that we can feel that somewhere there's a piece of software that loves us for who we are" - David Weinberger
Providing an impressive customer experience is not about walking an extra mile anymore, it has now become a part of the journey. Whether, it is relevant and targeted, CCM outreach or tailor-made relevant solutions and auto suggestions, today’s customers want it all.
Post GDPR, it is believed that data restrictions will hamper personalisation efforts. However, data availability has grown exponentially. The present generation (GenZ) and even millennials (GenY) are so used to digital age, personalised experiences, and real-time access to information, that they expect same level of service from every brand they interact with. In general, they do not mind sharing their personal data if that gives them a privileged & personalized experience with their favourite brand.
Modern Tools Led by AI
Brands are now leveraging latest advances in automation, artificial intelligence (built upon machine learning), RPA, NLP and data analytics to kick start their CX strategy. Omnichannel personalisation has now become easier/reachable for brands with the recent development in machine learning and AI. Data collected and communication taking place through chatbots powered by AI & ML is transforming the way brands offered contextual, relevant and omnichannel experience.
Similarly, a machine trained to handle information of any kind for all types of industries, has the potential to transform the way brands used to interact with their customers towards a truly 1:1 personalised experience. With recent developments around NLP, brands are able to have more humanised interactions with their customers thereby building an enduring connection with them.
According to Juniper Research, the use of chatbots will help companies save more than $8 billion per year by 2022, up from $20 million in 2017.
The increased adoption of new technologies allows companies to communicate more effectively with customers. Chatbots and voice assistants will soon become a new standard for customer communications. They will help companies reduce costs and deliver a new level of automation and ease of use for informing, communicating, and delighting the customers.
The future of CCM is not just for personalisation but also as an interactive, platform which is agnostic and automated. Rising millennial customer and growth of Generation Z group is putting brands on the anvil to adopt fast-paced, futuristic, always-on and personalized customer communications management practices and offerings, along with well thought out CX strategies. It will not just lead to a trusted relationship with your loyal customers but will also help you in your journey to the state of art digital transformation.
At Espire, we stand together with brands to help them deliver above par CX transformation in their journey to digitally transform their services. For any query, get in touch with us at firstname.lastname@example.org & do subscribe to our blog to learn more for latest insights & updates.
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