Social media analytics

Organizations like Google and Apple have taken customer experience through innovation to the next level. Ernst & Young say that by 2030 the purchasing power of middle-class sector would triple due to rapid growth in emerging markets. Be proactive by providing an effortless customer experience to drive loyalty and fuel growth.

Gartner has closely studied the relationship between customer experience and their willingness to buy more, switch to a competitor or recommend the company to family, friends or colleagues. Create more engaging and seamless experience to your customer to stay loyal and look less into your competitors. At the same time, these customers are likely to become evangelists for your products and services.

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How does customer loyalty help in improving revenue?

  • Revenue from cross-sell and up-sell can only happen when your customers are loyal to you. Example your customer would like to upgrade on a flight, take another loan from the same financial service provider, and get a family plan from a telecom service provider.
  • Customer experience can have a positive impact on your revenue through the power of evangelists. Every business knows that “your customers are your best sales people”.

How does customer loyalty help in reducing costs?

  • It is widely know that it costs more to acquire a new customer than to retain existing ones. A great customer experience reduces customer churn thereby driving profits. “Money saved is money earned”- is a globally known adage.
  • Organizations should invest in innovative technologies that improve customer experience and reduce operational costs. Modernizing critical customer interfacing business processes like customer onboarding, self- service portals and communications across various touch points delivers immediate business benefits.

Innovative solutions that federate existing systems operating in silos to gain 360 degree view of customer interactions can quickly improve customer experience and help reduce expenses by equipping all stakeholders with right information of the customer at the right time in right format.

In10stech

Our enterprise software products are used globally by Fortune 500s for digitalization of customer experience life-cycle, resulting in greater customer-centricity and reduced operational expenses

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Forrester research shows that since 2007 the average customer experience in the industries has gone up and the number of bad customer experiences has dropped down to minimal. But according to the latest predictions, 2015 is not a good time to provide an average customer experience. Customers are empowered more than ever and they have been interacting with numerous companies to get the best experience.

Next year companies will invest more on technology to stand out of the crowd by having a superior customer experience and soon the average customer experience companies will not be appreciated. This digital race from good to great customer experience will hit the gas pedal, and government & public sector companies will also be part of it.

Forrester says the next level of customer experience is an emotional interaction. Analytics on customer data from extended sources like social media platforms, campaign management platforms, mobile apps, and loyalty programs needs to be used to provide a more emotional interaction with the customer. This data is further used to personalize interactions in real time to transform the needs and wants of individual customers. The battle ground is shifting to new areas based on customer needs and companies should be prepared to explore them.

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In10stech

Our enterprise software products are used globally by Fortune 500s for digitalization of customer experience life-cycle, resulting in greater customer-centricity and reduced operational expenses

More Posts - Website

Read more