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It’s no longer whether you should undertake a digital transformation, but when. Earning customer loyalty today requires that you seamlessly connect your brand with your customers at every touchpoint. And you accomplish that through customer engagement.
Customer engagement should be the foundation of your business objectives because when you engage your customers, you pull them closer to your brand, your message, and your organization. When you engage, that’s when the magic starts to happen.
According to the Harvard Business Review, improving retention rates by just 5% can raise profits by an enormous amount—25% to 95%—and greater retention rates are increasingly linked to effective customer engagement (cited by Sutherland, 2019).
It makes sense. As a result of social media and the rapid adoption of mobile devices, IoT and smart home devices, online shopping, and more, the volume of customer data has grown exponentially and become more readily available than ever before. All of these devices and all of this data have revolutionized how consumers research and shop. Thus, every effective and customized interaction creates greater satisfaction and makes it more likely they will want to repeat the experience. With so much functionality and connectivity at people’s fingertips the opportunity for retailers to create loyal, highly engaged, and long-lasting customers has never been higher.
Responding to and interacting with customers based on their desired channel at the time of interaction is a big step forward in getting personalization right; however, channel is not the only factor. Once channels are established—and change in real time based on customer preferences—messaging becomes the next crucial step in the engagement equation.
By drawing and leveraging data inputs from all channels, a simple retailer database transforms to become the genesis for relationship-based engagement. What was once simple contact information and channel preferences now expands and grows in real time, making it possible for companies to learn an individual customer’s individual wants, likes, desires, patterns, and so on, resulting in the single-user profile.
Digital technology is disrupting businesses and dramatically altering the balance of power between retailers and their customers. It has become essential whether you need to foster faster revenue growth from existing products and services or want to take advantage of new revenue opportunities to undertake digital transformation.