5 Key strategies to retain more customers in 2021

5 Key strategies to retain more customers in 2021

In 2021, companies are trying to scale up with a higher level of customer experience to attract new ones, retain potential ones, and incentivize loyalty. While finding different approaches to engage digital customers, some brands still face challenges in implementing the tools for CX. Though bridging the gaps between the online and offline experience can be a complex process, increasing demand for privacy among consumers can be a challenge in balancing against the benefits of personalization. While customer acquisition is expensive, customer retention and loyalty become crucial for brands to thrive.

customer support

In reality, the association between the CX teams and marketing will become stronger in 2021 as companies look for more innovative approaches to create memorable and lasting connections with digital consumers.

Considering their critical role and significance in the loyalty program and marketing campaign, we have highlighted the top retention trends that will take the stage in 2021

This blog post will give you insights into the significance of customer retention, retention trends in 2021, and their benefits.

Strategies for customer retention

1.Customer Experience through AI and chatbots will be the new competitive advantage in 2021

Many marketers describe the customer experience as the art of identifying your most loyal consumers and determining their behavior through relevant data analytics. Effective CX also depends on focusing activities at the fulcrum point. The below points demonstrates the competitive edge in providing customer experience with the support of technology and analytics.

Many marketers describe the customer experience as the art of identifying your most loyal consumers and determining their behavior through relevant data analytics. Effective CX also depends on focusing activities at the fulcrum point. The below points demonstrates the competitive edge in providing customer experience with the support of technology and analytics.

 

Providing real-time customer support through chatbots 

Marketers consider AI chatbots as a critical part of customer service. Though there are various benefits, the key reason is time and resource-saving. Chatbots are capable of resolving the questions quickly, and the customer support team will have more time to solve complex queries. Chatbots help brands save a lot of operational costs and increase the response time that boosts the customer service experience.

Provide instant customer support through chatbots

Long queue time is always a big concern for customers. Statistics state that a brand loses over 75% of consumers due to poor customer support. Their main challenge is not being able to get an instant response for their query, and this is the main reason for their churn.

Implementing an AI-powered chatbot along with the other communication channels may help you to provide instant assistance to queries requested by consumers.

How are chatbot services best for customer support?

AI-powered chatbots can be trained to support customer service to cater to their needs and provide instant and relevant answers for their basic queries. The zero or minimal wait time improves the customer satisfaction level. Chatbots can be utilized as the primary point of contact to minimize customer churn and handover the complex queries to human support executives.

 

2.Customer-centric success strategies

Customer retention is a direct outcome of an amazing customer experience. Over 70% of the buying experience is based on how consumers feel and how they are being treated. Marketers and brands are now coming up with various approaches to provide a great customer experience that matters to them. Below mentioned are some of the factors that matter in CX:

 

Customer retention

Proactive engagement

An approach to customer experience or customer support for companies to actively make the initial move to determine their customer needs and address their issues. In the long run, this creates a secure relationship between the brand and customer that gets strengthened over time, assuring mutual value. Whether the support is through human interaction or automated response through chatbots, the grip here is the instant response to their issue and assistance that matters.

AR and VR experience

Companies are now incorporating AR and VR to demonstrate their product features and service highlights. These technologies play a crucial part in giving a visual representation of how the product/service will benefit them in real-time. For instance, a furniture showroom can use VR to enable customers to visualize how a particular furniture model will look in their home.

Multi Language

The Multi Language feature is now gaining immense popularity. Opting for a multilingual website is the best way to enhance the user experience, establish your brand, and increase sales globally.

Omni-channel experience

Providing a seamless experience for customers over all channels, stores, or apps is essential. An omnichannel experience helps connect with the audience across various touch points on every channel to achieve a consistent experience. Providing an omnichannel experience can help brands increase their revenue up to 80% and boost customer revenue by 2.4x.

3.Finding personalization balance

Personalization is an essential tool for every business. In recent times, it is emerging as a solid differentiator for various brands and assists in establishing an emotional connection for loyal customers. These loyal customer segments are willing to spend for an available alternative that is presented. Hence, personalization plays a crucial role in customer segmentation that helps in targeting users into the actionable sector and focuses on personalization technique. Targeted marketing campaigns play an essential role and run against actionable sectors to drive more sales and revenue.
Below mentioned are some of the tactics targeted for providing personalized experience:

customer retention

Personalize every experience 

Personalization highly leads to an emotional connection with consumers. Providing a personalized experience can help customers feel a little more special, important, and closer, so they prefer engaging more with your brand.
Begin the process from the touchpoints within the customer journey that are generic in nature or design.
– Figure out if there is any previous experience with them to make them feel remembered
– Look if you can add a benefit as a useful tip or compliment
– Find out ways to communicate with them regularly

Make relevant communication 

It is possible to retain more loyal customers by staying top of mind, which means staying in touch constantly with relevant information, but ensuring not to overdo it.

 

Make strategic communication
Relevant communication is all about good content in good time, so try to determine the time to establish communication.
Try sending weekly communication with valuable and informative content.
Provide contents on industry trends, products, or service that can add value to them

 

4.Data Sciences and Analytics
With a massive customer data available, it is significant for brands to identify the type of data and its usage. Previous data should be identified and analyzed to figure out the trends of customer behavior.
Statistics state that data-driven brands are 23 times more likely to acquire consumers, 6 times more likely to retain consumers, and 19 times more likely to make it profitable.

Takeaway/ Stay ahead of the curve for online success

Customer retention

AI is greatly changing the mode of business operation and how they support their customers. Chatbots are becoming a crucial part of customer engagement tactics. By using customer support AI chatbots, you can offer instant responses and minimize the chances of human intervention. In the long run, this will minimize operational costs, resulting in higher customer satisfaction levels.

Customer experience trends can only be effective and successful when brands/marketers realize the importance of the above consumer trends and implement them to their business based on their needs.

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