One painstaking challenge that is pervasive across any organization is Customer Retention. While customer acquisition is a whole different ball game — retaining existing customers is a pressing issue that isn’t given enough importance and thought. So, the questions that haunt CMOs and CXOs alike along the lines of “What is that one foolproof way to build customer retention?”
I believe we have the answer. But we’ll get to that part in just a bit. First let’s understand what the term “Customer Insights” means?
What does “Customer Insights” mean?
A rather popular definition of “Customer Insights” goes like this.
This is a great explanation for Customer Insights since it highlights the “mutual benefit” angle of Customer Experience. Customer insights is basically actionable data that helps bridge the gap between your brand promise and the experience your customers take back home, and bridging this gap is the easiest way to make your customers loyalists, and RETAIN them!
How to gather Customer Insights?
The first and most important step to deriving insights is soliciting feedback from your customers. Raw customer feedback data is the formative stage of actionable and pathbreaking customer insights. Therefore, collecting feedback is more than a for-the-sake-of-it routine. Ensure to survey your customers across all the touchpoints through which they interact with your brand. This not only ensures that the experience you deliver is consistent across all these touchpoints but also allows for a bigger sample size from which you can derive even more reliable insights. Next, you need a foolproof way of leveraging the collated feedback data, analysing it, and putting it into perspective, a.k.a, churning out the actionable insights.
A good customer insights tool will tell you what is amiss in your brand experience, what aspects of your business works like a charm with your customers, what doesn’t, how your customers perceive your brand and more than that, it also allows you to drill deeper and deeper into your customer’s experience and intuitive behaviour while engaging with your brand.
The link between Customer Insights & Customer Retention
So, why do organizations have to go through this process of soliciting feedback, collecting it all, reading through them and deriving pointers from it? Because, like the definition we shared above says, it all boils down to ‘mutual benefit’. The better the quality of customer insights, the better the experience you can deliver and the higher your customer retention. Look at this stat, for instance:
Customers are 5.2X more likely to purchase from companies with a great customer experience. (Source)
Making sure that your customers have the best time when they interact with your brand is vital to determining how long they stay with you. And in order to deliver that world-class customer experience, you need to delve deeper and deeper into their feedback. No matter how efficient an insights team you have, it is impossible to derive solid insights in real-time unless you invest in a CEM tool.
How a CEM tool like CloudCherry can make your life easier and help you retain customers:
• CloudCherry is the only Customer Experience Management platform with 17 customer interaction channels. What this means is that you get to connect with your customers across 17 different channels and be present where they are and measure their experience!
• You can track, measure & address customer feedback & the all-important Net Promoter Score in real-time. In other words, the moment a customer leaves a not-so-pleasant/negative feedback, you are equipped with enough data to resolve the customers’ complaint and win him back instantly.
• All customer data is accessible to everyone you choose to share it with. No more silos! Every person who is in a customer-facing role can access the data from a centralized location take data-driven actions.
• Based on data, you are recommended certain goals which if accomplished will help you improve your overall customer experience.
• You can also witness, based on your customers’ feedback on your brand experience, the most liked and least liked aspects of your brand. Fix the least liked ones and play up the most liked aspects to see some dramatic changes in your customers’ perception of our brand!
• You get to drill deep down into this data and effectuate as many filters as you will, for the best understanding of your customers’ needs and behavior.
Gaining deep customer insights is the rocket fuel your Business badly requires to apply the principles of Customer Retention successfully. And well, we can provide you with this rocket fuel!