Marketing automation – Customer retention strategies

Customer experience management refers to the various processes and strategies that a business utilises to deliver a great customer experience throughout the customer journey for every single lead. Simply put, it is what the company does to keep their customer happy.

Over the year’s brands have gone crazy trying to please and surprise their customers. One of the outstanding examples is what TD – the Canadian bank did. Video source – YouTube.

It had a human being inside an ATM machine and had him interact with each customer. Well, so did Coca-Cola before them. But this campaign went one step ahead and went on to give every customer a ‘Thank you gift’ – just to show them that they, as customers are valued. The campaign was a huge hit. It expertly influenced customer opinion and got them to think positively of something as mundane as banking.

Marketing automation – Customer retention strategies

But why go through all this trouble?

Countless businesses are using obscene amount of resources in trying to win the customer’s loyalty. The simple reason behind it is that customers now have the power to choose. With the rise in competition, monetary freedom and the ubiquitous internet, today’s customers are spoilt for choice. Frankly, there has never been a better time to be a customer.

Such empowerment in customer’s choice has brought forth change in the way a customer think. The customer’s expectation from each business has slowly but surely evolved.

Marketing automation – Customer retention strategies

Customers expect ‘more’ from businesses and the brands they support. And businesses are struggling to provide it in terms of ‘customer experience’. In fact, like we already observed, customer experience will become the most valued characteristic of a brand, over product and even pricing. Customers would be ready to put up with an average product that is a bit overpriced simply because the kind of customer experience that the business provides is unmatched.

Marketing automation – Customer retention strategies

The Benefits of an exemplary customer experience

If getting new customers was the only goal of customer experience, then a lot of businesses would have decided that it was more trouble than it was worth. Thankfully, there are some more important benefits that make it totally worth the effort

Reduced churn

A happy customer who is valued (thanks to a great customer experience), is a customer who ‘loves’ you back. He is a customer who stays. He would unfailingly renew his subscription to your product or service every time and would continue to do so if he receives the great customer experience he expects.

Increased loyalty

Once a customer has had a great experience with you, they will continue to buy from you every time. That means, he will choose you over competition and add to your revenue.

Higher ROI (increased cross selling or upselling)

The probability of selling to an existing customer is 60 – 70 %, vs 5 – 7 % for a new customer. Because, if a customer is happy with your service, he will be willing to invest more in your product – the chances of cross selling or upselling is more realistic. Ultimately, you would receive more ROI from an existing customer because technically, his marketing spend will be zero while still contributing to your revenue.

How does marketing automation figure into all

Marketing automation will ensure that you continue to deliver exemplary customer experience to all your customers at any stage of the funnel.

Connecting with customers

Marketing automation helps you seamlessly connect to customers across all channels viz. emails, telephone calls, SMSs and even social media so that you can consistently deliver good value. An ideal marketing automation software provides clear insights of the customer journey to the business. It spans the entire customer journey right from discovery, to up selling and ensures that the business connects to the customer at every turn.

It also allows the business to understand customer behaviour and requirements so that business can provide the customer the most hassle-free experience possible.

Engagement across channels

With marketing automation, you can engage your leads meaningfully by sending them relevant content at the right time. If the content helps them make a buying decision, answers a query they may have – then it is indeed providing solid value and will keep the lead interested.

Informative lead insights

Marketing automation software can track the lead behaviour across their website – know how long they spent on which page, what information they have downloaded and thus use it to identify their key requirements. These insights can in turn, help businesses provide better experiences to the customers.

Learn more about marketing automation here

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