A gradual unlock process of states in all the countries post-COVID is occurring and the holiday season approaching retail’s busiest time is indeed Holidays.
This also means that the competition for consumer cash is always fierce. The research from advertising company Epsilon concluded in one of its studies that 80% of consumers are more likely to make a purchase when brands offered a personalized CX (customer experience).
Since goods and services are heavily commoditized. The big question now is how can companies stand out from the competition? The answer is through positive interactions and memorable, personalized experiences.
Personalization is one of the core parts of experiences, according to Joe Pine, the godfather of the experience economy. “People can’t help but be engaged by something personalized especially for them,” he says. “It makes them feel special to think that you’ve done something just for them.” So identifying which brands are doing it well? And what can we learn from all the others?
Customers always expect organizations to be treated as individuals in their moment of need. They expect that each encounter within and outside the organization will be informed and enriched by current and accurate information about their accounts, history, and preferences. Customers tend to reward companies that can anticipate their personal needs and wants—and usually punish those that lagging and have to relearn basic customer details at each encounter.
The personalisation concept of marketing and to enable it to move from mass communication to 1-to-1 marketing is now being enabled by one powerful factor, Technology.
Personalisation Through AI And NLP
Technology like AI and NLP helps us to personalise our CX by helping us understand and reply precisely and quickly to our customer’s demands. AI and NLP can help brands create personalised products and services for a customer or buyer and can deploy customer data to increase revenue and retain customers. AI and NLP can also be used to gain and analyse customer sentiments from product feedbacks and reviews.
A sentiment analysis tool can automatically help you make sense of this type of customer data. Analysing product reviews will help you improve your competitive advantage in your industry, as you will discover your customer pain points, trends, and any gaps in the market. If you wanted to gather and analyse feedback regarding the wireless headphones market, sentiment analysis could identify the topics that are important to customers like battery life tracking and noise cancellation that gives the customer the serenity that they desired.
Providing Personalisation As A Reward For Loyalty
Only 37% of customers agree that points and rewards can guarantee their loyalty, genuine personalised offers need to be relevant. Brands and organisations are now required to personalise their rewards to their user’s needs of the moment personalisation sorting to relevancy rather than offers or discounts. Brands can even depend on the loyalty of customers if a personalised reward connects with them emotionally. For example, it might be a reward that persuades them to donate to a specific cause that they care about or one that offers an exclusive experience.
According to Accenture research, 91% of customers are likely to purchase from brands that recognise, remember and cater relevant offers and recommendations. Dynamic personalisation is the process of making it easier for buyers to buy and consume what they need and want through algorithms. It gathers historical, demographic, behaviour, and geolocation data to tailor every touchpoint your customer has with an organization.
Personalisation By Email Triggers
The personalised emails can result in six times increased conversion rates and revenue than non-personalised emails, it ensures and makes sense for brands and organization to use email software that can automatically send personalised emails to customers, depending on their journey.
Interact With Customers Via The Communication Channels They Prefer To Use Anytime
How the organisation communicates with its consumers, with each other, and the brands we do business with has fundamentally transformed.
We now are a mobile society with 39 per cent of millennials admitting that they interact more with the smartphone than they do with other important matters and people in their lives. This change in communication preferences needs to be represented in a way that companies communicate with their customers.
Fifty-nine per cent of global consumers are annoyed when they can’t access the information they need in their channel of choice. Unfortunately, these communication preferences vary from customer to customer.
Companies need to be proactive to serve them all to righteously create relevant experiences for customers. One of the recent additions to the communication bucket is the rise of messenger services. MasterCard now has recently responded to this trend with the launch of a Facebook Messenger Bot, which now allows cardholders to conduct transactions, manage their finances, and shop online using various multiple messaging platforms.
MasterCard is now using emerging AI chatbox technology, which provides customers with the ability to ask questions related to their account via Facebook Messenger.
Communicating and solving your customer’s problems via their preferred approach will be paramount to building and maintaining strong ongoing relationships that simply provide better ROI.
Survey2Connect is a global award-winning customer experience management (CXM) solution that offers 3 core suites designed to help businesses seamlessly improve customer experience, employee experience, and market research.
Survey2Connect is an agile CX solution that constantly learns and improves with every experience to give its clients best-in-class experiences through the successful deployment and delivery of 5,703 surveys, 68,804 tickets, 1,743,203 responses, and 756 dashboards.
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