A company with no customer retention is tantamount to catching butterflies with a broken net. No matter how many customers you catch – with no reason or need to stay, they will simply keep abandoning your brand. According to the Harvard Business Review, “Depending on which study you believe, and what industry you’re in, acquiring a new customer is anywhere from five to 25 times more expensive than retaining an existing one.” Translation: retaining your customers is a must.
Doing so comes down to a few key actions: Establishing ongoing touchpoints, creating a positive experience with each engagement, building trust and loyalty and solving any customer problems.
- Throughout the entirety of the customer journey, engaging touchpoints are the key to keeping the lines of communication open with your customer. Once you have acquired a customer, these touchpoints transition from selling specific products or services to encouraging continued interaction with your brand. Whether this engagement comes in the form of a survey or a reminder of new services, frequent interactions ensure your brand is never forgotten. OSG Calendar Inserts are a perfect yearly touchpoint – a new calendar every December puts your brand in front of the customer and ensures it stays there throughout the year.
- Your customer’s experience should be at the center of every strategy and decision. If something doesn’t assist in creating a positive customer experience, what purpose does it serve in the customer journey? Customers look for brands that work to create those positive experiences, and they are willing to walk away from those that don’t put the appropriate time and energy into the task. With so many competitors in the marketplace, it comes down to whether or not your customer enjoys their interactions with your brand – because if they don’t, there are ten other brands right around the corner.
- Like a relationship with anyone else it takes time and patience to earn your customer’s trust and build loyalty. Both the products you offer as well as your level of service can impact the amount of trust a customer has with your brand. While building trust takes time and energy, breaking that trust can happen in an instant. Remember, each interaction has the potential to either continue building loyalty or completely break it – make sure your interactions lead to the building rather than the breaking.
- A problem-free customer relationship is the gold medal of accomplishments. Unfortunately, we do not live in a perfect utopia and thus must expect some problems to arise. Even the tiniest of customer issues can seem like a huge disaster if not handled appropriately. Problems are anticipated, but how you handle them determines how your customer views your brand and if they decide to stick with you. Solving problems quickly and efficiently shows your customers you listen to their needs and care about their experience with your brand.
Customers are fickle and quick to desert a brand if they feel it is no longer meeting their expectations. While you may be inclined to focus on growing your customer base, the time and energy put into maintaining the existing base will benefit your brand in the long run. Establishing a strategy to keep your customers happy will keep them by your side and buying your products. When it comes down to it, it pays to retain.
A new year means new trends. 2019 is in full swing and the eBilling growth we saw in the past year is not slowing down. From mobile connectivity to employee experience, we’ve gathered the top six major trends we expect to shape (or reshape) the eBilling landscape.
- Mobile Mobility
Your customers are on the move and they expect the companies they do business with to be moving with them. According to Statista, “The number of smartphone users is forecast to grow from 2.1 billion in 2016 to around 2.5 billion in 2019, with smartphone penetration rates increasing as well.” With the number of smartphone users growing exponentially by the day, it comes as no surprise that the mobile experience is one that is here to stay. OSG’s Mobile App enhances your billing and payment process by putting everything your customer needs in the palm of their hand. It’s time to stay connected with your customers – wherever they go.
- All About AI
The old mantra “artificial intelligence will take over the world” can still be heard ringing out from old movies and TV shows. But in 2019, gone are the fears of an AI takeover, and in its place stands a widespread acceptance and onboarding of AI in companies spanning all industries. AI has grown to manage tasks ranging from customer interaction to data analysis and interpretation. By integrating AI capabilities, companies gain insight and accessibility to real time improvements in processes across departments. 2019 is just the beginning for artificial intelligence and the roles it can take on.
2018 saw the beginnings of this trend as companies fought to differentiate their content and capture their customers’ ever-wandering attention. No longer are customers inundated with mass emails promoting a blanket product or service. In fact, according to the Marketing Insider Group, “78% of U.S. Internet users said personally relevant content from brands increases their purchase intent.” In keeping up with this customer expectation, brands now use customer data to specifically target their habits and preferences, making each engagement relevant to their lives. OSG Campaign Composer uses customer data to target your critical communications and create a hyper-personalized experience for each customer.
- Employee Experience Builds Customer Experience
Customer experience has been a hot topic for years now. Companies have long focused on what it takes to keep a customer happy and how to create a positive experience at each touchpoint. But in reality, happy customers come from happy employees. Essentially utilizing the trickledown effect, employee experience focuses on creating a positive culture and employee journey to create a positive customer experience down the line. After all, you can’t offer service with a smile if your employees aren’t smiling.
- Data-Driven Everything
In today’s technology-laden world, data drives everything. Whether it is relaying how a customer wants to receive their bills or highlighting which products your customers would most likely want to take advantage of, data is being used to create seamless experiences and improved products and services. Using data to drive each and every decision ensures your brand is making the smart choices that will benefit your company and keep your customers satisfied.
- Customers Take the Wheel
It’s no secret that customer expectations have shifted drastically in the last few years. With such a wide variety of companies and products for customers to choose from, brands have lost the upper hand. Customers have sensed the shift and now view themselves as partners in the process and aim to be treated as such. With this move in customer perspective, brands have been forced to redesign how they interact and communicate with their customers. In looking ahead, it will be up to the brands to keep growing positive customer relationships by listening to the needs and expectations of their customers in order to provide the quality interactions customers crave. It’s all about knowing your people and providing what they need.
Predicting the future of eBilling is a task for only the clearest of crystal balls, but these trends are sure to influence how the next year takes shape – and OSG is ready.
Companies are no longer fighting to prove they have the latest product or most advanced system—instead, they are fighting to prove they can create the best customer experience (CX). According to Forbes, “Today, 89% of companies compete primarily on the basis of customer experience – up from just 36% in 2010.” This shift comes directly from the customers and their heightened expectations.
Customers are now forming opinions of companies based primarily on the experience they have with that specific company. If a customer has a negative interaction with your company, they are much more likely to abandon ship and find a new company that can give them the CX they seek. This is so important, in fact, that Forbes states, “Consumers are willing to spend up to 16% more on products and services with companies that offer a better experience, and they’re more loyal.”
Creating a positive customer experience can involve a multitude of things, but it essentially breaks down to ensuring that each interaction your customer has with your company is positive and relevant. This can entail anything from personalized messages on their bills to creating an omnichannel communication strategy that allows a customer to reach you through whichever channel they choose. Whatever form it takes, it is critical for companies to make the customer central in the decision-making process.
Contact us to talk about taking your CX model to the next level.