Did you know?
80% of consumers use social media to engage with Brands…
As of 2019, consumer data gathered from popular platforms such as Facebook, Twitter and Instagram are most enriching to drive brand research and development.
And according to social traffic data-
•Facebook has 1.62 Million daily active users_ Facebook 2019
•More than 500 Million people use Instagram daily _Facebook 2019
•Twitter has 134 Million daily active users_ Twitter 2019
So here’s a viable situation-
At least 1 out of 3 comments on brand posts are customer complaints, and out of all, 1/3rd of them are never resolved.
Social Media has become a part of not every day but an individual’s hourly life. And being an increasingly faster and efficient resource, brand approachability fails when such queries and complaints are unattended to.
But one thing we must know that response management on Social media increases customer advocacy on a brand by 25% and leaving them unanswered decreases it by 50%. _Forbes 2019
And that’s quite a huge gap!
The problem here is that quite often brands make their presence on Social but forget to keep their brand engagements proactive
Customer Experience on digital has become imperative for a brands survival as everything is driven by IoT and Big Data. And here the highlight-
Investing is CX Initiatives has the potential to double business revenue in 36 months.-Forbes 2019
So, how do we ensure meeting customer expectations?
The answer is simple,
a. Digital Dynamicity
This was a first leap for every brand is enhancing their brand advocacy and presence on the internet, by being active and communicative on Social Channels.
And Customer Service, Content Marketing, Direct marketing and Customer Relationship Management on Digital were the key drivers.
This is the new age tech integration of things, where Omni channel customer engagement, customer service through Chatbots and data analytics for research and development are key drivers for business growth.
c.The AI Marketplace
In the midst of transitioning into a more IIoT driven world, new age tech is getting integrated into all solutions. The question is are you integrating solutions such as AI, Ml and Big data towards precision marketing and personalized brand vs. customer interactions?
With enhanced digital focus that caters to personalized customer experience, on the spot/ impulse purchases have increased by 49%- Forbes 2019
So how to step up in the CX front?
Monitor customer touchpoints, analyze sentiments and feedback, and respond to queries/complaints within an hour tops.
Here are a few ways you can do this-
1.Deploying Chatbots for Multichannel servicing
This enables you to get a one view of your customers, analyzing their journey with your brand, driving conversational commerce, and improving servicing with quick query resolution. This helps in enhancing customer satisfaction by 3 folds and retention by 4.
This is all we need in the end right?
This solution caters to the hypothesis that-
65% of companies say improving their data analysis is very important to delivering a better customer experience_ Forbes 2019
And here’s the problem to begin with
Customer data is all fragmented and analyzing this from multiple platforms is manually impossible
And building on this, the data needs to have the ability to be converted into actionable analytics and insights.
So, look to automate and migrate to a comprehensive and one window solution to gather your data and analyze it.
But over and above, maintaining a directory of consumer data enables brands to be swift and transformative for changing times and changing customer expectations.
73% of consumers say a good experience is key in influencing their brand loyalties- Forbes 2019
A make or break aspect on this topic is how effectively and quickly do you solve a customer query or complaint.
The answer is here, humans are becoming increasingly inpatient and in the age of instant messaging and instant gratification through FMCC (fast moving consumable content), Brands need to jump on the bandwagon too and,
resolve cleverly and satisfy quickly.
And Online Reputation Management is a facilitator that initiates a competitive advantage to prove that-
81% companies view customer experience as a competitive differentiator_Forbes 2019
This also projects the quality of Empathy that accelerators consumer loyalty, quite lacking in daily one-to one interactions. So simply indicating an advantage in the age of fast cash and gratification though materialism,
Empathetic brands have increased their financial value twice more than the ones that are not -
Keep these three qualities close-
Listen | Empathize| Be Proactive
Who are the customers of the Future?
Again in the solution of 3’s
1.Digitally active and highly opinionated
2.Educated, Aware and difficult to please unless there is a return
3.Looking for a personal relationship and not just a walk into a standard buyer/seller marketplace.
So how to you gear up your products for 2020?
This makes online purchase interactions, in the so called upcoming and personalized “AI Marketplaces”.
Clickable | Immersive| Instant | Analytical
Reinforcing the fact that GenZ’s require high interactivity, transparency from businesses and a two way commerce model.
Ensuring proficient research on customer acquisition, product development and overall Business sustainability for the years to come.