Subscription growth hack (by PayKickstart)
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Whether you are still following traditional approaches or shifted to online marketplaces for your sales and marketing, one thing is still common in all organizations, industries, and businesses, and it is the never-ending struggle to find clients and retain them within your organization. This shows the importance of CX even in this hi-tech era. And people have noticed a good rise in customer experience with changing environments, upgrading solutions, and advancing technologies.
Consumer focus embraces a lot to learn for entrepreneurs and employees. Even Bill Gates said, “Your most unhappy customers are your greatest source of learning.”.
If your buyers are displeased with what they have received from you, they might opt out of your services. But understanding the fear of customer turnover makes you work towards your customer retention and learn strategies to win over them consistently.
Keep this thought in mind because we will be moving ahead to look for the importance of buyer’s experience and learn some strategies to bring off high leads.
But first, let’s begin with what exactly CX means.
In simple terms, customer experience is the viewpoint of customers of how they are being treated by any organization whose product/services they are willing to invest in. People say that the first impression of being treated by anyone defines how their behavior would be, and it clearly coincides with the ideology of CX.
Client’s perception leads to their decision about working with you or investing in your solutions. If they loved your nature, they might also become your brand advocate. However, you should be precise in dealing with them and investing in offering them a long-term partnership.
This technological era has a lot of benefits that you can leverage to build a more substantial and long-term relationship. That said, businesses are looking forward to keeping CX the peak priority in the upcoming years, which is also analyzed during the study of 1920 business professionals, as per the image shown below.
Based on studies, the sellers who give extreme importance to their buyer’s experience are more likely to achieve 5.7 times greater revenue compared to those who lag in it.
So it is true that CX holds greater importance. The cost of searching and drawing customers’ attention is far greater than what you’ll have to spend in retaining them. All these factors mentioned below together offer a consumer a remarkable experience they would take home.
A memorable experience would help you develop client satisfaction, which might be harder to achieve with growing competition. Delivering what you have promised, supporting them when needed, and catering them some extra love and care with surprises and gift coupons is the most pleasing way to achieve satisfaction, which even you might have received while shopping online.
If in your mind you think your customer is unsatisfied due to some issues, try to fix it as soon as possible because some good and sympathetic individual would be willing to give you another chance, regardless of investing more money in it.
Nowadays, people believe in third-party recommendations more than the sellers themselves; thus, having a generous community of shoppers who appreciate your efforts would also advocate for your brand with their peers. We often talk about movie and restaurant reviews with our friends or read reviews online on their website or other platforms, which actually helps them identify their proper place.
Apart from these factors, CX helps your organizational brand stand out from your competitors. Between competitions and revenue generation, focusing on completing customer desires will reinforce your brand and improve your consumer loyalty.
Getting to know these factors, it’s now time to define the strategies to implement to achieve high leads.
Customer experience starts right when the customer calls you or visits your company’s website. He/She might be influenced by your partner’s reference or your advertisement; thus, your product sales strategies should also be top-notch.
From the beginning, your prime motive should encircle around greeting them with a delightful experience. Read along to find strategies that would help give wonderful experiences to customers, along with a few examples and case studies for better understanding.
Well, you may be aware of this strategy already, but due to the importance, I would not want to miss it. Your foremost task is to define the type of customer your brand needs. Getting to know your customers is really challenging, but without this, you won’t be able to provide them with what they need.
Obviously, you cannot define your customer’s persona from your very first interaction with them, most of which is generally on calls or emails. But no one is telling you to do so. Don’t define them, instead go with their flow, understand them and their desires related to your product, understand their likes and dislikes. Once you’ve got your hold on this, it would be easier to take on further interactions. In fact, Paykickstart offers demographic information for every customer that knocks on your door. This is actually possible due to the integration with premium APIs such as Facebook, FullContact, etc.
The demographics section will present you with data such as gender, language, purchase time, average klout score, interests, devices, location, profiles, and many others related to your customers, allowing you to understand your customers’ interests and demands.
Steve Jobs, CEO and Co-founder of Apple, was the first person to bring and apply reverse engineering to the CX. He said, “Start with the customer experience and work backward to the technology. You can’t start with the technology and try to figure out where you’re going to sell it.”
Reverse engineering focuses on customer needs and attempts to work backward, starting with satisfying CX in mind and how you can achieve it. You can perform this process in these below-mentioned steps:
Offering your customers self-service options to try and choose on their own sometimes draws more proactive experience than to spend on your customer-support employees. As the world is experiencing the impact of online shopping, customers, rather than communicating with the support staff, directly search, selects, and buy products from any digitized platform. Not only this, but users are also taking advantage of OTT platforms for entertainment purposes where they can purchase and renew subscriptions on their own.
Apart from this, as businesses have also started using digital platforms for their sales, marketing, and customer services, it is more important to build and continue online interaction for probably an infinite time. For such requirements, one can set up self-service options to allow customers to access subscriptions and other requirements on their own.
Also, managing billing accounts and other subscriptions is an actual headache for any business size, but what if instead of managing their subscriptions, you just offer your buyers a customer billing portal where they themselves can change their billing cycle, cancel or renew the subscription, according to their needs.
Earlier, I have mentioned picking and training employees who would notice the likes and dislikes of your customers. Similar to the above concept of offering a self-service option to users, you can lend an hr management platform to train your employees online using expert advice and resources.
It is not always the managers who would respond to the customers. Choose who can more accurately remember your CX and handle them well. Sometimes, purchasers mention birthdays while purchasing anything online, which you can remember, or automate, and send them free items, coupon codes, or birthday greetings.
Noticing these little details help businesses create personalized experiences, which drive customers’ attention and make them active users of your product.
People look towards Netflix as the new revolution to watch movies and shows. Its popularity is increasing gradually due to its use of machine learning to understand their taste. This helps them create personalized recommendations to offer the exact needs of their viewers, and this personalization window works just for 90 seconds, which is the exact time to convince their users before they abandon the service.
If you do not stay connected to your customers, how would you know if they are enjoying your services? Even if you are just assuming that you have offered an experience that would last long, you are wrong. According to statistics, 80% of the companies have a positive belief in their services offered; however, only 8% of buyers agree with them. Well, this is a huge difference, and the only way to bridge this gap is through a constant feedback cycle.
While implementing a feedback channel, there are tools that help you to send pre-designed feedback forms to your users based on their activities such as product purchase, product return, refund, cancelation, etc. You can also create your own feedback survey form gathering answers that you would like to ask your customers.
Social media being the king of marketing today gathers a larger audience who likes to share reviews, feedback, and interactions they received while purchasing online. Even to make an online presence, communicate with these audiences, or gather consumer feedback, this is an excellent medium. While scrolling through your social network, you might have observed that many famous brands like to communicate with their users, gather their feedback, and upgrade their services based on it.
Apart from this, engaging on a regular basis with your customer and answering their queries like the example I’ve mentioned or even on calls would make them appreciate your services, give positive feedback, and advocate for your brand to generate more leads.
I have already mentioned the application of machine learning by Netflix for increasing personalization, but there is more to it. Artificial Intelligence is now transforming every sector of businesses. AI is also used to deploy chatbot algorithms which can be a source of interaction for all the stages of customer service.
A study by Cognizant shows that 69% of respondents prefer chatbots for an instant reply, and the same percent wish to use the tool for service inquiries.
With this, companies can actually enhance their customer experience and offer other benefits, which are mentioned below.
Apart from the benefits mentioned above, chatbots can help with other tasks as seen in the example below:
The customer is indeed the true revenue driver of business. While the commodity trap keeps on increasing daily, it is essential for companies to build a strong online brand and a loyal buyers community that sources them to survive. With an accurate strategy in your hands, you can make a difference in this battle of winning people. While it doesn’t count to be a small or large business, customer experience is an important attribute towards high market value worldwide.
These strategies can help you retain your customers who would love to advocate for your brand loyalty and increase your leads.
Ayush Borra is a passionate content writer and an avid reader with expertise in creating various ideas for creative writing. He is passionate about researching and exploring blogs, checking out the latest trends, and replicating his expertise in crafting exclusive content. His approach and readiness towards writing quality content are exceptional.Read More About Ayush Borra