Anyone who manages customer relationships will tell you it’s easier to keep a customer than it is to find new ones. And in the digital economy, it’s never been easier to come up with innovative solutions to meet your customers’ needs and improve your bottom line.
The effect of the digital revolution on customer relationships is not a trend – it’s a massive shift in the way we do business. Now is not the time to lag behind; if you’re not using data to find ways to exceed your customers’ ever-growing expectations, your competitors are – and you might be losing valuable business opportunities.
According to a recent Webcast, “Delivering New Customer Experiences in Today’s Digital Economy,” early adopters are reaping the benefits of sophisticated digital solutions. Mark Labedz cites a recent MIT study, which details these gains:
- 26% increase in market valuation
- 9% increase in revenue creation
- 12% increase in profitability
Understand the digital trends impacting customer relationships
Before your company can put a strategy in place, you have to grasp exactly what these trends are and how you can take advantage of them.
- Hyperconnectivity: Every consumer and machine is connected, disrupting established business channels, processes, and relationships. We’re used to always-on business that happens all around us.
- Smarter world: Sensors, robotics, and 3D printing have bridged the gap between the digital and physical world. Artificial intelligence is the new normal, driving an outcome-based economy.
- Supercomputing: Networking and in-memory computing encourage the creation of new business opportunities previously unimaginable, enabling us to answer more questions on massive sets of data.
- Cloud computing: With a dramatic decrease in project timelines comes an increase in a test-the-waters mentality. Customer relationships are becoming increasingly direct.
- Cybersecurity: Trust remains the ultimate currency, giving security-focused businesses a significant advantage in brand reputation.
What are the hallmarks of a digital customer experience?
Now that you understand the factors shaping a digital world, we can investigate a checklist of what it means to provide a modern, omnichannel customer experience:
- Personalize customer engagements with one-to-one marketing
- Tailor products and offerings to each customer by analyzing and leveraging customer data in real time
- Predict customer behavior and make context-relevant product recommendations
How can you make these goals a reality? Data. Take the deluge of data streams pouring in and use it to gain a complete view of the customer and support the end-to-end customer lifecycle. Mine social media, internal data, and third-party data to refine customers’ profiles and make spot-on predictions.
To learn more about how the digital revolution is revamping the customer experience, listen to the full replay of the Webcast.