The journey of an entrepreneur is special! They shape their ideas into a working and growing business that in-turn changes the life of their users. In this journey, revenue and the customer base, play the most crucial part. If either of the two start experiencing a slump, then your business will suffer losses.
After a negative experience, 51% of customers never do business with that company again.
Strengthening your brand’s recognition as well as your customer relationship will help you survive longer than your competitors. The power of analyzing customer data and representing it in the form of actionable insights comes with many customer relationship management systems these days. These systems track your deals, manage your contacts and provide you with insightful reports even on-the-go. You can also ask for help from saas development company NYC.
A RAPIDLY EVOLVING CUSTOMER SERVICE LANDSCAPE
Using cutting-edge technologies, industries are modernizing their customer support and with that they are getting closer to their customer base. Here are some interesting facts and figures that will help you understand why you must start investing your resources equally towards some customers support channels.
In this article, we will try to understand the various ways customers support team can use customer data for providing proactive customer service.
Sparkcentral interviewed professionals and compiled an insightful data that explains how technology is helping businesses provide proactive customer service.
- Travel and hospitality
- CPG and electronics
- Financial services
Providing data-driven customer service is the need of this always on-the-go generation of your customers. Here are a few tips that will help you in doing the same.
CUSTOMER SUPPORT CHANNELS
AGENT RESPONSIBILITY ACROSS CHANNELS
CONNECT YOUR DATABASE
Over 80% of America want and expect companies to notify them in advance of a problem.
Businesses know that their customers make purchases with them just because of the experience. They want to fully empower their agents with the tools that enable them in providing proactive customer service because they feel their team is unable to capture the entire customer journey. By using a customer management software, businesses can easily prioritize their customer interactions, nurture their relationships with prospects and optimize their sales results.
- Data-driven customer service has taken priority as it ensures that customer data gets successfully captured and managed across multiple channels.
- Information of customer purchases, the frequency they contact customer service, and what portion of the website is most visited by them helps in creating an insightful pattern of their buying habits and preferences.
- Most organizations capture much of this information, but often in isolated packets. Too few marry it all together.
- A financial institution will successfully minimize the cases of churn, fraud, and default risk using customer data.
- By applying advanced analytics for understanding the needs and possible next actions of the crucial customer segments.
- Using customer patterns, credit-risk teams will easily ascertain whether customers whose bank balance fall into the red more than once a quarter is at higher risk for defaulting.
- Marketing team can use such data to pitch financial-planning and overdraft-protection services.
MAKING YOUR TEAM DATA-EFFICIENT
When it comes to making a purchase, 64% of people find customer experience more important than price.
Contact management software allow your team members to access, interpret and plan their strategies based on insightful customer behavior reports. Let’s understand in detail.
DATA-ENABLED PROCESSES HELP BUSINESSES MAKE EXPERT CONTENT AVAILABLE TO THEIR TEAM MEMBERS AT SINGLE CLICK.
A financial institution found that its transaction experts are getting overwhelmed with foreign-trade questions from regional offices. Making it impossible to divert resources for creating new services.
This situation can be easily solved using contact management software where the system captures and interprets piles of data and sort out the most commonly asked questions.
DATA OPTIMIZATION IS THE KEY COMPONENT FOR REDUCING BUSINESS INEFFICIENCY.
B2B companies have difficulty in enforcing pricing discipline because of their distributed networks. Tables and statistics, reporting dashboards, action analytics, and other solutions have profound impact on your business as it allows managers to compare performance and the various pricing, discounts, and bundles that work for the varied customer base.
- Using contact management software, you can do better data integration across a range of internal and external sources.
- Doing so will cut down the search time and make the data available to your team of analysts, auditors, and others.
- With insightful data, readily available to your team, providing proactive customer service becomes seamless.
PROVIDE PROACTIVE CUSTOMER SERVICE
7 out of 10 U.S. consumers say they’ve spent more money to do business with a company that delivers great service.
A successful implementation of contact management software, your team member can proactively offer help and recommendations.
- You team members must get completely familiar with the sales tools and customer support platforms that help in capturing customer data.
- Doing so will allow them complete access to the customer profiles across the organization.
- The actionable insights will help them identify and address potential issues before they occur.
- With such a tool at their disposal, your business will never fail to provide an immensely convenient and effortless customer experience.
SOME INTERESTING FACTS ABOUT PERSONALIZATION USING CUSTOMER DATA
75% of Netflix viewer activity is based on recommendation
35% of Amazon’s sales are generated via recommendation engine
Netflix’s recommendation system helps the company save an estimated $1Billion per year
As the Director of Customer Insight, US Commercial Airline said, “By understanding our customer’s journey and who they are, we can enhance their experience. The personalization we provide as a result improves customer loyalty.”
Organizations that leverage customer behavior data to generate behavioral insights outperform peers by 85 percent in sales growth and more than 25 percent in gross margin. – McKinsey
A contact management software allows you to save your customer data in a centralized repository. Apart from that, it enables access to the important data sets to those with proper credentials, making it impossible to breach or corrupt your data.
Popularly known as CRM, the software allows user to take various data sets and molds them into insightful reports for upper management to make data-driven decisions with ease.
You can take your data with you, everywhere you go, get timely notification regarding crucial deals and locate your valuable contacts via mobile apps. Most CRM vendors have come up with their mobile apps. So be on-the-go and worry less about being productive.