CIOREVIEW >> Customer Relationship Management >>

Enhancing Customer Experience via Innovation in Customer Retention Methods

By CIOReview | Monday, September 3, 2018

Most companies claim to consider the feedback from their customers on a serious note. As revealed by a renowned business school, the key to improve profitability by 25 to almost 95 percent is businesses inculcating customer retention practices within the organization by at least five percent. Studies further prove that inbound marketing strategy can increase the revenue generated, which are likely to come from existing customers. Therefore, seasoned business enthusiasts suggest that organizations must invest in bringing innovation into the customer retention department with appropriate customer experience ideas.

Surprisingly, at least eight percent of customers disagree with the businesses’ claim of delivering a superior customer experience. Even big shots in the market believe that their customers are very satisfied with their overall services. Obtaining feedback on a consistent basis from the customers helps organizations to educate the customers about making the right decisions. On the other hand, the organization can similarly take suggestions from customers and bring innovation to their products or services by assessing the contemporary trends in the market.

Market experts maintain the belief that acquiring new customers are far more difficult than retaining them. The key to implementing a successful customer retention strategy is to educate customers on a regular basis. This may be done with the aid of innovative marketing campaigns, which will consequently empower the consumers to make informed decisions about their requirements. Educational content such as articles or videos showing how-to methods, along with FAQs and webinars must be updated frequently, thereby developing a relationship based on reliability between the customer and the provider.

Increasing customer loyalty is one of the most important factors to be considered while focusing on customer experience and engagement, according to most entrepreneurs. Although it is necessary that businesses should invest a significant amount of time and energy in acquiring customers, existing customers should not be taken for granted. In most cases, organizations lose their existing customers because they tend to grow complacent over time in terms of quality as well as serving them.

In this digital era, the most common method of attracting and engaging customers is to enhance the user experience (UI) of websites. The better the UI, the longer customers are likely to spend more time on the website. This is beneficial both in terms of existing as well as new customers. While existing customers express more satisfaction toward the new initiatives taken by their favorite brand, new customers generally get attracted to the unique approach of the business.