Consumer behavior and digital connectivity have seen a massive shift in the past decade and every customer today is available on more than one digital touchpoint at a given moment. Given the competitive landscape of digitally active brands, companies that are not focusing on inspiring brand loyalty are risking high customer churn. This is because customer loyalty is seen to be directly linked to the level of personalized experience that is tangible for the consumer. In return, businesses are prioritizing 1:1 personalization for customer recall, growth, and profitability.
How is data being used to reduce customer churn?
To be available to the customers in their omnichannel journeys at any given point requires companies to gather proprietary data which is then harvested for insights that help understand the customer’s profile, behavior, and touchpoints better. Such contextual information is then channelized to plan pertinent actions in a customer experience journey, such as real-time engagement, cross-selling, upselling, building relationships, and hence retention.
Which are the verticals that are keen to adopt 1:1 personalization?
Every organization that touches a customer, whether is a citizen, a bank, an insurer, the government, or a retail organization, is looking to deliver a smarter, more engaging, and personalized customer experience.
One of Areteans customers, a retail giant, was facing a unique challenge with high churn. Customers were leaving the organization and moving to their competing brands. Without a commercial thought process around value engagement and retention, this client was facing the complex challenge of not being able to flow with a sustainable business model due to the large scale of operation. Ad hoc decision-making on offers was not a viable solution as it was vital to understand unique customer behavior. High-value customers, price points, product choice, and their reasons for leaving were brought into consideration to strategize retention options. Areteans’ support enabled a focus on customers that mattered while allowing the low-value ones to churn, and the business was able to see a multifold increase in retention rates with an effective top-line and bottom-line growth.
How is data harnessed to enhance customer journeys in real-time?
Having customers connected at different touchpoints, whether from a call center or a website or through social media channels, engagement in the right way at the right time is the need of the hour. Right from geo-locations to CRM that tracks the lifecycle of a customer, data-driven decision-making is defining 1:1 personalization today. Banking and financial services is one such domain where Areteans has been driving transformation with their deep-domain knowledge and consulting expertise. When a customer is looking for a credit product, like a mortgage, loan, or credit card, an optimum offer in the form of bundled add-ons can be marketed to the customer, based on the dimensions of their interaction history. For existing customers, data on their spending capability can provide insights into building lucrative loan offers that they are likely to accept as the available data has already configured that possibility for them.
Insights from call interaction histories help telecallers gauge the sentiment of the conversation to promote a narrative around the customer’s interest while they attend a transactional call and make the experience more interesting.
Staying absolutely relevant to the customer
The wealth of proprietary data that is obtained from online consumer behavior in the digital landscape allows organizations to be more responsive, more nimble, and more adaptive to the changing needs of the market. It enables them to offer the right experience with their known customers by presenting a choice of better prices, discounts, or freebies that keeps the customer engaged, returning, and loyal. It also helps the brands be adaptive and responsive against their competition. Contextual and situational data is adding more and more flavor to tailored experiences with deepening AI-based recommendations.
Areteans has been playing an integral part in simplifying the increasing complexity in customer journeys to make decision-making easier. With AI and automation-led capabilities, Areteans is enabling a dynamic customer-centric world to drive value on the premise of contextual, relevant, and real-time outbound offers that help businesses achieve the growth they aspire.