The Powerful ROI of Retaining Customers in 2021
It’s (finally) a new year, which makes it more tempting than ever to keep last year in the rear view and focus on the new products you’ll launch, the new campaigns you’ll run, and the new customers you’ll bring aboard. But, don’t lose sight of the customers that got you to where you are today.
Loyal customers are the bedrock of your business as well as the proverbial rocket fuel that can help push your company to the next level. Keeping your existing customers, and keeping them happy, isn’t just intuitive — it’s economical.
In 2014, Harvard Business Review reported that “increasing customer retention rates by 5% increases profits by 25% to 95%.” Nearly 7 years later, that principle still holds true. In 2020, Harvard Business Review wrote “companies at the top of their industries in Net Promoter Scores or satisfaction rankings for 3 or more years grow revenues roughly 2.5 times as fast as their industry peers and deliver 2 to 5 times the shareholder returns over the next 10 years.”
Those types of statistics are what set successful businesses apart from the pack. So, instead of focusing solely on acquiring new customers, let’s turn our attention towards new tools and strategies you can use to retain the customers you have today.
Delight and Retain Your Customers Starting from the First Interaction with Airkit
The minute your customer comes to your site and starts browsing, they’re already making conscious and unconscious judgements about your company and your customer support.
The best way to guarantee a great customer experience is to meet your customer where they are. That means having the ability to communicate with customers easily across all channels.
Using Airkit, you can interact with your customers on the channels they prefer without spending months of engineering effort to build an omnichannel experience yourself.
Airkit’s low-code, SaaS powered-platform enables immediate customer follow-up by tying the communication platforms and backend services you rely on to your customer experience in real-time.
For example, leading insurance companies use Airkit to reach out to prospective customers while they’re browsing through insurance plans.
If that insurance company were using a legacy customer engagement system, a prospective customer might not hear from an insurance agent until weeks after they filled out a form detailing what type of plan they were interested in. That’s because legacy systems are reactive, not proactive. They require repetitive manual processes to extract the information an agent needs to serve their customers and follow up promptly.
With Airkit, those prospective insurance buyers don’t have to wait at all. Insurance companies can send a webpop to a prospective customer in real-time as they’re browsing and start a conversation right then and there.
If the customer is interested in a plan, they can provide relevant information like their email address, name, and what plan they’re interested in as part of a self-service experience. Airkit automatically sends that data to the insurance company’s CRM to give insurance agents the context they need to provide customers a better, more personalized experience.
Renew and Sell
Timing is everything when it comes to retaining customers. If we dive a little deeper into our example of an insurance company serving its customers, we can see how simple Airkit-powered automation can deliver valuable information at the right time to entice your customers to renew their commitment to your company or even uplevel it.
Let’s say one customer buys an insurance plan they love and has it for years. When open enrollment season comes around, that insurance provider can schedule and send automated emails using Airkit to follow up, reminding them of open enrollment and highlighting plans that might better fit their needs.
Airkit acts as a bridge between that company’s CRM and their agent chatting with a customer, delivering the agent the information they need to find and sell a new plan to that customer based on the entire history of their customer journey.
Having relevant customer data, records of interaction, and demographic data at your fingertips makes a world of difference when it comes to an upsell or cross-sell. With that data readily available, you can provide more personalized expansion offers because you have a better understanding of what’s relevant to that specific customer.
That’s how you secure a customer’s business, but what strategies can you use to keep their business or win them back?
Prevent Churn and Win Back Customers
Not everything goes according to plan. A customer might churn from your company simply because they forgot to update their payment method before it expired. Or maybe they tried out a competitor because you didn’t have a product they needed at the time.
When a customer strays from your company, targeted, personalized outreach can help win them back and retain their business.
Using Airkit, you can set up automated flows to notify customers when their payment method is about to expire or when you might need new information to keep their account up and running. Building these types of churn reduction campaigns only takes a few clicks using Airkit, and it can make the difference between keeping a customer or losing them.
It can be also challenging simply to know which customers are happy and which are not. With Airkit, you can build workflows to automate the collection of customer feedback and tailor specific offers to specific individuals based on their experience.
The same principle of targeted outreach applies when seeking to reengage lost customers. You can build communication flows that address specific customers who might be interested in a new product you have to offer.
Let’s say that one customer went to a competitor because they offered a mobile-based billing app that made it easy to pay for your company’s services. When you roll that feature out yourself, you can select those customers you know are interested and send automated emails to them using Airkit when that service goes live.
Onward into the New Year
As you work on new ways to retain and delight your customers, we’ll be here to serve up recipes for customer success and give you the tools you need to deliver just that. Airkit’s low-code, intuitive platform is built for companies who want to focus on what they’re best at, rather than waste time with manual processes and cumbersome legacy software. We can’t wait to see what digital experiences you build for your loyal customers, and the new ones too, in 2021.
Start building better digital CX and get the low down on best practices for customer retention and growth here.