There is the adage, that cash is the lifeblood of any business enterprise and for a business to survive, it must be able to look after their finances. In this case businesses need to look after their customer because the customer is cash disguised as a client. In running a business something can be said about customer service.
Any business that fails to look after its existing customers is likely to fail, because current clients bring cash for the business to survive. It is utmost important for any business to go out of their way or beyond a call of duty to make their existing clients happy. After all, we all know that it is not easy to acquire a client and since you have a customer base make it your duty to look after them.
Mechanics
We all know that time can be an issue when it comes to meeting all your consumer needs, however, we can use technology to mitigate that challenge such as automation as it is arguably the most significant. If the business pays attention to the needs and wants of its customer, it stands a good chance to succeed and make more money which is the goal for most businesses.
Here are 5 ways any business can achieve customer retention in 2020
- B2B self-service will become more interactive
Thanks to an increase in on-demand video content in our personal lives, customers are more frequently asking for the same in the business world. As a result, more companies are doing less telling through text and more showing through interactive guides and customer service video content to get messages across.
- Companies are becoming truly proactive
The days of sitting around waiting for customers to contact you are in the past. Instead, it is becoming the full responsibility of the company to let their customers know about the problems they have before they even notice. Companies can do this by monitoring the interactions every customer has and assessing or analysing the sentiment behind them. Often referred to as “Customer Health” monitoring.
- The rise of “Customer Success”
More companies are beginning to understand that customer service is more than just reading scripted responses. It is about doing anything and everything possible, so your customers are successful with your business. This mentality is leading to a rise in “Customer Success” within companies that dedicate the time and resources necessary to keep customers happy. The new emphasis on the customer has also led to reduced churn and more positive third-party feedback.
- Basic live chat is not good enough anymore
Having an only basic chat on your website was becoming outdated last year and moving into 2020 and beyond is even worse. Customers increasingly expect chat solutions to be extremely fluid, switching between mediums (text, video, screen sharing) as needed on the fly without being forced to change applications or start over.
- AI (Artificial Intelligent) will become less artificial and more a part of “real” customer service teams
Modern service software now leverages the true power of AI and not gimmicks like simplistic chatbots to lure in customers. These solutions are incorporating AI from the ground up not to stand on its own as a replacement for human agents, but to aid them in working smarter and more efficiently. Examples include sentiment analysis and predictive chat.
Conclusion
Businesses need to understand that using technology to communicate better than ever before with their customers. This means conversing directly and indirectly across different mediums (new and old). This move will increase and yield customer trust. Lastly, we all know that when two people are involved in business trust ties in both parties however if there is a trust deficit the relationship dies.
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