Handpicked Resources for Customer Retention Leaders – August Edition

Customer Retention

Handpicked Resources for Customer Retention Leaders – August Edition

This edition of VOZIQ’s Customer Intelligence Newsletter includes a handful of resources containing ideas and action plans for dealing with the current pandemic crisis and preparing for the future while still keeping your customers at the forefront.

We hope you will find this useful!

Three Ways AI Can Protect Revenue And Reduce Costs During Challenging Times – Forbes

COVID-19 is the biggest global disruption to businesses in nearly seven decades, making it challenging for customer service to meet customer needs. Businesses may also find it difficult to control costs while managing operational challenges. Workplace disruptions and increased queries are a problem for most businesses, which is why AI is a game-changer for companies that want to ride out these challenging times. Without the ability to manage COVID-19-related challenges, organizations can face both service gaps and customer dissatisfaction.

This author shares three successful approaches to reducing costs utilizing customer experience and attrition gains:

  • Reverse-engineer customer experiences
  • Segment customer issues based on complexity
  • Use AI to efficiently deliver targeted service experiences
10 Ways for Customer Service and Support Leaders to Quickly Improve Digital and Self-Service Effectiveness – Gartner

Gartner states that during times of crisis, such as with COVID-19, customer service and support leaders can implement 10 digital and self-service tactics to quickly reduce operating costs, improve effectiveness and minimize contact volume and expenses.

The Who, What and How of Building a Customer Experience Strategy – Cmswire

This article discusses McKinsey and Company’s four recommended actions that organizations can take to respond to customer needs during the pandemic and beyond:

  • Focus on care and concern
  • Meet your customers where they are
  • Reimagine the post-COVID-19 world
  • Build agile capabilities for fluid times

This article explains more about organizational alignments and priorities for focusing on the customer experience and customer retention.

Approaches to Enhance Customer Retention through Conversational Chatbots-Customerthink

Conversational chatbots are becoming the new norm, but they can’t replace human intelligence or effort. Despite this, they are definitely helping customers self-serve, make smarter and speedier decisions, and communicate with purpose.

Chatbots are helping to reduce workloads, increase the ability of human agents to cater to more complex problems, and address routine customer queries with a pinch of friendliness and humor. Each of these areas contributes to better customer retention planning and strategies.

Seven Strategies for Keeping Your Customers

Loyalty represents the source of all profits. Businesses can ensure maximum shareholder value by focusing on specific marketing activities, like providing ongoing value to customers, identifying opportunities to improve value, preventing at-risk customer defections, and reactivating profitable customers when they do defect.

This author has identified 7 proven strategies for business marketers. We are sure you will find them insightful.