April 22, 2018
Engagement can be one of the strongest indicators of how a customer feels about your brand. A recent study found that 87% of customers think brands need to put more effort into providing a consistent experience. That means, when you focus on engagement, you’re already ahead of the game. Here are a few reasons why a customer engagement strategy can benefit your business, like, yesterday:
Competition is fierce and acquiring new customers can be expensive. In fact, it costs 6-7 times more to gain a new customer than to retain a current one. Additionally, customer engagement can increase the probability of selling to an existing customer by 60%. That means taking a customer-centric approach will not only save a brand money, it can actually drive revenue.
Engagement is important to your bottom line because it establishes brand loyalty. This has a positive effect on conversions and increases sales. Feedback on product improvements can also lead to a higher quality product or a more cost-efficient model. The possibilities for saving money through customer engagement strategies are endless.
Engagement creates brand advocates. It’s that simple. When you keep your customers engaged they develop an affinity for your brand and will recommend it to others. Influencer marketing is about networking with the people in your industry that are thought leaders. Engagement will get them excited about your brand and motivate them to promote it.
Influencer marketing is currently one of the most powerful forms of marketing there is because it’s normal people backing brands, instead of paid actors or advertising. It’s a thousand times more effective. In fact, only 3% of consumers are influenced by celebrity endorsements these days. It’s all about engaging with brand advocates who take the time to build a community around your audience.
If you don’t engage with your customers, how will you know if you’re achieving success? Modern consumers have very little patience. Five years ago, the window for answering a question was 24-hours. Today, people anticipate 30 minutes max. Yet 12 hours is the best most businesses can achieve. Clearly, there is a human disconnect.
People know technology and they expect real-time responses immediately. That’s why automation and apps like chatbots have become such a popular aspect of successful engagement strategies. They are immediately there to greet people and engage. Even though most consumers are aware they are speaking to a robot, it still puts people at ease knowing their issue is being heard.
Experience matters more to people now. In fact, 60% are willing to pay more for it. People are starting to value engagement over product. They’re seeing brands as “friends” who “know” them, rather than companies they are doing business with. Consumers appreciate brands that tell stories and converse with them on social media. People are just more emotionally intelligent in the current digital landscape, and if you don’t engage them, you could lose them forever.
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