7 Amazing Benefits Of A Customer Engagement Platform
The field of customer service is constantly adapting to keep up with changing consumer preferences. However, the emergence of the customer engagement niche and the development of customer engagement platforms represents a significant milestone. These platforms are software that enable real-time interactions with both potential and existing customers, while also tracking customer behavior throughout the purchase funnel.
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First-Hand Insights Into Customer Behavior
Customers are the lifeblood of any business, but their needs are constantly evolving. While search engine and customer relationship management platforms offer analytical tools to understand consumer behavior, the resulting reports are often open to interpretation. This can lead to inaccurate conclusions being drawn by marketing or customer service teams.
However, customer engagement platforms go beyond basic analytics and tracking to offer advanced features like personalized messaging, contextual communication, and behavioral messaging. These features allow the platform to engage with customers in real-time and generate precise analytics reports. This first-hand consumer insight provides businesses with vital information that they wouldn’t have otherwise. By using this data to streamline their services and improve product design, businesses can gain a competitive advantage. Additionally, customer engagement platforms can help identify upselling opportunities, not just troubleshoot and solve problems.
Enhanced Brand Equity
The perception a brand name generates within the public is known as brand equity and encompasses various elements, such as brand recognition, influence, and goodwill. Brand equity plays a crucial role in consumer purchasing decisions, including brand loyalty. Studies have shown that brand equity influences perceived quality and brand associations, generating positive consumer responses.
Although brand equity relies more on human bias than empirical data, it creates value over the long run. Another study found that customer engagement plays a significant role in customer satisfaction, leading to brand loyalty and an increase in customer-based brand equity. Investing in a customer engagement platform is, therefore, a reliable way to build brand equity and enjoy the benefits of running an influential brand.
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Revenue Growth
The main objective of a business is to generate revenue and maximize profit margins by increasing sales of products and services. However, customer satisfaction is equally important to achieve these goals, and a customer engagement platform can help. By improving customer engagement, such a platform can enhance customer satisfaction and retention rates.
Repeat customers are more familiar with a business’s products and services, making it easier to upsell or persuade them to expand their purchases. This, in turn, can lead to higher sales volumes and increased revenue. Additionally, customer satisfaction generates brand loyalty, resulting in a high customer lifetime value.
Lower Marketing Costs
A strong and effective marketing strategy i is essential for business growth. However, it requires a substantial budget to promote a brand’s products and services across multiple channels. Experts suggest that business-to-business companies allocate 2%-5% of their total revenue to marketing, while business-to-consumer companies should spend 5%-10% of their total revenue on marketing efforts. These recommendations indicate that marketing is a necessary but expensive endeavor. However, investing in a customer engagement platform can significantly reduce marketing costs.
Customer engagement leads to customer satisfaction and brand loyalty. Loyal customers become brand advocates who market your brand via word-of-mouth or their online platforms for free. According to an industry report, 90% of people are more likely to trust a recommended brand. Additionally, customer engagement leads to a high customer retention rate, reducing customer acquisition costs.
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Easier Crisis Management
Running a business can be challenging, and unexpected events are likely to occur at some point. While crises are inevitable, how a brand communicates during a crisis can significantly impact its brand equity. A customer engagement platform enables a brand to respond more efficiently during a crisis by prioritizing customer needs and facilitating personalized communication. These interventions enable the customer support team to focus on critical crisis elements, preventing them from becoming overwhelmed.
Save Time And Company Resources
Apart from using a customer engagement platform, another popular strategy is utilizing social media pages. However, creating engaging content on social media platforms requires significant time and effort. Managing social media is a full-time job and may require hiring a social media manager or outsourcing the service to a digital marketing agency. Nonetheless, a customer engagement platform can help reduce the time and resources spent on social media engagement.
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Customer engagement Advantages
Customer satisfaction and retention are positively impacted by a positive customer experience, while a negative experience can result in customer churn and revenue loss. In fact, a survey found that 58% of consumers are willing to pay more for enhancing customer experience. A customer engagement platform provides tracking features that measure customer behavior throughout and beyond the purchase cycle. The data and feedback obtained from these features help a business optimize its end-to-end user experience, ultimately improving customer satisfaction.
Conclusion:
In conclusion, customer engagement is a critical element of modern business success. By investing in a customer engagement platform, businesses can automate and streamline customer engagement efforts, provide a better customer experience, save time and resources, and drive business growth.
