Stop Churn Now: Best Customer Experience Management Solution!

Churn is the silent killer of businesses, silently eroding profits and stalling growth. But there’s good news: You have the power to stop churn in its tracks with the right Customer Experience Management (CXM) solution. In this blog, we’ll explore why churn is a formidable adversary and how a top-notch CXM solution can be your secret weapon to ensure customer loyalty and business success.

The global business landscape underwent a seismic shift during the COVID-19 pandemic, causing customer churn due to significant changes in customer behavior and expectations. As we navigate the post-COVID era, the importance of a robust customer experience management solution cannot be overstated.

Worldwide Crisis has always been followed by a dramatic change in customer behavior and commercial organizations have always been adept at embracing such changes. With shelter-in-place and social distancing now becoming an integral behavior of the people, branding customer experience in the post-COVID world is yet another challenge that industries face. Organizations are looking at a customer that’s more cautious, digital, engaged, local, and transitional.

It is the moral imperative of providers to map these behavioral changes in customers after the COVID-19 pandemic and formulate customer experience management solutions to accommodate their needs. It still remains a close call between the development of new CXM techniques and pushing the adoption of underutilized CX technologies for organizations. What they need is a bird’s-eye view of current customer behavior dynamics.

Cracking the Code of Customer Churn

1. The Costly Conundrum: It’s More Than Just Lost Customers; It’s Hemorrhaging Revenue and Future Growth Opportunities. Did you know that acquiring new customers can be a financial juggernaut? In fact, it’s estimated to cost businesses up to five times more to win over fresh faces compared to retaining their existing, loyal customer base. But here’s the catch: churn isn’t merely about customer defection. It’s a silent business assassin that stealthily erodes not only your current revenue but also your potential for future growth. Join us as we dive deep into the labyrinth of churn, unraveling its hidden costs, and discovering how a robust Customer Experience Management solution can be your guardian against this relentless foe.
2. The Silent Saboteur: In the bustling arena of customer-business relationships, there exists a silent saboteur, often unnoticed until it’s too late – the phenomenon of customers slipping away into the shadows without uttering a word of farewell. Their departures are stealthy, leaving you in a state of perplexity, wondering about the reasons concealed beneath their quiet exit. The absence of feedback and dialogue makes it a formidable challenge, as the true causes of their dissatisfaction remain shrouded in mystery, rendering issue resolution a daunting task. This silent exodus, akin to vanishing acts, intensifies the gravity of churn, as its enigmatic nature makes it considerably more arduous to identify and rectify the factors that erode customer loyalty and trust.
3. The Competitive Landscape: In the battleground of today’s business world, where competition is fierce and unrelenting, customers wield more choices than ever before. This isn’t just a marketplace; it’s a hyper-competitive arena where companies vie for the attention and loyalty of their audience. It’s a world where mediocrity is swiftly cast aside, and where customer experience management solution is no longer a luxury but an absolute necessity. So, in this hyper-competitive market, the bottom line is clear: Providing an exceptional customer experience isn’t optional—it’s the bedrock upon which businesses build their success or risk fading into obscurity. It’s the enduring differentiator in a world where choices are plentiful, attention spans are short, and the pursuit of excellence is the only path forward.

Changing Customer Behaviour During The COVID Crisis

Change in consumer behavior as an outcome of the COVID-19 crisis is not only limited to people’s purchasing behavior but also the way they communicate with brands. Early assessments show that while the demands of core purchases remain relatively the same (apart from COVID-related expenses), the in-store experience of customers, loyalty programs, peer-to-peer consulting, renewal of subscriptions, and the go-digital attitude have changed exponentially.

18% of the US customers recently switched to new brands during the COVID-19 pandemic and 64% wish to continue with their switch for the next years. People want the same products and services today but not from the same providers and certainly not in the same way. Creating new self-service and micro-customer experience management solution has become a major post-COVID World strategy for many businesses.

Delve Deeper with Our Captivating Blog Post: 13 CXM Strategies Boosting Your Customer Retention Rate.

Being connected to customers is proving to be a great institutional asset in these times. ‘Walmarts’ of the world are losing their store footfall to residential community WhatsApp groups. Gestures as small as wishing a neighborhood buyer a healthy and safe day are getting ahead of the typical ‘COVID-19 Response’ setup by well-positioned corporate houses.  Almost 40% of the surveyed customers during the COVID-19 crisis complained that their product and service providers didn’t respond well to the situation.

Navigating Customer Behavior Metrics Amid COVID-19

Here are some observations made by FCI about the factors that highlight the critical outcomes of the Coronavirus on Consumer Behavior and by extension Customer Experiences across the world:

• 28% of the customer groups surveyed by E&Y recently confirmed that they’re going to extravagantly change their ways of communication. 15% said the same about their banking habits.
• Zendesk observed a 24% spike in weekly customer service tickets of its partner companies across the world, during the peak weeks of the COVID-19 pandemic.
• E-commerce sales in Italy rose by 81% within a single week after the declaration of curfews. This led to a nationwide logistics crash.
• Overall internet penetration in regions of China increased by 15-20% within a few weeks of the coronavirus outbreak. Something that generally takes years for any country.
• Some fitness and web-based learning applications saw a rise in installations and orders between 80% to 250% during the pandemic and expect a similar rise in the Post COVID World.
• 53% of the customers are ready to share personal information to help monitor and track an infection cluster, or any infection cluster in the future.
• 1/3rd of Baby Boomers made their first e-grocery purchase during the worldwide coronavirus outbreak. Almost all of them are going to continue getting supplies this way.
• A survey conducted by PwC just before the worldwide COVID outbreak showed that 73% of the customers considered experience among the top 5 factors for making buying decisions.
• 41% of the customers surveyed between April 2, 2020, and March 25, 2020, confirmed that they were only buying from brands they trusted.

Not only factors like these but some auxiliary behaviors are also influencing how customers are communicating their renewed demands to the providers. 46% of employees who had never worked from home have confirmed their intention to continue working that way in the post-COVID world. Customers working from home now have more time to go through customer communication messages, but they’re still biased towards interactive and hyperpersonal messaging.

10 Cutting-Edge Customer Experience Management Solutions

1. Understanding the New Customer Journey
The pandemic reshaped the way customers interact with brands. Customer journey mapping becomes a vital tool for businesses to comprehend these new pathways, identifying pain points and opportunities for improvement.

2. Embracing Omnichannel Excellence
In a world where customers seamlessly shift between devices and platforms, providing a consistent omnichannel experience is paramount. Learn how to harmonize digital and physical touchpoints to create a cohesive customer journey.

3. The Power of Personalized Interactions
Personalization goes beyond addressing customers by their first name. Discover how to leverage data-driven insights to tailor interactions at each touchpoint, leaving customers feeling valued and understood.

4. Unveiling CX Analytics
Numbers tell a story, and customer experience (CX) analytics provide the narrative. Delve into the world of data-driven insights to uncover trends, preferences, and pain points, enabling you to make informed decisions.

5. Mastering Customer Touchpoint Optimization
Each customer touchpoint is an opportunity to make an impact. Explore strategies to optimize touchpoints, ensuring that every interaction aligns with your brand’s promise and resonates with your customers.

6. Metrics that Matter: Customer Satisfaction
Customer satisfaction metrics serve as a compass, guiding your CXM strategy. Learn which metrics to track, how to interpret them, and how to pivot your approach based on the feedback received.

7. Crafting a Customer Engagement Strategy
Engagement is the cornerstone of customer loyalty. Uncover techniques to build meaningful connections with customers, fostering long-term relationships that transcend transactions.

8. Navigating Multi-Channel Communication
Customers expect businesses to be where they are. Explore the intricacies of multi-channel communication and how a seamless transition between platforms provides the overall customer experience management solution.

9. The DNA of a Customer-Centric Approach
A customer-centric approach isn’t a buzzword; it’s a philosophy that shapes every decision. Understand how embedding this approach into your company culture redefines how you serve your customers.

10. Decoding Customer Behavior Analysis
Understanding your customers is a continuous journey. Delve into the art of customer behavior analysis, uncovering insights that unveil their needs, desires, and decision-making processes.

Customer Experience Management Trends: Your Shield Against Churn!

• Intuitive and Conditional Customer Communication

Customers have redesigned their priorities for now but the effect on micro-economies is yet to stabilize in the post-COVID world. The volatility of decisions on how customers are expecting to go banking, studying, socializing, communicating, accessing healthcare, and even traveling range between 8% to 49% on the scale of ‘getting normal back again’ to ‘cautiously extravagant changes’.

To mitigate such behavior the current systems need to have powerful conditional modeling for their communication systems. Such systems while managing regular omnichannel communication can identify potential shifts in preferences and trigger dynamic rule authoring for automated changes.

• Automated Response Management 

PwC in its pre-COVID world survey found that 80% of customers surveyed were biased towards customer experiences that were faster, convenient, friendly, and knowledgeable. Nothing has changed during the COVID crisis regarding this fact. Customers are still looking for organizations that have identified their experience-expectation gap. Setting up automated contact centers for lending core critical support to customers in the post-COVID world is one way to bridge it.

Developing zero-based digital delivery designs will lend customer communication management systems the ability to make a real-time analysis of customer responses. Customer experience management solution streamlines customer interactions and boosts efficiency with automated response management. Real-time analytics of customer communications lend crucial data to set up such functions.

• Self-Service and Low-Contact Communication

Community communication largely remains digital and grows even so during this crisis, but that’s not the case with customer communications. Print-based and Analogue engagement is still a key transactional communication device for numerous businesses across the world. The limitation of single-point interactions has specifically added to the concerns of the financial industry in this series.

Enabling kiosk fewer services for transactional communication in sectors like banking and insurance is critical to maintaining customer relations. Increasing diversion of forces towards a cloud-first approach and fully API integrated Digital Support Systems can help avert these concerns for banking and other industries. Developing such systems will not only control the churn losses but also fill the gap created in existing customer lifecycles of organizations that had been disrupted by changes in post-COVID World behavior.

• Transactional Communication as a Marketing Channel

43% of surveyed financial institutions in 2020 Q1 till now have claimed that maintaining strong customer communication remains their top priority. With customers decreasing their movement preferences in the post-COVID world, outdoor advertising and mass media communication have been largely rendered inefficient in meeting this priority for many organizations. Amidst the social grapevine, customers have already decided to stick with authentic communication channels only.

Digital Transactional Communication offers organizations a critical opportunity to harness their existing digital real estate for marketing efforts. The consumer interest in ‘What’s in it for me’ messaging is clearly a positive outcome of the social restrictions. Customer experience management solutions can find opportunities for transactional experience management that can enable CSAT stability for businesses in these times. Automated document factories and Cloud-based CCM solutions will lend a transformational edge to existing transactional communications for marketing opportunities in the post-COVID world.

Conclusion