In this new era of instant information and endless product options, your brand’s status is no longer enough to ensure consumer loyalty. Consumers are comparing you not only to your competitors, but also to the best brands they interact with everyday—Google, Amazon, Uber, and others.
Brands like these have trained consumers to expect immediate, personalized service. Companies that deliver value-added shopper experiences achieve year-to-year revenue growth more than 13 times greater than those that don’t, according to a recent Aberdeen study of consumer brands and customer loyalty.
Consumer expectations carry over from one product/service vertical to another. That fact means field service organizations (FSOs) can learn a lot from best-in-class consumer brands about improving customer loyalty, increasing revenue, and boosting profit margins by creating personalized customer experiences.
Understanding the Importance of Customer Loyalty and Personalization
Acquiring a new customer is anywhere between five and 25 times more expensive than keeping a current one, according to the Harvard Business Review. The more you understand potential customers, the more likely you are to keep them once you acquire them.
One of the most important things to understand when you want to win customers’ loyalty is the fact that today’s consumers want more than the best product at the best price. They want convenient product experiences from brands that share their values and value their business.
What better way to show you value your customers than to offer seamless service experiences tailored to their specific needs?
The Aberdeen consumer loyalty study found top consumer brands hyper-personalize almost all aspects of the customer experience. In doing so, they build a key business differentiator and outperform competitors in revenue growth, customer satisfaction, customer retention, and profit margins.
Best-in-Class brands are 61% more likely to customize the products and timing of shopper interactions as a way to differentiate themselves and boost their margins.
To stay competitive, more service organizations are following consumer brands’ lead in providing highly personalized experiences that put the customer relationship first.
At Astea, we always personalize the customer journey.
From the initial point of contact to solution implementation, we use our 40 years of field service expertise and experience to guide organizations through software implementation using industry-leading best practices. To boost results, we assess what operational processes organizations need to improve before they deploy software. By empowering our customers to take control of their digital transformation needs, they, in turn, are able to customize service delivery, helping cut costs, increase profit margins and improve customer satisfaction.
How to Increase Customer Spending By Analyzing Consumer Data
Customers have access to more information, power, and choice than ever before. But so do enterprises. By using advanced analytics and automation technologies, brands can fine-tune their customer segments to offer the right product, at the right price, through the right channel, at the right time.
This approach is precisely how consumer brands maximize customer spending. As the Aberdeen consumer loyalty study shows, more than 80% of top-performing companies have identified their most profitable consumers. More than 60% use customer sentiment and behavior data to proactively reach out to those customers via the best channel at the best time.
Field service companies can also leverage digital solutions to improve the customer experience. Astea’s Alliance Enterprise collects customer interaction data at every customer touchpoint, enabling FSOs to build customer profiles with specific preferences, purchase histories, behavior attributes, sentiments, and more. Since 79% of US consumers will only consider doing business with brands they believe understand and care about them, getting to know your customers better is a vital step toward improved customer loyalty.
In addition, Astea Alliance offers low-code integration to third-party business applications and data sources. This integration facilitates automated workflows and seamless data sharing among teams and departments. When your staff is better able to collaborate and access the same information, they can provide more consistent, personalized customer experiences, regardless of the channel of interaction or point in the buyer’s journey.
Top performing consumer brands retain 45% more of their clientele year-over-year by improving their agility in responding to consumer needs and continuously enriching shopper satisfaction.
Improve Your Performance By Providing Personalized Experiences
Top-performing brands understand how important a personalized customer experience is, and they achieve greater return on their investment than their peers. They benefit from greater customer retention, enhanced agility to respond to customer demands, and consistent growth in annual revenue.
But achieving these results is no small task. Service organizations who want to outperform their competition must take a cue from consumer brands and personalize the customer journey from end-to-end.
To learn how Astea can help your organization embrace the future of customer service and move toward personalized customer experiences, request a demo of our field service solutions today.