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November 6, 2019
The latest buzzword that companies are starting to spend a lot of money on (no, I don't mean state-owned companies) is customer experience. But doing the bureaucracy or shopping could be an experience without the extra expense. A little more humanity, kindness and attention would be enough.
Me, the customer, the buyer. Again, I was at a lecture.
Surveys show that one third of consumers, if only a bad experience is worth with a particular brand, they move on forever.
However, the Almost half of consumers would be willing to pay up to 20% more for the same service if it would make a deeper impression on them.
The sales culture in our small country primarily sales oriented. Get as many new customers as possible and try to sell as many products as possible, just keep the plans coming. But surveys show that it costs at least five times more to acquire a new customer than to keep an old one.
We can even try to understand your needs and provide you with a personalised service.
What's more, a loyal and satisfied customer spends more each time (with us). The data shows that 67% more.
All this has of course already leads to explosive results in the short term.
Just to talk about the practical side of things, one of our key business partners, Gergely Molnár, CRM Manager at Raiffeisen Bank presentedhow this happens in the banking sector.
(I almost wrote "our", as I personally started developing the data marketplace that underpins the whole process more than 10 years ago :-).
Well, customer relationship management (CRM) is a very complex thing. We've tried everything, just buy the customer what we want to sell him. Of course the noise is getting louder, because that's what all competitors are trying to do:
What we can do is try to collect from (integrate) our datain one place.
Then we need to match our business processes with our data, so we can see that what is happening, where the customer is going and what they are doing. But it's best if you can guess from the behaviour of other customers that what you want to do.
Offer a solution, reattach and refine the system.
As I see it, the technology is there and it is not expensive. There is better and better software that is getting better and better.
However data is a mess. Everything that lives and moves changes. This is especially true for business processes and pretty software.
But the data is eternal. And if we don't structure our data, not just once, in a project or a tender, but continuously, we won't be able to monitor our customers, map their needs and retain them in the long term.
And we are getting better at it.
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