Article : Want to Increase Customer Lifetime Value? Look to the Contact Center
When a brand begins seeing customers return for a third or fourth time, the potential of earning a lifetime customer is extremely promising – and incredibly valuable to a business’ topline. Not only is there a potential for recurring revenue from that customer, but they can also spark a domino effect with their peers, creating positive momentum that leads to immense revenue value. However, it isn’t always easy to get customers to return repeatedly and become advocates – it is the result of many factors and interactions that all draw back to delivering exceptional customer experience.
Contact centers are the powerhouse to drive exceptional customer experience all through the customer lifecycle, from acquisition, growth and retention to advocacy. Here are some insights into the impact that contact centers have in helping businesses achieve the ultimate goal of gaining and keeping customer advocates for life.
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Timing and relevance are two critical factors when it comes to customer acquisition. Contact centers help businesses acquire customers by meeting them in their channel of choice at the right time, on the right device. Along with proactive engagement with the customer, businesses must provide a personalized offer based on customer profile and interaction history. Both factors – timing and relevance with proactive personalization – drive exponentially higher conversion. Contact center dialers offer a very effective and efficient way of reaching out to prospects without sacrificing agent time. Integrated with a CRM system, they can produce a high volume of quality, personalized calls that not only drive efficiencies but also effectiveness in sales conversions.
It’s no secret that satisfied, loyal customers drive more business, but did you know, on an average, seven in ten consumers with high emotional engagement spend up to two times or more on brands they are loyal to? Customer satisfaction has a ripple effect on a business, especially in today’s experience economy where brands are measured by their ability to provide superior service. Contact centers have a crucial role in ensuring customers are satisfied – they are the key connection between a brand and its consumers. When combined with the right customer data and agent tools, every service moment can become a sales opportunity.
The contact center is an extremely critical component of a customer retention strategy. Customer retention has a direct revenue impact. In fact, eight in 10 customers will consider switching brands due to one bad customer experience, according to the NICE inContact Customer Experience Transformation Benchmark study, which surveyed over 700 customers. Lost customers equal lost revenue, and not just that, it impacts the cost side as well: it is six to seven times more expensive to win a new customer than to retain one (Esteban Kolsky, thinkJar). Proactively solving customer issues and personalizing every experience is possibly only with the right contact center technology. A technology that can provide agents with an ability to serve customers in their channel of choice as well as pivot to channels that can best solve the problem – a true omnichannel experience which can resolve their problems quickly, at the first instance.
Customers are the best advocates to attract other customers – more so than any advertising or marketing campaign. According to a Nielsen, 92 percent of consumers trust recommendations from other people—even if they don’t know them personally—over promotional content that comes directly from brands. And, trust heavily influences their purchase decisions. With an exceptional service delivered through contact centers, there is a greater prospect of converting customers to advocates. That’s the kind of effective marketing that money simply can’t buy.
Contact centers have traditionally been seen as cost centers – reduced cost to serve is seen as the key metric of success. But times are changing, and that state is being overridden by the experience economy. Customer experience is taking the front seat in terms of driving competitive advantage, far ahead of product and price. That presents a huge upside for contact centers that play a critical role in delivering exceptional customer experiences. It will shift contact centers to a more strategic revenue play, rather than a cost and efficiency play. For that strategic shift to happen though, contact center leaders need to measure their impact on the customer journey and lifetime value through Net Promoter Score(R), CX score or CSAT and others. The benefits of lifetime customers certainly include cost savings, but it is much more than that, lifetime customers drive true topline revenue growth. Contact centers that build the case and quantify customer lifetime value will be poised to win and reap the most benefits in today’s experience economy.
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About NICE inContact:
NICE inContact CXone™ is a unified cloud customer experience platform. CXone combines Omnichannel Routing, Workforce Optimization, Analytics, Automation and Artificial Intelligence on an Open Cloud Foundation. NICE inContact’s solution empowers organizations to provide exceptional customer experiences by acting smarter and responding faster to consumer expectations. NICE inContact’s DEVone developer program is the industry’s largest partner ecosystem, providing applications from partner companies on the CXexchange marketplace that are designed to integrate with CXone.
Published: Tuesday, July 17, 2018
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