Customer engagement is more than just having a good relationship with your customers; it’s also about the value of that relationship. Although many companies are already aware of this, according to a report, businesses lose $75 billion due to poor customer service and engagement.
Businesses need to identify their current state capabilities while considering emerging trends in customer engagement, metrics, and technology. This will provide an opportunity for companies to take steps toward strengthening their relationships with customers by providing them with meaningful experiences at each touchpoint throughout their journey.
So what does customer engagement actually mean? In a nutshell, it’s all about keeping your customers happy and wanting to keep coming back for more. This is no easy task.
However, with the rise of digitalization, companies now have plenty of opportunities to engage with their customers by emailing them special offers or simply creating an effective social media presence.
What To Measure?
Customer Lifetime Value
Customer lifetime value (CLV) is one of the most important metrics to measure customer engagement. CLV is defined as “the net profit attributed to the entire future relationship with a customer.”
Understanding how long you can expect your average customer to continue engaging with your business is crucial to building meaningful relationships that will benefit everyone involved.
Net Promoter Score
Another key metric to consider for customer engagement is your Net Promoter Score (NPS). NPS is a reliable indicator of customer satisfaction, and your NPS score should not be ignored. In fact, you can even track your NPS score over time to see how it changes to better understand the direction your business is taking.
When considering metrics that relate specifically to certain touchpoints, businesses need to measure them accurately without taking too much time out of their day. This will help enterprises develop a more accurate picture of what each touchpoint entails and allocate their resources accordingly.
How To Keep Your Customers Engaged
The following list discusses some actions businesses can take to improve customer engagement:
Use A Customer Experience Platform
Tools like these help you gain a better understanding of what your customers want and need. For example, this can be through allowing them to leave feedback about their experience or using surveys on social media platforms to get an idea of how they feel on specific topics.
One of the best customer experience platforms in the market is Retention360, a predictive customer engagement platform that helps companies increase customer retention and loyalty.
Offer Customer Support
Knowing how to offer customer support effectively is crucial to ensure that customers feel like they’re being heard and that their requests are being taken seriously. By using technology, such as live chat and even social media, businesses can interact with their customers more personally and provide them with quick responses.
Keep Your Social Media Active
Keep them engaged by consistently sharing content that will be relevant and engaging to them, such as blog posts and videos. This is a great way to make customers feel valued because it shows that you’re always willing to provide new and exciting content for them.
If you’re not already using this platform to its full potential, it’s time to start. Social media allows your company to engage in conversation with your customers and show them that they are valued. No matter what industry you operate in, there is bound to be a social networking site where people in your niche congregate.
For example, suppose you run an online clothing store for petite women. In that case, Pinterest is the ideal place for you to network and engage with other petite fashionistas that could eventually become loyal customers of yours.
Address Concerns Quickly
Ensure that they know how much their feedback means to you by providing prompt responses. The faster you can respond, even if it’s just an acknowledgment, the sooner your customer engagement will improve.
Try to come up with solutions before your customers have asked for any help, and it won’t take long for your business’s engagement levels to increase – which will ultimately lead to a stronger customer relationship.
Use An Analytics Software
You can measure your existing contacts with customers to see how many emails they open, the links they click on, and how often they do so. You can also measure the level of their satisfaction, so you know what areas need improving and in which directions you should be heading.
Using a tool like Retention360, businesses can automatically take action based on each prospect’s behavior and preferences. This makes it easier for companies to engage with their customers and keep them happy.
To truly improve your customer engagement, it’s important to be proactive in anticipating your customers’ needs and always make sure that they know how much their feedback means to you. By implementing the strategies above, you’ll notice a significant improvement concerning your business-customer relationship.