ReportWire

Tag: Customer Retention

  • Want to Turn Customers Into Loyalists? Give Them This Reward

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    Today’s would-be restaurant patron is more selective than ever. They want to dine out, but amid economic concerns, many prioritize experience and value when they decide to spend. That makes business harder for restaurants, which are already contending with rising costs across the board. Two companies propose a solution to drive customer acquisition and retention: reward diners for their patronage.

    Behind the scenes, the ways Blackbird and inKind partner with restaurants are quite different. Blackbird provides a loyalty program and diner data to help restaurants acquire and retain customers, while inKind finances restaurants through credit it buys and then sells to users. To consumers, though, they offer the same kinds of benefits: perks that encourage them to dine out, explore, and revisit restaurants, coffee shops, and bars. Both apps have steadily grown their restaurant partner portfolios, number of cities they operate in, and user counts, proving a viable path to success for businesses that can identify both needs of suppliers and consumers and act as a funnel between them, supporting business partners and rewarding customers.

    Cash-back for cashing in

    inKind launched as a restaurant incubator in 2012, but over time founder and CEO Johann Moonesinghe and cofounder and chief risk officer Andrew Harris identified a more scalable model to pursue their passion for investing in restaurants: financing them by buying food and beverage credit which the company sells over time to inKind app users, who get 20 percent back when they cash in that credit. For instance, if you spend a $200 credit at Ocean Prime in Washington, D.C., $40 would be added to your “inKind wallet,” which you can then use on a future visit to any inKind restaurant. 

    To ensure inKind isn’t flooding its restaurant partners with diners, the company holds onto the credit it buys and sells it over time—it sends about 60 to 70 tables per month to partner restaurants. This financing model has proven beneficial: Less than half of one percent of restaurants inKind has funded closed in 2024. Since this iteration of the Austin-headquartered company was established in 2017, it has worked with 4,000 restaurants in more than 1,300 cities and gained more than three million app users and downloads. In 2023, inKind, which now counts Marcus Triest as a co-founder and senior vice president of product, hit $10.5 million in revenue, and this year, it ranked 314 on Inc.’s list of the 5,000 fastest growing private companies in America.

    inKind makes money through the sale of the restaurant credit. The company purchases credit at an even greater discount than 20 percent, so profit stems from the difference between its rate and what users pay. These rates, as well as the length of time over which inKind parses out the credit to diners, are determined through individual underwriting of each restaurant’s business and potential. The benefit to its restaurant partners is that it guarantees them a more stable flow income and greater visibility to potential customers. Plus, inKind offers an alternative to traditional business loans.

    It took some time for inKind to streamline its user rewards model. Initially, it offered a wider variety of one-off perks—like an extra $100 for diners who used the app more than five times a month—but last year streamlined its model to its 20-percent-back offering. “It was the most we could do and still make the economics work because we wanted to give consumers the most value possible,” Moonesinghe says. “The best credit cards give you 3 percent, right?” 

    inKind can only acquire and retain its own users if its restaurants are high quality, so it serves the company to take a holistic approach to helping its partners succeed. An inKind partner success team works with individual restaurants, offers best practices—with no obligation on the restaurant’s part to adopt them—and provides assistance in areas like lowering food costs and improving margins. Moonesinghe explains that identifying restaurants that will appeal to diners is key; inKind has an AI algorithm which analyzes users’ ordering histories to predict if a potential new restaurant partner will perform well. When a restaurant signs onto inKind, it joins a repertoire inKind users trust as a curated, vouched-for selection, which in turn helps generate visits to that restaurant.

    inKind has maintained a loss rate of under 1 percent on credit funded to restaurants, and app transactions drive 10 to 15 percent higher check averages. This has amounted to $150 million in dining rewards given to customers so far, and $500 million in capital inKind has infused into its restaurant partners.

    Rewards for returning customers

    Post-Covid, Ben Leventhal, co-founder of Resy and Eater, saw how restaurants struggled to connect with consumers, to communicate why they were worth diners’ time and money. So, he launched Blackbird in 2023 as a way to support the independent businesses in the way they engaged potential customers, then developed those relationships. The app is a loyalty program, helping restaurants leverage data on diners as well as appealing rewards to get people through their doors and keep them coming back. 

    Here, he saw an opportunity. Restaurants may struggle with customer acquisition and retention, but, Leventhal notes, there are few spaces in which people are more passionate about what they’re consuming. “People waiting hours in line for pancakes, thousands of people on waiting lists for burger joints, people willing to travel literally around the world for a meal that year is transcendent,” he says. “There aren’t many other settings where people have such an insatiable appetite—forgive the pun—for a product or service.” 

    The app incentivizes users to become repeat visitors of Blackbird restaurants, bars, and cafes by offering them the opportunity to earn $FLY points, which they can then use toward their future bills at Blackbird partners (1 $FLY is equivalent to about $0.01). Blackbird offers four different tiers, which offer increasing levels of rewards based on how much a user spends through the platform.

    Additionally, Blackbird works with partner restaurants to help them offer their own unique perks and experiences like secret-menu or complimentary items. When customers check in on the app at a restaurant, that restaurant sees that in real time so they can offer the free cocktail, coffee, or dessert that customer has earned.

    Blackbird serves restaurants by offering a payment method with a competitively low processing fee of two percent as well as a system through which they can attract and retain customers. Blackbird tracks and shares with restaurants data like the number of times a diner has been there, their birthday, if they’re hospitality industry members, and if they’re Blackbird Club members (the $5,000-spend tier).

    This information helps restaurants tailor their approaches to customer retention, and also strategize which tiered rewards would resonate. For instance, Bushwick brewery Kings County Brewers Collective, ran a Blackbird promotion through which anyone who purchased one draft beer got a free four-pack of cans to go, paid for by the app. “It was awesome for us to increase to-go sales, which have been down with the way the economy has been,” says taproom manager Anni Glissman says. 

    Blackbird makes its revenue by earning a few cents on each transaction. To date, Blackbird is live in its home base of New York as well as in San Francisco, Charleston, and Denver, with an imminent Los Angeles launch. It works with more than 800 restaurants, and it has raised $85 million so far from investors including a16z, Spark Capital, Coinbase Ventures, and Amex Ventures.

    While Blackbird is still a bit too new to have data tracking restaurant success over a period of years, its partners report higher than average check sizes among Blackbird users and a noticeable increase in revenue, proving the app’s rewards are successfully motivating diners.

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    Courtney Iseman

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  • How Cannabis Brands Can Increase Customer Lifetime Value – Cannabis Business Executive – Cannabis and Marijuana industry news

    How Cannabis Brands Can Increase Customer Lifetime Value – Cannabis Business Executive – Cannabis and Marijuana industry news

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    How Cannabis Brands Can Increase Customer Lifetime Value – Cannabis Business Executive – Cannabis and Marijuana industry news































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    Susan Gunelius

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  • 5 Pervasive Myths About Email Marketing That (If Believed) Could Derail Your Business | Entrepreneur

    5 Pervasive Myths About Email Marketing That (If Believed) Could Derail Your Business | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    With new social platforms emerging every year, many entrepreneurs wonder if they should leave email behind and look ahead to new avenues. Did you know that email is still the second biggest marketing channel for startups, right behind social media? That’s right! It’s all thanks to its low cost and incredible return on investment (ROI). According to the study by Litmus, it remains one of the best ROIs out there; companies can expect to make a whopping $38 in return for every dollar they spend on email marketing.

    As the CEO of Builderall, an all-in-one digital marketing platform that has supported over 2,000,000 small businesses, I often get asked if email marketing is still an effective strategy in this new phase of our digital age. Is it dead in 2024?

    I’m here to debunk the biggest myths and set the record straight. Today, I’ll share my insider knowledge to help you see the light.

    Defining email marketing

    Before we debunk these myths, let’s make sure we’re all on the same page about what email marketing actually is. Many people have misconceptions about this form of digital marketing, which can turn them off — and that leads to missed opportunities.

    Email marketing is a direct marketing strategy that sends promotional or informational messages to a targeted audience via email. It goes far beyond blasting promotions or cold outreach. Done right, it builds meaningful relationships between your brand and subscribers. It’s a way to keep them engaged, and ultimately, it’s another way to drive sales.

    Some examples include

    • Newsletters
    • Promotional offers
    • Product updates
    • Even personalized content based on a subscriber’s interests.

    Related: 8 Simple Email Marketing Tips to Improve Your Open and Click-Through Rates

    Myth #1: Email marketing is dead

    Let’s tackle the elephant in the room first. No — email is not dead! In fact, it’s far from it and still going strong.

    According to data provided by Oberlo, 80% of businesses rely on email as their primary customer retention channel. That means they’re using email to keep their existing customers engaged and coming back for more.

    But that’s not all. HubSpot found that 60% of consumers made a purchase thanks to a marketing email they received. That’s a huge testament to the power of email marketing in driving revenue for businesses.

    Myth #2: People don’t read emails

    I can’t tell you how often I hear this myth. Sure, our inboxes have gotten pretty crowded over the years, and many of us receive dozens or even hundreds of emails daily. It’s also true that a good chunk of those emails might get sent straight to the trash or spam folder.

    However, according to HubSpot, 46% of smartphone users still prefer to hear from brands via email over other channels.

    If you establish trust and send relevant content, subscribers will welcome your emails with open arms.

    This stat also highlights the importance of putting care in your campaigns by using compelling subject lines and other email elements to stand out in a crowded inbox.

    Myth #3: Younger audiences don’t use email

    Gen Z and millennials are the next generation that will have some serious purchasing power. It’s only logical for businesses to look for new and innovative ways to approach them, as they’re often portrayed as being glued to their screens and obsessed with social media platforms.

    These stereotypes lead many people to assume Gen Z and millennials are too obsessed with TikTok and Instagram for old-school strategies like email. Let me prove them wrong again. According to the Attest U.S. Consumer Trend Report, 53% of Gen-Z enjoy weekly emails from their favorite brands. For millennials, it’s 66%.

    Of course, you’ll want to cater your approach to each audience (throw in some slang or a meme here and there,) but don’t count email out. These generation segments still use and prefer it.

    Myth #4: Email has low open rates

    The next myth I wanted to touch on is more tangible. Some say email performs poorly compared to social media platforms like Facebook or Instagram. For that, we’ll have to look at the open rate.

    Open rate is an essential key performance indicator (KPI) in digital marketing because it tells you how many people are actually opening and reading your emails. MailChimp benchmarks tell us the average email open rate across all industries is 34.23%. While that might not sound amazing, it’s definitely not bad either.

    With optimization, that number can grow much higher and bring benefits. As reported earlier, that’s why so many businesses still rely on email as their primary customer retention channel.

    Related: This One Thing Is the Secret to Higher Email Open Rates

    Myth #5: Email marketing equals spam

    Finally, allow me to go full circle and return to the definition of email marketing. Too many people confuse general email marketing with a somewhat shady practice: cold outreach.

    Cold emails are unsolicited messages sent to people who have not expressed interest in your brand or products. You essentially buy or scrape a list of email addresses (unbeknownst to the recipients) and blast bulk emails, hoping to catch a few leads. They’re often used for prospecting and can come across as intrusive if not done right. That’s because nobody gave you permission to contact them.

    On the other hand, email marketing is about building relationships with people who have already shown interest in what you offer. They might have signed up for your newsletter through a lead magnet or opted in to receive your updates. That’s a big difference!

    It is this latter form of communication that 81% of businesses use email as their primary customer acquisition channel. It drives results without spam tactics.

    Final thoughts

    While many entrepreneurs may feel attracted to the latest shiny object or technology, these myths cause many entrepreneurs to overlook email in 2024.

    When executed correctly, email marketing remains an indispensable growth lever for startups and established businesses alike. Now that you know the truth, utilize email marketing to boost conversions and retention. With a strategic approach, you may see even higher open rates and ROI than the studies show.

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    Pedro Sostre

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  • Take This Radical Approach to Customer Retention to Boost Employee Morale — And Your Profit | Entrepreneur

    Take This Radical Approach to Customer Retention to Boost Employee Morale — And Your Profit | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    There are few guarantees in business, but this one is certain: If you don’t keep customers, you won’t have a business for long. Yet, at a time when most companies are desperately trying to maintain customer loyalty (retention is more profitable than acquisition, after all), there’s often a missing link in their efforts: Understanding the powerful connection between customer satisfaction and employee engagement — and how to unlock it.

    As a Chief People Officer currently overseeing my company’s customer organization, I’ve seen first-hand how connected they truly are. At its most basic, losing customers can have a direct impact on employee morale and even lead to regrettable talent turnover. But there’s more nuance to this connection: nearly everything employees do has the potential to deeply impact customers. In turn, customer feedback and outcomes can have a powerful effect on an employee’s sense of purpose, achievement and satisfaction.

    Related: 7 Surefire Ways to Turn Your Low Customer Retention Rates Around

    I’ve witnessed how establishing a customer-centric approach across the entire organization can lead to growth opportunities that benefit both employees and customers. But to get there, businesses need to leverage that connection by making customer success the forefront of every employee’s experience. Here’s how.

    Make customer success everyone’s responsibility

    Most companies take a siloed approach to customer success, relegating it to a single department, while others remain largely insulated from customer interaction. But I’ve come to realize that the more we empower all of our cross-functional teams to contribute to customer success, the more purposeful, impactful and engaging their roles become, and the more they can drive customer loyalty and retention.

    For a more holistic approach, I am a fan of the bowtie model. In contrast to the traditional marketing funnel, which ends when a customer converts, the bowtie provides a more end-to-end representation of the customer journey. It’s a better way to ensure everyone in the company is maximizing engagement with the customer over the long term — whether through strategic ongoing communication and marketing efforts or more integrated processes and practices designed to deepen this relationship.

    One way we do this at my company is by encouraging every department to evaluate every task — and every ask — from the perspective of how it benefits the customer. Whether it’s marketing, sales, product or engineering, this filter is applied to all decision-making. Of course, we also look to metrics like Customer Satisfaction Score, customer retention, and revenue expansion with existing customers to ensure our efforts translate into results.

    Supercharge customer touchpoints

    I recently traveled overseas to meet with a customer, and as I was leaving, their CFO turned to me and said something I’ll never forget: “Don’t get me fired.” It’s a powerful reminder that our view on customer success must be broader than just ensuring product integration or stability. Everything we do has a ripple effect on their company’s success, which can impact their personal reputation, too.

    The concept of radical empathy isn’t new in customer service. Cultivating a deeper understanding of customer needs is crucial for effective product development, marketing and sales, but it can easily get lost once a customer is onboarded. Building more proactive touchpoints with customers —and even baking them into the early stages of product development — can help overcome this oversight.

    For us, that means attending industry events and building out strategic channels and information-sharing communities to better understand their sticking points. We’ve also established customer segments and verticals to identify and interact with the unique needs of different types of customers to deliver a personalized service approach. When we understand how customers are using our product — and particularly their pain points — we can better target everything from our marketing and sales campaigns to all product-focused initiatives

    Everyone in our organization knows customer retention is a team sport. Reaching out to customers to help solve product issues or when launching something new is not only possible but preferable. That’s precisely why we launched a customer retention program that treats flight risks as a pipeline and leverages tightly coordinated collaboration across departments to deliver impact to those customers.

    Most importantly, these frequent and proactive touchpoints also allow us to learn what is working for our customers, which we’ve seen be a powerful motivator for our team.

    Related: 3 Ways Founders Can Connect With Their Customers to Drive Sales

    Don’t overlook the link between employee experience and customer experience

    Being on the receiving end of an exceptional customer experience can radically shift the way we perceive a business. It turns out that when an employee has a hand in making that happen, it can be just as impactful for them.

    This shouldn’t come as a surprise: today’s employees are looking for purpose in their work. Who doesn’t want to make a difference in the lives of others? Connecting this desire to customer success initiatives only makes sense — it improves the ability to deliver on customer promises and makes the workplace more satisfying for all.

    And I believe organizations can take this connection a step further: pouring the same energy into employee experience that they do in fulfilling customers. In one of my previous roles, we would actively measure customer retention against employee retention and found a strong correlation between the two. These results were interesting but not shocking: prioritizing employee experience leads to more engaged employees, who, in turn, are motivated to create better customer experiences. Simply put, boosting satisfaction in one camp can effectively raise retention and productivity levels for both.

    Of course, this balance isn’t always easy to get right. But in my experience, incremental improvements are what add up over time. Starting small is better than not at all. At the end of the day, the more your employees know, understand and care about your customers, the better they’ll serve them (and the more they’ll enjoy the results) — regardless of the role they are in. And that’s a true win-win for the bottom line.

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    Christine Park

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  • How Customer Success Can Supercharge Your Revenue | Entrepreneur

    How Customer Success Can Supercharge Your Revenue | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Today’s business environment is tough — as such, customer success has become a crucial aspect of generating revenue. It’s no longer enough to simply acquire new customers; retaining and expanding existing customers is equally important for sustainable growth.

    In this article, we’ll explore how customer success can drive revenue and provide strategies for maximizing its impact on your bottom line.

    Related: The How-To: Delivering Great Customer Service

    Understanding customer success

    Before we dive into how customer success can propel revenue forward, let’s first define what it is. Customer success is the process of ensuring that your customers achieve their desired outcomes while using your product or service.

    It involves proactively engaging with customers, understanding their needs and providing them with the resources and support they need to be successful, which in turn increases customer loyalty.

    The importance of retention revenue

    One of the key ways that customer success management can stimulate growth is through customer retention. Retention revenue refers to the revenue generated from existing customers who continue to use your product or service. We all know that net new customer acquisition costs more, yet so many companies insist on following this playbook. However, today’s investors are paying closer attention to retention rates and churn rates than ever before.

    According to research by Bain & Company, increasing customer retention rates by just 5% can increase profits by 25% to 95%. This is because loyal customers are more likely to make repeat purchases and are also more likely to refer others to your business.

    By focusing on customer success and ensuring that your customers are achieving their desired outcomes, you can increase customer satisfaction and loyalty, leading to higher retention rates and, ultimately, more revenue. There is no more compelling reason to introduce a solid customer success strategy.

    The power of expansion revenue

    Another growth strategy is through expansion revenue. This refers to the additional revenue generated from existing customer relationships through upselling, cross-selling and renewals.

    By proactively engaging with customers and understanding their needs, you can identify opportunities for upselling and cross-selling. This not only increases revenue but also strengthens the relationship with your customers by providing them with additional value, so bake this into your customer onboarding processes.

    The key here is ensuring your customer success team is a part of the revenue team, aligning it with sales (and also marketing) and making it responsible for part of the financial targets. Not only does this spread your revenue risk, but you’re also putting the customer experience front and center. No one wants to be chased by a salesperson they haven’t spoken to in a year for a renewal — a sale is far more likely to convert if driven by a trusted advisor who’s built a relationship with the account. According to Forrester research, trust is the most important brand attribute for buyers — so lean into it.

    Related: 3 Pillars of Client Retention Every Brand Needs to Implement

    Strategies for driving revenue through customer success

    Proactive engagement and personalization

    Proactively engaging with customers and providing personalized support is crucial for growth via customer success. By regularly checking in with your customers and understanding how their business needs may be shifting (aka really knowing them), you can identify opportunities for that all-important upselling and cross-selling. The best companies, however, will plan this as part of the customer lifecycle and lifetime value. It can be usage-driven for SAAS companies and service-driven for business services; wherever an opportunity is available, you should have a natural progression plan.

    Additionally, personalized support can help customers achieve their desired outcomes, leading to higher satisfaction and retention rates. This can be achieved through personalized onboarding, regular check-ins and tailored resources and support.

    So much of content marketing is focused on bringing new customers on board, that existing ones often get overlooked. That playbook is dead. It costs more and doesn’t have great ROI — it’s time to flip the script. This is why customer success and marketing teams must work together to build more long-term client relationships and achieve negative churn.

    Utilizing customer data

    Data and the resulting insights are another powerful tool. By analyzing customer data, you can identify patterns and trends that can help you better understand your customers’ needs and behaviors. For example, by tracking customer usage data, you can identify which features are most popular and which are underutilized. This can help you tailor your upselling and cross-selling efforts to offer customers the features they need and are most likely to purchase. It will help you identify what features, additional products or services to develop based on the most desired outcomes of your customers.

    It can also help with churn. We recently implemented a Net Promoter Score process for a client who’d never done one before. When low scores came in from several customers, it was a wake-up call for the team, who had thought everything was ticking along just fine. This allowed them to react, drill into the issues and save the accounts.

    With metrics and insights in place, you become proactive instead of reactive by keeping a regular pulse on your customers. Note: You should implement a 360-view of them across one CRM to facilitate this and achieve the best results.

    Collaboration between customer success and sales teams

    As highlighted above, collaboration between customer success and sales teams is crucial for driving revenue growth and a seamless customer experience. For example, the former can provide sales teams with insights into customer must-haves and behaviors, helping them tailor their pitches.

    According to Gartner, 43% of vendor-related regret happens at the handoff between sales and implementation. Why? Many teams still work in silos, and as such, there tends to be a gap in communication and handover — allowing for buyer remorse and worry about big-ticket investment. By working cross-functionally, you can nip this in the bud and ensure a smooth transition.

    Leveraging technology

    Technology can play a significant role here as well. For example, a customer success platform can track usage data and trigger automated emails or notifications when a customer reaches a certain usage threshold, indicating an opportunity for upselling. You can also build automated workflows within your CRM, ensuring those valuable check-ins and customer satisfaction surveys aren’t missed — achieving a level of personalization at scale.

    Related: How to Measure Your Customers’ Happiness Score (and Why That Matters)

    Times are tougher than ever, and buyers are in the driving seat. Therefore, customer success is even more crucial for nailing those sales targets. You can win bigger and maximize this team’s impact on your bottom line if you, 1) tear down those team silos and start working together and 2) be proactive instead of reactive by using technology, data insights and good old-fashioned relationship building.

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    Paul Sullivan

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  • The Ridiculously Easy Guide to Internal Customer Service Training | Entrepreneur

    The Ridiculously Easy Guide to Internal Customer Service Training | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Are you gearing up to launch an internal customer service initiative? Well, you’ve come to the right place. I’m happy to equip you with insights that can catapult your initiative into success if you choose to do it on a DIY basis.

    Before we dive into the details, let’s take a breather and understand the similarities and differences between internal and external customer service. While their essence should be the same, their surface manifestations differ.

    Both types of customer service, at their heart, have the same goal: to create and sustain comfort, positive feelings, and, of course, results. However, there are a few notable places where the way you provide service should diverge.

    Related: 8 Initiatives to Make Your Customers Loyal Advocates

    Here are some differences between internal customer service and external customer service (when they’re done right):

    • Jargon and shared language: Every industry, as well as almost every company, has its own set of terminologies, a sort of coded language that outsiders (at least if they’re not also in your industry) might find hard to decipher. With your internal customers — your colleagues in different departments or your own — you can use this jargon and language shortcuts freely, confident in their understanding and without fear of alienating them with phrases, terms, and abbreviations that may be foreign to them.
    • Level of formality: With internal customers (colleagues), you are free to adopt a casual tone, skipping the formalities you would use with someone who is outside of your company. In fact, the formalities essential for external customers may be unnecessary (or even sound a little silly) when you’re interacting with colleagues.
    • Transparency with company information: This one is obvious. You must protect your company’s private matters when working with external customers. With an internal customer, such data may be essential, or at least helpful, in completing their work.
    • The amount of abuse you should be willing to take: Okay, this is a big one and not a very pleasant one to ponder. When working with an external customer, if they are rude, they may be a rude person all the time, or they may be “just” venting this one time and will return to being themselves the next time you encounter them. Either way, because external customers pay for our company’s success, you may need to put up with it. With an internal customer, if they behave badly, you may want to call them on it or even alert a superior, particularly if you have clear internal (company) behavioral guidelines. Of course, in some company cultures, this may be a career suicide move, so you should still proceed with caution.

    Related: 5 Shocking Customer Service Mistakes You’re Making Every Day (And How to Fix Them Right Now)

    Armed with this understanding, let’s dig into the bedrock principles of internal customer service. Here are eight essentials to build into your internal customer service training — and, if all goes well, your internal customer service culture.

    1. Every service interaction unfolds in three stages: the warm welcome, service or product delivery and fond farewell. Far too often, we ignore stages one and three and focus all our effort on the middle one, what we consider the actual work. But the pleasantries at the beginning and the end of any customer service interaction are key, considering how human memory emphasizes beginnings and endings in how it later reviews an event.
    2. Mental reframing can be a game-changer. Start viewing tasks in your inbox as requests from valued customers instead of just “those folks in the other department.” — You’ll observe a boost in your own efficiency and enthusiasm.
    3. As with external customers, internal customers desire recognition. They want their colleagues to see them, not just think of someone who fills up their inbox.
    4. Address both the spoken and unspoken needs and desires of your co-workers. When they communicate with you, listen for the undertones that can give you clues to their emotional (and practical) desires, even if they’ve never verbalized them to you.
    5. Emphasize the principle of lateral service: stepping out of your comfort zone to help colleagues during staff shortages. This fosters a more resilient company culture.
    6. Respect should be a given. Bullying, regardless of its source, should be nipped in the bud. (Whether this is realistic depends on your company culture, level within your company, and other internal factors.)
    7. Consideration (kindness, really) should be at the base of everything we do.
    8. Language is potent. Steer clear of phrases that belittle or devalue your colleagues (“Like I told you previously,” “You’re not my only priority, you know,” and so forth.) And remember, “please” and “thank you” pack a positive, if quiet, punch. Use them liberally.

    Related: 4 Investments Brands Should Make to Upgrade Their Customer Service

    What format should be used for internal customer service training?

    When it comes to internal customer service training, there are a few formats to consider. One option is customer service eLearning-based training, which offers the advantage of being asynchronous (can be used at any time and at any pace) and long-lasting (has value in the future as well as present). With eLearning, employees can access the training material at their own pace regardless of their shift or schedule, and it can be used by future employees and as a central part of your future onboarding process.

    Live customer service training is another effective route to take, whether conducted in person or through remote video. This allows for real-time interaction and immediate feedback. To enhance the effectiveness of live training, it can be beneficial to supplement it with physical collateral, such as handouts or reference materials. These aids can help reinforce the essential points and ensure that everyone is on the same page — literally!

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    Micah Solomon

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  • The 3 Tiers of Customer Service (and How to Get to the Top) | Entrepreneur

    The 3 Tiers of Customer Service (and How to Get to the Top) | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    The way I see it, your decision to read this article already puts you ahead in the customer service game. Here’s my logic: There are literally billions of human beings out there who, unlike you, will never read an article or book on the subject of customer service improvement because the subject isn’t of interest to them, and they don’t understand the power that customer service improvement can bring.

    Because of your demonstrated interest in the subject, I’m going to assume that you’re already providing “pretty good, much of the time” customer service. You’re already getting quite a few things right — at least on most days and in most customer interactions. So, take a moment to pat yourself on the back. (But don’t strain your neck.)

    If I’m right about this, it means that you’ve already learned the value of customer service from the moments when you have gotten it right, and you’re now inspired to take these successes even further. You’re ready to elevate and polish your relationships with customers to a sufficient level to build the customer connections (and business results) you’ve always hoped to achieve.

    In other words, you’re ready to get out of the middle of the pack — what I call Rung 2 of the Customer Service Level Ladder — and ascend to the top rung, Rung 3.

    When you’ve only reached the middle rung of customer service, while you may be judged more-or-less satisfactory by your customers, you’re not yet loved (or even probably remembered) for the quality of customer service you provide.

    Related: Yes, the Rich Are Different — Here Are 5 Customer Service Secrets I Learned While Working With Wealthy Clients

    The problem of providing “pretty good, much of the time” customer service

    Being on the second rung loads better than languishing at the bottom on Rung 1 (unacceptable service). Still, it will never inspire the engagement, passion and loyalty you need from customers to grow your business.

    The problem is that a merely satisfied (Rung 2) customer will still have a wandering eye. And how can you blame them? If your more-or-less-decent customer service is no better and no worse than what your competitors can also supply, where’s the value to a customer limiting themselves to only one supplier — you?

    What do merely satisfied customers look like? Picture them like this: Although they harbor positive feelings towards your business, they haven’t yet ascended to becoming a devoted advocate for your brand. Unlike a genuinely loyal customer, merely satisfied customers maintain (frustratingly) open minds and remain willing to explore alternatives to your business in the vast marketplace.

    Related: 5 Reasons Why Your Business Is Losing Customers

    A merely satisfied customer is like a free agent, always ready to be enticed by competitors

    In other words, here’s what you need to remember: A merely satisfied customer belongs to the marketplace. A loyal customer belongs to you.

    This is why it’s so important to elevate your organization’s performance to Rung 3, the level of iconic customer service, where customers now consider you their only possible supplier—a category of one—and start going out of their way to sing your praises and share the word about the extraordinary level of customer service you provide.

    Once you’re viewed this way in the marketplace, you’ll be able to use your new, elevated status to grow your company reputation and to reliably and repeatably grow your bottom line.

    Moving your organization up the customer service ladder: The art of anticipatory customer service

    If customer service were a game of hockey…that would be super weird, wouldn’t it?

    But let’s say for a minute that it is, in which case the highest level of customer service, anticipatory customer service, is like being one step ahead of the puck, giving customers what they want before they even know they want it, and anticipating their needs, desires, and questions even before they express them. It’s one step beyond generic reactive customer service: simply fulfilling a request when asked, and it’s the key to creating unforgettable experiences—and memories of your business—for your customers.

    Customers often don’t ask for what they need because they don’t realize they could benefit from something your product or service offers. (Or even know that you offer it.) Or, sometimes, they’re too shy to speak up or “don’t want to be a bother.” (I promise: this last phenomenon isn’t as rare as you think!)

    That’s why anticipatory customer service is so powerful. You’re actively seeking out unexpressed needs and going above and beyond to meet them, as well as unasked questions and answering them. When you uncover and take care of those unspoken needs and wishes, you create a whole new reality for your company. In this reality, delighted customers become loyal advocates, spreading the word about your exceptional service.

    This level of mind-reading service, where customer needs are met before they can even utter a request, is the ultimate secret to winning customer loyalty. And guess what? You can train and inspire your employees to get there—and transform your relationship with customers (and your business results!)

    You may have some doubts

    Now, I get it: you have some doubts. You’re probably wondering if your employees could become Jedi masters of customer anticipation. Hold onto your hats because I assure you they can and will. This will, however, require you to:

    1. Embrace the anticipatory mindset
    2. Promote this mindset throughout your company
    3. Support the anticipatory customer service approach with targeted, meaningful customer service training.
    4. Build, over time, a culture of anticipation through the power of “positive peer pressure,” an environment where employees know that the way things are done around here is to do more than the minimum in a way that is meaningful to our customers, rather than merely complying when asked to do so.

    You also might be doubtful for another reason. You’re wondering if you can afford to provide such an extravagant standard of service. And yes, it doesn’t come for free. But creating mind-blowing service systems is a brilliant investment for any business. The rewards in terms of customer loyalty are worth every penny of your investment and then some. Once you commit to elevating your game and embracing the power of anticipatory customer service, get ready to score big and watch your business grow and prosper like never before.

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    Micah Solomon

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  • Want to Onboard Like a Pro? Here are 5 Ways to Retain Good Clients and Staff | Entrepreneur

    Want to Onboard Like a Pro? Here are 5 Ways to Retain Good Clients and Staff | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    In my many years of running my own PR agency, I’ve experienced a lot of hiccups when it comes to onboarding. And if I’m being honest, I must admit I caused most of those hiccups. I’m just not particularly good at it — it’s not one of my strong suits.

    Though fine-tuning my onboarding techniques is a work in progress, it doesn’t come naturally to me. Once I find a potential team member I like or I’ve got a hot lead on a potential client, my tendency is just to jump into the deep end, all enthusiasm and “we’ll figure it out as we go along” and very little step-by-step processing that would pave the way for a mutually beneficial and lasting connection.

    On occasion, the “winging it” approach might work. But usually, it doesn’t. So I recently looked closely at my firm’s onboarding procedures from the inside out, which yielded some interesting insights. Before I share them, it’s important to note that the objectives here could not be more straightforward: Regarding internal onboarding, the goal is incorporating a new staffer into a welcoming and positive work environment. When it comes to external onboarding, the goal is as simple as keeping the client happy. That’s it. That’s the end game. Here’s how to win it.

    Related: The Secrets Behind Successful Employee Onboarding

    Winning steps for internal onboarding

    1. Immediately upon bringing a new staffer on board, express gratitude for their contribution. Acknowledge the skills that led you to hire them, tell them how those skills will bolster team efforts and make them feel like you’re lucky to have them, not vice versa. Everybody wants to feel valued at work, even from the very first day.
    2. Pay on time and pay above-market rates. This one may sound like a no-brainer, but small businesses sometimes don’t have automated payroll in place to ensure timely payment. Landlords and banks don’t accept delays, so don’t chase promising new hires away with delays of your own making. As for salary, a higher-than-market rate will often secure you better-than-average talent, but if you can’t afford that right now, other forms of compensation work equally well to solidify employee buy-in, like half-day Fridays, remote work options, the use of company equipment, and a results-based bonus plan.
    3. Provide an overview of the organizational structure, preferably in the form of an org chart. This is essential. People need to know where they fit in to feel like they fit in.
    4. Allow the individual’s abilities to shine bright by supplementing and supporting their output. Here at RPR, every piece of content that is written for our clients passes my desk and is copyedited/proofed by our editorial support people. At first, my content writers sometimes balk at being reviewed, but it’s a win-win for everybody when our customer reviews come back glowing about error-free and accurate assets. Teach your team to, lead your team to and support one another in their roles, not just fulfill their own.
    5. Check in with your people for no reason. For no reason at all. Just send a text, write an email or call to regularly reach out to them to (a) ask how things are going — do they need any support and (b) reinforce continual messaging of how fortunate you feel to have them on board.

    Related: Are You Guilty of Poor Onboarding? The Consequences Are Worse Than You Think.

    Winning steps for customer/client onboarding:

    1. Send a warm introductory email detailing what the client can expect for your initial engagement. Having this in writing can avoid many explanatory phone calls, provide a tangible form of your commitment, and assure the client that they’ve entered a functional, efficient workflow.
    2. Continue to send a chain of emails to follow up; first, to ask the client to confirm that they received the last communiqué you sent them; second, to always open a window for them to write back with questions or concerns.
    3. Go beyond the to-do list. It may be enough just to do your job or what you were hired to do. But to retain long-term B2B clients, why stop there? Be exceptional by exceeding expectations with unanticipated gestures, like forwarding an article of interest, sending the client something that reminded you of them, providing them with referrals or having flowers or lunch delivered for a special occasion.
    4. Speaking of which, recall step #1 for your internal onboarding: Showing gratitude to your client base, as well, is a little action that generates a big reaction. Sending a thank-you note is the simplest but tremendously significant way to let someone know how much you appreciate their business.
    5. Finally, another repeat: Check-in for no reason. You can never go wrong with any contact in the business world by being reliably present, open-eared, and always interested in how they’re feeling about your relationship status. Some people are afraid to initiate unnecessary contact if they receive negative feedback. Better to catch any lapses that are occurring so you can attend to and remedy them than to lose the client based on a lack of authentic communication.

    As I see it, onboarding is the “honeymoon phase” of any business relationship. Once you’re united with this business partner under mutually agreed-upon terms, you want to have fun with them, go places with them in a favorable climate and create and sustain a memorable impression that will fuel and ground your future interactions. Basically, you want to start things off on the best possible footing to point the way toward a smooth and successful venture ahead together.

    So put some effort into planning every onboarding process per new contact, just like you would map out your honeymoon destination and activities. The advanced planning and customized blueprint will lay a strong, solid foundation on which the relationship can continue to grow and expand in positive, productive, and fruitful ways for years to come.

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    Emily Reynolds Bergh

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  • FIs Invest in AI for Customer Loyalty | Bank Automation News

    FIs Invest in AI for Customer Loyalty | Bank Automation News

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    Financial institutions are looking to their digital capabilities as customer retention becomes more dependent on technology and less on loyalty.

    “If we talk about millennials and Gen Zs of the world, they do not have a lot of loyalty inherent with their financial institution,” Rahul Kumar, general manager of financial services and insurance at cloud contact center Talkdesk, tells Bank Automation News in this episode of “The Buzz” podcast. “Banks have realized that in order for them to earn any sort of loyalty in these younger segments, they truly need to invest in technology.”

    Banks need to meet their clients wherever they are in their journey, Kumar said, noting that technology allows FIs to offer personalized experiences based on preferences. One client may prefer a chatbot while another may prefer a phone call.

    Banks can look to AI to create those personalized experiences, Kumar said. AI allows for a proactive approach to customer experience through predictive analytics.

    “AI offers a much broader opportunity to drive a lot of personalization, a lot of opportunity to predict the reason somebody’s reaching out to you and proactively offering them solutions and resolutions for that [reason],” he said.

    Listen as Kumar discusses how FIs can enhance customer retention through tech investment.

    The following is a transcript generated by AI technology that has been lightly edited but still contains errors.

    Whitney McDonald 0:01
    Hello and welcome to the buzz of bank automation news podcast. My name is Whitney McDonald and I’m the editor of bank automation news. Joining me today is general manager for financial services and insurance at Talkdesk, Rahul Kumar he is here to discuss how FIS can improve customer retention through tech spend, including the use of artificial intelligence to meet clients wherever they are.Rahul Kumar 0:23
    Thanks, Whitney. Glad to be part of the bank automation news podcast. Thank you for the invitation. I’m Raul Kumar. I am the general manager for financial services and insurance at talkdesk. So really tasked with driving our industry motions, Product Strategy go to market, as well as I’m responsible for managing and maintaining the strategic relationships with all our customers in the industry. Just a background about myself almost 15 years in the industry, primarily working with banks and credit unions, giving them the opportunity to leverage technology and innovation to drive business outcomes. So very familiar in this space very excited. I’m very passionate about you know, small to medium sized banks and credit unions truly realizing the potential of technology. From a top down perspective, talkdesk is a global globally recognized leader in the customer experience space, we offer a cloud native Contact Center as a service solution. Really purpose built to meet meet industry needs, that is one of the key differentiators of talkdesk. So not only do we have a contact center platform, we offer a contact center platform built for banking built for insurance built for healthcare and retail industries. We are in the midst of a cloud revolution when it comes to contact center. So we offer a truly cloud native omni channel AI infused platform that can really accelerate trying to value for our customers. So hope that gave you a bit of insight about myself and talk to us. And really, like I said very excited about this conversation today.Whitney McDonald 2:16
    Well, thank you again for joining us and we can get into the conversation now we’re going to be talking through customer experience customer loyalty and where technology fits into all of this would be great if you could first start by setting the scene and explaining explaining the current state of customer loyalty today.Rahul Kumar 2:38
    Sure, you know, in right now, banking, that is an interesting inflection point, especially with the macro economic conditions, some of the recent you know, large bank failures, banking, as an industry overall has a lot of scrutiny and eyes on it, but when it comes to customer loyalty, there is also an heightened need from for banks to prioritize customer retention. And there are a myriad of reasons for it, banks have realized and it has always been the case. But more so, now that every bank is looking at cutting costs, reducing costs, driving efficiencies, it is well known that the cost of acquiring a new customer is much higher, at least four to five times higher than the cost of retaining a customer. So in the in in that light, there’s a heightened need and you know, all banks have made customer loyalty and customer retention, a key part of the forward looking strategies, there is also enough research to suggest that customers at least in the US today, bank with three to four institutions, you know, when you when you think about that, banks have also realized that there is an opportunity to increase share of wallet just by focusing on their existing customer base and in driving revenue utilizing what they have, rather than what they can go after. They have also realized that the customer segmentation especially the younger segments, you know, if we talk about millennials, the Gen Z’s of the world, they they do not have a lot of loyalty inherent with their financial services institution. They are looking for ways where they can maximize the experience the you know, an institution that can meet their needs. So, banks have realized that it is, you know, in order for them to earn any sort of loyalty in these younger segments, they truly need to invest need to invest in technology need to invest in, you know, ways where they are positioning themselves as a desired partner, to these customers, and really also challenge the standard way that they have typically operated, which has primarily been a supplier of financial products and services, rather than truly offer these customers our partnership that ensures their financial wellness and financial well being. So those are some of the ways you know, I look at, you know, customer loyalty, the importance of it, and their invite investments in technology in is paramount for banks, as they’re looking or prioritizing customer retention and loyalty as a key part of their strategy.

    Whitney McDonald 6:04
    Let’s take those tech investments one step further, I’d love if you could share a little bit more about those digital capabilities and the role that they do play in getting customers to stay at a financial institution or pulling in whether it’s those younger millennials or Gen Z years, or any any customers, what technology really are those folks looking for?

    Rahul Kumar 6:30
    Yes, with me, I think, if you look at I always like to lead with a question. To everyone, where do you bank? And more? The the the most relevant answer that I get to that question is I bank on my phone? Everybody today? You know, most, most, I would say a majority of the population have shifted, you know, the relationship into the mobile device. So if you are in the mobile device, if you’re working, you know, if you’re interacting, engaging with your, with your banks, on the mobile device, it is paramount for banks and credit unions to realize it, realize that and make sure that the experience that they are offering to their customers is, is at par or is exceeding the experience that customers are getting from other providers, be it you know, everybody, sort of our customers today, say and compare if I can do something on Netflix, or I can do something on Amazon, why does my bank not allow me to do something like that? So yes, that is where investing in in mobile apps, investing in the digital capabilities sitting inside the mobile app, enabling feature sets, you know, giving customers the ability to not only look at information, but take action when when when they see something is off, right. So take action quickly. So when as an example, when you think about you, you know, as a customer, I go into my app, I see something that is a miss or is incorrect, I want my bank to be able to resolve that issue as quickly as possible. It and I can choose the channels that I want to use to engage with my bank to resolve that issue, I can reach out if I am a customer that likes chat, I should be able to chat if I’m a customer that likes to be on a call, I should be able to initiate a call directly from the mobile device. If I’m a customer that does not want to talk to a human agent, I you know I for for simple things I should be able to engage with, with a virtual agent and you know, or a bot and get the issue resolved. So, you know, the capabilities when you think about in terms of digital, that banks need to think about, they need to think about, you know, investing in platforms and solutions, that that can offer the customers a unified experience, irrespective of the channel that they are engaging in. So and ensure that the channels are not siloed. So what I mean by that is when the conversation may start as a chat, can transform into a voice call with with an agent, if it’s complex enough, can turn into a cobrowse session. You know, where the agent can can do that can offer that hand holding and on offer an elevated white glove experience. And banks need to be able to do all of that seamlessly while ensuring that the experience never breaks. So those would be some of the things when you think about digital and its impact on banking. It’s truly To help not only meet customer expectations, but truly offer a unified banking experience, irrespective of where the interaction starting or ending?

    Whitney McDonald 10:11
    No, no, you talk through the more omni channel experience meeting customers where they’re at. I don’t think that we can talk through financial services right now without bringing up AI, of course, can you discuss a little bit about the role that AI is also playing in all of this technology and customer loyalty? And where that fits into the puzzle?

    Rahul Kumar 10:33
    Yeah, absolutely. So when I look at AI, and you know, in terms in the context of banking, traditionally, AI has been looked at as a capability, yes, a technology capability. The focus that banks and credit unions have had is to leverage AI flecked interactions and other mechanism to drive more efficiency in, you know, accommodate for cost savings, when it comes to call deflections, could I deflect a call and save those costs, because obviously, sell services a cheaper channel of service, seven to eight times cheaper, at times. In so they’ve invested in in bots, they have invested in both on the chat bots or voice bots, you know, but I think one of the shortcomings of those investments that I have seen is that they’ve invested more into those capabilities as a standalone point solution, without really thinking through the overall experience that they want to offer their customers, what happens if the bot is not able to service the customer. So my challenge with, then the challenge that I sort of throw to banks and credit unions is how are you truly incorporating AI as a core part of your customer experience strategy, rather than just treating that as a technology capability, there is so much more that can be done with AI, the power that AI has to offer banks and credit unions is to move from a more reactive approach to customer service, to a more proactive approach to customer service, AI and machine learning has evolved to a point where you don’t really need the customer to tell you the reason they are reaching out to you, or you don’t really you should already be knowing and with the data you have about them, the reasons that they have called in the past, you should be able to predict, you know, why a customer might be reaching out to you. So I think, you know, investing in chatbots, and voice bots is, is, is perfectly fine. But I think AI offers a much broader opportunity to drive, a lot of personalization, a lot of opportunity to predict the reason somebody’s reaching out to you and proactively offering them solutions and resolutions for that. But then also utilizing AI, you know, on inside your organization’s empowering your employees with the information they need, you know, to drive a better experience for them. So, yeah, AI is important. You know, but it really needs to work in ways, you know, outside just being another technology capability that that you’ve invested in.

    Whitney McDonald 13:59
    Yeah, that all makes sense. And of course, having those predictive capabilities in place on that know of, of investing in these capabilities. How can a financial institution ensure that they are being strategic about these investments? I know that you talked through back end investments as well as customer state facing AI capabilities? How can you be sure that you’re investing in areas that are either going to offer ROI or retention or more efficiencies from from employees as well?

    Rahul Kumar 14:36
    Yeah, I think, great question. Whitney. I think the way we at talkdesk in general have been advising our customers is to really look at the value. You know, really look at the outcomes that you’re looking to achieve, you know, and then building out a strategy A both from a customer experience perspective, but also your technology strategy should be outcome driven. You know, a lot of times, we still, at times run into situations, where if organizations are not prioritizing, you know, the value, and the outcomes that they are looking to achieve through investment, they end up doing nothing. Like they, they spend a lot of time evaluating, you know, partners and vendors and capabilities, but because the outcomes are not defined, they end up sticking with what they have, because there’s no real quantification of the ROI that they can expect. So, you know, we might, you know, at least from my perspective, my two cents on this, as always lead with value, always define the business outcomes that you’re looking to achieve, and then start to connect capabilities, be it AI, be it omni channel, be it the cloud to as as a mechanism or enablers to help you achieve those business outcomes. So, each fundamental capability be a chatbot whether it influences your handle times, whether it influences you know, your cost of doing business, whether it influences you know, the or reduces your the cost of servicing your customer, or so, I think that’s the way I approach it, it technology investments cannot be looked at, in silos, without truly, you know, putting some real thought or know around the value each of those capabilities can help your organization achieve. So we, you know, sometimes especially when it comes to customer experience, we look at a look at it as a quadruple quadruple impact. How is the investment impacting your customer experience and the ease of doing business with you as an organization? How is the investment, looking to improve your employee experience? You know, you is the investment going to help you retain your employees and delight them and empower them with the tools and information they need to become much more productive and efficient. How is it improving the agility of your of your organization and to to proofing you. Future, basically future proofing your growth ambitions by offering you scalability and flexibility? And finally, what impact is it going to have in terms of accelerating time to value for you as an organization? How quickly can you start really realizing ROI? So I think that is that is the quadruple sort of value framework that I think organizations should start looking at, and then start to sort of creating their own business as well as technology strategies to achieve it.

    Whitney McDonald 18:25
    So we talked about investment strategy, we talked about the omni channel approach and the importance of of digital capabilities right now, wondering if you can give some insight into what technology customers are really gravitating toward right now. What are those top technologies that are pulling people into certain financial institutions?

    Rahul Kumar 18:47
    So I think one of the trends that we’re seeing is, customers accept expect a seamless, frictionless experience with their financial services institutions, there’s a you know, they are they get fully frustrated, when the experience is fragmented, if it is impersonal, and then the it leads to frustration for them when their issue sets are not resolved, as you know, quickly and efficiently. So customer expectation is, you know, meet me in the channels that I want to engage with you ensure that the experience remains consistent. Irrespective of the channel that I’m engaging with you. Make sure that you know you know who I am before you know, you are because I am trusting you with my finances. You should already know who I am without having me having to go through multiple hoops to even identify myself to you And then ensure that my my, my experience is is not only fast and seamless, but it is also secure. So if you look at some of those aspects that the customers are expecting, you start to tend to gravitate, gravitate towards, Hey, we should eliminate our investment in point solutions and prioritize investment in platforms, we should invest in platforms that help us achieve some of the things that we’re looking to do platforms that can give back and enable omni channel platforms that are infused with AI platforms that, that ensure data and privacy security, a platform that can mitigate fraud early and often in platforms that that can aggregate information from multiple places that drives efficiency and productivity in the way customers get serviced. So I think if you think about that, then some of the capabilities that truly come to mind is, you know, we spoke about omni channel, that’s a no brainer. We spoke about AI, but AI that is pragmatic. That is completely, you know, it could be voice bots, but Smart Voice bots, smart chat bots, that can truly understand industry terminology that can execute industry workflows, capabilities, such as voice biometrics as a better way to authenticate customers, you know, fraud tools that that do phone validations spoofing detection, to ensure that fraud is not entering into the banking ecosystem. And then, you know, Agent desktops that can aggregate information, and help agents deliver the best white glove experience possible, where they are more focused on delivering the customer experience without having to worry about the systems they need to work or look at to deliver the best experience possible. So all in all, you know, you know, I might have been biased when in terms of my response in terms of contact center, but truly investing in a modern customer experience platform that brings all of these capabilities together, and ensures the best experience possible for both customers as well as employees is what I think, you know, is going to be the future cloud based AI infused modern, flexible, scalable platforms. I think one of the things that the last thing that I’d like to say is banks, it is high time banks and credit unions realize that complacency and an approach to be a follower is not good enough. I think the you know, there is enough technology capabilities out there in the market that are, you know, partners and vendors that they can truly they should start truly evaluating today, rather than waiting and sitting in status quo, because it is truly an existential crisis for them. The customers continue to evolve their expectations continue to evolve. Good enough, is no longer a strategy that that I think banks and credit unions need to can afford to continue to follow. So it’s all about you know, investing today, future proofing, looking at the customers what their expectations are, and pivoting their strategies to truly address and delight customers, both from a product and services perspective, but also from an experience perspective. So that’s, that would be my final two cents on this topic.

    Whitney McDonald 24:11
    You’ve been listening to the buzz, a bank automation news podcast, please follow us on LinkedIn. And as a reminder, you can rate this podcast on your platform of choice. Thank you for your time and be sure to visit us at Bank automation news.com For more automation news,

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    Whitney McDonald

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  • The ABCs of Growing Your Online Business in a Crowded Market | Entrepreneur

    The ABCs of Growing Your Online Business in a Crowded Market | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    As the digital marketplace grows more and more crowded, online business owners are in need of ways to stand out from the pack. Especially in the face of ever-increasing costs and competition, it is getting harder to answer questions like: How do I get greater reach for my message, content and offers? How do I convert that reach into more followers, leads and sales? How do I ensure I provide more value to the market and stand out from the competition? These are more than mere questions; they are concerns that will be the death knell of any company that chooses to ignore them.

    Unfortunately, most people approach these questions from the wrong direction. In a world that encourages you to always be on the hunt for the next customer, there is a “secret weapon” that helps your business to stand out and rise above all the noise in the marketplace.

    Businesses that profit the most often do it through customer retention rather than customer acquisition. I want to share the “online business ABCs” with you. They illuminate a holistic approach to delivering a customer experience that leads to retention and word-of-mouth referrals that can fuel the growth of your business.

    Related: 3 Things Online Businesses Must Consider to Grow and Thrive

    A: Activation points

    Many businesses consider the sale the “endpoint” of a customer’s journey. Tons of time, energy and thought go into the journey up until the point of purchase, but then the level of attention, intention and care drop off from there.

    Viewing the purchase as the endpoint is a limited perspective. The real journey begins after the purchase. There is a massive difference between “making a sale” and “cultivating a customer.” It’s a mistake to expect that the new purchase is going to be consumed at all, much less in the way that will deliver the best experience and results.

    There are a handful of “activation points” where you can offer additional information, support or encouragement to continue to educate and cultivate customers. The most successful businesses understand that their role extends beyond mere transactions. In fact, they are proactive and continue to lead in their relationships with customers and clients. This could look like hosting check-ins, providing supporting content or inspiring community engagement with other customers.

    B: Bias and beliefs

    The second pillar of the ABCs is about introspection to question the assumptions we’ve built in our minds about our customers.

    We are so deep inside of our own businesses that we forget what it is like to not have that context, and we assume further that if someone makes the decision to buy from our business, they fully comprehend what they bought. While obviously, they have some level of understanding because they bought, it is nearly impossible for them to fully understand what they’re getting.

    The remedy to this is to operate as if your customer has zero familiarity with your product. Guide them from the start and down the paths or use cases that best deliver the kinds of results they are after. The intent is to help make your customer feel supported and understood while clearing the path so that their journey with your business is as smooth and rewarding as possible.

    Related: Disrupt the Cognitive Biases That Derail Sales

    C: Communication, community and check-ins

    The third pillar of the ABCs speaks to the fundamental human drive for connection and acknowledgment.

    Because there is so much noise everywhere in today’s world (and not just in your marketplace), nearly everyone feels “drowned out” at some point, intensifying what is already a deep-seated desire to be seen, heard and valued. If your business can help to fulfill this need for your customers, everyone stands to gain significantly from the effort.

    The cornerstone to meeting this need? Effective, consistent and personalized communication. Regular updates, check-ins and intentional outreach are pivotal if you intend to keep your customers informed and engaged. It may feel like you are “over-communicating” if you don’t engage in much of this at the moment, but I challenge you to test that bias.

    And while automation tools (i.e. email or text) can shoulder some of this burden, the human element is indispensable. Most businesses try to eliminate the human element because they think it is time- and cost-efficient. While that is true, it is rare to see an automated message be the difference in turning a casual customer into a loyal advocate for your business.

    Lastly, a true sense of community will completely change the way customers experience and feel about your business. Give them a way to connect with, learn from and support one another. A sense of belonging is a powerful motivator, promoting repeat business and engendering brand loyalty.

    Related: 7 Patient Strategies for Growing Your Business Online

    The real sale and the real role of your business

    You may have heard of the concept of “the sale after the sale.” Just like you don’t marry someone after one great date, you don’t win a customer for life just because you had a slick marketing funnel and initial sales process.

    The customer journey extends far beyond the initial transaction. There are many ways to guide your customer to full utilization, enjoyment and value gained from the product or service they bought from your business. In fact, your business’s role is not just to sell a product or service, but to ensure that the customer extracts the maximum value possible from it.

    If you do this, your business can expect greater customer satisfaction and an increased likelihood of repeat purchases, referrals and glowing reviews or testimonials. All of which will help to lower your acquisition costs for new sales and boost your profitability.

    Now that you know your ABCs, I hope you use them to build a moat for your business. Putting these into practice will help you keep the customers you have and attract new ones at a low cost — because existing ones won’t be able to keep how happy and successful your business helped them become to themselves!

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    Sam Miller

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  • 8 Ways to Keep Your Business Afloat in a Tough Economy | Entrepreneur

    8 Ways to Keep Your Business Afloat in a Tough Economy | Entrepreneur

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    As the economy continues to fluctuate, it’s important for entrepreneurs to have a plan in place for any potential downturns. To remain competitive, you can take several steps, including reviewing your finances, cutting operating costs, diversifying your products and offerings and focusing on customer retention.

    Utilizing automation technology and revamping your marketing approach are both essential to adapt to the ever-changing economic climate. Don’t wait until it’s too late to start preparing — take control of your financial future and create an action plan today. Having this action plan will allow you to build what I refer to as a “war chest” for your business. The “war chest” is critical since it will allow your company to survive for a minimum of six months during a rough time.

    Related: 5 Ways to Protect Your Business From a Recession

    1. Create an action plan

    Planning for an economic slowdown is crucial for preparing your business, so it’s time to break out that budgeting spreadsheet. Be aware of potential changes to revenue, expenses and cash flow so you are not caught off guard. By preparing a budget in advance, you can make adjustments to ensure your business stays afloat. Start planning for a rainy day now — don’t wait until it’s too late.

    2. Review your finances

    Getting a handle on your finances is the first step in preparing for an unpredictable economic climate. Do a deep dive into your assets, liabilities and outstanding debts or loans. You can then determine where you stand financially and how a downturn may affect you.

    Keeping a close eye on your sales and costs and uncovering opportunities to reduce expenses is crucial to staying ahead of any potential economic shifts. Make informed decisions about your finances during difficult economic times by tracking your monthly income and expenses, such as salaries, rent and insurance. One of the best things you can do is a comprehensive review of your P&L monthly to ensure you are not being wasteful in your business.

    3. Cut operating costs

    Cutting operating costs is an obvious but effective way to prepare for a softening economy. Take a hard look at your budget and trim unnecessary expenses. It’s important to consider all costs, including travel and office supplies. You may get better terms or lower prices by renegotiating existing vendor contracts.

    Walmart, for example, switched to LED lighting in their stores. Walmart reduced its lighting energy consumption by 50% by replacing traditional light bulbs with LED bulbs. This resulted in an annual cost savings of approximately $200 million. Furthermore, LED bulbs have a longer lifespan than conventional bulbs, so Walmart also saved money on maintenance. Many people overlook this when reviewing operational expenses.

    Related: How to Help a Business Thrive During an Economic Recession

    4. Revamp your marketing approach

    Don’t let tough economic times take a toll on your brand’s success. Instead, reassess your marketing strategies to stay ahead of the competition. Are you working within a tight budget? No problem! Optimize your spending by shifting your focus to marketing tactics to enhance customer loyalty and drive sales. Use technology to your advantage with social media platforms and digital marketing solutions to increase your brand’s visibility without breaking the bank. Keep your finger on the pulse of the latest trends in marketing to tap into what’s currently catching consumers’ attention.

    Want to make a lasting impact? Ditch the typical advertising route in favor of snappy, visually-engaging short videos on YouTube and Instagram. The sky’s the limit when it comes to creatively adapting to the economic climate and taking your marketing game to the next level. They key is getting creative in your marketing messages to stand apart from everyone else. I always tell business owners I work with that use the excuse, “It’s just too noisy.” Then, make more noise.

    5. Revolutionize your business with automation and AI technology

    The future of business is here, and it’s all about automation technology. Say goodbye to human error and welcome efficiency and cost-effectiveness with open arms. Companies are relying on AI more than ever before to help them reduce costs and optimize processes. With robotic process automation, predictive analytics and natural language processing tools like ChatGPT, businesses are experiencing revolutionary benefits.

    ChatGPT is transforming customer service and support by utilizing cutting-edge language models. Automation can be the superhero businesses have in their corner. Be very mindful of how you use some of these technologies as they are new, so test the technology and split-test them before doing any full integrations into your ecosystem. Just because it’s new and shiny doesn’t mean it is everlasting!

    6. Diversify your products and offerings

    In an economic downturn, diversifying your product or service offerings is a powerful strategy for breaking into new markets. Expanding your range can entice budget-conscious buyers who might have overlooked your business previously. Using the right approach, you can both maintain and attract customers.

    Related: How to Recession-Proof Your Business

    7. Focus on customer retention

    Hold onto your customers tightly. Your relationship with your existing customers is crucial, especially during turbulent times. Keep them coming back with exciting loyalty programs or tempting discounts. You can fix any problems quickly and identify areas for improvement if you listen carefully to their feedback. Remember, keeping a happy customer is easier than finding a new one in tough times.

    8. Have a backup plan

    To weather tough times, businesses must master the art of preparation. The unexpected can strike at any time, so it’s vital to prepare backup plans to ensure your business runs smoothly. Keep emergency funds and insurance policies in tow in case of a crisis. Review finances, pivot marketing strategies and explore new product lines to keep your company on solid ground during an economic slump. Take control of potential roadblocks and steer your business toward success.

    Being prepared for a softening economy can mean the difference between taking control of your financial future and becoming another victim. A solid action plan, regular reviews or focus on improvement will give you the edge over those who wait too long to take preventative measures. Prevention goes a long way, so get out there and stay ahead of the game!

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    Jason Miller

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  • 5 Tips to Bring Back Your Lost Customers | Entrepreneur

    5 Tips to Bring Back Your Lost Customers | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Have you ever had a customer return to your store after being upset? If so, congratulations, you win! However, if not, you are like most other entrepreneurs who struggle to get lost clients back.

    Getting lost customers back is never an easy thing to do. You could try as much as possible, sending out repeated and persistent emails and calling them on the phone, but they may not respond. And then you just have to wait until they call you. But wait! That’s not the only way. There are more ways to get your old customers back right now. Keep reading to find out how!

    Related: The Why & How of Retaining Old Customers

    1. Ask why they left

    You lost a customer. Now what?

    You can’t win them back if you don’t know why they left in the first place. You need to ask them why they left, so you can understand what went wrong and how to fix it.

    Ask your customers why they left, and listen carefully to their answers. Don’t interrupt or argue with them — just let them talk until they’re done explaining their side. And then, when they’re done talking, ask questions about what else could have made their experience better at your business.

    If you don’t know why customers are leaving, how will you ever be able to fix the problem?

    2. Offer a “We Miss You” promotion

    Offering a “We Miss You” promotion can help you win back lost customers.

    A “We Miss You” promotion is an offer that customers will only see if they return to your store after leaving. The offer can be a discount, a freebie or something else that would bring them back to your store.

    This is one of the most effective ways to get lost customers back because it gives them the incentive to return and shows them that you care about them.

    The best part about this type of promotion is that it doesn’t cost much money or time to implement, but it can greatly impact your bottom line.

    For example, if you have a clothing store, you could offer them a discount on their next purchase if they come back within the next month. If you have a restaurant, you could give them free dessert on their next visit.

    3. Don’t wait too long — it won’t be easy.

    You are wrong if you think that waiting a few days or even weeks to reach out to lost customers will help them remember who you are and why they should come back.

    The longer customers go without receiving your messages and offers, the harder it will be for them to remember why they liked your business in the first place. If you take too long, customers may have forgotten about your brand altogether!

    Related: 4 Steps to Win Back an Unhappy Customer

    4. Create a loyalty program

    One of the best ways to win back lost customers is to create a loyalty program. By rewarding customers who have purchased from you in the past, you can re-engage with them and remind them of the value of your products or services.

    Loyalty programs are also a great way to get referrals from existing customers. When someone who has previously purchased from you refers a new customer, that new customer is likely to be very happy with the service they receive — and may become loyal themselves!

    You can create loyalty programs in many different ways. For example, discounts for repeat customers, multi-purchase discounts for purchasing multiple items at once or even free shipping offers on orders over a certain amount. Whatever type of program works best for your business will depend on what kind of products or services you offer — but don’t underestimate how much power these programs have!

    5. Make it personal

    There’s no way around it: You’ve got to make it personal. You must show your customers that you care about them and that their business matters to you. If you don’t want to lose them forever, you must show them they matter.

    It doesn’t have to be complicated. Just ensure you’re showing up in their inboxes with personalized emails with their names in the subject lines. If they made a purchase recently, include a line about how much you appreciate them as a customer and how much you hope they’ll keep coming back for more great products or services. If they haven’t purchased anything from you in a while, send them an email asking how things are going and if there is anything you can do at your end of things to help them out.

    The bottom line is that people like being shown that someone cares about their thoughts and feelings. It makes them feel valued and important, more invested in the relationship with your company — and ultimately, less likely to leave!

    Related: Use This Powerful Method of Persuasion to Keep Customers Coming Back for More

    A tip that goes without saying: Provide excellent customer service

    Some customers leave because of poor service, and it’s not impossible to win them back. But if you want to ensure you’re doing everything possible to win back lost customers, start by providing excellent customer service.

    “Good” is not good enough. You must go above and beyond with your customer service efforts to win back lost customers. This means showing genuine concern for their experience, addressing any issues they had with the product or experience they received and making sure they feel like they’re being listened to when they speak up about what went wrong — even if it wasn’t your fault!

    If you can’t provide this level of service consistently, then it might be time to evaluate whether or not you’re ready for customers.

    It is always important to fix mistakes with customers, and if you handle them correctly, you can even make the relationship stronger.

    If you want an angry customer to come back, you should apologize and try to fix the problem. Remember: You are a business owner, and they are a customer that loves your business, so it’s in your best interest to keep them happy. After a situation like this, the first step should always be apologizing to the customer.

    Don’t make excuses or expect them to get over it immediately; just say sorry and mean it. You never know; it could turn a bad situation into something good. Hopefully, these tips can help you keep your customers happy and improve your bottom line.

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    Chris Kille

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  • How You Can Actually Use AI To Benefit Your Business | Entrepreneur

    How You Can Actually Use AI To Benefit Your Business | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Everyone is talking about AI right now. No longer just a futuristic concept saved for Hollywood sci-fi movies, artificial intelligence has become a red-hot topic with extensive real-world applications in recent years.

    You might have seen stories about the ChatGPT bot writing song lyrics in the style of your favorite bands or holding realistic conversations, along with AI-generated art platforms like Dall-E making weird and wacky creations. But as new conversations about the future of AI are happening every day, it’s easy to overlook how AI can actually benefit your business on a smaller scale.

    The goal at any company is to continue finding areas where you can remove yourself from mundane tasks to focus on the more important things. Think of it as the progression from the employee, to the contractor, to the AI: greater efficiency, streamlined day-to-day tasks and bigger-picture thinking. What commitment is required of you as a business owner, and where can AI help you?

    What is AI?

    Artificial intelligence, by definition, is “the theory and development of computer systems able to perform tasks normally requiring human intelligence.” There are varying degrees of sophistication, ranging from the ability to perform basic admin tasks, to making informed conclusions on complex concepts.

    A branch of AI includes machine learning, which refers to specifically programmed computers that can continue to learn with the more data it processes without the assistance of humans. My own company has integrated this in the healthcare space, which has been integral in ensuring the most bespoke service possible to meet individual needs — AI for the purpose of greater human impact.

    Aside from industry-specific applications, most of us are already utilizing some form of AI in our daily lives, from Google searches and predictive text to recommended playlists on our music streaming services. But AI is also increasingly steering the conversation around more advanced applications, like self-driving cars and facial recognition. What many of us don’t realize, however, is that AI is far more accessible in the workplace than you’d think — and not in a creepy apocalyptic movie kind of way.

    Related: What Is Artificial Intelligence (AI)? Here Are Its Benefits, Uses and More

    Customer service and success

    It’s an evergreen fact that customer service always has and will always remain king. The need for a hands-on, human touch cannot be overstated, but AI can be extremely effective in helping to improve the overall customer service experience.

    Primarily, it can help staff handle fewer inquiries and reduce workflow. Many businesses will use a chatbot as the first port of call for any questions, an automated message service that can help with things like shipping updates, order times and product details. It can be integrated into numerous industries and programmed to answer basic queries or personalize user information. These can also even respond in different languages, broadening your customer service offerings on a global scale.

    Regarding customer success — proactively working with customers to ensure their satisfaction and retention of services — AI can also be beneficial. However, rather than replacing a customer service rep, AI can compile key information that helps to make the consumer’s experience more personalized. By offering 360-degree insight, AI can use data to make predictions, identify areas for improvement and even point toward potential expansions or developed services. It’s all to keep the customer happy and satisfied.

    Related: How Can Marketers Use ChatGPT? Here Are the Top 11 Uses.

    Replacing email interactions

    Receiving customer emails en masse — where you’re required to keep track of orders, inquiries, tracking numbers and many other things — can quickly break even the most organized of teams. Not only is it logistically challenging to effectively and quickly manage so many micro-tasks, but responses can also be frustratingly slow for the customer.

    On the other hand, an email bot can automate end-to-end customer service. It might be a case of it responding to pricing queries, updates on order progress, or passing on more complex matters to your team. Some bots can even pick up tone and language to prevent making matters worse with an overly cheery reply. This helps save customer support time on repetitive queries that can be resolved by the automatic retrieval of information.

    Related: What AI Can Do To Engage With Customers

    Outreach and sales

    Have you ever wondered just where your business could be if you weren’t spending so much time on the admin? AI has many applications within the marketing space — a job role primed for creativity but often gets bogged down in emails.

    The key benefit is that AI decision-making and correspondence are based on hard data, such as previous usage, past orders, and surveys, whereby programs can acquire sales insights that a human never could. This can assist with lead generation and lead scoring before determining the appropriate marketing campaign. One survey found that 61% of sales teams exceeded revenue goals when leveraging automation in the sales process.

    Related: Artificial Intelligence May Add More Value to Marketing Than Human Brains

    Blog writing and SEO

    We know by now that there is a science to SEO optimizing web pages and blog posts — and it’s constantly changing. If you want clean, factually accurate and lively copy for your business, AI resources are becoming increasingly sophisticated and capable of doing so.

    Consistency can be one of the hardest aspects for blog posts, but AI can help increase your output by drastically decreasing writing and editing time. By entering keywords and a simple brief, AI can form strong copy frameworks for the marketing team to refine, supplement, and polish off, from ads and marketing emails to social media copy and explainers.

    AI is not a means to completely replace jobs (yet), but it can make our roles at work a lot easier. By freeing up more time for creativity, strategy, and long-term thinking, it provides the means for companies to stop looking at emails and start looking ahead.

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    Patrick Frank

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  • Customer Loyalty Is Your Holy Grail for Success. Here’s Why.

    Customer Loyalty Is Your Holy Grail for Success. Here’s Why.

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    Opinions expressed by Entrepreneur contributors are their own.

    Customer loyalty is the holy grail of a high return on your investment. However, many people tend to think and invest more in customer acquisition and marketing than they do in cultivating loyalty. The evidence is clear; customer loyalty translates to steady revenue, lower marketing costs and more effective word-of-mouth advertising.

    Implementing many customer loyalty programs offers a marketing advantage that can improve customer acquisition. Customer loyalty and engagement can be the tiny edge that propels you over the competition, even in the face of an inferior product or service.

    To successfully implement an efficient customer loyalty program, I’ve outlined four important considerations.

    Related: A Checklist to Get Your Customer-Loyalty Program Off the Ground

    Understand what motivates your customers

    Incentives are a powerful force that motivates individual economic decision-making. Tapping into the personal motivations of customers and why they purchase your products is essential in understanding how to reward them and encourage them to take that action again.

    Depending on the nature of your business, there may be several underlying incentivizes driving customers to your brand, including:

    • Financial incentives: Your brand offers the best financial advantage.
    • Psychological incentivizes: Your products offer joy important to your customers’ happiness.
    • Exclusivity incentives: Your products offer a level of exclusivity that makes customers feel unique, special or elite.

    In some ways, understanding what motivates people to your brand is knowing what your brand offers that your competitors don’t.

    However, to understand more about customers and their thinking, consider the following strategies:

    • Invest in a CRM program to collect more granular data
    • Use social listening tools to understand how your brand is perceived by customers online
    • Dig into keyword research to see which terms people use to look for products, such as discounted or best
    • Use market research for low-level demographic data
    • Undergo competitor research to see how competitors in your field cultivate customer loyalty
    • Solicit customer feedback for direct insights

    Make rewards truly unique

    Once you understand what motivates your customers, you can create a loyalty program that rewards them. For example, customers motivated by financial incentives will benefit from BOGO deals and discounts, while customers motivated by exclusivity will be motivated by exclusive branded gifts and merchandise.

    One tip to really keep in mind is to make rewards unique and exceptional. Don’t just settle on branded stickers and pens; go the extra mile with branded tote bags, t-shirts, hats and anything else that people will see in public. I particularly love branded merchandise because it provides ancillary marketing benefits that can be more impactful than traditional advertising.

    I would also suggest going above and beyond regarding financial rewards, whether it’s giving away free monthly trials or purchases. You can even work with other companies like Amazon or retailers to help transfer rewards points or incentives for a discount on purchases they already make.

    Once you have a set of rewards, you can even tier your program to encourage additional engagement. Ideally, the greater the engagement by the customer, the higher the reward. Those customers that reach the top tier will feel special as you give them the best financial rewards.

    Related: How Brands Can Turn Rewards Programs Into Long-Term Loyalty

    Create consistent customer experiences

    Customer satisfaction is when expectations meet reality. A core component of your customer loyalty program must focus on creating positive and consistent customer interaction via your products, marketing and customer service. Ensure all brick-and-mortar locations and online assets follow a consistent branding pattern and a set of branding guidelines.

    To create a consistent digital experience, you need to invest in multi-channel customer service. This strategy could include utilizing chatbots on your website, responding to users over social media and email or even implementing a digital HR help desk for people to communicate with customer representatives directly.

    I also recommend creating a consistent experience across your sales funnel to build a positive first impression of your brand through the following strategies:

    • Offering promotions or discounts for first-time purchases
    • Delivering thank you emails and/or texts at purchase
    • Emailing follow-up for surveys and additional thanks
    • Offering online and telephone support for any questions
    • Providing additional online resources for tutorials, guidance or sending feedback directly

    Finally, create above-and-beyond customer service by offering omnichannel support and investing in AI that allows for personalized and automated responses.

    Great customer service also starts with hiring the right staff and implementing the right procedures. Train staff to practice active listening and empathy to achieve better customer interactions and offer solutions that resolve customer problems meaningfully.

    In fact, bad customer experiences offer brands the opportunity to fix their mistakes, which often leads to higher positivity than if the customer just had a fairly normal experience.

    Related: 15 Tips for Improving Customer Loyalty

    Go above traditional interactions to create a community

    Today’s younger generations are often motivated to shop with brands that conform to their social values.

    A survey from Sprout Social found that 70% of customers felt it was necessary for brands to take a stand on social and political issues. The key here is to use your community values and inclusivity as an asset to cultivate greater loyalty.

    For example, there are several strategies for cultivating greater community loyalty among your customers, including:

    • Incorporating political/social messaging in your advertising
    • Donating to a charity
    • Hosting fundraisers for important causes
    • Hosting brand-exclusive events and parties that reward loyalty
    • Encouraging users to submit UGC for promotions

    Sometimes your products and actions can also speak for themselves. For example, my digital marketing company became the first to purchase NFL tickets with Bitcoin, helping to build strong relationships with sports fans and tech enthusiasts among our customer base.

    In many ways, inspiring brand loyalty involves following many of the best practices I recommend for any new business.

    Once you understand what motivates your customers and put the proper infrastructure in place, cultivating brand loyalty is all about executing your promises and being there when they need you most.

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    Matt Bertram

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  • 3 Strategies to Respond to the Changes in the B2B Buying Journey

    3 Strategies to Respond to the Changes in the B2B Buying Journey

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    Opinions expressed by Entrepreneur contributors are their own.

    Tumultuous times have a way of altering our approach to many things — especially the decision-making process. Organizations with decades of internal processes built around how to make critical decisions were challenged to change radically during the global health crisis, as the norm has seemed to change nearly every month. And if those decisions involve purchases, it just complicates matters further.

    As economic and societal uncertainty continues to loom, some businesses are asking realistically, how much money could be allocated to any investment at this time. Is any investment a wise appropriation of funds? Small businesses can certainly attest to this fear, with an UpCity survey finding that 57% cut their spending during the global health and economic crisis. Those that left their spending intact opted for budget reallocation, choosing to devote more funds to salary increases (34%), marketing (28%) or operations management (27%).

    In the past, businesses set approval thresholds to authorize spending up to certain dollar amounts. The decision for larger capital expenditures would naturally be reserved for higher levels in the organization. Certainly, leadership would gather feedback to provide more context on the purchase, but the ultimate decision would be left in the C-suite’s hands.

    However, there has been a shift. It is no longer possible to gather input in the same ways, as remote and hybrid work has become common. A meeting for larger expenditures would need to be scheduled, though doing so can add months to the process. These roadblocks have led some companies to abandon processes that were set in stone for years.

    Related: 6 Fatal B2B Sales Mistakes You Must Avoid

    The changing face of B2B customer engagement

    Firms working with these businesses have been quick to respond, evolving to meet the new many-to-many relationship that has surfaced. An increasing number of people within the supplier have found themselves communicating simultaneously with an increasing number of people at the customer — often across multiple locations and mediums. In many cases, this only adds to the strain on the firm’s internal operations. It takes more time and energy to synchronize with a customer to ensure the quality and consistency of messages, especially because B2B buyers are now going in different directions.

    With the evolution of the multistep decision process, suppliers have had to be prepared to support asynchronous communication. This method of contact has created a new B2B customer experience trend, with buyers requesting information but not consistently. It is up to suppliers to meet them where they are with up-to-date information. All of this is driving significant change to suppliers’ internal operations.

    Internal systems have had to change to address this new style of remote decision-making as well. Video calling, video chat systems and so on are instrumental in getting internal teams on the same page to facilitate consistent communication with buyers. Process-based decision tools are also being rapidly adopted. Slack’s acquisition by Salesforce and Workfront’s acquisition by Adobe illustrate how critical communication and decision-making across distributed individuals has become central to maintaining B2B customer engagement across the B2B buying journey.

    Related: 5 Tips for Developing Your B2B Sales

    Instituting new B2B customer engagement strategies

    B2B customer engagement strategies have changed. There’s no denying that fact. However, you must still resolve B2B pain points to maintain customer relationships and remain in the good graces of your customer base. There are aspects of operations that might require a tweak or two to keep pace with what’s ahead. Here’s what you can do to be prepared:

    1. Get everyone on the same page

    If you’re not on the same page with your team, you won’t be able to provide relevant strategies for customers. Getting everyone on the same page sounds simple enough, but Salesforce found that 86% of business executives believe ineffective collaboration and communication are the two major causes of failure in business.

    Don’t just focus on the tools and systems that facilitate collaboration and communication. Those should already be there. Look at the processes involved. Like B2B pain points, are there obstacles to more effective communication? If there are, now is the time to find ways to internally streamline them.

    2. Evaluate the sequence of communications

    The sequencing of communications with your customers shouldn’t be something you take for granted. Just ask the 82% of decision-makers who believe sales reps are unprepared for meetings, according to SiriusDecisions. A Forrester survey backs up this sentiment, with 78% of executives reporting that sales reps lack essential information. Another 77% believe these reps don’t understand their company issues or the purpose of the product.

    To mitigate these shortcomings, ensure your team members understand where customers are in their B2B buying journey. If a customer is still in the design phase and has yet to establish the requirements, pushing the company to make a decision only sours the relationship. Capture accurate data and clarify your B2B buyer insights to ensure you’re consistently meeting customers where they are.

    Related: Sharing Winning B2B Customer Stories: How to Showcase an Effective Case Study

    3. Embrace the new norm

    By now, you no doubt know that many change efforts fail due to internal resistance and a lack of managerial support. As such, you need to strengthen your internal competency around change management to ensure you can constantly adjust to customer demands and an ever-evolving marketplace.

    The B2B buying journey has forever changed, and it will likely change again in the very near future. Social and economic turmoil has accelerated the adoption of digital solutions and ushered in continual improvements in the way businesses connect. Getting specific aspects of the B2B buying journey right can ensure your team is better positioned to handle whatever the future holds.

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    Scott Webb

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  • As Inflation Soars, Consumer Habits Are Changing. Here’s How to Adapt

    As Inflation Soars, Consumer Habits Are Changing. Here’s How to Adapt

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    Opinions expressed by Entrepreneur contributors are their own.

    The current uncertain economy, coupled with rising inflation, is driving consumers to seek money-saving tactics, including cashback rewards, discounts, and online coupons.

    Economic pressures are driving the broad adoption of shopping rewards programs, which are “crossing the chasm” from coupon clippers and early adopters to mainstream consumers seeking to cut costs any way they can.

    In a survey commissioned by Wildfire and conducted by the research firm Big Village, we examined mainstream consumers’ attitudes and expectations toward rewards and other shopping incentives. The findings revealed that 90% of respondents are more interested than ever in getting discounts, using coupons and earning cashback rewards when shopping online, precisely due to rising prices.

    Related: 3 Secret Reasons Why Your Brand Needs a Rewards Program

    Rewards and discounts affect online purchase behavior

    Regardless of the economic environment, consumers will continue to shop. But in challenging financial times, they will modify their buying habits, for example, by purchasing store brands instead of more expensive options. Recent reporting on these types of behavioral shifts includes from Personetics, finding that almost 2 of 3 consumers are curbing spending on non-essentials due to the higher cost of living, and from Gartner, revealing that nearly 1 in 4 consumers will spend less on holiday shopping this year due to higher prices.

    In such a setting, rewards and other incentives are a substantial factor influencing consumers’ online shopping behavior. The availability of rewards and incentives directly and positively affects consumer behavior at the top of the purchase funnel (awareness and consideration) and the bottom (completing a purchase).

    A key finding in the Wildfire survey reveals that rewards impact consumers’ behavior even before they decide where to shop: 81% state that the availability of rewards is a factor when deciding which ecommerce retailer gets their business.

    In addition to influencing where consumers shop, rewards and incentives further impact the decision to purchase, driving higher sales conversion rates. Findings show that most respondents are more likely to complete a purchase when they can earn cashback rewards or use a coupon or discount code.

    Many consumers seek bargains when they shop online, and we expect consumers’ propensity for ferreting out discounts will further increase as the economy tightens. The majority of respondents (61%) state they “always” or “often” look for coupons, discounts, cashback rewards or other ways to save on their purchases.

    Based on these findings, the takeaways for any brand selling online are clear:

    • Retailers can win the battle for consumer preference by offering rewards for shopping, either through native loyalty programs or online cashback rewards programs.
    • Offering coupons through loyalty and rewards programs drive merchant benefits, including increased sales conversion.
    • Businesses choosing not to offer such incentives are disadvantaged in consumers’ selection of online shopping destinations.

    Related: Why Trust and Incentives Help Consumers With Better Brand Selection

    Responding to customer preferences for simplicity

    Furthermore, consumers seek ease of use and want to access rewards and discounts conveniently within the natural flow of their online shopping behavior without detours or hurdles. Most consumers surveyed for Wildfire’s report prefer rewards automatically applied at checkout or activating them while shopping without having to search elsewhere. Conversely, fewer consumers want to receive an email with a special offer, and even fewer still prefer to search through a directory of offers.

    Consumers have spoken: the simpler and more convenient a rewards program or discount offer, the better. Consumers prefer easy-to-understand, simple-to-access rewards such as cashback over rewards like points, miles, or future discounts. The survey also revealed that 80% of respondents prefer cashback as their reward instead of points or credits towards future purchases.

    The need for simplicity and convenience in rewards programs is borne out by other research. In the 2022 Loyalty Marketing & Rewards Program report from Comarch and Forrester, retail marketers were asked what they find to be the most critical elements of a loyalty program. The results showed that most are leaning toward offering cash rewards.

    What’s the implication for businesses considering a loyalty program? Online shoppers have become extremely savvy. They are now much more accustomed to seamless digital experiences, so their expectations regarding earning and redeeming rewards through retail loyalty programs or other shopping rewards programs have changed. Consumers are no longer willing to settle for jumping through hoops, and retailers will see low adoption for their program unless it is simple and convenient for customers to earn and redeem rewards.

    Related: The Marketing Power of Rewards Programs

    Conclusion

    By offering easy-to-access shopping incentives — such as cashback and coupons — businesses selling online can meet the demands of today’s value-seeking consumers. Through such programs, they cannot only positively influence consumers’ purchase behavior but also provide some much-needed relief for their wallets.

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    Jordan Glazier

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