In today’s ever-evolving business world, much attention is being placed on customer experience – CX. And while this principle remains a driving force for organizations that want to stay ahead of the customer curve, another equally important part of this equation is customer loyalty. Once you have acquired this critically important audience, how do you keep them?
Inflation is affecting everyone…consumers and suppliers alike. The US Bureau of Labor Statistics reports that inflation hit a 39-year record at the end of 2021, and it continues to wreak havoc on US markets. Between high gasoline prices, along with increased prices for shelter, food, automobiles, clothing, household items and travel, experts don’t know when these price increases will stop. And while consumers scramble to seek out options and alternatives (such as generic, or lower quality versions of the same goods for example), what can businesses do to address this issue with the goal of addressing customer loyalty?
Let’s face it. Passing the rise in costs down to the consumer isn’t necessarily the best solution – consumers today are savvy and value-motivated with high expectations. But there are some strategic ways to build enduring customer loyalty:
Heading into 2023 (and let’s not forget that green practices and sustainability are front-and-center topics) taking a good hard look at packaging can be a game changer. For example, many companies are turning to refillable options as a way to cut packaging costs and pass the savings down to their customers.
Put Your Customers to Work
Some companies are setting up referral programs to incentive their customers to participate in money-saving opportunities. In the fitness industry for example, many gyms offer reduced fees to their current clients in exchange for new client referrals. In other words, win-win for everyone: the customer gets a free service, and the supplier gets a new customer.
Up Your Digital Game
As we know, technology has been transforming the business landscape for decades, and artificial intelligence has become a driving force. AI-friendly tech such as chatbots and robotic process automation (RPA) software are changing the conversation, and tools of this type are being assembled into a “digital workforce.” Studies now show that this digital workforce model requires a mere 10% of the investment required to maintain a human workforce. And as long as companies can utilize AI tech without compromising the customer experience, this cost-savings tool can continue to generate customer loyalty by passing the savings down to them.
It’s more important than ever for businesses to be aware of mishandling the inflation threat at the risk of alienating customers. Sharing the burden through innovative problem-solving will cultivate a stronger and more loyal audience, which could prove critical as we continue to ride out the financial squeeze being created by inflation.
Integrating the services of BPO outsourcing companies can be a smart starting point when looking to lock down customer loyalty. With a successful track record spanning twenty years, Anexa has emerged as the preferred outsourcing company for American firms. Specializing in bilingual services (English and Spanish), our skilled teams of agents take all outsourcing processes to the next level with a commitment to support your business processes as we would our own. Anexa can provide your company with support in all core and non-core processes that drive your brand while allowing you to focus on the core activities that strengthen your operations – including the building of customer loyalty strategies.
Have questions? Reach out today for information on how Anexa can support your initiatives to lock down customer loyalty.