Among the most important metrics for your company’s profitability, growth and future are:
- Cost to acquire a customer
- Cost to retain a customer
Most companies track the costs related to profit margin fluctuations, such as the cost of advertising measured against customer response to various types of ads, emails, or texts. Much attention is given to these statistics. Customer retention puts these issues into a better perspective. As technology evolves, retaining your customers has become extremely challenging. Let’s look at why.
Automated data is everywhere
The number of data points the typical consumer is assaulted with every minute of their waking hours is staggering. Information is acquired related to customer needs, education, and interests. When searching for a product or service online, a potential customer is swamped with competing claims, benefits, and multiple offers. Customer reviews are a vital part of a prospect’s decision process. Verified buyers tell their stories but this may not be enough to lead to a purchase.
AI communications and tracking technologies increase frustration
Imagine deciding to spend a whole day replacing the word “you” in your conversations with others with the words “you people.” Artificial Intelligence and behavior tracking deliver ads and offers based on aggregate data. It’s “you people” dressed up to look like personalization. These technologies may be well-meaning but leave consumers feeling invaded, triggering restrictive laws and regulations regarding the privacy of personal data.
Technology will never replace human contact…but it can enhance it
Automated customer and prospect communications are here to stay and play a critical role in e-commerce. People can navigate to FAQs and databases and be directed to forms to fill out. But when it comes to customer satisfaction, a recent survey found that 85% of customers surveyed preferred live chat to other forms of engagement. Having an efficient website that is easy to quickly navigate for users with a question or problem could not be more important, but a live chat with a human being – rather than a chatbot, is the key to higher profitability and enhanced brand loyalty.
Live Chat is Priceless
Consider the potential customers there are in your market space and all the work and expense it takes to guide them through the “sales funnel” to a purchase. Now consider customers engaged with you in real-time in direct communication—it is incredibly valuable. Automated data can be useful but what it lacks are control and personalization. People have unique issues and needs, and no two potential customers are alike. Only live chat interactions get down to the unique concerns of the individual.
Live Chat Benefits
First, let’s be clear about something. Live chat needs to be high-quality. Staff in the chat center must be fluent in your business space, your products and services, and your brand messaging. They need to be personable and friendly. Anything less can be very frustrating and waste this precious connection.
- The customer can reach a potential customer at the time a question or problem arises. This can lead to a high customer satisfaction experience which helps to build brand loyalty and trust.
- Chat staff can deliver a highly-tailored and empathetic response that swiftly moves the customer forward.
- Real-life experiential data can be mined from each contact and compiled to better track the individual interests of your customer base.
- Live chat opens the door to additional sales, limited-time discounts, subscription extensions, and more.
- Customer retention can be enhanced.
The benefits of live chat are well documented. Reports of nearly 80% increased sales and a 105% incremental increase in ROI are common. SiteStaff Chat is unique in the industry with American-based college-educated chat hosts who have industry-specific knowledge. Your customers and interested users can be answered correctly, in the shortest time possible. SiteStaff Chat is the premium quality live chat you need at a reasonable cost.