Using data in "smart" ways to enhance the customer experience and build relationships
Customers want the following from the companies they do business with:
1. To be recognized
2. To be valued
3. To have their needs understood
4. To be treated with respect
5. To value their time
6. To surprise and delight them
Without these six things (or at least five of them), companies cannot engage customers in ways that build loyalty. According to Gallop, fully engaged customers represent an additional 23% in wallet share, profitability and revenue than the average customer. Actively disengaged customers lose companies 13% in the same measures. And Gallop estimates that only 13% of customers are fully engaged and a whopping 39% are not engaged.
How we can use History, Memory and Knowledge to engage customers across all channels is discussed in a VoltDelta white paper, Using Data in Smart Ways for a More Effective Customer Experience, authored by Elaine Casio of Vanguard Communications.