In today’s day and age, just about every business is fighting for the same thing; the key to creating long term revenue.
Many of the solutions lie within the idea of enhancing the customer’s experience for a long term relationship. Currently, customer attention is at a premium, due to the thousands of advertisements, spam emails, and telephone calls they receive every day. Consumers are simply looking to different avenues to learn about products and businesses of their interests.
According to a study conducted by Microsoft, since 2000 the average attention span of consumers has dropped 33% to eight seconds, which is said to be less than that of a goldfish’s nine second attention span.
Now the question is, how do you differentiate yourself from competitors to get your customers attention? Well, that all boils down to knowing your customer; and by knowing them, I mean knowing their spending habits in and out, their overall behavior, and how they view your brand compared to others. According to a study conducted by the Kiwi Group, 55% of customers said they would pay more, just for a better customer experience. Consumers put more of a premium on a good brand then we all know.
Now what are some strategies to begin creating a more enhanced long-term relationship with your customers? Well luckily, a majority of the answers lie in the heaping amounts of data you already have access to on your customers. This information can not only be used to predict what the consumers next move potentially could be, but what it takes to keep them loyal to your brand for years moving forward. This information has been formally known as “Big Data”. Big Data is something to not be taken lightly. If poorly managed it can act as an inefficiency due to its large quantities and weak structure, along with adding unneeded cyber risk to your business and customers.
Our team at Stonehill has developed a concept of Smart Data Design, in which we use strategies such as filtering, uncovering and configuring of the large heaps of Big Data companies possess. This data is then able to be put into executable strategies to enhance the customer experience and add a measurable ROI.
Continue to follow Stonehill as we will be releasing some specific strategies you can take to add long term value to your customers experience.