Strategies for Success in a Transformed World Webinar: Top Four Key Takeaways - Lead Forensics
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Strategies for Success in a Transformed World Webinar: Top Four Key Takeaways

Customer retention is hugely important in securing steady and increased revenue for all companies. But, in the last six years alone, customer acquisition cost has increased by 60%

 

Post-pandemic, audiences have and continue to reevaluate what’s important to them. As a result, organizations need to prioritize understanding their customers to invoke a strong sense of loyalty while delivering an exceptional customer experience. So, how can this be achieved?

 

We held a webinar called “Strategies for Success in a Transformed World” on 20 October 2021, featuring insights and opinions from a panel of tech leaders on this topic.

 

Tim Bond, Director of Content Strategy and Insight at Data & Marketing Association, hosted the webinar, and the expert panel was made up of:

 

Our expert panel discussed in-depth how buyers are empowered, the importance of understanding customers, building strategic relationships with them, exceeding customer expectations, and the value SaaS can provide in revitalizing retention strategies.

 

 

Top Four Key Takeaways

 

1. The balance of power continues to shift towards buyers.

 

The panel was unanimous in their belief that buyers are empowered by choice. Now more than ever, buyers are able to choose from an increasingly large pool of solutions. Molly O’Hare added that 67% of B2B buyers will engage a sales team after they have already made a purchase decision, a trend that the pandemic has accelerated.

 

This makes it exponentially challenging to acquire new customers and retain your existing ones, especially as customer expectations rise for aspects such as proactive customer service, personalization, and connected experiences across digital channels.

 

2. It is increasingly important to build strategic relationships with high-value customers.

 

During the discussion, Jonathan Adams stressed the importance of segmenting customers appropriately and identifying ‘lighthouse’ customers — those that will bring you the most value by retaining them. Orla Walsh echoed this sentiment by outlining that “a strategic relationship means there is value on both sides; customers can bring both tangible and intangible value.” 

 

Meaningful relationships with customers will improve customer satisfaction and boost loyalty. Some customers will inevitably be a bad fit and, try as you might, you cannot retain them. However, by losing a bad-fitting customer, you can focus your attention on customers that fit best, and narrow future efforts on their sectors. 

 

3. Understanding customers and delivering personalized experiences is the best way to exceed customer expectations across all touchpoints.

 

66% of customers expect companies to understand their unique needs, yet the same 66% say companies generally treat them as numbers. The panel agreed that the best way to offer valuable, personalized experiences is to increase your understanding of your customers. To improve this, Karin O’Grady emphasized the importance of talking with your customers, not at them. 

 

Overall, customers are far less forgiving of a bad experience. With the accelerated adoption of digital technologies in response to the pandemic, customers expect faster implementations and more evidential ROI from solutions.

 

4. SaaS solutions are essential tools to leverage and will enable critical insight into customer behavior 

 

The panel shared their thoughts on the benefits that digital tools can provide in retaining customers. Owen McIntyre discussed the insights that analytics tools can provide, suggesting that they allow companies to understand what their customers are doing and what they want.

 

In the current landscape, digital technology provides a diverse wealth of information about your customers that can be used strategically, and as such, they are a competitive necessity. Orla Walsh shared insight on how this information should be used, suggesting that while increased information on customer behavior and intent is excellent, companies need to have well-thought, reactive strategies to utilize it effectively.

 

 

Summary

 

Overall, customer retention is more important than ever in a landscape of increasing customer acquisition costs and rising competition. Buyers have more power than ever over what makes it into their stack, conducting more research pre-purchase and demanding faster implementation for purchased solutions.

 

One of the most crucial methods of retaining customers is building strategic relationships with them, where both company and customer obtain value from it. To do this, companies need to make proactive efforts to understand their customers, and this can be facilitated by utilizing SaaS solutions.

 

Want to know more? Listen to ‘Strategies for Success in a Transformed World’ in full here.

 

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