fbpx

CUSTOMER ENGAGEMENT

Ways to boost your profitability through customer engagement

By our News Team | 2022

Increasing sales is one way a company can grow profitability. Another is to enhance customer engagement to lower costs and boost loyalty.

Increased competition, unpredictability in supply chains and shifting consumer expectations all provide challenges for B2B businesses that are wanting to expand their revenue. This is according to Greg Gatherer, Account Manager at Liferay Africa, which is part of the international software development company.

However, a company’s profitability is not just defined by its sales. This is certainly one strategy, but there are many other strategies businesses can implement in order to increase profitability and increase customer engagement over their entire lifetime.

Customer Engagement

Photo by Olia Danilevich from Pexels

Gatherer says the following are among them:

Cutting customer service costs 
By incorporating self-service into their digital tools instead of costly one-on-one customer support, businesses can improve customer service efficiency and minimise cost-to-serve. This can be done via digital channels such as chatbots and FAQs. 

In addition to self-service helping businesses save money in support costs, it’s also become the way customers often want to be served. Self-service is not only a useful method for lowering customer service expenses, but is also a successful technique for engaging and interacting with clients.


Personalising digital experiences
Personalisation simplifies experiences. Help buyers to cut through the clutter by directing them to the resources and goods that are most relevant to their needs.

Use a modern e-commerce solution to engage with buyers by:

  • Tailoring content, messaging and pricing according to organisation, job role and preferences.
  • Configuring navigation and search to better fit what users are looking for, and
  • Upselling and cross-selling by leveraging Artificial Intelligence and Machine Learning based on the customer’s purchase history, or what users with similar profiles have searched in the past.

Streamlining purchasing processes 
B2B transactions can be complicated and time-consuming, requiring several decision-makers and stakeholders, as well as lengthy approval processes and workflows.

By simplifying purchasing, sellers can improve the buying experience by:

  • Streamlining ordering through self-service rather than needing to contact a sales representative to place an order.
  • Providing more detailed product information — such as databases, videos and manuals — on the same site that purchasing occurs, giving buyers the confidence they need to make the correct purchases, and
  • Personalising catalogues and pricing for a tailored experience based on account, buyer role and location. 

This not only makes it easier for customers to purchase, but it also makes it faster for buyers to increase their order size.

Increasing customer lifetime value 
Getting a new client can cost up to five times as much as getting an existing customer to make another transaction. Profitability will be achieved through repeat business. Extend the lifetime of customers by:

  • Automating reordering processes so that buyers don’t need to repeat steps every time they place a similar order.
  • Scheduling reminders to help notify customers to place orders, and
  • Triggering automated alerts when specific products are back in stock. 
Logos

Logos

The new identity debuts in Africa next year and ‘pays homage to the brand’s rich heritage while taking a big leap toward the future’.

Read More »
Retail Strategy

Retail Strategy

There is a rise in demand for clothing adapted to the needs of disabled consumers. But online retailers must give the process more thought.

Read More »
The Internet

The Internet

Marketers must base their strategy decisions on digital facts, not commonly held beliefs. Here are a few such myths that have been debunked.

Read More »
Social Media

Social Media

While some legislators want a complete ban on TikTok due to spying concerns, US marketers want to spend more on the platform.

Read More »
Social Media

Social Media

Utah is the first state to heavily curb minors’ access to social media, but others may follow with even stricter laws.

Read More »
Supply Chain

Supply Chain

Businesses can make more accurate predictions about demand, optimise their operations and make better decisions about inventory management.

Read More »
AMC News

AMC News

High-level Chartered Marketer (Africa) programme equips marketers to operate successfully in the continent’s complex and diverse markets.

Read More »
Content Marketing

Content Marketing

Why do some articles captivate readers and encourage them to keep reading, while others make them lose interest after just a few sentences?

Read More »
Digital Marketing

Digital Marketing

Analysis finds social media used by less than 4% of people, while mobile phone connections are equivalent to less than 60% of Malawians.

Read More »