Case Studies Metaphor Gives Tranzact Sustainable Competitive Advantage
Learn More »It is becoming more and more complex and expensive to create new customer relationships, and harder to keep existing relationships. Prospects and customers have a tremendous range of choice, immediate access to competitive offerings, resulting in the barriers to churn becoming smaller and smaller. This means that organizations must do everything they can to maximize their engagement with their existing customers to drive loyalty and longer-term profitable relationships; and they must be proactive in finding creative opportunities to re-penetrate their existing customer relationships with compelling, personalized, and timely up-sell and cross-sell offers.
The cost to retain a customer is approximately one fifth of the cost to acquire a new customer. And, companies that experience a 5% increase in customer retention report as much as 25% or more increase in revenues.
Today’s customer expects multiple touchpoints with their product and service providers, expects access to account and order information in real-time across multiple channels, and expects that a function they can perform in one medium can be just as easily and effectively performed in another medium. Businesses that fail to deliver on these expectations will lose their customers to competitors who will.
In order to leverage the powerful functionality and long-term investments that companies have already made in supporting systems – CRM, ERP, financials, and other core business systems – they need to implement enabling technologies that bring the data, functions, and power of their internal systems and processes directly to their customers. Using Metaphor does exactly that, and results in meaningful, measurable customer satisfaction and retention results:
Analyst surveys show that companies are as much as 8 times more likely to do business with an existing customer than to acquire a new customer, making it essential that businesses maximize their selling opportunities to their current customer base.
Customers are becoming savvier with respect to traditional sales and marketing campaigns, and more cynical about brand loyalty. In order to mitigate this, companies must truly engage with their existing consumers base at all points of the customer lifecycle. Companies need to offer intelligent bundled products and services, ongoing subscription-based offerings, and opportunistic and often time-sensitive unique offers based on customer history and behavior.
Metaphor solutions for cross-sell and up-sell understand the context of each and every customer interaction across all communications channels. This results in unparalleled intelligence about what a customer likes and dislikes, when they are most response and receptive, and what their preferred means of engagement is – self-service over the web or mobile, talking to a live representative in a contact center, tweeting about their recent experience or posting about it on Facebook, or some combination of all of these at various times and for various reasons.
Tying all of that customer engagement intelligence together with the power of internal systems and business processes yields effective, targeted campaigns to sell and re-sell to existing customers. Metaphor makes that possible:
Copyright © Interactive Softworks, Inc. All Rights Reserved.