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Technology has surpassed anyone’s expectations about how useful it will be for our society.
A mere 40 years ago, no one would have known how truly important it would be, not only for our own self-use but for businesses to succeed.
The beauty of technology is that it continues to grow every day. Innovative ideas that business leaders can utilise for their needs are helping companies reach new heights.
Companies that are openly adapting to suit technology within their business are noticing an improvement in customer retention.
But can reach solutions improve customer retention? Read on to find out as we explore the ways your B2B company can improve customer retention.
1. Provides a more customer-focused experience
As technology continues to grow, the opportunities to offer customers a more personalised experience are also growing with it. Technologies – like platforms which specialise in improving B2B customer retention – are enabling businesses to identify user preferences and reward them. In turn, this allows them to create a personalised guidance path for them to follow, creating a constructive space that enables for the exploration of more products to cross- and up-sell while encouraging these customers to refer businesses to their peers.
With the use of third-party data coming to a close due to tighter restrictions in the EU and Google making plans to stop using it entirely by 2024, businesses have to find other ways to understand what their customers and clients actually want from them.
There are a lot of B2B solutions that can aid with this, like the platforms mentioned earlier, that will become instrumental when the loss of third-party cookies and data becomes official. Google has already delayed the move to their own made alternative due to businesses not having enough time to prepare, so it’s best to look into these B2B platforms now as well as into B2B SEO.
2. Employee appreciation increases
When employees are gifted with the correct tools to do their job to the highest of their abilities, then they can offer customers the best service possible. Constantly updating technology and making your employee’s jobs easier/quicker, not only makes their job easier and less stressful but also maximises customer satisfaction.
Technology has done a lot to make employees’ jobs and business operations easier day to day. In fact, it is one of the most common forms of B2B business today. There are a lot of solutions out there that can make big problems little or outright automate little problems. A common example that is seen in just about every business is data storage and management.
Instead of filing cabinets upon filing cabinets, files are stored either in PCs or, even better, in the Cloud, where security is tighter. Other innovations include project management platforms like Trello, shared calendars like Google calendars, and video calls, which are now a staple of every office environment.
3. Insight into addressing common issues
As technology was first being deployed into the heart of most businesses, it allowed these companies to analyse where the issues were arising from. Common problems were quickly found out due to the help of this advanced technology, whether it was in the strategy, supply chain or resources. By finding these issues out at the start of the process, businesses were able to resolve this quickly to maximise profit margins all around.
It’s also become particularly helpful when it comes to compliance and regulation. Businesses can use data to track any issues in their operations or environment, and whether for the sake of avoiding a fine or the sake of creating a healthy work environment, can take steps to keep with compliance.
4. Easy Payment Management
A huge technological benefit that we have seen for businesses is that it is now extremely easy for them to take payments. Due to the COVID-19 pandemic and lockdowns businesses were affected and forced to implement new and creative ways that consumers could purchase from them.
This came in the form of online payments. Online payments were singlehandedly one of the main reasons that businesses survived the pandemic as they weren’t losing out on sales. Consumers were also a huge fan of this as it meant they should shop from their favourite brands, all from the comfort of their own homes.
5. Engagement and expertise boost
Technology has many benefits for businesses, one being that customers can engage with your company more if they wish to do so. Social media platforms such as Facebook, Twitter and Instagram are all cost-effective ways in which your company can boost their very own brand. This is also a useful tool that customers can use to keep in contact with the business.
There are a lot of tech solutions out there that can help customer retention. However, the important part is knowing how to use them. If you use them right, you should see your customer engagement rise.