“The bottom-line impact of improving customer engagement at every touchpoint is significant,” stated Hiver in its company blog.
It backed up this claim with data from Constellation Research, which found that better engagement can increase cross-sell revenue by 22%, up-sell revenue by 38% and order size by 5% to 85%.
A Qualtrics XM Institute report also revealed that companies who make even “modest” improvements that earn $1 billion annually can increase earnings by an average of $775 million within three years. This outcome is true across industries, with software companies standing to benefit the most — able to increase revenue by $1 billion over three years.
According to Hiver, the top three factors that affect customer loyalty are:
- Minimal effort
Brands can employ numerous different strategies to drive these factors. Marketing executives found the four tactics below to be the best for customer engagement at their companies.
1. Strong Content Generation
“Towards the end of 2020, we needed to improve engagement directly with the customers who install our equipment,” said James (JD) Dillon, Tigo Energy CMO.
“I identified technical webinars as the best way for a relatively small global company with a microscopic budget to engage the thousands of small installers worldwide. We solicited cross-functional inputs, generated dozens of potential topics and chose a hosting platform.”
Operating with a small team and budget calls for quick planning, execution and adjustment to real-time data inputs and feedback, Dillon added.
In the first quarter of 2021, Tigo Energy had 16 webinars with over 1,300 attendees. In the second quarter, there were 19 webinars with slightly fewer attendees (1050).
“We continued to improve the quality of both outreach and content by experimenting with titles, timing, presenters and format and finished the year with over 60 webinars and a much more focused number of attendees with a higher engagement and conversion rate,” Dillon said.
“As in-person events begin, we are combining methods of customer engagement. This has included a program of inviting all tradeshow booth attendees to a customized webinar for follow-up.”
Increased customer engagement through strong content generation and a robust webinar program work has changed the equation for Tigo Energy, according to Dillon. “We'll continue to evolve the program for customer intimacy as we deliver smart integrated software and hardware solutions to solar professionals and system owners alike.”
Related Article: How to Find Content Marketing Success Through Any Budget
2. Account-Based Marketing
The best way to engage customers is with a simple marketing strategy: launching account-based marketing to expand average revenue per account, said Nadia Milani, Proposify vice president of marketing.
“We shifted our focus from customer acquisition to marketing to our customer base and keeping our loyal base an engaged one. We had about 3,000 customers, but only 12% of them were purchasing more than one line of business.
“By incorporating email marketing, targeted social media programs and CS touchpoints, we were able to generate almost $300K of new business from our customer base in just over two quarters.”
One of the requirements in a great marketing strategy is to understand your customer as much as possible, Milani added. “At Proposify, we started with initiating plenty of customer interviews and getting a deep understanding of their pain points, challenges and what makes them happy.
“We tested that messaging, then created content to distribute across a number of channels. Our work paid off. In just one quarter, we were able to increase our marketing sourced pipeline by 57%, and generated 181% more inbound opportunities for our sales team.”
3. A Data-Driven Approach
"Building and utilizing available data about your customers, can help you to identify their likes and dislikes, significant occasions, interests and other demographical information, which allows you to connect with them on a more personal level whilst also making the most efficient use of your marketing budget,” said Aimee Blakemore, Flourish marketing and business development manager.
"We have created and managed many successful campaigns for a whole host of big and small organizations, from global product launches to local charity fundraising,” Blakemore added. “We find that a data-driven approach, combined with a well-informed strategy and high-quality creative, is the key to building trust and relationships with your target audience.”
4. Customer Conversations
Though data is also critical to customer engagement strategies at Sendeso, said CMO Alex Ortiz, “there is no replacement for engaging in real conversations with people, prospects and customers. These conversations allow companies to align on client expectations and identify areas for business improvement.”
Companies should commit to engaging in consistent client conversations to establish and update client goals, Ortiz advised. This strategy allows a company to customize its services to its clients.
While talking with clients might sound like over-tired advice, it’s critical for understanding their needs and the market, while also building meaningful relationships.
Related Article: 4 Ways to Drive Better Voice of the Customer Feedback
Customers sit at the heart of every business, regardless of industry or offered service or product. It only makes sense that developing a solid customer engagement strategy, which improves customer satisfaction, will lead to a host of bottom-line benefits.
Today's marketing executives take a number of approaches to customer engagement — but all of them share a common core: customer-centricity.