Thursday, October 4, 2018 11:00AM / Feranmi
Technology has become an indispensable part of modern living, from personal computers to smart phones, all the way up to LED screens and social media platforms. Markets have become enlarged and more than ever before customers are more sophisticated and open to numerous offerings on a daily basis as majority of the human population made up mostly of millennials and the Gen Z spend nearly nine hours daily online. These growing dynamic have changed the way businesses interact with their customers.
Prior to the advent of social media, companies engaged and interacted with their customers via touch points such as the television, radio, newspaper, bill boards, etc. They reached customers through mass media and were most times in control of the messages they delivered. However, the trend witnessed these days is such that the control and power have shifted from the companies to the customers, as the engagement metrics of your target audience determines when and where customers can be reached and what they seek. In addition, marketing technology tools through Web and Mobile devices, as well as Marketing automation through chatbots driven by artificial intelligence, search engine optimization and omnichannel platforms are redefining customer engagement.
With global proliferation taking a fast pace and an astronomical rise in competition, the strongest competitive advantage a business can have is to provide good purchase experiences to its customers and engage them; as or promote a brand. This means both new and repeat business, while detractors are 70% more likely to tell people about their negative experience, typically via social media or review site. This culminates no repeat business and tougher acquisition.
While the use of Social Media Platforms (Twitter, Facebook, Instagram, LinkedIn, Snapchat, etc) continue to help businesses provide information about their products and services to customers, gain feedback from them to enhance product development and build a community of followers; big brands especially those involved in the services and fast moving consumer goods sector continue to explore various technology options to reach their audience.
The Nigerian Banking industry is not left out of this narrative, as we continue to see more banks introduce alternative channels through which customers can engage and get enlightened about their products and services. Such include Zenith Bank’s which serve as opportunities for live interactions with customer service representatives beyond the conventional use of phone and email channels. Another is the Bank’s recent adoption of which enables its mobile app users to make payments while using any chat app such as Whatsapp and Telegram.
Withshaping the consumption of content, while affecting a customer’s journey; customer relations officers and marketers are saddled with the responsibility of making content more interactive, tailoring strategies to various channels to enable them fit into the customers buying pattern and having cross-device conversions, because customers will always remain KING.