How automation can increase your Customer Lifetime Value

Emina Mulagic

Emina Mulagic

Content Writer - LinkedIn

Customers nowadays have access to tremendous amounts of products and services from all around the world. This trend is ever-growing and placing the power in hands of the consumer, because if your product or service does not satisfy their needs, they will be quick in finding a competitor who does it better. 

Now that competition is rising on a product-level, the way to differentiate yourself is to provide a service that your clients never want to lose. This would essentially be a win-win for both you and your customer. Firstly, retaining customers is much cheaper than acquiring new customers. The effort of nurturing customer loyalty is not only cheaper, it’s easier than acquiring new customers and results in a longer customer life-time value.  

The customers’ win lies in the fact that people aim to hold on to something that they like, we don’t enjoy losing things that make our lives easier. As people, we simply have a difficult time adjusting to worse conditions than we had before. However, we do easily get used to better situations or products. Make sure you make your clients’ lives easier, before they consider going for another option. 

Financial services is a market in which product expertise is of high importance and gives a reputation that big players have been thriving on. However, financial services and its complex products are increasingly modernizing their distribution channels and shifting focus on providing a better service. This allows the companies to bring more trust and long-term relationships with their clients.

Is this another costly project that needs a lot of time and budget? No. Improving your service can start from simple incorporations such as virtual assistants. These assistants are online bots that understand and solve questions of clients that are asked through the chat. Taking it one step further, virtual assistants can help your clients choose the right product for them or update their existing products. With this advanced service, less clients will pick up the phone to talk with your customer service agents and have their questions solved easily. 

This is just one example of how financial services are starting to revolutionize company-client relationships and gain more insights on how the clients engage with the product.

Are you curious what types of technological advancements can help your company provide a fast and easy service? Contact The HoRIZon to check out the possibilities. 

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