State of Customer Engagement series: Are you Helping or Hurting your Business
Yesterday CPR introduced the State of Customer Engagement series by providing five key fundamentals that must be addressed according to the 2022 report. In addition, CPR added five other fundamentals to enhance customer engagement. Today we will explore the first two. Let's proceed.
The 2022 Consumer Engagement report is indicative of the State of Consumer Engagement amongst large corporations. As a small business owner, these reports are golden nuggets and should be treated. The data analysis provided should serve as a compass for navigating to ensure consumer engagement. The five critical fundamentals cited include:
1-70% of consumers want their information digital
According to a Feb 2021 article from Honest, Pros, and Cons, the era of digital technology has crossed over all industries, creating an environment where the turnaround time (TAT) is quicker, more effective and efficient, safer, and more accurate. Its contribution and impact to the industrial world include (1) improved performance or productivity and flexibility, (2) massive reorganization of the supply chain, and (3) mass customization. So, is your business aligned with the era of digital technology? Not sure. That is ok; CPR has your back. Below are 25 examples of Digital technology. If your business uses 25% (5 out of the 25) of the digital technology below, you are heading in the direction of the digital technology era.
25 examples of Digital Technology
2. Online Buying and Selling
4. Blockchain Technology
6. Artificial Intelligence (AI)
7. Cloud Computing
8. 5G Data
9. Voice Interfaces or Chat-bots
10. Video Streaming
12. Digital Music
15. social media
17. 3D Printing
18. Self-Scan Equipment
19. ATM Machines
20. Digital Cameras
21. Cars and Other Vehicles
22. Digital Clocks
24. Drones and Missiles
25. Banking and Finances
2. 75% of consumers demand a more personalized experience
In an era of digital technology, consumer demand has increased exponentially. The demand is more, better, NOW! By now, your mind should be racing with questions such as:
Is this report providing conflicting data?
Are consumers schizophrenic?
Is it possible to provide a high-quality product or service: faster, better, and in an instant with a personalized experience?
How can I compete in a digital era as a small business owner?
The above questions are pertinent to your next steps. This should tell you that you understand the significance of the data, but you are also concerned about how it can impact your business. Reviewing the report gives the proactive entrepreneur a competitive edge over other small businesses not reviewing such reports. The insights can be used to capitalize and build-up areas where your organization is deficient. How do you analyze the data and align it with your business? Let's drill down further.
Consumer Engagement Implication and Analysis
The report supports that 70% of consumers want their information digital; this signifies that 30% of consumers still prefer non-digital or direct marketing with fewer bells and whistles. Furthermore, 75% of consumers demand a more personal experience. Conversely, 25% of consumers are ok with indirect experiences. Is it possible that the 70% of consumers who desire digital information also belong to the same group of 25% are ok with less personalized experiences? Of course, not. The numbers do not align. Without reading the entire report, you cannot make sense of two data points.
CPR recommends understanding your demographic and target market as a small business owner. From this data, you can survey your group to determine if it aligns with the consumer engagement report. By asking five key questions, including a comment section to existing clients or prospective clients, you are on your way to consumer engagement. Once your data returns, you may want to consider the following:
determine your market preference for digital information
pay attention to the group that prefers traditional ways of receiving information like a phone call, a letter in the mail, etc.
customize your plan to create a win-win for your customers
the win-win may mean customizing the digital experience while still placing a call.
search your comments for any unforeseen marketing patterns that can provide you with a competitive edge.
Bottom line, 21st-century customers demand more before spending. Small businesses that understand how to engage their customers will surge ahead of their industry. For a free 30min virtual meeting, please email us at email@example.com.