Blockchain: The New Frontier In Customer Engagement

StrategyDriven Customer Relationship Management Article |Customer Engagement |Blockchain: The New Frontier In Customer EngagementBlockchain was supposed to make it easy for businesses and customers to make payments internationally, bypassing the traditional banking system. But that vision is yet to materialize. In the meantime, distributed ledger technology is proving invaluable in the realm of customer engagement. Incredibly, technology is making it easier for brands to connect with their audiences and encourage them to make purchases.

Getting organizations to change, even in the presence of compelling new technologies, is hard. When the internet came along in the mid-1990s, some major brands took ten years to begin exploiting it. And even then, their efforts were half-hearted.

We’re seeing the same phenomenon emerge today with blockchain. Everyone knows that it is a powerful technology, but employees struggle to adapt. They don’t want to do new things that could be difficult. They’d prefer to stick to the humdrum, regular mundane tasks they know.

With that said, blockchain is one of those technologies that firms can’t afford to miss. If they do, then it could mean missing out on better engagement with customers, and expanding in their industry.

Already, pioneers are exploring how to use blockchain to transform business infrastructure. Experts are looking at ways to leverage the new technology to transform how firms do business with each person. The hope is that blockchain will prove so valuable to firms that they use it for everyday transactions.

But how, exactly, could blockchain engage customers?

Smooth Peak EV Energy Demand

The electric vehicle revolution is going to be good for children’s lungs but seriously bad for the power grid. Consumer behavior means that most people charge their electric vehicles when they get home from work, between 5 pm and 7 pm. This means that there is a huge spike in demand around dinner time.

If EV usage continues to grow, existing power infrastructures won’t be able to meet demand. There will be rationing and blackouts around peak times – not what anyone wants.

However, there may be a blockchain-based solution. The idea is to reward consumers with individual tokens, called “sparks” whenever they charge their vehicles outside of peak times, such as in the middle of the night. Owners that do this could then trade their currency for real money, getting a discount on their energy bills.

Such systems are actually superior for energy grids compared to current setups. Energy consumption is notoriously low during the night, but power firms need to keep expensive energy-generation systems on continuously to prepare them for increased load in the morning. Charging EVs at night would result in far better use of energy-generating capital, lowering bills, and improving outcomes for all.

There are also virtual power plant capabilities. The idea here is to make it possible for EV owners to sell their power back to the grid in peak times when power plants need extra supply. If there’s a sudden surge in electricity usage in the morning or evening, suppliers could offer owners higher prices to sell their battery charge back to the grid, instead of relying on expensive booster plants and technologies.

Creating Currencies Around Shared Interests

We’re also witnessing the birth of another new (and somewhat strange) phenomenon that nobody could have predicted: the birth of so-called “fan tokens.” Major organizations from Formula 1 to e-sports teams are all signing up to increase enthusiast engagement globally.

For the uninitiated, fan tokens are a bit like cryptocurrencies, but offer punters a deeper level of interaction within a particular industry. Firms are exploring them fervently to see if they can use them to get consumers more interested in what they do.

As with other crypto technologies, fan tokens sit on the blockchain. However, they are not the same as Bitcoin or other currencies that use the technology. Like cryptocurrencies, they are fungible. But holding tokens provides other rewards, such as being able to vote on club decisions, access merchandise designs, and unique experiences, and earn rewards. You can think of owners as being similar to club stakeholders but without any formal rights other than those defined by the blockchain.

If you’re new to the concept, you can read tips for buying fan tokens here. This article explains what you need to do and what fan tokens are in more detail.

Ultimately, these tokens help to make fans feel more engaged in whatever organization issues the coin. Hence, if you have a business with a cult following, you could potentially use this method to give customers more say over products, services, and the direction your firm takes.

Improving The Payment Journey

Then there is the potential for firms to improve the payment journey. Current payment systems can make some customers feel disengaged, particularly those looking to make purchases from overseas. Customers can find it hard to access traditional banking facilities.

With cryptocurrency transactions on the blockchain, these sorts of barriers become a thing of the past. Merchants and individual consumers can transact with each other trustlessly, without the need for an intermediary, such as a bank. Companies and clients can liaise with ease and set whatever payment terms they like. There are virtually no limits on what they can do.

Perhaps even more promisingly, customers don’t even need to have a bank of their own. The network functions as security for all parties. Therefore, firms can sell to customers who are outside of the formal economy.

There are some crazy applications of app-enabled crypto payments, too. For instance, customers can use apps to trade with each other to get faster services.

Take a busy food court, for instance. In a traditional setup without blockchain, all customers have to wait their turn, regardless of how hungry they are or how much of a rush they are in. There is no simple way to pay other customers to jump the line.

But with blockchain, that’s no longer the case. The technology makes it easy to carry out complex transactions like this so that pricing mechanisms can more closely match each individual’s needs. Even if they seem gimmicky, such systems are likely to engage customers interested in trialing them.

Hospitality Expectations

StrategyDriven Customer Relationship Management Article | Hospitality ExpectationsFrom humble beginnings, hospitality has evolved into a world of luxury. The first evidence of the hospitality sector dates back to 15,000 BC, when the Lascaux Caves in France were used as houses for members of different tribes. Nowadays, modern hospitality means a combination of various services and factors.

Hospitality is multifaceted and requires a delicate balance of all its elements. For example, a hotel can be open, but it needs cleaning, food and maintenance services, as well as on-point customer service. The consequences of poorly managed customer service practices in hospitality can greatly affect the profitability of the business.

Consumers today expect to be treated with extraordinary care during their time in a hotel or hostel, making the customer experience one of the most important factors in hospitality business success. Customer service provides great potential to attract and maintain loyal customers. For some experts, like Stefan Soloviev, the customer service experience is based on principles like agility, mobility, intelligence, communication, and more.

The Importance of Technology in Hospitality

The introduction of technology to hospitality meant a new beginning. While hotels used to be almost entirely focused on the on-site guest experience, they are increasingly realizing that the visitor journey begins far before check-in. Hoteliers may increase income by communicating with visitors prior to their arrival. For example, a chatbot coupled with a booking system may simplify and streamline direct booking techniques, and sending out pre-stay communication with upselling can generate more money. Technology has also increased the ability to market to specific audiences on the channels that they use most.

All of these practices have improved and optimized the service of hospitality worldwide.

Health and Safety Considerations

There are always things happening in the world, and no matter what they are, people expect to feel safe at their hotel. Be it a pandemic, war, or crime, people who travel want to feel that they are cared for while away from home. Hotel organizations with an adaptive culture and a constructive approach toward change will demonstrate resilience and take the initiative to make their hotels a welcoming, safe place.

Whether this implies increased sanitation procedures, restricting hotel access to those with keys and ID, or other options, those businesses that take the time to find solutions to customer worries will almost always be successful and build a very loyal client base, no matter where in the world they are located.

4 Ways to Make Your Customers Feel Valued

StrategyDriven Customer Relationship Management Article |Make your customers feel valued|4 Ways to Make Your Customers Feel ValuedIf you want to make sure that your business is a success, then you have to make sure that your customers feel valued. If your customers or clients do not feel valued, then you may find that they seek the same service from elsewhere and this is the last thing that you need. If you want to do something about this, then you need to make sure that you are doing everything you can to focus on your customers and also make sure that they are respected at every stage of the process. Want to find out more? Keep on reading.

Clients are People Too

Everyone loves the feeling of being acknowledged, even in very small ways. One thing that you can do to try and help them here would be for you to ensure that you are treating them as if they are real people. They are not robots that sit on the other side of your computer screen, and they are not another number in your sales pipeline. Find out when your clients are going to be celebrating their birthday or even an anniversary. If it works for your company, then you need to try and offer them a discount if you can. This can work wonders for your sales, and you may even find that it shows your customers that you value them and the business that they bring in. Sign the discount card personally whenever you send it to them in the mail as well. If you can do this, then you’ll soon be able to make them feel more looked-after.

Give them some Personal Attention

Nothing says “very important person” than having someone actively roll out the red carpet. That being said, you do not want to suffocate your customers and clients. You do not want to pounce on them the moment they walk through the door. If you know that your clients do a lot of business with you online rather than in a storefront, then don’t send them emails all the time. If you do, then you may find that they end up feeling overwhelmed. You may even find that you end up turning them off if they feel pressured into using you, and this can cause you to lose out on business in the long run. If possible, you need to find the right balance so that you don’t seem pushy, but caring and supportive instead. This will help your customers to feel valued more than you realise. If you want to support all of your customers, then you may want to invest in something like LoopTV.

Thank Them

Whenever possible, you need to try and thank your clients for doing business with you. You do not want to overdo things here as you may come across as being false. If possible, you need to make sure that you are always genuine and that you are also speaking to them from the heart. By being authentic you can really resonate with them, and you can show them that your company cares more about them than the money they give you. This is an essential step when it comes to customer satisfaction.

Use Gift Cards

Newer clients can easily be given things like gift cards. That being said, you need to make sure that you are not forgetting about the clients that you are working with right now. Your repeat customers, who have come to you time and time again need to feel rewarded too. Loyalty programs are a great way for you to do this and it rewards them every single time they make a purchase. You might also want to think about holding a client appreciation day too. This is a set day where you can thank all of your clients for doing business with you. You have to remember that they are the reason why you are even in business, so it helps to make them feel appreciated.

So, if you can follow this guide then you should be able to make your clients feel way more looked-after and appreciated. If you can implement changes now, then it should not be long before you start seeing great results, so keep this in mind and always be mindful of tracking your bottom line. This will help you to know if the money you are investing is benefitting you in the long run. It will also help you to really push your company to that next level in terms of profit and customer satisfaction.

Innovative Ideas To Build Better Business Connections

StrategyDriven Customer Relationship Management Article |Business Connections|Innovative Ideas To Build Better Business ConnectionsThe business connections that your company has can influence its success massively, as you need to be in the right circles to access the best opportunities and platforms to attract and maintain a wide audience. Failing to form strong relationships with other businesses, manufacturers and supplies can no doubt cause your company to experience more difficulties than you might have ever previously imagined, but fortunately it doesn’t have to be this way. There are many simple steps that you can follow to start building better business connections, and there’s truly no time like the present to get started. So, if you’re interested in finding out more, then keep on reading!

Always Offer The Best Service Possible

Providing your professional clients with a low level service will no doubt impact negatively upon your relationship, as you need to take your service as seriously as possible if you’re going to stand any chance of building the best business connections. If you’re continually disappointing your clients or failing to meet their expectations in general whether this means communications or quality, then they will simply begin their search for a more suitable provider that can take their business more seriously. Thankfully, offering the best service possible doesn’t have to be as tricky as you might initially expect, as you can improve your operations dramatically by just taking more time to listen to your audience – if your business clients have specific wants or needs, then you need to make yourself aware of them so that they can leave feeling satisfied. Whether you decide to upgrade your B2B logistics to promote efficiency and productivity or choose to maximize your customer services department to handle complaints and questions at any time of day or night, always make an effort to offer the best service possible.

Offer Rewards For Their Loyalty

Another excellent idea that you can pursue to build better business relationships is to offer rewards for clients who show particular loyalty. If your audience gets no benefits by staying with your company, then they have no reason whatsoever to stay with you rather than seeking out other providers or businesses. Instead, if you take the time to set up a range of top quality loyalty schemes that can reward your business clients the longer they work with your team, then they are far more likely to continue their relationship for several years to come. Rewarding loyalty schemes can be so easy to form, as you can start by offering something like a 10% discount on your 2nd transaction for brands using you as a supplier. It all depends on your unique organization and the type of businesses that you would like to attract and build connections with, so do some research beforehand so that you can appeal to clients in the most effective way so that they can begin to appreciate you and your team like never before.

Building better business connections has never been such a simple task when you can take the time to utilize the innovative ideas above.

How To Drive Your Customer Engagement Within Your Company

StrategyDriven Customer Relationship Management Article |Customer Engagement|How To Drive Your Customer Engagement Within Your CompanyCustomer engagement has always been important in the business world. Not only is it a tool to drive sales, but it can also help to put your brand on the map. However, while it used to be important from a brand perspective, changing consumer trends indicate that it’s now vital for the customer, too. For example, ‘nearly two-thirds (64%) of consumers want brands to connect with them’. Furthemore, consumers are more likely to support a brand they feel engaged and connected with, as it feels a little more personal than supporting a ‘faceless’ brand.

With that in mind, here are some simple ways in which you can drive customer engagement within your company.

Communicate openly.

Communication is pivotal to the development of any relationship, meaning that you have to be able to effectively communicate with your customers if you want to succeed. Thankfully, open communication has never been easier – as there are now plenty of ways in which you can reach out to your customers. For example, in addition to face-to-face conversations, you can chat over email, the phone, or through your social media channels.

However, you should also ensure that you think carefully about how you want to communicate with your customers. For example, what kind of tone will you use when liaising with clients? Do you want to appear professional and formal or chatty and friendly? Either way, being consistent in your approach to communicating will help you build a better relationship with your customers and drive engagement. You should also ensure that you are as transparent as possible when communicating with clients. Don’t hide behind complicated technical or legal jargon – show your human side and respond honestly to their messages, especially if they are complaining.

Improve your marketing strategy.

There are various different ways in which you can encourage customers to engage with your brand – but your digital marketing strategy is perhaps the most important, especially as consumers spend more time online than ever before. As a result, you should work on refining your ecommerce marketing strategy as much as possible.

For example, you should ensure that you have a clear target audience in mind so that you can tailor your digital content to their likes and dislikes. For example, if you’re marketing your brand to a younger audience, you might want to consider influencer marketing. While this is a relatively new marketing technique, younger audiences, in particular, are more likely to buy products that have been recommended to them by an authority figure or someone they look up to, such as a social media influencer.

Focus on Employee Engagement.

Employee engagement is just as important as customer engagement, especially as your employees will likely spend most of their time engaging with customers face-to-face. When they are happy and motivated, they’ll be able to create a more welcoming environment for your customers. When dissatisfied, they’ll be less committed to their work and more likely to make mistakes that could drive customers away instead of reeling them in. As a result, you should seek to invest in employee engagement strategies that will not only raise employee morale but also enhance your bottom line and improve your relationship with your customers.

Ideally, you should ensure that all staff members (particularly those in customer-facing roles) receive customer service training. This is a great way to put your best foot forward, as they’ll know exactly how to deal with customers, even those who may be complaining.

Stand Out From The Crowd.

Another way to drive customer engagement within your brand is through actually attracting customers in the first place. With thousands of new businesses being launched each day, you must be able to stand out in a saturated market if you want to succeed. For example, while you might want to provide comprehensive and varied services to your customers, honing in on a specific niche is the easiest way to achieve this goal. After all, this will enable you to optimize your products and services for your customers. This way, you’ll also be able to present your brand as an industry leader whom customers can trust, making it more likely that they’ll continue to support you.

You should also give your customers as many reasons as possible to stick around and support your brand. To do this, you could put together a unique loyalty scheme that rewards them for their continued support. For example, this could include exclusive discount codes, freebies, or early access to products before they hit the market. The more valued you make your customers feel, the more willing they will be to engage with your brand.