Unlocking Subscription Growth with AI – May Edition
Are AI investments really worth the hype? While some businesses remain cautious, AI can unlock a new level of customer understanding, craft personalized experiences, and rapidly elevate enterprise value. ?
Through our ‘Unlock Subscription Growth with AI’?series, we divulge insights from the customer-focused leaders to help subscription businesses jumpstart their AI transformation with confidence.?
Through our May edition, we are highlighting how customer loyalty has changed post-pandemic and how AI can finally prove the value of your customer experience efforts. These concise pieces provide actionable insights and strategies for boosting customer retention and enhancing customer experience. They also highlight recent successful business trends across all generations that are driving sustained growth and competitive advantage.??
This report from PWC is an interesting read for customer-facing leaders as it unveils intriguing insights into drivers of customer loyalty post the pandemic. It states that though traditionally businesses have emphasized price and service as primary drivers of loyalty, post-COVID-19, companies are redefining loyalty as a growth engine with a strategic shift into retention and product quality. The report ends with a keynote asking CXOs to dig deeper into their data and analytics to determine what is generating greater insights for building loyalty and provide personalized experience at those moments to secure long-term loyalty.?
In this podcast episode, Principal Analyst Pete Jacques addresses a primary issue of any CX leader – ROI of their efforts.? Later, he moves on to talking about how AI can help solve this CX conundrum by its ability to analyze vast amounts of CX survey data, predict customer reactions, perform sentiment analysis on unstructured data, and use multiple predictive models to improve customer experiences.?
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Lastly, he delves into how AI can help CX leaders move beyond a survey-centric role and become more strategic business partners within the organization.?
Through this insightful content piece, Dr. Vasudeva Akula of VOZIQ AI emphasizes AI's role in customer retention breakthroughs and outlines five essential practices for boosting enterprise value in 2024. He suggests that integrating AI into call centers can transform them into proactive retention centers by equipping agents with real-time risk assessments and personalized offers.?
And to diversify approaches, he advocates for scaling retention strategies across diverse channels and deploying AI models to enhance the overall customer experience, fostering sustained growth, and augmenting customer lifetime value.?
CX is make-or-break for businesses. And the trends discussed in this article talk about how customer experience leaders can win by focusing on sustainability for Gen Z and Millennials. It also weighs in on the importance of reaching customers on their preferred channels, incorporating AI Chatbots into CX workflows, personalizing experiences, rewarding loyalty, and leveraging emerging technologies. And finally, about being transparent about how businesses use customer data for personalization.?
Take the next step towards enhancing your customer intelligence and driving business success by implementing the actionable insights and strategies discussed in this month's edition. Feel free to share your thoughts about these strategic insights.?