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Three CX strategies to create loyal subscription customers
By James Frampton, SVP and general manager EMEA at SugarCRM
In this rapidly changing retail environment, accelerated by lockdowns and store closures, the customer journey has transformed dramatically. In particular, companies are contending with much longer sales cycles and a greater dependence on digital. And these changes could very well be part of a permanent shift that will reshape the customer experience (CX) as we know it.
T
his is precisely why businesses need to get their subscription
services right. I think it's fair to say that the subscription economy is certainly here to stay. Gartner, Inc. found that 70 per cent of organisations have already deployed or are considering deploying some sort of subscription service. That means seven in 10 organisations are no longer looking at one-time sales or repeat purchases but rather an ongoing relationship that needs to be continually nurtured.
With the subscription business model now appearing in almost every industry, it's time to examine how companies can better create loyal subscription customers by delivering a streamlined, effortless experience for those customers at every touchpoint.
After all, the rise of the subscription economy has fundamentally changed the dynamic between buyers and sellers. For sellers, it's no longer about winning a bid or making a one-time sale. You have to continually earn customers' loyalty to keep earning their business. Because buyers can cancel their subscription at any time, organisations now need to prioritise customer experience and focus on serving rather than selling.
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Here are three CX strategies companies can leverage to better calibrate the customer journey:
1. Service first Focus on service first, and sales will follow. In a subscription business, your goal is to not only sign up a customer but keep the customer over time. In fact, most subscription businesses don't see full payback on their customer acquisition costs until the second year of a subscription. As a result, the customer experience after the initial sale becomes even more important, as it sets the stage for customer loyalty and retention.
However, balancing a "customer-first" approach with a "sales culture" across the company is sometimes a difficult task. Some people equate a sales culture to one focused simply on maximising revenue. The key, however, is to ensure that every employee is always focused on delivering value in every customer interaction with a positive attitude and a kind word. And never pass up the opportunity to thank your customer for doing business with you.
Most companies that succeed in a subscription model have figured out how to make every interaction valuable and leave their customers with
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