© Provided by Financial Express Brands are reinventing their marketing strategies using AI for greater reach and engagement with customers.Author: Udit Agarwal
The global economy is undergoing rapid changes that have led to high volatility and instability, and India is no exception to this rule. Deloitte's latest India Economic Outlook report has revised its growth forecast for the Indian economy to grow faster than expected in the first half of 2022-23. The report predicts that India will grow between 5.8% and 6.3% between 2023 and 2024. As the recession drags on, companies are under pressure to be competitive and cost-effective. To stay ahead of consumers, one of the biggest economic failures of the last decade, you must create compelling customer journeys (or connected customer journeys) that deliver personalized experiences at every touch point.
Amidst these challenges, AI has emerged as a key player in transforming customer interactions, helping businesses improve customer experience and build stronger relationships with consumers in retail, healthcare and hospitality. By simplifying communications, providing personalized experiences and reducing costs, AI is helping companies weather the economic downturn and become more resilient. With AI and chatbot applications, companies can solve problems such as limited resources and infrastructure, as well as cultural and linguistic diversity.
Faced with fears of the Great Recession and a bleak financial winter, companies are shifting from "growth at all costs" to "revenue growth at low costs," an approach that focuses on increasing revenue and cutting low and sustainable costs. In this scenario, customer experience (CX) has become a key differentiator, with the banking and financial services industry leading the conversation with AI bots. Marketers across all industries are investing in CX to reduce engagement costs. Brands in India are looking to reduce costs through a combination of real human insights and AI with advanced AI-powered conversational CX in their marketing strategy.
One of the key strategies in tough economic times is to focus on customer retention and use AI-based tools to reduce costs and improve customer experience. Many studies show that retaining existing customers is easier and more profitable than acquiring new ones. Businesses offer dedicated customer care and personalized experiences to encourage loyalty and customer retention. By providing fast, accurate 24/7 customer service, AI-powered communication tools are fundamentally changing customer and business interactions.
In a digitally explosive world, where understanding and being present with customers is essential, an intelligently connected omnichannel journey integrated with digital plans becomes essential.
An AI-powered chatbot gives customers the ability to resolve queries in their preferred medium or channel. Additionally, AI-based communication tools can analyze customer behavior and patterns to deliver personalized solutions.
Semi-automation has been found to be a practical solution to reduce costs and increase call center operations by eliminating human intervention as a key aspect of customer service. AI-powered bots have the innate ability to efficiently process large volumes of orders in a short amount of time, allowing businesses to prioritize and segment customer issues, significantly reducing the time it takes to resolve each order. This helps employees to focus on more important tasks, which increases creativity and productivity of the company.
AI chatbots are an ideal solution for those looking to expand their reach beyond geographic and language boundaries. They can respond to and understand multiple languages, acronyms, and cultural contexts, eliminating the need for extensive agent training.
Brands are also revamping their marketing strategies using AI to identify customers more likely to return and designing targeted loyalty campaigns to keep them engaged. AI also helps them identify high-value customers and develop personalized offers and promotions to increase customer loyalty.
Businesses are using technology to stay one step ahead of fraudsters by implementing effective authentication and fraud prevention systems that are part of the customer experience. Accurate communication is key at all levels, and privacy becomes a top concern when customers share important information. Brands use number masking, browser agents and other privacy principles to ensure customer data is secure and privacy protected. Privacy and privacy have become a top concern for customers who demand more from brands to protect their personal information. This has important implications for CX, as customers place more trust in companies that prioritize privacy and data security. Brands that take a holistic view of the customer experience, including strict data protection measures, can build stronger relationships with customers and gain a competitive advantage in the marketplace.
Prioritization, leveraging technology, and a results-oriented mindset can help increase funnel efficiency, reduce response time, and improve customer satisfaction. By combining these strategies, companies can streamline the customer service process, reduce response times, and improve customer satisfaction. By prioritizing the most critical tasks, using technology to automate routine tasks and focus on delivering value to customers, companies can create a more efficient and effective customer service experience.
There is no doubt that brands in India and globally are facing huge challenges in the current economic climate. However, by focusing on digital channels, personalized customer experiences and sustainability, brands can differentiate themselves and create stronger relationships with customers. Constantly looking for new ways to meet consumer needs, combined with technology, companies can remain competitive in today's marketplace.
The author is Vice President and Marketing Director of Exotel.
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