Understanding, and properly acting on customer emotions to your business strategies is without a doubt one of the most frustrating and daunting tasks facing management today.
Community management is both the oldest and newest responsibility at any modern company.
Keeping on top of your community of customers and engaging with them are one of the oldest tactics there is. At the same time, innovations in community management are changing the ways in which companies need to undertake this task at light speed.
No one can blame banks for being confused as they struggle to meet bottom-line targets.
After all, their overall strategy is as fundamentally sound as it always has been — interact with customers in a way that drives revenue and profits. The problem is what that looks like has changed faster than banks have been able to adapt.
Traditionally, profitable customer interactions came from decreasing the cost of interactions with the bank, even if it harmed customer experience. But in a world where banking services are increasingly commoditized, banks must differentiate their customer experience to remain competitive.
Providing positive customer experiences is important at every touchpoint, but for customer service, that need is critical. At the same time, customers are demanding more than ever. Research shows that the time businesses have to respond to customer queries is increasingly narrow.
In fact, a 2017 study found that 27% of customers expect to receive an instant response to email while 62% expect it within 24 hours. With the high volume of customer tickets coming in, keeping up with this expectation is as difficult as it is necessary.
In our view, community management is both the earliest and latest responsibility of any business .
Keeping on top of and engaging your community of customers should be a priority. At the same time, innovations in community management are changing the ways in which companies must swiftly undertake this task.