One loyal customer is better than ten new potential customers. Keeping a loyal customer loyal is not a piece of cake. As a business brand, you continuously need to serve the interest of customers. It is easy for customers to switch over to another brand or business, but it is not so easy for you to acquire a new customer in a short duration. Having a good customer experience is important for every business to survive in today’s heavy competitive market.
Let us here discuss the strategy of delivering a better customer experience and the role of Digital Assets Management- DAM in it.
What is a Customer Experience (CX) Strategy?
Customer experience is the wholesome amount of interaction of customers with your business in pre and post-sales. Whilst, Customer experience strategy is to be able to deliver a better, positive, and meaningful experience to customers across every interaction.
In simple terms, customer experience is the measurement of the involvement of business in a customer’s buying process. Customer experience is not just action but it states the relationship between business and customer and measures business involvement in customer’s marketing to sales journey.
Customer experience strategy, on the other hand, is a plan, design, or way of direction for your business to ensure that your customers are getting a better customer experience, which they deserve, and ensure that you are not lagging in delivering a rich customer experience.
Benefits of Having Good Customer Experience for Your Business
1. Higher Customer Lifetime Value
This value represents the amount of money your customers are willing to pay for your business. If you know the vague amount of this value, you can have a better idea of investing in retail customers and how much more needs to be invested in acquiring customers.
Your business can know this value if you in the first place have delivered a better customer experience. The stats of customer buying ratio state that there are 60-70% customers, which are willing to buy from the same business while there are 5-20% of chances for a business to acquire a new customer.
2. Reduced customer churn
The harder thing than acquiring a new customer is retaining those newly acquired customers. Reduced customer churn is the process in which loyal or potential customers are less likely to switch to any other similar business.
If you have delivered your customer a better experience, and if you are monitoring their level of satisfaction, then customers don’t have any reason to switch to other businesses.
3. Customer retention and brand name
By delivering a better customer experience, your business is not just favoring customers but you are also at a benefit. Those brands, who serve best to their customers, have a better brand name than those who do otherwise.
By delivering a better customer experience, your customers are going to be retained within your business only and that will boost up your brand name. It is a vice-versa situation in which both business and customer get to benefit from each other.
Ways To Drive Customer Experience Through Digital Transformation
Technology and digitalization have overpowered every manual strategy and plan. It is a fool’s choice to stay behind technology and try enhancing the customer experience without the help of any technology. Below are the ways to drive customer experience through digital transformation.
1. Equip Store Associates With Digital Tools
Remember the days, when customers used to visit the same local shop over and over because the shop owner made customers feel personalized with their choices? The same should be done in online business; you need to have tools that remind customers about their last purchase, their needs, and their unique preferences.
Some digital companies have built this strategy and have associates, who are guiding customers in their product buying process. These companies use mobile devices and other devices to keep track of product information and product-related other similar products.
2. Use Smarter Technology within Stores
You can use cloud and other predictive data analysis tools, which predict what customers would buy and how frequently they buy. This analytical tool is really important for businesses as you are running one step ahead of your customer and at times, you are making your customer buy the things, which they normally would not buy.
This digital transformation is more effective for business. Customers will feel more personalized and hence will continue working with your business. Ultimately, you will end up having profit in your hand.
3. Bridge the Gap between the Head Office and Store Associates
Through digital transformation, the communication barrier between head office and store associates is nearly not present. Through a digital platform, your business can effectively communicate about product information and product availability, and store in charge.
Your business will be more in control and less at risk. Your business department will be more collaborative and yet fully independent. You can make better decisions and let your customer leave you effective feedback.
4. Implement Digital Asset Management Into Your Strategy
DAM is the backbone of digital transformation. Digital transformation’s all business-related content comes to DAM in one way or the other. DAM is the system that holds every photo, video, documents, and related digital asset of your business. With an increase in demand for the integration of e-commerce platforms with social media, the need for DAM is more needed than ever.
When it comes to updated reports, training material, and other related important materials DAM plays an important role in withstanding all documents.
Thus, the need for DAM in digital transformation is as important as the need of customers in any business.
Importance of Digital Asset Management (DAM) and Customer Experience (CX)
Digital Asset Management (DAM) and customer experience are correlated. Your business cannot outrun the fact that you need DAM for delivering a better customer experience. DAM withholds the product-related digital assets, and your customer’s journey of product purchase is incomplete without those digital assets of the product.
With DAM, your business will have expanded market opportunities and your customers will be able to demand more transparently and more effectively. Your customers will be able to interact with your brand more frequently. With DAM, you can share, manage and collaborate with your customers in an advanced way.
DAM is an all-in-one solution that works as the backbone of digital transformation and also makes customers able to shop more freely and more in an advanced manner thus increasing their customer experience.
Both DAM and CX engage with the customers. Business owners can utilize the data collected through the engagement and develop a personalized touch and take a bold decision for the business improvement. Here are the benefits that business owners can get through DAM & CX.
- Extension of Marketing Touchpoints
- More Business Efficiency & Transparency
- Consistent Brand Interaction
- Better Data sharing, managing & collaborating
- Flexibility to both Enterprise & Customer
Why Does Your CX Strategy Need a DAM Solution?
Those days no longer exist when DAM used to only mean the library of digital assets. With the increase in the demand for digital transformation and digitalization, DAM plays a vital role in delivering an accurate and powerful customer experience. Your CX strategy is incomplete without a DAM solution.
1. Brand Consistent and Decreased Time to market
DAM ensures that your brand name is safer at every given point and your brand is in a state to cope up with the trending changes of the market. DAM ensures that your brand name stays tranquil, with the assets it holds. With the help of assets and information of products, DAM delivers a rich customer experience.
DAM and CX strategy’s collaboration states that when the customer is highly likely to change his preference and hence, before the customer could demand a new product, with the help of your artificial intelligence and DAM; you will be able to deliver the new product and hence decreased time to market.
2. Decreased Cost of Production
Your business is no longer going to produce unnecessary or unwanted products, which your customers are not going to buy. Your business can take the insights from the DAM and can know what the customer’s preferences are at a given period. So your business will only produce the products that customers seek and you will save the cost of production on unwanted products.
3. Seamless integration with Market
Integration with the market is not as easy a process as you may think it is. It is a quite complex problem and needs a lot of your attention. With the DAM system, you can flawlessly integrate with the market and collaborate with the market and your business.
Thus, in keeping a consistent brand name, to have decreased time to market, to have decreased cost of production, and to integrate with the market in real-time you need DAM to enhance your CX strategy.
How DAM Solution Delivers Customer Experience?
So far as of now, we have discussed in detail the customer experience; now is the time to have a look into what DAM really is and how it impacts delivering customer experience.
DAM – Digital Asset Management is the system that is a single source of the platform, which holds all digital assets like images, audios, documents, presentations, PDF, and many more assets related to product information. Digital assets are stored in DAM so that, whenever the need for digital assets arises, they could be found easily in the DAM system.
DAM works in the following way for delivering a better customer experience
1. A Single Version Of The Truth
DAM is a single version of the truth that has digital assets stored in it, in a safer and secure place. Customers have a better journey with DAM because DAM ensures that there are not any duplicate product images or product files are accessible to customers.
If customers have duplicate images or irrelevant images of the product, then their product purchase process is going to hinder and there are chances that they may not buy the product from your business at all. DAM ensures that such a thing never happens and keeps the relevant product image ready for the relevant product.
2. Creative And Marketing Collaboration
DAM is a single source of truth and platform that holds important digital assets, yet it has the ability to give rights of the digital assets to specially authorized persons. Those authorized persons may vary from creative people to marketing people.
DAM ensures that every person works in collaboration and if any changes are made in any particular asset, then concerned parties will know about it. The collaboration between the inter-department brings a smooth workflow without any conflict and the productivity of every department will also get boosted up.
3. Content Enrichment
DAM not only holds the digital assets in the system but also makes sure that content is being a handful whenever it’s needed. DAM lets you use the stored content as and when you require. You can reuse the assets for various purposes.
Also, DAM has the ability to delete the assets, which are of no use or are in duplication. DAM sorts out the assets and leaves you with only important and meaningful assets.
4. Forging 360° Product Experiences
With DAM you can have global product insight and you can provide your retailers new, accurate, and actionable data. With DAM, Merchandisers and marketers have the opportunity to work in collaboration on the global launches.
5. Content Delivery
DAM ensures that only relevant, accurate, and approved content is roaming across the channels. DAM also makes sure that the content is not being wrongfully used than it should be. DAM seamlessly links the content with Omnichannel and commerce platforms.
Digital Asset Management is the backbone of digital transformation and is a key to having a better customer experience. DAM has many benefits over the business and one of the important benefits is the enhancement of customer experience. CX and DAM are correlated. DAM has a huge impact on CX and CX is incomplete without Digital Asset Management.