Jeff Lundal, SVP, North America Digital Sales at Oracle, speaks on SMBs’ struggle for customer retention and loyalty, and the role of AI, chatbots, predictive analytics, and emerging trends in customer service.
At Oracle’s Modern Customer Experience 2017 conference, Jeff Lundal engages in an interview regarding the role of customer experience and customer service in SMBs’ growth, and trends to invest in for 2017 and 2018. Here’s what Jeff had to say.
Why it’s important for SMBs to invest in customer service
For the SMB company, customer service is critically important. Acquiring customers is the lifeblood to making that business sustain itself and to grow. While acquiring customers is one thing, retaining customers is a whole other thing. What we’ve seen in the SMB marketplace is that’s where they really struggle.
So, the SMB may have a good product, they may have a good service, they may be able to go out and get that additional customer acquisition. But, the ability to retain that customer through delivering great customer service is what gets that customer to buy more, and to then socially tell their peers about the company, the products, and the services. Loyal customers become another avenue for driving more customer attraction and then conversion.
It’s critically important that a small to medium-sized business that wants to grow – and most of them do – has a tie to the customer in a way in which promotes retention and recommendation to others, creating loyalists.
Key CX trends and technology for 2017 and 2018
AI, chatbots, predictive analytics: everything that’s going into that technology framework to help the marketer or the customer service advocate engage with the customer at a greater level is what the next trend is going to be.
You have to know your customer by using analytics, predictive models, and data to help determine what that customer’s going to need next or where that next problem may lie, and then very quickly solve that problem if it arises or make a recommendation. This results in a better customer experience and ultimately that customer buys more product.
The ability for organizations to understand trends and then attach themselves through technology to the customer across all the channels that they browse, shop, and buy while interacting with that customer at the right time, through the right channel is key in 2017 and 2018.
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This transcript may be edited for readability.