Knowing your customer base’s interests and using them to create extraordinary experiences seems like an impossible and daunting task. With a robust customer relationship platform such as Microsoft’s Customer Voice, businesses can gather and track customer metrics that mean the most to their mission while harnessing the power of cross-channel personalization. Let us explore what capabilities of Customer Voice and what it means for your business.
Customer Voice is the New Forms Pro
A year ago, Microsoft launched Forms and Forms Pro, which functioned in tandem with the Common Data Service to provide users with customer feedback and survey platform. But while some users were using Forms, others were leveraging the ‘Voice of the Customer’ feature on Dynamics 365. These two separate platforms had many of the same features and prompted Microsoft to make a change. During the Inspire event in July 2020, Microsoft announced that Microsoft Forms Pro is now Microsoft Dynamics 365 Customer Voice.
Customer Voice offers an all-inclusive platform to capture, analyze, and act on customer insights. Users can easily integrate Customer Voice into everyday workflows and applications, serving as a cross-channel personalization medium. Companies can use the dynamic customer service platform to capture feedback with ready-to-use templates and respond quickly with real-time updates and analytics.
Wait, What is Cross-Channel Personalization?
Cross-channel personalization is the delivery of different experiences to different customers based on what you learn about them. You get to know your customers through various communication channels such as surveys, emails, social media, and more. The practice of cross-channel personalization could involve displaying different images and headlines on the website or sending out variations of an email based on individual interests.
Microsoft Customer Voice allows you to harness to power of cross-channel personalization by allowing users to capture feedback immediately through personalized surveys, ready-to-use data collection templates, and a clear view of the customer journey. Since Customer Voice integrates with the other Dynamics 365 applications and the Power Platform, businesses can continuously connect feedback, gain contextual insights, and engage with target audiences at the right time. All these features enable an effective cross-channel personalization strategy.
The Importance of Cross-Channel Personalization
Cross-channel personalization is a powerful tool and strategy. The results can vary depending on the industry, target audience, and quality of execution, but the data is consistent, showing a positive impact. Personalization can increase conversions, customer retention, and revenue, to name of few of the benefits.
The potential gains from increased lead to customer conversion rates due to personalization are staggering. According to HubSpot’s study, based on over 330,000 call-to-actions (CTAs) over six months, personalized CTAs increased lead conversation by 202 percent. Yes, 202 percent. For another example of the power of personalization, Salesforce conducted another study and found even higher gains. According to their research, based on 150 B2C commerce websites’ analysis, personalization increased potential customer conversations by over 400 percent and revenue by 26 percent.
Lead to customer conversion rates are not the only customer relationship metric impacted by personalization. Customer retention also dramatically improves. According to a survey of over 1,000 U.S. consumers commissioned by retail technology company Swirl, 87 percent of participants said that a more personalized experience increases their likelihood of shopping with that specific retailer. Retention is crucial to your business and has a massive impact on your bottom line. The Harvard Business Review states, “increasing customer retention by 5 percent increased profits by 25 percent or more.”
Research shows that brands that deliver content and value to customers across channels see robust growth. Companies with strong cross-channel customer engagement and personalization see a 9.5 percent increase year-over-year in annual revenue. Shopify claims that multi-channel marketing, on average, boosts revenue by 38 percent, 120 percent, and 190 percent as they add channels. On the other hand, AutoPilot reports that customer personalization and segmentation can increase revenues by 781 percent.
Activating Your Personalization Solution
Navigating new emerging customer relationship platforms, cloud-computing solutions, transitions, and transformations within technology can be overwhelming. But when we are well-equipped with relevant, accurate information and the necessary resources, we can succeed. One of the best ways to guarantee success is to partner with experts such as the team at The Bauen Group.
As a Microsoft Gold Partner, The Bauen Group is well-versed in using Microsoft Dynamics 365 business applications to help businesses like yours build solutions unique to their needs and customer base. Bauen’s Microsoft experts team is ready to support your team through each step of the process, including changes in platform functionality like the Forms Pro to Customer Voice transition.