The marketing landscape continues to evolve. One-to-one messaging is no longer considered the exception, it's now the baseline for marketing personalization across the board — and is the expected form of communication by consumers.
Whether it's onboarding new clients, promotional offers or after-sales care delivered by customer support, highly-targeted personalized messages are driving the bottom line of today's businesses. It helps optimize existing clients and opens new revenue streams from customer insights.
One-to-one business texting offers companies an effective and secure way to engage with customers. From a welcome message after opening a new account to an engagement or special offer message that helps a customer use a product or service more effectively, SMS is an ideal option to meet the personalized, one-on-one needs of their customers.
In order to explain how text messaging can affect a company's bottom line, let's review two major areas that can make an impact.
Strong rapport leads to stronger customer relationships
The tendency towards a personalized digital buying journey has significantly increased in recent years. With consumers spending more time on their mobile phones, businesses need to adjust their outreach.
More than ever before, consumers prefer hearing from businesses through text. When paired with regular marketing efforts, one-to-one business texting brings a real-time human factor to the customer experience that helps create a positive impression — as well as build genuine customer trust and loyalty.
Strong customer relationships nurture loyal customers. Loyal customers, in turn, lead to a more stable business...and bottom line. Not only does increasing customer retention rates by 5% increase profits by 25% to 95%., but 77% of consumers would recommend a brand to a friend after just one positive experience.
Each time your business uses one-to-one messaging to build rapport and optimize the customer experience, you are one SMS closer to a deeper, stronger customer relationship.
Actionable customer insights to grow revenue
Data is only useful when it can be turned into actionable insights. While most companies collect some type of customer experience or feedback data, many aren't utilizing the insights this data provides to drive strategic initiatives, rendering it essentially useless.
Businesses that are able to capture and unify customer data, and convert it into commercial insights that empower sales, marketing and service workflows have a competitive advantage over those that don't.
With the right tools, one-to-one messaging allows companies to not only improve their customers' buying experience, but also provides businesses with valuable insights into their customer base.
Some economic theorists suggest that buying decisions are 70% emotional and 30% rational. One-to-one messaging allows companies to get to the root of their buyers' needs, serve them with the appropriate actions, products and services and utilize the information gathered to better their overall business offerings.
Once analyzed, businesses can utilize data gathered from one-to-one messaging to adjust and optimize their sales and marketing training programs and outreach, create new campaigns focused on pain points and hot features, add new product, service or pricing options, create easier buyer and support journeys and much more.
According to a study by Gallup, when companies adapt their business based on the insights gained from their customers, they outperform their peers by 85% in sales growth and 25% in gross margin. Knowledge is power and the data gained from customer conversations offers an invaluable resource.
Taking the data gained within these conversations and transforming it into actional and profitable changes can maximize Customer Lifetime Value (CLV) and impact overall revenue growth. With a deeper understanding of customer behavior and preference, businesses can better serve their clientele, which in turn, improves the customer experience and increases revenue.
Impacting your bottom line
Personalized business text messaging is the future of banking. It's no wonder companies have incorporated it into their marketing strategies. For instance, Kasasa's Life Cycle Marketing Program (LCMP) integrated with Statflo's one-to-one texting platform, enables their community financial institution clients to:
- Cross-sell more products per household
- Maximize program profitability and behavioral adoption
- Increase consumer loyalty and satisfaction
- Choose which products to promote
SMS marketing/business texting is changing customer engagement — for the better. It adds value for both you and your customers and is the most effective and convenient way to engage, retain and grow your business —which leads to better relationships and increased revenue.