Software Monetization Featured Article

Insights on Making and Keeping Customers Happy

March 17, 2016

“Customer Experience” has become a major part of our business vocabulary. In fact, for the past several years, creating compelling customer experiences has become a top, if not the top priority of businesses of all sizes around the world.  A reflection of this is that one of the fastest growing C-level positions has been the Chief Customer Experience Officer (CCEO), or a similar title.  

 The reasons for this are familiar to us all because we are among the technology users that desire to experience the fulfillment of requests without any delay.  In a world where the Internet has given us instant access and many options, delighting and exceeding our expectations is just as important as the products and services we purchase. Additionally, since we are usually purchasing subscriptions, we are free to find exactly what we want and the brand that will deliver what we need. 

For companies, the benefits of delivering on their brand promises are well documented.  Companies that leverage state-of-the-art technology to deliver an excellent user experience are experiencing superior financial performance. In an age where reaction to poor service can go viral almost immediately, the consequences of not providing unique and consistently great customer experiences can be very damaging.

In this era of immediate gratification, keeping customers happy and engaged is critical to the success of the company.  It’s no longer just about getting the sale. Today the post-sale is critical to retaining customers. The possibility to up-sell, cross-sell and renew subscriptions, require that you continually market to your customers in order to maintain engagement and enhance the communication – much in the same way you did when you were trying to win them.  Take a look at this Make Customers Happy  infographic from Gemalto to learn why the changing relationship with customers requires new rules of engagement.

Let me walk you through the infographic for a quick overview.  The first fact that stands out is that it costs more to acquire new customers than keep current ones happy.  In addition, based on research, once you anger your customers, the opportunity to regain their trust and loyalty is very low. 

Source: Gemalto (News - Alert)

Secondly, developing a better relationship with your customers is all about leveraging technology to make those experiences and interactions easy.  For example, license activations should be personalized, simple and fast.  In addition, insights from previous interactions should be used to constantly improve the user’s experience and engagement. As the next view shows, small increases in retention rates translate into big bottom-line results.

In a world where products are increasingly becoming commoditized, and customers are self-informed with facts, pricing and competitive information, the process of making a purchasing decision is 65% completed before they even talk to you. To win the business and to stay ahead of your competition, a unique and great customer experience will become the key business differentiator.

And lastly, the real value is in leveraging technology to understand your customers better.

To download the infographic; click here:

The reference to Gemalto’s Sentinel Solutions is important.  The Gemalto suite of software monetization tools, as the slide says, do a lot more than just control access and permissions for licensing and entitlement management. 

They do so whether such information is on-premise, in the cloud or in some type of hybrid situation. Just as important, the Gemalto software monetization capabilities are capturing highly granular software usage data. This move to usage-based monitoring is transformative. Indeed, it is a win/win for solutions providers and customers, and should become a vital tool for improving the customer experience as well as profits.

The reason this is a win/win is that Gemalto solutions allow software providers to protect their intellectual property, better package and price their products and gain a good handle on compliance. Gemalto’s software monetization tools also give your customer’s detailed insights into what they use, who uses it, how often and a host of other important information. This enables customers to pay only for what they use, and gives them great negotiating capabilities. 

In short, as the infographic highlights, information is power. It also shows that having the best tools in the right hands at the right time is the way to make and keep customers happy.  In fact, Gemalto has published several case studies that show how their customers are using Gemalto solutions to enhance the customer experience and create competitive advantage.

Edited by Stefania Viscusi