A new year is a clean slate, the perfect time to set intentions for the year ahead. As you think about your business resolutions for the coming year, here are three areas of focus to set you up for your best year yet.
1. Grow from the inside out by making customer retention a priority.
Companies often become so focused on finding new customers that they neglect to nurture their existing customers. That’s a mistake, because your current customers may actually represent your best opportunity to grow. They are more likely to refer other people and forgive mistakes, not to mention 50% more likely to try new products from your company. While new business is a good thing, keeping as many existing customers as possible forms a strong foundation while providing opportunities for organic growth.
2. Make bill pay options more customer-centric.
Speaking of customer retention, communicating with customers around billing may seem like a routine task, but it is also a valuable opportunity to build customer loyalty. One win-win strategy that can help expedite on-time payments while catering to customer preferences is offering hybrid bill pay with a variety of payment options. This is important because there is no one size fits all when it comes to payment preferences. While some customers still pay by mail, in 2020 76 percent of household bills were paid electronically. Additionally, customers are increasingly gravitating towards contactless bill pay options, and the majority will leave one company to go to another that offers this capability. Allowing customers to choose their bill pay method is a tangible way to demonstrate that your company cares about their experience.
3. Diversify your marketing approach for better results.
As more customers go digital and contactless, they expect the companies they do business with to do so as well. E-solutions and texting are becoming more popular customer communication channels, though interestingly, direct mail still plays a valuable role, as many customers say they find mail easier to read than emails. While this information may feel contradictory, the truth is that people will always have different tastes and preferred communications styles. An omnichannel approach that lets customers select how they interact with your company is the best way to cater to a range of preferences while providing you with many opportunities to get your message across. For added benefit, consider testing campaign messages across different channels to see what customers respond to.
As much as we all want to improve, sometimes it can be overwhelming to shake things up. That’s where a strategic partner can help make all of these resolutions more feasible. At Matrix, we are dedicated to connecting people through reliable communications by delivering innovative digital and print solutions. With full-service printing facilities and proprietary technology resources, Matrix is the preferred vendor for direct mail, e-solutions and transactional mail.
Ready to make 2023 your best year yet? We can help. Contact us today to get started.