Enhance Customer Loyalty with Personalized, Interactive Video

by | Mar 15, 2022

5 Ways Video Can Be Leveraged to Transform Customer Experience and Convert Casual Buyers into Loyal Customers

Digital Customer experience

These days, it is becoming increasingly more difficult and costly to achieve and maintain customer loyalty. Digitization has fueled competition and consumers expect an exceptional customer experience when interacting with all their service providers. Furthermore, based on the events of the past two years, it has become evident that the future is unpredictable. To ensure success in the years ahead, organizations need to become more agile and focus on forging deep, one-to-one customer relationships.

Increasing customer retention rates by 5% increases profits by 25% to 95%  according to research done by Frederick Reichheld of Bain & Company.

A focus on delivering a great experience from the moment you engage prospects, then throughout the entire customer journey once you convert them, is key, but it must be seamless and personalized.

Personalization is no longer simply a nice-to-have; in fact, 72% of consumers today say they only engage with personalized messages.

Learn how Doxim CCM Interactive Video can drive customer loyalty through effective engagement, and an enhanced customer experience. Schedule a demo

True personalization is imperative

Personalization isn’t just a tailored greeting or product recommendation based on wish lists and checkout carts. True personalization uses information gleaned throughout the customer journey to address customers as individuals and tailor communications for them.

How can businesses leverage personalized content to better engage new and existing customers? Video, of course. It grabs attention and consistently outperforms text and images.

In fact, landing page videos increase conversion rates by 80%, with up to 90% of customers saying videos influence their purchasing decisions.

Here are 5 ways personalized video can be leveraged to transform customer experience and convert casual buyers into loyal customers:

1. It has the power to demystify the complex

Consider financial services, where a short, personalized, 60-second video can better explain the highlights of a 10-page statement in a short space of time, which keeps the customer engaged. Whether B2B or B2C, information is shared faster, easier and more engagingly with video.

2. Increases conversions

For new and returning customers alike, personalized video is a great education tool. Because of its ability to effectively convey specific information that is relevant to the prospect, it outperforms other marketing assets and drives consumers to action.

Icon: explainer video      94% of people have watched an explainer video to learn more about a product or service.

3. Conveys emotion and helps establish a personal connection

Emotion plays an incredible role in our buying decisions and in creating customer loyalty. Personalized video is the best channel to convey emotion and make a personal connection, both of which drive customer engagement. It can hit the right emotional cues, and establishes a connection with personalized content via a channel people prefer.

Icon: Online video      78% of people watch online videos every week, and 55% view online videos every day.

4. Provides a seamless, multichannel experience

Perhaps one of the most formidable uses of personalized video is its ability to create a smooth and consistent experience, no matter where customers engage with the organization. Personalized videos use your 1st party customer data to provide just the right level of personalization to ensure excellent engagement.

5. Grows and nurtures the customer relationship

All this amounts to developing and growing the customer relationship. Personalized video is not just a robust tool that eases and improves customer onboarding, it also helps achieve customer loyalty, beyond the purchase.

With personalized video you can inform, entertain and engage customers

Doxim CCM clients can leverage personalized, interactive video technology to deliver engaging statements and communications

Customer accessing digital content

Doxim CCM leverages our client’s existing data to deliver personalized, interactive video experiences at scale. Unlike other bespoke and expensive solutions, Doxim CCM Interactive Video delivers low cost, 1:1 videos from a template that has proven to be effective and yielding maximum ROI.

The visual engagement and real-time interactivity made possible through video, provides the ‘personal touch’ that drives increased customer satisfaction, better engagement, and high conversion rates.

Doxim CCM Interactive Video is a must-have for any organization wanting to improve customer engagement.

See for yourself. Discover how Doxim CCM Interactive Video can help your organization improve customer acquisition and drive action. Get a use case video for your industry today!

3. Expansion of digital products

As banking customer behavior shifts, banks must move with the times, or risk getting left behind. Many banks today are exploring the power and potential of open banking, which can allow them to offer more innovative products and services to their customers, as well as to better compete with fintech companies and other non-traditional financial service providers.

As you shift your banking business model to reach new segments or provide an enhanced array of services, communication becomes even more pivotal to your success. After all, if your customers don’t know which new services they qualify for, or how those services will help them meet their goals, then they are unlikely to explore them further. CCM technology can be leveraged here to provide personalized on-statement messaging that directs customers to the right products and services, as well as 1:1 personalized “explainer” videos to help them get started.

Adjusting your bank’s priorities to thrive in 2023

In an era of constant change, the key to successfully transforming your bank’s business model will be to stay attuned to the changing needs and preferences of customers, and to be open to exploring new opportunities and technologies that can help your FI stay competitive and relevant. But these new opportunities are doomed to fail if you do not clearly communicate their benefits and make it simple for customers to access them.

That is why transforming your customer communication strategy is the best first step to broader digital transformation. By updating your approach to communications to meet omnichannel customer needs, you also position your bank to communicate the benefits of changes in your broader organization, like new or enhanced products and services. The pace of change in banking has never been brisker – but with the right strategic approach to these changes, the future is bright.

Investing in a modern customer communication management and engagement platform is an essential part modernizing your banking strategy, as it can provide the personalized digital experiences that will keep your bank or credit union ahead of the competition. It helps provide a great customer experience, and builds rich relationships, which in turn results in customers for life and a competitive advantage in the rapidly evolving financial marketplace.

How Doxim can address the banking customer communications trends identified and help future-proof your digital banking strategy

banking customer communications trends

Doxim’s experienced consultants and omnichannel platform can help transform your customer experience in many ways, including:

  • Gathering and utilizing customer data to continually improve the personalization of communications.
  • Building trust with customers via communication (via print, PDF, HTML, email, text, and online interactive experiences).
  • Leveraging interactive video to drive personalized digital customer experiences, such as interactive statements, bills, or reports, that offer visual engagement and real-time interactivity
  • Putting customer data, including customer statements, at the fingertips of your service representatives for immediate and personal service.
  • Making a meaningful connection with value-added content, like information about philanthropic activities, on customer statements.

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