Staying engaged with existing customers can be more difficult than attracting new ones, study published today by the Relay Network. Seventy-nine percent of retail banking decision makers reported this challenge with customer interactions and 68% said they struggled to deliver contextually relevant customer communications. Bankers said their investments in customer experience are focusing more on product-specific messaging and customer acquisition.
Nearly three in four respondents said their customers are increasingly foregoing marketing communications year after year. Product-focused marketing, underutilization of existing customer engagement, and disparate communication strategies undermine the engagement needed to drive growth, the survey authors said. When asked about the tools in place to improve customer engagement, the majority of responses leaned towards acquiring new customers rather than serving existing customers.
When asked how difficult customer experience processes can be, meeting privacy expectations (72%) and maintaining customer trust (66%) were cited as the most difficult. Fifty-one percent said that keeping pace with changing customer needs and expectations also created challenges. These issues, according to the survey’s analysis, result from organizations focusing primarily on what they want to promote rather than actively anticipating and responding to the unique needs and preferences of existing customers.
Respondents, however, acknowledged their gaps in customer engagement, and 90% said they plan to align their priorities with their actions, evaluate their current tools, and adopt technology better suited to achieve their goals. loyalty.