The Office for National Statistics reported in their most recent study on business demography that businesses born in 2014 only have a five-year survival rate of 42.5%. This means that over half of new businesses failed within 5 years of starting up.
With this in mind, it is crucial to tap into underused advertising tactics and begin investing in your digital audience before it is too late. Ultimately, businesses that understand, control, and use customer engagement to their advantage are most likely to survive in the long run.
What is customer engagement?
In short, customer engagement monitors the relationship between a customer and a company. Customer engagement can be monitored using email, click-through rate, feedback, online reactions, and much more. This is an important thing to track, as it can help you to assess customer satisfaction, increase awareness, and encourage customer loyalty.
Why should I start monetizing engagement?
Forbes argues that there is a direct correlation between customer engagement and profitability. They report that companies who can improve engagement can increase cross-sell revenue by 22%, up-sell revenue by 38%, and order size by 5 to 85%.
This is due to the fact that you are inspiring customers to interact with your brand, inspiring them to take part in carefully curated experiences. When employed successfully, this means that monetized customer engagement can grow your brand, build customer loyalty, and drive revenue
Now that you know why you desperately need to start monetizing engagement, here are some ways that you can use it to drive measurable growth.
1. Collect user data:
User data is one of the most valuable things that a business can have, as it allows businesses to learn more about their customers and prospects, provide personalized and relevant content, and improve the ability to advertise successfully.
With a digital experience from ON24, you can use digital engagement and artificial intelligence-based personalization to gather real-time data and analytics. This analytics engine allows you to then turn audience engagement into actionable insights.
2. Premium subscription packages:
A premium subscription package can offer exclusive events and perks which encourage consumers to pay and allows you to connect with your audience on a deeper level. This might allow users an ad-free experience or run subscriber-only Q&As and meet and greets.
In order to sign up, users must input the required information, which can then be used to personalize the customer experience and monitor customer engagement. It also gives users a sense of community, which can help to further your brand.
But you don’t have to run a premium membership to collect this data. It might be that linking your engagement tools to a registration system is more appropriate for the product or service that you provide.
This allows you to target the customers who are the most engaged with your content and are therefore the most interested consumers, allowing you to effectively monetize your customer engagement.
So, there you have it – a conclusive rundown of the reasons why you desperately need to start monetizing engagement and driving measurable growth, and a couple of ways in which you can effectively achieve it.
Read Also:Tags: Customer Engagement , engagement monitization