As we put a tumultuous year in the rear-view mirror, many companies are looking for innovative ways to boost and redesign their businesses in order to jump-start growth. According to Gartner, the majority of CEOs say recovering revenue levels by accelerating digital initiatives will be a top priority in 2021 and 2022. While your business leaders look for new growth opportunities in the year ahead, it’s worth noting that technology can be a key lever supporting recovery and expansion.
All eyes on growth in 2021
In addition to reducing costs and inefficiencies, modern technologies and tools can also help you innovate and grow. It’s often just a matter of knowing which solutions can have the biggest impact on your top-line as you plan for the future.
1.What is CIAM and where exactly does it fit in?
In the post-COVID era, digital services and capabilities are more critical than ever, and customer-facing identity and access management (CIAM) sits at their center. CIAM powers digital access experiences—from registration, to login, and credential management—while governing the identity profiles of your customers, partners, and suppliers that are fundamental to any external interaction, collaboration, or e-commerce for your business. The best CIAM solutions enable seamless customer experiences (CX) and create a strong, long-lasting connection to your brand.
A great service can help you attract and keep more loyal customers, which directly translates into top-line improvements, so it’s crucial to get CIAM right. This is how the technology choices your marketing, digital, and product leaders make today can impact revenue generation in the years to come.
|Two-thirds of marketers say their companies compete primarily on the basis of CX. (Gartner, Gartner Customer Experience in Marketing Survey)||of consumers who rate a company’s CX “very good” are likely to purchase more products or services from that company in the future. (Qualtrix, ROI of Customer Experience)||Companies that excel at CX grow revenues 4-8% above the market average. (Bain & Co, The Five Disciplines of Customer Experience Leaders)|
2. Convert more customers through personalized experiences
In addition to helping you acquire more customers, CIAM makes it easier to convert those new users into paying (or higher-paying) customers. With modern CIAM, you’ll gain cleaner, more complete data throughout the customer lifecycle for a deeper understanding of your customers’ interests and preferences. Over time, CIAM provides the data and visibility needed to build highly tailored, relevent marketing and loyalty campaigns, which help drive upsells and cross-sells with existing customers. This adds massive value because research has shown that 49% of customers buy items they did not intend to buy due to a personalized recommendation, and 40% say they have purchased something more expensive than they planned to because of personalized service. Done well, personalization can boost your total sales by 15-20%.
Assemble a tech stack that enables a 360 view of the customer
By integrating your identity stack with other applications for a unified customer profile, you’ll gain valuable data and insights into users. While the CIAM
layer stores all their identity attributes, it also serves as a hub with spokes out to myriad systems that hold data on their behaviors and preferences. Integration examples include:
- Marketing systems: Adobe Marketing Cloud, Oracle Marketing Cloud, Marketo
- CRM systems: Salesforce, Zoho, HubSpot
- Customer data platforms: Segment, Blueconic, Listrak
- e-Commerce / Point of Sale (POS) Platforms: Magento, Shopify, BigCommerce
- Customer analytics: Splunk, Tableau
- Social accounts: Google, Facebook, LinkedIn, Github
- Consent management: DataGrail, OneTrust
3. Retain more customers by inspiring loyalty and trust
Once you’ve drawn customers in via a smooth registration flow and personalized CX, nurture them and keep them coming back with seamless identification and authentication across every brand you acquire and every channel you support—including mobile apps, smart TVs, web sites, as well as call centers and in-store visits.
This is important because omni-channel users are more likely to stay loyal to your brand and embrace additional products or services, especially in retail settings, where they spend an average of 4% more in stores and 10% more online than single-channel customers. And customer retention is a key driver of growth, as investments in this area cost less and typically deliver an even better return than acquisition initiatives. Programs that increase loyalty and prompt follow-on purchases or referrals make a greater impact on your business by maximizing customer lifetime value.
Best practices for an effective CIAM strategy surrounding retention efforts include the following:
- Enable consistent omni-channel CX across digital interactions for multiple subsidiaries, properties, and brands
- Ensure painless password resets, a simple, but very common interaction that’s a major cause of abandoned accounts
- Automate and orchestrate the customer journey to keep your identity data in sync across downstream systems for top-notch customer support
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