3 Ways to Grow Customer Engagement in a Multi-Channel World

The digital economy has accelerated considerably as a result of COVID-19. According to a 2020 report by eMarketer, U.S. ecommerce sales will reach $794.5 billion this year.

That’s up 32% year-over-year. In fact, it’s predicted that ecommerce sales will comprise a full 19% of all U.S. retail spending by 2024.

"Understand that increasingly, your customer base is going to be dominated by the 'I want to consume anyplace ... anytime ... anyhow [mindset].'" -Dr. Mohamed El-Erian

Today’s challenging business climate has C-suite leaders adjusting their strategies in a number of ways. They’ve identified key priorities and questions to ask in order to move forward. They’re also rethinking “business as usual” as they adapt their approach to accessing and engaging customers.

Customers, on the other hand, expect to seamlessly interact with a company’s products and services regardless of time, location or channel. 

In this video, economist Dr. Mohamed El-Erian and Capital One’s Dave Kucera discuss how businesses can double down on customer engagement while facing changing expectations.

 

1. Grow Engagement by Developing a Presence on Their Favorite Channels.

Simply establishing a website or social media presence is not enough to fully engage with your customers today, according to El-Erian. 

Your company must go a step further by identifying the proper digital channels that reach your target audiences. Then it needs to develop a presence on these platforms that speak to customers in authentic and familiar ways. 

This will require you to consistently assess how you’re reaching and communicating with customers. 

Conduct customer surveys to pinpoint which channels are most effective in reaching your target audiences. Referencing third-party data and audience information from social media platforms is also helpful.

 

2. Listen to What Your Customers Are Saying – Even When It’s Not About You.

It’s important to understand what drives your customers to purchase your goods and services.

But it’s also important to know about their needs beyond your products. That way, you can look for ways to adapt your offerings to improve your relationship with key customer sets. 

Use tools like social listening, surveys or focus groups to provide you with the feedback – positive and negative – you need to understand their challenges, likes, dislikes and ways they expect to engage with companies like yours.

By understanding the issues important to customers, forward-thinking companies can also identify ways to evolve and maintain relevance. 

 

3. Respond to Customer Accolades and Concerns.

Many companies focus on how they communicate with customers. But it’s important to also focus on how customers communicate with your company. 

Knowing when and how to respond to feedback across platforms ultimately brings you closer to your customers. And that engagement can lead to better relationships and customer advocacy. 

Mohamed El-Erian is a former chief executive officer, investment analyst, investor and market commentator. He was inducted as President of Queens’ College at the University of Cambridge in September 2020.

 

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Learn more about Capital One’s response to COVID-19 and resources available to customers. For information about COVID-19, head over to the Centers for Disease Control and Prevention (CDC). 

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