With the trends changing traditions, we can see major changes in the customer acquisition. Take the instance of Netflix, the way it changed the way we watch TV. With the digitization, abundance of services and products are made available to the users. Video and audio files are streamed online and CDs are something used in the past. Readers now don’t have to buy books and can have access to eBooks in instant. Remote access allows users to hop on to any device, network setting or access service, regardless of the time. Companies can now interact with their customers regularly using Chatbots and can acquire real-time data. Based on real-time data, now their decisions are data-driven and helpful in acquiring lifelong relation with customers.
Utilizing abundant data
Take the instance of companies like Netflix, Amazon, Spotify etc which uses data as an asset to personalize their content and building lifelong relations with their consumers. Netflix, in fact, was the first ever platform to utilize the recommendation engine. Whereas, Amazon generates enormous amount of data every minute and uses it to create adaptive and personalized customer journeys. Moreover, Amazon has a most genuine customer-base which trust Amazon. But to earn this loyalty from their consumers, there are genuine efforts and services offered. They deliver the product we want, intact and on time, safely packaged and offer after-delivery consumer-assistant with easy exchange and return policy.
Long Term Subscription: New Trend
In this era, consumer want to feel connected, recognized and treated as individuals. To seek this, consumers are highly reliable over service providers and digital retailers . As a result they seek consistency, value and convenience from them. Selling of the product is a past thing, now consumers trust subscription and memberships. They want to make commitment only if they are happy with the services. If you’re offering quality services, then you just got number of loyal customers lined up for a long time. Subscription and membership model is highly acquired business model which is said be to be the disruptive model. However, it also allows companies too establish direct relations with consumers. Nonetheless, it's possible with the help of disrupting technologies which makes this business model trustworthy.