For every business development having a strong customer base is essential, and this means one needs to have a prolific customer engagement. Since traditional marketing methods are now becoming less relevant, and the effectiveness of any business is dependent on customer engagement, using new techniques and technologies is vital. Laundry and Dry Cleaning Business owners like any other business, need to retain their customers and increase their loyalty because customer engagement is the new currency. The online service charges the customers as per a package subscription that suits their needs. These packages may be varied depending on the type of services needed by the clients. Generally, the online accounting services companies target SMBs, and they target specifically for one function such as Online CA, Online CS, or Online Company Registration. For a new firm that registers using an online accounting services company is likely to see up-sell and cross-sell promotions of other services.
To increase customer retention while providing excellent service is mandatory for any laundry business, but it is not the only factor. With new technologies like Artificial Intelligence (AI) and Machine Learning (ML), laundry business owners can increase their customer engagement and retention.
In this blog, we will look into four strategies, primarily related to AI and ML that laundry business owners can use to increase their customer retention.
Some Figures -
In both ML and AI, Big Data has become an essential factor as it helps in providing an unprecedented amount of data regarding customer information to businesses. With this data and ML that looks and records the previous interaction of customers, a company can improve the experience of the customer. ML can provide the right content to the customer each time. Import.io reported the following:
- Between 2015 and 2020, any business that has invested in insights-driven will have 27% annual revenue growth according to Forrester Research.
- By 2025 ML technologies will become a market of $100 billion.
A study by MIT and Google revealed that 50% of the existing businesses plan to use ML to learn about customer’s insights and 48% to gain a competitive edge over their competitors.
Since every business is now planning to use AI and ML for their companies in the coming years for providing better services to their customers' laundry, companies should aim to do the same. Here are four strategies that laundry businesses can use to increase their customer retention.
4 Strategies To Increase Customer Retention -
AI and ML can create a personalized customer experience and can go beyond regular services, thus offering a long-term loyalty option to customers. Here are four strategies that laundry services can use with AL and ML to increase their customer retention.
- Predictive Modelling:
With the ML and cognitive methods like Deep Learning and Predictive Modelling, user experience can be enhanced even further ensuring customer retention. To build such complex models, both advanced unsupervised and supervised ML techniques that can learn in predicting outcomes and the need of the customers come in handy. By using the Big Data and ML, laundry systems can cross-sell and up-sell compelling methods that would increase customer conversion rare as well as increase customer loyalty. It is important to begin the journey with AI/ ML and begin experimenting with your own data to see the value.
The use of AI technology, accurately ML laundry businesses, can identify and predict the requirements of the customers. Having this ability to predict the need of the customer based on the options that the customer selected the last time the user can save time performing the laundry duty, thus getting a better experience.
Straight from the previous point, i.e., predictive modeling laundry businesses can take advantage of the big data analytics to personalize the user experience. Aggregating the behavior of the customer business can identify anomalies as well as the pattern of the overall market and the customers.
With deep learning and ML, one can achieve the individualization of services in real-time. Depending on the time a customer has dedicated to the services and options ML, analysis can offer more options to the customer by getting insights into their usage. Often the reasoning is that with higher probability, the recommendations, more percentage of customers will appreciate it.
Managing the pricing at a laundry service can be quite challenging at times. With ML, a business can avail the opportunity even laundry enterprises to identify the segments and then further segments the customers. Segmentation allows the industry to examine the price customers are willing to pay at any time, thus enabling the company to push the customers a little further into paying. To know and understand the price range a customer is willing to pay, several pieces of information and data are collated and analyzed with the help of ML, Big Data, and AI. With this information, a laundry business can be empowered to fine-tuning its price and interact with the customers.
- Speech Recognition System:
In the broader area of AI, both Natural Language Processing (NLP) and ML are used to improve not only the overall experience of the customers but also product discoverability and targeting the audience. A laundry system that would use speech recognition, as well as Natural Language Understanding (NLU), Text-to-Speech, and Natural Language Generation (NLG) will allow customers to interact with the system by using spoken and written phrases used in Siri, Alexa, and Google Assistant. This technology will help customers use the machine effectively by communicating with it directly rather than the interface of the device. And hence will make it easier for the customers to use the tools with voice commands to use the laundry machine.
With the help of Datoin, you can build a laundry service that is intelligent and helps you in retaining your customers by following these four strategies. Since Datoin is an enterprise automation platform, it has the knowledge and skill to automate other organizations and businesses with the help of an enterprise’s data, ML, AI, and other related technologies. Although Datoin is a generic platform for developing automated applications, it can help a laundry business in developing a market that is driven by AI. So to get the best of your company and retain your customers, let Datoin help you in giving your business an AI-based platform.