June 17, 2021 | Authored by: Jack Bullock
Five things every CRO needs in 2022
When Apple recently announced an end to their 100% work-from-home model, guess what happened? There was an instant backlash, and many staff members threatened to quit. In fact, 40% of US adults now say they would consider leaving their jobs if their employer lacks flexibility about working remotely.
There’s a new world emerging.
The shift to digital has set in
In the past year, people truly discovered for themselves how online experiences can be convenient, seamless, enjoyable, and stress-free. There are many activities they now prefer to do online, and like those Apple employees, they are not willing to give them up.
For CROs, the challenge will be how to provide seamless, value-added online transactions that make for the best e-commerce experiences. At Vindicia, we are all about building e-commerce connections and we are always looking ahead, so we’re already thinking about 2022 and what it will mean for CROs.
Here’s our list of the five things every CRO must have in order to get prepped and grow successful revenue streams in the year to come:
1. Retention tools
Failed transactions are a huge cause of customer churn. Like expired credit cards, a seemingly trifle error can cause a business to lose customers who had not previously intended to leave. Every year, Vindicia Retain recovers over 1.2 million failed transactions for clients, helping to boost their revenue by 6%. In 2022, CROs will need to go beyond traditional “retry” approaches and become proactive in their retention tactics. That means relying on sophisticated retention tools that know how to do the job.
One of the biggest challenges for CROs is how to hyper-personalize the e-commerce experience for each customer while minimizing total ownership costs of the tools needed to achieve that level of personalization. Vindicia Connect, part of the MarketONE platform, captures data from every customer interaction, providing insights to anticipate user needs and preferences in advance and develop customized user journeys. This is what will keep customers continually engaged and satisfied, in 2022 and beyond.
None of the sophisticated tactics that CROs rely on can be accomplished without a solid foundation of accurate customer data. Subscription intelligence is based on Vindicia’s 15 years of expertise in subscription data collection and analysis, providing deep insights about exactly what’s going on in your business and with individual customers, at any given moment. Via our advanced dashboard and reporting, CROs can make smart, data-driven decisions that identify operational issues, pinpoint retention slumps and their causes, and help increase business agility with real-time strategic response to changing events and trends.
4. Better offers
For a business to grow, the revenue tap must always be on, and CROs must be always on, too. That means delivering better and smoother e-commerce experiences, at all times. Vindicia Bundle gives CROs the ability to uplift their offerings by optimizing bundles to engage and excite customers. This component of our MarketONE platform supports all types of bundling, including aggregated and partner-based subscriptions, and simplifies the processes of scaling so you can keep up with user demand for the experiences and offers your customers truly want.
5. A superstar team
Every CRO needs a superstar team who can implement the right tools and strategies, and even future proof your revenue stream for the challenges ahead. I have to admit, we are so lucky at Vindicia to have our team of talented, dedicated individuals who believe in building beautiful e-commerce connections, and who support our culture of innovation with purpose and passion, every day. In 2022, the consumer demand for amazing e-commerce experiences is expected to continue growing, and we are here, continuously working to be the solution that meets that demand.
CROs – where are you headed?
It’s been said a zillion times before – 2020 was a game-changing year. Online shopping spiked, Zoom shares went through the roof, and the concept of “work-life balance” took on a new meaning as entire workforces began working from home.
It was the year that e-commerce connections took center stage.
As 2022 approaches, CROs need to consider: in which direction are you navigating your business? As long as you are headed towards providing seamless, enjoyable experiences and strong e-commerce connections that support retention and drive revenue growth, then you’re headed in the right direction.
At Vindicia, we have the tools and the team to help steer you where you need to go.
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