July 12, 2021 | Authored by: Jack Bullock
Three rocks CROs can rely on in a “hybrid” world
No, not in the sense of your latest car. Hybrid is the new world growing out of the global pandemic.
We’ve gone from lockdowns and social distancing to a gradual reopening of in-person events and in-store shopping. Something else is reawakening too, and it’s a critical factor in marketing and sales. FOMO.
FOMO makes a comeback
For many months, the FOMO economy all but disappeared. No parties, no bar hangouts, no trips to the mall.
But rest assured, FOMO is creeping back. In fact, for millennials, FOMO is turning into YOLO – a desire to consume with abandon. On the one hand, people have lost the habit of standing in line during mall visits. On the other hand, they still crave the trappings of robust consumerism. In short, they want it all. And that’s leading to the emergence of a “hybrid” lifestyle that seamlessly blends the best of the digital world and the real world.
Hybrid is here
According to a Microsoft survey, 87% of employees report that their workplaces have turned hybrid. There is also massive, continued growth in at-home shopping. Q1 2021 saw a 39% YoY increase in e-commerce, nearly triple the 14% increase in Q1 2020 when the pandemic first erupted.
People aren’t going to be content lining up to buy something at a store when they can just as easily get it delivered conveniently and quickly to their doorstep. In this new world, businesses have got to stay profitable, so companies that turned digital during the pandemic are finding that they have no choice but to maintain a robust online presence. They have got to become hybrid.
For CROs, striking the right balance is going to be a delicate and tricky task. And that’s why CROs need three big “rocks” that they can rely on to increase revenue in a hybrid world. Let’s take a look at what they are.
1. Solid foundation for growth
The new hybrid means having the ability and agility to take your business and subscription to the next level, in the way that consumers demand it. MarketONE is a platform designed exactly for that – it provides the tools and foundations for acquisition and growth, via optimization of bundles and offers, personalized to the preferences, behaviors, and journeys of specific customers. This capability to bundle and offer the right product in the right way at the right time is what empowers businesses to deliver unexpected surprises, creating better e-commerce relationships with customers than ever before. And that’s what will drive increased revenue.
2. Streamlining lost revenue
An important part of the consumer experience in a hybrid marketplace is a sense of safety and convenience. Brands need to take care of their customers so they don’t churn, and it’s those customers who will take care of the revenue stream. A key way to do this is by streamlining lost revenue that really needn’t be lost in the first place. CROs can rely on advanced tools like Retain, so that common errors, such as expired credit cards, are automatically managed and resolved, with no threat or disruption to the e-commerce relationship.
3. Acting from data, not from the gut
In a hybrid market, there is way too much going on to base your strategy on intuition. That’s why subscription intelligence is your rock. Today’s consumers don’t want to bother too much with the products they love – they just want them to be there, at the ready. They want their consumer experiences to happen smoothly and automatically. Data is the way to do that. By understanding how your customers think, behave, and consume your product, you can develop data-driven strategies to give them what they want and need, and create those unexpected, joyful, and satisfying moments that will make them stay.
Consumers want an easier way
It looks like “hybrid” will be here for a while. There’s still some fear out there. In many locations, people are still wearing masks, and although FOMO appears to be back, it’s actually FOMO in a gentler, more hybrid form. Consumers want a safer way, a more comfortable way, to interact with brands and products. It’s up to CROs to provide it, and with the help of the three rocks outlined above, you can.
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