Reach3 Insights, a market research platform, has partnered up with Rival Technologies to launch a new customer insights (CI) tool to help brands boost customer retention. The new tool was created in response to the massive shift in America’s changing brand loyalties during the COVID-19 pandemic.
The solution, named “New Customer Experience,” entails a messenger system that allows companies to stay in touch with consumers. The convenient, instantaneous nature of this communication allows companies to gather consumer insights much faster. It is also anticipated to enable companies to more successfully survey the needs and attitudes of their consumers, as well as any changes that might occur in either.
According to research by Rival Technologies, 45% of U.S. consumers has shifted brands during the pandemic.
“The results of our ongoing COVID research clearly show that there were both winners and losers as a result of pandemic behavior changes … This shows how brands that can quickly adapt to evolving consumer routines can steal share even during extreme market volatility,” said Reach3 Insights Founder and CEO Matt Kleinschmit.
Echoing this concern accruing more customers is Rival Technologies CEO Andrew Reid: “New customers are increasingly difficult to secure. The cost of acquisition is skyrocketing. The ability to rapidly engage and retain new customers on mobile is mission critical.”
Being attentive to consumer behavior and retaining existing customers is crucial in CX. This partnership between Reach3 Insights and Rival Technologies is anticipated to take advantage of this flux.