By Leonida Kombo,
SACCOs in Kenya over the past few years have gained popularity due to their ability to provide loans at relatively low-interest rates compared to more traditional banking services. However, as more players come into the market, there is a need for SACCOs to become more deliberate in not only attracting more members but also in retaining them.
Customer Experience research has shown that it costs about five times as much to attract a new customer, than to keep an existing one. Delighting your members has a direct impact on your bottom line by increasing your Customer Lifetime Value and increasing word of mouth referrals. Statistically, word-of-mouth referrals tend to spend 200% more than the average customer and make twice as many referrals themselves.
Therefore, SACCOs that want to gain a competitive advantage, scale their business and lower their customer acquisition costs, should focus on getting a 360 degree understanding of their customers. This will not only help them understand the current needs of their members but also enable them to anticipate change ultimately improving their odds of increasing their revenues.
It goes without saying that customers are dynamic, their needs are constantly changing and are often influenced by changes in other sectors as well. For instance, younger demographics are more inclined to using mobile technology and their expectations are growing based on the implementation of the technology elsewhere. Designing your business around your members’ needs starts with having a good understanding of your customers and making decisions based on customer data.
Ajua, Africa’s first Integrated Customer Experience company has worked with SACCOs to help them capture highlights of their members’ experiences at the points that matter most to them with Ajua 360. Recently, Ajua launched Insight Studio which provides businesses with actionable data to help them create informed customer-focused strategies. With consistent use, SACCOs will be able to increase their revenues by creating personalized experiences for their members, increasing their productivity and reducing costs by taking the right actions across their organizations.
Ajua is Africa’s first Integrated Customer Experience company for businesses on the continent. We exist to bridge the gap between businesses and their customers. Ajua’s technology integrates with businesses at the points that matter most to their customers to measure and optimize their Customer Experience. Our plug-and-play platform has enabled leading brands of various sizes and industries on the continent to create actionable strategies that drive business growth.
Ajua officially rebranded from mSurvey on July 31st, 2019 to reflect our growth, ambition and African Identity in our corporate brand.
To learn more about Ajua and Integrated Customer Experience, please contact the Marketing team at [email protected] or Leonida Kombo – Content & Communication Manager, Ajua | [email protected] | +254 726 024 751.