Return on relationship | Ted Rubin | Engati CX
Ted Rubin, leading Social Marketing Strategist and CMO of Photofy shares his valuable insights on the important of Return on Relationship with us in this episode of Engati CX.
Ted is a leading Social Marketing Strategist, Author, Speaker and Provocateur. He’s the CMO of Photofy and sits on various Advisory Boards. Many people in the social media world know Ted for his enthusiastic, energetic, and undeniably personal connection to people.
Ted is Twitter’s most-followed CMO according to Social Media Marketing Magazine; and one of Twitter’s most interesting CMOs according to Say Media. He’s #13 on Forbes’ Top 50 Social Media Power Influencers, and number #2 on the Leadtail list of Top 25 People Most Mentioned by digital marketers.
Return on relationship - A video with Ted Rubin
Return on relationship
The following section summarizes our interview with Ted. However, if you’d like to listen to the full interview, our Spotify podcast is embedded below this section.
What is the concept of Return on Relationship? How do you think it will become more crucial in the post COVID era?
Simply put, Return on Relationship, or RonR is the value that accrued by a person or a brand due to nurturing a relationship. ROI is simple dollars or cents and is easy to figure out.
Return on Relationship is the value that’s perceived or real, that will accrue over time. It’s about building a connection over the years through authentic interactions and engagement.
Return on Relationship has now become more important than ever. Customers not only want more, but they want the best. Today, companies can really connect with people because of the pandemic. The only time we have our customer’s full attention is when they’re looking for customer service. This is our opportunity to market to our customers because now they’re really listening. So, engage with people, reach out to them, to share valuable information. Because if companies back off and stop delivering RonR in a post-COVID world, brand building is over.
How can conversational AI play a key role in building relationships with customers?
Conversational AI plays a valuable part in building relationships with customers, but it’s not there yet. Right now, it can be used as an accessory, or a quick way to get through to somebody.
Nowadays, a lot of companies fail to use it properly. When they want to deploy a chatbot solution, they do so, and then they set it and forget. They don’t want to make their job easier; they want it to become almost obsolete.
We’re not recognizing that chatbots are not for us, but for the customer. It’s to make the customer’s life easier. Simplicity is the new everyday low pricing. If we make the experience easier for our customers, they’ll buy again and again and again. So, when we talk about AI, a line Ted Rubin and John Andrews like to use is:
“Marketing will win when humans control the machines and not vice versa.”
What it means is that we still need to have the human part. We have need to use judgment, we still must pay attention. A lot of the AI that is being used today is without human oversight. It is our responsibility to humanize it.
How can companies go on planning for hyper-personalization with tech by their side?
As companies, we need to realize that when we’re communicating with our customers, we must provide them with a personalized experience. We must remember earlier conversations. We must pay attention to what they’re saying. From there we can understand what their expectations are and make them feel cared about.
What are the key aspects that businesses should keep in mind when building global customer relationships?
Community is particularly important. That is something we need to keep in mind when building global customer relationships. It’s unfortunately ignored by many companies. Communities build trust.
We must remember that networks connect but communities care.
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Return on Relationship - A Spotify Podcast with Ted Rubin
We hope this has kickstarted your interest in Return on Relationship. Engati CX will be back with a new expert in a new episode soon. Stay tuned.
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