Too many companies are still struggling to achieve deep and high-value relationships with customers. As a result, churn, attrition, and high opt-out rates continue to be significant problems. This is especially true among Millennial customers, who expect unprecedented levels of value and personalization from brands.
These findings are based on results from more than 160 VoC research studies our firm, ERDM, has conducted for brands such as Microsoft, HP, MassMutual, Gilt, and QVC.
In response to requests from CMOs, who are understandably frustrated and concerned by these persistent issues, we prepared eight questions to help determine whether your company is truly committed to personalizing the customer experience (CX) and building loyalty.
This article will be presented in two parts. Here are the first four questions, along with some possible answers and action items.
Question 1: What is your company's true appetite for CX and loyalty transformation?
According to Mike Polner, director of product marketing for Five Stars, a mobile loyalty app provider: "The most successful businesses ensure their staff is engaged and understand the value of loyalty."
And according to Jeroen Hoencamp, CEO of Vodafone UK: "Transformation needs to take place both internally and externally. ... Listening to customers and understanding customer value from their perspective will allow customer-centric transformation to take place."
Question 2: Do your fellow execs have a deep understanding of why you are focusing on CX and loyalty?
Brands that have successful consumer engagement strategies put consumer understanding at the top of their priority lists.
Bloomingdale chairman and CEO Tony Spring noted that consumer understanding is paramount in every aspect of the company's marketing. Here are some key quotes:
Additionally, John Gerhardt, senior vice president, creative branding direction, at LVMH-owned DFS Group, noted: "Every person has a story to tell about where their loyalty lies, and we were thrilled to explore that concept ... to celebrate and thank our customers for the immense loyalty they show us. ... We wanted to celebrate the value of loyalty, which is at the core of all these experiences."
Question 3: Do you have the right data, metrics, and segments to measure CX impact and success?
In structuring its loyalty program, Safeway examined many data factors, some of which were surprising. Here is an important note from the agency that structured the program: "You will run the danger of cannibalizing your business by giving rewards to people who are going to shop with you anyway. ... It is better to target your programs mainly to those whose behavior you want to change."
Prior to instituting the program, Safeway surveyed its customers and asked: How much do you spend on groceries every week, and where else do you shop? Answers were combined with the actual spending data to determine Safeway's "share of wallet" and gain understanding of new opportunities that could be uncovered with a loyalty program.
Question 4: Does your staff have the right CX and loyalty skills, and do you have a customer advisory group?
Nick Mehta, CEO of marketing firm Gainsight, noted that having a dedicated customer success team, as well as a group of consumer advocates, is a necessity for building successful loyalty and CX. "The customer success team should be your eyes and ears. ... CS can tell you which users love using your service. ... Many times, users can offer informal advocacy and on-the-ground feedback that decision makers can’t. In addition, there are usually far more users than decision makers."
Part 1 Takeaways
Publish Date: October 5, 2016 5:00 AM
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