MANAGING in the

NEW WORLD

Customer Engagement

Shopping is getting more convenient for the customers, while retailers are now being able to offer more personalized offerings. All this is getting possible, thanks to the judicious use of Artificial Intelligence (AI). This is also enabling retailers to finally programme their entire fleet with a customer- centric approach. One such offering is Personality Insights, developed by IBM’s Watson. Due to the enormous data warehousing taking place, retailers are now able to identify which customers to target for what kind of products. Advertising spend can now be better targeted to the right segments. AI also allows retailers to provide recommendations, based on the individual profile mapped out. Buyer personas are created in this manner. Global cosmetics giant Sephora has aced this value chain. Its chat bot interacts with people, using AI, to propose solutions to the customers’ needs.

Source:https://sloanreview.mit.edu/article/customer-centricity-in-the-digital-age/

Uploaded Date:24 June 2019

Some strategies have been uncovered which will help brands ace the Customer Experience (CX). First of all, companies need to recognize the importance of time for the customer. To this end, ING Direct France, has been extremely proactive. Aviva France has gone one level up by introducing easy methods to pay. Digital marketing tools need to be used to make sure the customer feels connected, but not overwhelmed. In this way, as real estate firm Nexity did, customers get the assurance of support, but the constant over- arching presence of a seller. Guerlain which is a perfumer, is making use of Google Assistant to directly answer customer queries. Self- service tools also need to be brought in to the main fold. Stories need be shared with customers as this will apply the human touch to the brand. Collaborative work can be done as shown by Fox Not. The entire experience needs to be personalized as done by Accor Hotels. Customers could be provided sampling options before they buy, as Decathlon has done so well in Canada. For this, real- life simulation can be one of the most practical ways.

Source:https://www.forbes.com/sites/shephyken/2019/05/26/ten-customer-experience-cx-strategies-to-amaze-your-customers/#5ae4ae4027ee

Uploaded Date:08 June 2019

Among several sectors experiencing a transformation, it is banking that is right at the centre of this change. They need to work in an environment of strict regulation, newer competitors and fickle customers. Transforming the customer experience is now a key tenet all working on. This is proving to be an equally potent force as an efficient process or even a superior product would do. Newer companies are joining in to this bandwagon, such as Amazon Cash, Alipay and Facebook Messenger P2P. The transformation programme needs to be durable in the medium to long run. Customer experience needs to be aligned to value. Talent recruitment must be geared towards building a cross- functional team, but with the backing of the top leadership. The customer needs to be at the centre of all this transformation. Agility is a must to ensure scalability.

Source:https://www.mckinsey.com/industries/financial-services/our-insights/managing-a-customer-experience-transformation-in-banking

Uploaded Date:07 June 2019

Marketers are now trying to place themselves across the customer’s touchpoints. This customer journey actually starts much before it was thought of. Traditionally the start has been attributed to the awareness stage. But the CMO for G2 Crowd believes in otherwise. Interaction must be increased at each stage of the funnel. That is why marketers need to up their game when it comes to content- driven digital marketing. Even those not directly buying in to anything, can be engaged through the constant dissemination of relevant content. The company then launched a ‘Learning Hub’ to help curate solutions for startups. This idea took off. The content marketing thus needs to be aligned with the journey of the potential prospects who may be looking to buy the product.

Source:https://knowledge.wharton.upenn.edu/article/when-does-the-real-customer-journey-start-earlier-than-you-think/?utm_source=kw_newsletter&utm_medium=email&utm_campaign=2018-10-18

Uploaded Date:07 June 2019

For an unimpressive customer experience (CX), technology or the lack of it is often blamed. However, it is imagination that is actually more crucial. Technology is already out there, it merely needs to be applied the right way. Such views were further propounded at the recent CXO Talk. Most companies today have access to enormous quantities of data warehousing, so it is all about using it wisely. A recent book titled Matching Supply with Demand highlights these issues. The book has been co- authored by Nikolaj Siggelkow and Christian Terwiesch. New ways of thinking need to be embraced by the respective companies to ensure the generation of innovative ideas.

Source:https://www.forbes.com/sites/joemckendrick/2019/05/29/lack-of-imagination-not-technology-holds-back-superior-customer-experience/#5b10df357b55

Uploaded Date:04 June 2019

Customer service has historically been viewed by most companies as a cost centre. So, many have tried cutting down the costs on it. Virtual agents are one key example of this trend, where companies are saving on having to go for talent recruitment. Instead, technology is helping reduce the costs. A study however has confirmed that this belief is incorrect. The biggest gain of virtual customer service is to enhance the customer experience. Another observation is that these virtual agents most improve when paired with humans, and not replacing them. They can work together as humans can resolve problems with empathy, while bots can assemble the entire data warehousing, to be later used for analysis. Human agents’ time may be saved when using these bots. Human agents even become smarter and more efficient as a result. Human supervision will only further enhance their effectiveness. Human beings can now be freed to dedicate their time towards more interesting challenges. Thus, a human- machine collaboration has to be the new norm.

Source:https://sloanreview.mit.edu/article/the-future-of-customer-service-is-ai-human-collaboration/

Uploaded Date:04 June 2019

Human beings remain so successful as a specie primarily because of our ability to develop networks. This ability is further playing out in the present business scenario. Customers are increasingly more impatient now and do not mind churning out old loyalties. That is why the term Return on Investment (ROI), is increasingly being taken over by the Return on Experience (ROX). It is a more customer- centric phrase. ROX also highlights the behaviours that are delivering better experiences- both physical as well as online. The latter has a huge role to play in ensuring that the digital marketing measures get successful. A report submitted by PwC, titled 2019 Global Consumer Insights Survey, highlights the need for the alignment between the ROI and the ROX. Social media ads are increasingly an essential part of this.

Source:https://www.strategy-business.com/blog/ROX-Is-the-New-ROI-Prioritizing-Customer-Experience?gko=68aba

Uploaded Date:15 May 2019

One of the areas which is seeing substantial business innovation, is in customer experience. One of them is exemplified by a gourmet chain called Momofuku, which has launched in New York, its first mobile- only restaurant, called Ando. Another is a companion bot known as Endurance which connects best with patients suffering from Alzheimer’s. Ink hunter app lets customers try tattoos before the actual process. L’Oréal’s NYX provides virtual beauty advisers. GE’s Healthymagination enables customers to be immersed in global healthcare. Convenient customization is also offered by Levi’s. Lost customers may get tracked using Lowe’s Vison In Store Navigation app. Chinese kiosks such as Ping An Good Doctor are replacing human doctors using AI. Insomniacs may not be helped to fall asleep using a chatbot called Insomnobot- 3000, developed by Casper. Lifestyle brand Refinery 29 has developed an app called 29 Rooms to showcase its brand.

Source:https://www.forbes.com/sites/blakemorgan/2019/04/15/10-fresh-examples-of-customer-experience-innovation/#daca6d17d3a4

Uploaded Date:13 May 2019

In order to support the best of customer experience, some metrics have been identified to help along the way. These metrics may be divided into the operations ones, subjective, behavioral and business metrics. Marketing Qualified Leads (MQLs) which give way to Sales Qualified Leads (SLQs) fit the bill for the last mentioned, in business metrics. For the behavioral metrics, objective data warehousing needs to be done at both the micro as well as macro levels. Subjective metrics include the Net Promoter Score (NPS). This needs to be get tracked on a year- on- year or even quarterly period. Operational metrics help across channels, irrespective of the department. For the right business analysis on this, the data set needs to get categorized, in order to make it trackable.

Source:https://www.forbes.com/sites/forbesagencycouncil/2019/02/20/four-types-of-metrics-that-support-great-customer-experience-measurement/#74dcb1cd26c7

Uploaded Date:27 February 2019

Online channels have invariably become the main source of communication between sales or service agents with customers. They have fast replaced or complemented, depending on the industry, voice- based or face- to- face interactions. This digital communication includes social media, websites, live chat, texts and email. One aspect they lack in however, is non- verbal expression. Body language and deep engagement just cannot be conveyed properly through this. Thus, it become even more imperative that these agents use the right words. Apple, for instance has a proper policy document highlighting words and phrases that may or may not be used, depending on the circumstance. This sales or service agent is often the most visible source of digital marketing for a company. So, this has to be tackled sensitively.

Source:https://sloanreview.mit.edu/article/how-should-companies-talk-to-customers-online/

Uploaded Date:27 February 2019

Some customer experience lessons have emerged out of Tesla’s dealings. The first obvious point in relation with the automobile company, is that loyal customers are naturally forged thanks to a good experience. The brand concerned needs to own the entire customer experience, across crucial touch points. Whatever the process, one must not forget the pulse behind the end goal and mission. The entire customer journey needs to be designed with care. This will enable the brand to gauge authentic business intelligence on how it is perceived, so can take adequate corrective steps. Honesty and transparency need to be displayed in regal colours. This experience is perhaps even more important than the final product on offer. The entire communication from the brand, especially through its digital marketing channels, need to be consistent. Customers must view the brand as accessible. Digital has to be the way forward. This even includes self- service options, something that the younger generations are very keen on.

Source:https://www.forbes.com/sites/blakemorgan/2019/02/06/10-customer-experience-lessons-from-tesla/#1fd855d16347

Uploaded Date:16 February 2019

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