MANAGING in the

NEW WORLD

Customer Engagement

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

The world of business, especially retail, is littered with several catchphrases to be used during regular transactional conversations. Yet, a lot of them have lost their relevance with time, and need not be appropriate in all situations. And that is whya study was organized to understand the words and phrases still much in vogue. First of all, the communications must appear to be human. People are fed up of catch lines, especially now in the era of chat bots. Instead of always representing the team, the communicator, might as well speak as an individual. Studies have suggested that individuals who mimic the language of the other, tend to be trusted a lot more. Linguistic mimicry creates customer alignment. Corporate training programmes must be organized to build this entire process, beginning with the employees’ ability to first relate to the customer. Once this is set, one must take charge and provide a solution. Its always advisable to be specific during such conversations, rather than beating around the bush and deviating from the main matter on hand.

Source:https://hbr.org/2018/10/the-words-and-phrases-to-use-and-to-avoid-when-talking-to-customers

Uploaded Date:06 February 2019

Several of the DTC (Direct to Consumer) brands are disrupting the traditional dominance of the top legacy brands in the organized retail space. Examples of this includes Casper, the Dollar Shave Club and Warby Parker, besides more. These brands are heavily utilizing the power of digital marketing, not only for advertising, but also to enhance the overall customer experience. Legacy brands on the other hand are improvising their game, by appointing a Chief Experience Office. This post is different to the traditional CMO’s (Chief Marketing Officer) role. It also includes parameters on grown, user experience and innovation. Industry incumbents such as Marriott, Master Card and Met Life have already taken this step.

Source:https://www.businessinsider.in/DTC-brands-are-shaking-up-retail-by-providing-great-customer-experience-heres-how-big-brands-like-Mastercard-and-MetLife-are-fighting-back/articleshow/67526313.cms

Uploaded Date:25 January 2019

Pet supplies company Chewy, recently demonstrated a gesture through an email, which can be considered the benchmark when it comes to customer service. One of its customers was unhappy with a kind of litter for her pet cat, which she voiced out on the review site. To this, a beautifully constructed email was sent out by the customer service team. The mail itself may be divided into three parts. At the beginning, the problem is solved because Chewy offers a refund without even being probed on to do so. In the middle, the company showed its commitment by going further. It suggested other litter options for the cat, which could be better suited, given the description the customer gave on the review. Right at the end, the email forged a connection with the customer, by showing its love for the pet. The cat was even called by its name. The customer was so happy, with this gesture, that she ended up sharing the screenshot of the entire mail on her Twitter handle. Chewy’s digital marketing was thus done, simply by ensuring that a happy customer, became thoroughly loyal.

Source:https://www.forbes.com/sites/dangingiss/2019/01/16/this-pet-supplies-company-just-wrote-the-best-customer-service-email-ever/#1a905f0ae776

Uploaded Date:22 January 2019

It has long been known that brands that cater to the emotional needs of the customers, tend to have a lasting impact. But new business research conducted by a team of professors from four universities including Wharton, states that the kind of feelings also matter now. This holds particularly true thanks to the younger generation’s needs to align brands of their choice with their personal values. TOMS and Warby Parker are examples of such conscientious brands. There has to be the right fitment between the brand and the cause. Marketers must remember that such positioning is not related to self- pride or satisfying personal needs. This is specifically true when it comes to luxury brands, as these brands are the exact opposite of the social needs being spoken of. A lot of this has been rested at the Wharton Behavioral Lab. Strong social benefits also evoke the sense of awe, which is the most powerful feeling when it comes to brand marketing.

Source:http://knowledge.wharton.upenn.edu/article/brands-emotional-connection/?utm_source=kw_newsletter&utm_medium=email&utm_campaign=2018-11-13

Uploaded Date:10 January 2019

Most marketers have long realized the importance of key touchpoints to woo customers. But this goes against the grain of the modern thinking that aims at securing the entire customer journey. The former approach is siloed, while the latter is holistic. It also includes the post- sales servicing. This aspect gets heightened importance in the present hyperconnected, multichannel market. The complexity in the digital marketing process increases with the higher number of touchpoints. For this to succeed, marketers need to understand how customers browse through and search information from across channels. The needs of the customer need to be predicted well in advance using real- time business intelligence, aided by analytics tools. The gaps in the process and further opportunities need to be clearly defined and addressed. Once the root- cause gets fixed, the customer journey may get redesigned. The customer satisfaction is then aligned with the consequent willingness to recommend.

Source:https://www.mckinsey.com/business-functions/marketing-and-sales/our-insights/from-touchpoints-to-journeys-seeing-the-world-as-customers-do

Uploaded Date:10 January 2019

Some methods have been identified to help track the customer experience. To start with, an achievable first goal needs to be selected, so that the start is gone, leading to a general boost in efforts. A methodology needs to be devised which will draw the exact measurable metrics against which the performance will be evaluated. The entire system has to be built around this basis so that there is complete integration between the data points and the processes. Once the process of data warehousing is completed, it all needs to be analyzed using these measurable metrics. This performance measurement can be divided into three categories which are- indicators, outcomes and the performance.

Source:https://www.forbes.com/sites/forbesagencycouncil/2018/12/26/how-to-start-measuring-your-customer-experience/#2b3062877db3

Uploaded Date:31st December 2018

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