As we enter the second half of 2021 and continue our foray into the “AC” era (after Covid), it’s possible and even prudent to look back on some of the trends and lessons learned during the pandemic as a primer for how brands need to react quickly and pivot strategically when outside circumstances call for speedy maneuvers.The pandemic highlighted the need to listen to and encourage feedback from consumers in order to regularly meet current needs and predict upcoming trends.This need to always have an “ear to the streets” isn’t going to change now that Covid is waning; in fact, recent consumer studies indicate that in order to create true customer loyalty and boost engagement, it will be crucial for brands to adapt to a strategy that both personalizes the customer journey and promotes messaging that reflects the current lifestyles and values of their customer base.What challenges and opportunities should customer loyalty and engagement specialists consider as they plan for 2021?Here are five key trends to keep in mind: Mitigating Risk Via Omni Channel OfferingsThe pandemic forced consumers to patronize brands and stores that took safety seriously and implemented protocols and options that reflected that commitment.Social ConsciousnessMore and more, today’s consumers are factoring in larger ideals (e.g., community involvement and sustainability) when they decide what and where to buy.And callout – or “cancel” – culture means brands are held publicly accountable for their decisions.Socially conscious decisions can be good for society and your business.
The digital revolution we have been experiencing the past 25 years has been a fast and furious one.Changes in what we sell, how we sell it, and especially the way we market to customers seems to be an ever-evolving chase to master search engine algorithms and keep up with educated, savvy consumers who have a growing multitude of choices and stated preferences to satisfy.Through all these many fluctuations, some basic marketing principles have emerged all of which surround one focused idea: getting and keeping a customer means ensuring they have a positive, personal, and consistent experience every time they interact with your brand.This ideal has brought about a major shift from an once product-dominated economy to the dawn of the platform economy.For proof of this, look no further than the once (and not so long ago) must-haves like Blackberries, HP calculators, music CDs and CD-ROM copies of video gamesthat have now become obsolete in the world of streaming an platforms.Research indicates that to win the business and long-term loyalty of modern consumers, brands must provide not just a great transactional interaction, but one that is personalized to their needs, goals, and preferences and one that is consistent across all brand touchpoints.To do that right, you need data.Data-driven platforms like Group FiO’s Insight Marketing Platform provide brands with deep data that empowers them to give customers what they want from today’s eCommerce world.
And what’s more, building real brand loyalty means you need to be the business that gives it to them.Modern-day consumers anticipate they will be able to view your products online, download exclusive offers to their phone through your loyalty program while they browse in your online or brick-and-mortar store, and then be able to boast about their purchase on their Instagram feed before deciding that in the end, they prefer the green sweater over the red, and enjoy a nearly effortless return and exchange experience.While most competitive brands realize the need for an omnichannel strategy, a significant number stop short of developing a plan to maintain a consistent brand image across all channels.A recent McKinsey Research study found that many brands like The Gap, Williams Sonoma, and Crocs – brands that once seemed to have the corner on brilliant marketing strategy sewn up just a few years ago – are now falling short of creating a fully cohesive omnichannel experience, and the fractures are showing in revenue.So what defines a top-notch omnichannel experience in modern commerce?How can you avoid some of the bumps in the road on which other brands are stumbling?Here are 3 of the most important areas on which to focus your attention, and some tips on how to build a unified, high-performing omnichannel experience that boosts both customer experience and customer loyalty.The 3 C’s: What Makes Great Omnichannel Experience ConsistencyMaintaining consistency is extremely important when implementing an omnichannel strategy.Creating experiences based on a unified brand presence is part of building a strong brand your customers both recognize and understand on all your brand touchpoints.As we discussed earlier in the article, with today’s hectic schedules and busy lifestyles, consumers rarely complete a purchase during the same cycle in which they first began shopping, and infrequently finish a purchase using the same device or access point where they first began shopping for your products.A decision to shop for new running shoes often starts on a smartphone, gets comparison shopped on a tablet, gets put into a favorites list on a laptop, and then gets purchased in your store once they’ve tried on the shoes to verify fit and style.Therefore, if you’re not offering a satisfying and similar level of service and satisfaction across all those touchpoints, chances are, you will lose that purchase somewhere in the mix.
It seems the artist was getting ready for a show in Chicago, and upon hearing about how much Floyd had loved her painting, decided to offer it to her at a discounted price before taking it with her to the art show.No doubt, that is an example of a great, personalized customer experience.Even for businesses that have more structured sales cycles and processes, developing the strategies that provide a better customer experience and then tracking it to ensure their efforts are working can be a daunting proposition.While strategizing about customer experience is becoming more and more mainstream, there is still significant debate as to what are the best KPI’s for measuring an improved customer experience.With so many different metrics available, there is still a ways to go before organizations can standardize both the concept and the measurement tools to improve it.Until more standardized measurements are adopted, here are some measurements to keep in mind when tracking your CX strategy success.Analyze Customer Journey AnalyticsTo truly assess your customer’s journey, you’ll first need to have a journey map that presents you with an accurate picture of how a lead or customer experiences your brand.Additionally, a customer journey map will help you understand all the touchpoints a customer experiences on their journey.
“The customer is always right.”Although this is a phrase that has been a staple of business for decades, in this era of customer-focused marketing, it takes on both new shape and importance.We are living in the age of the smart consumer; they know what they want, and they also know that if one business doesn’t provide it for them, there’s likely many others just a mouse click away that will.The crowded marketplace means that customers are less likely to remain loyal to one brand, and the advent of social media has also empowered consumers to share both positive and negative brand experiences online.E-commerce has provided customers with a plethora of opportunities and choices sitting right on their smartphone, which can be a positive for businesses who pay attention to their customers’ needs and a drawback to those who aren’t using customer data to empower their marketing strategy.According to a recent study published by McKinsey, businesses’ use of analytics to create a competitive edge in customer experience is only at 32%.This demonstrates the issues that many businesses are having in trying to apply data in a universal, transactional way across their entire organization.Great customer experiences lead to higher retention rates, increased brand loyalty, and bigger customer lifetime value (CLV).Improving customer experiences can seem like a straightforward task, but unless you base new tactics and strategies on tools like zero-party data, you might be putting in effort and resources in the wrong places.So, what are some RIGHT ways to use data analytics to improve customer loyalty?
If you need proof of the impact that millennials are having on the food and beverage industry, here’s a story that might provide it for you.A lifestyle reporter for the Washington Post hosted a holiday party for her spouse’s employees at his law firm (pre-Covid, of course.)As most of her husband’s staff attending the event were comprised of millennials (those born between the years of 1981-1996), she wanted to ensure she had a liquor and beverage selection that would be commensurate with their tastes and preferences.She texted a new associate attorney she’d come to know, a 30-year-old graduate of Georgetown’s prestigious law school, for ideas of beverage selections she should put on the list for her shopping expedition.First, he told her, there’s no need to go physically shopping for the supplies.Second, he informed her, you’ll want to make sure anything you buy has the “ethically bottled and sourced” stamps of approval, because nearly everyone he knew at the firm only consumes beverages they know have been humanely distilled and prepared.And finally, “oh and you know, make sure it looks good, too.”“Looks good?” she thought.So, you know, more upscale looking bottles and labels, that sort of thing,” he offered.Whereas past baby boomers tended to drink the most dominant brands of liquor and beverages and Generation X drank whatever was cheapest and easiest to purchase, the mysteries of the millennial generation and how they choose to allocate their purchasing power continue to both abound and astound the food and beverage industry, not to mention all the rest of the population.
We know you’ve been hearing A LOT about the vital importance of customer data and using it to maximize your CX and customer journey; in fact, you’ve probably heard so much about it that you could find yourself stuck at a point of trying to determine the path between where you are now and where you know you need to go.Keeping up with all of the innovations and advice on creating a seamless, sensational customer journey can be somewhat daunting.Having a road map that points you on the right road with some clear, implementable insights can maximize your CX efforts, and help you optimize and influence the end-to-end journey of your customer.With this in mind, here’s four solid fundamentals to begin working on now:Build One 360 View of Your CustomerCreating one unified view of the customer is essential, and best-in-class organizations start building their customer journey optimization process by building a fully dimensional view of their customer through data insights.By building a single, comprehensive customer view, you are better able to understand how the purchases, screen times, interactions, and behaviors of your customers will drive future actions.You can therefore target them more effectively with the most appropriate messages at the most optimum time.This insight helps sales and marketing teams partner together and produce more resilient strategies and effective campaigns, boosts the quality of every engagement, and helps you craft relevant content that resonates with the customer agenda.Once this 360 view has been designed, it’s crucial that it is shared across all your business stakeholders, so they not only understand the customer, they also know their role in optimizing the customer journey.Additionally, by implementing artificial intelligence (AI) technologies and utilizing prescriptive analytics, organizations now have the ability to cut through copious amounts of raw data generated every day – from corporate information, social media, shopping cart behaviors, research trends and influencer opinions to build a holistic knowledge of the customer.Turn Data Insights into Data ActionsJust collecting or having customer data itself isn’t useful; it’s what you ultimately can do with it.Emerging capabilities in data analytics, data modeling, and artificial intelligence are now empowering your customer insights by interpreting data and directing action, which can fundamentally disrupt and improve the way you engage your clients.So how does empowering your data to improve the customer journey?Here are just three basic, daily routine examples:Lead generation – Gaining an understanding of experiential factors from a ‘tire-kickers’ data provides your sales team with significantly more targeted and accurate sets of measures and triggers that can be used to perfect lead generation and sales execution.Demos – Having the right insights at the right time can make all the difference in a demo, augment sales calls, or hold the attention of everyone on the Zoom call by demonstrating you know what they want and how to get them there.Boost Cold Call Opportunities – Utilizing an insight trigger such as a news story about a customer or knowing about a change up in their product line can be the catalyst that makes a target client receptive to a call from your sales team that illustrates at just the right time how you can solve their pain points during a time of transition.Know more about Optimize the Customer Journey please visit our blog : https://www.groupfio.com/4-proven-ways-to-optimize-the-customer-journey/
That’s nearly four workdays per month.Weather data is manually input or automatically aggregated, CRM data can be compromised of errors, duplicates, and irregularities.When AI and automation are used in tandem, businesses can empower sales and customer service teams, and exceed customer expectations – providing favorable experiences that create and sustain loyalty.CRM systems that leverage AI allow businesses to predict and deliver a targeted course of action and experience.Have you ever wanted help from someone but didn’t want to ask for it?Imagine waiting in a line at a store to pay, but when you finally reach the cashier, you’re met with silence.Based on the behavior of waiting in a checkout line and presenting the cashier with unpaid product(s), the customer need is obvious.Unfortunately, such clear scenarios are aren’t usually presented.“Using AI and automation to win new customers and reduce customer churn.A great CRM should allow you to intelligently interact with your past, present, and future customers.
Precise Data and Creative Strategies Ignite EmotionIt’s easy to get lost in the linguistic maze of marketing jargon.Terms like data, strategy, analytics, and more tell superficial stories.Explanations often lack the context that helps people understand the conversation.This can lead to a breakdown in communication between marketing and stakeholders – ultimately resulting in subpar campaign executions, lackluster customer engagement and poor conversions.Let’s take a closer look at how to use exact data and creative strategies to develop customer journeys that ignite emotion.An emotion being positive or negative does not necessarily determine whether the outcome will be positive or negative.UpsetThis can happen at any point in the customer journey.An unmet expectation about the product or service and failure to resolve it to the customer’s satisfaction can ignite anger.Depending on the situation, anger could also inspire a client to do business with you.
Sustainable loyalty requires businesses to continuously nurture their customer relationships.
The way to a person’s emotions is often through personalization.
McKinsey found “executive teams that make extensive use of hyper-personalization and predictive analytics to influence their business decisions [will] see a 126% profit improvement over those who don’t.
A business marketing a $100 bottle of wine won’t have much success if their messaging targets backyard barbecues, however, an everyday beer can see great conversions by enhancing everyday activities.
A beer is not just a cold drink to go with dinner – but it could represent the end of a long day’s work.
The main goal of loyalty programs is to increase customer retention.
Recently, we asked the question, “what should you know about your customers?” We shared that hyper-personalization designed by using a combination of historic and real-time data helps you provide better-personalized recommendations with higher conversion rates.This provides your customers with added-value and leverages the fundamental ideas of Customer Value Models (CVM).Understanding value versus price.Imagine traveling across the country to give a live seminar to a large group of people after spending two months developing your presentation.If your $1,000 laptop housed your presentation, and was lost at the airport – how much would it cost to replace?Who cares, right?It’s important to consider that customers have price caps – a limit on the total price they are able or willing to pay, despite total value.Here are two ways that businesses are effectively using CVM to accelerate success.Improved Development.When we focus on benefits, rather than features and functions, value increases.
Salespeople and marketers are striving every day to gain control of their markets and out-think the competition.Data analytics is at the crux of that competition.When we’re surrounded by data to help us tread through all of our objectives, what can we do to work more efficiently, spot trends quicker, predict outcomes better, and make the right decisions?The right strategy will enable your organization to stay ahead of competitors, but only if you can see what’s coming before your rivals do.Moreover, data-driven marketing will place your customer at the center of all of your efforts – engaging them in the way they want, when they want, and about what they want.The Case for Zero-Party DataNearly everything your target customers do online is tracked somewhere, somehow.Zero-party data is ethically-sourced information that consumers have “opted-in” to sharing with the brands they like and interact with on a regular basis.
Hyper-personalized experiences must be meaningful.It’s more than telling your customer, “Hey, we thought you might like this.” There has to be a why.Simply, hyper-personalization drives sales.Get to know your customers beyond their first name.Providing a hyper-personalized experience for customers saves them time and converts sales.This is particularly important in the online space.Whether you are delivering an email campaign, running retargeting ads, or offering an incentive, developing a deeper understanding of your customers wants and behaviors is a win-win.In a brick-and-mortar store, a customer may browse around looking for a specific product.
When it comes to creating a conversion-centric customer experience for your brand, there’s no room for error – especially when so many people have grown accustomed to working, shopping, and connecting via digital mediums.Today’s consumers are smarter, more connected, and more used to digital marketing tactics than ever before.With Forrester predicting that only 25% of brands will see significant advances in customer experience, marketers are faced with an important question: what do your customers want from your brand?These are our top five recommendations to consider when building a data-driven customer experience.What your customers want:Hyper-Personalization: If you think personalization just means using your customer’s name, it’s time to up your data game.Data insights give you what you need to develop individual profiles for each client and begin utilizing the kinds of personalized messaging consumers have grown to expect.A Relationship with Your Brand: Building from hyper-personalization, consumers want to feel like their favorite brands really “get” them.Who they are, what they like, how they like to connect, what they need, and more can all be available to you with zero-party data.
Have you ever done a web search for a new item, for example a toaster, and then notice that you suddenly see ads for toasters everywhere you look?That’s data analytics and hyper-personalized marketing at work.You’d be surprised at how easy it can be to access customer data points that can help you build a picture of who your client is – their hobbies, their shopping habits, their pets, and more.Using this data not only helps you build a better, more accurate customer persona, but it also helps you relate to your customers on a one-on-one basis.Consumers are now used to seeing this kind of marketing, so when they DON’T receive communication from you in a hyper-personalized way, you risk turning them off to your brand and losing a sale.Meanwhile, data-savvy competitors will be there to pick them up where you leave them.Here are the main tenets of running a data-driven marketing program: 1.SegmentationSegmentation involves understanding who your customer is, such as age range, location, shopping habits, or product usage – and grouping similar data together.Ultimately guiding you on which segments to avoid and which to focus on to maximize profits.This information enables messaging that resonates with each demographic or geographic segment.
According to information from Forrester Research Analysts, prescriptive analytics for B2B/B2C companies is overtaking predictive analytics.Data revealed at Forrester’s Virtual Data & Insights Forum, October 13–15, 2020, 93% of firms are operating WITHOUT insights-driven practices.The same research claimed that just 49% of all business decisions are being made based on quantitative information.This presents a problem for a variety of reasons.How can your firm overcome bad decision-making?Predictive analytics provides you with raw data so you can build your own plans and actions, while prescriptive analytics does all of the work for you and provides actionable options.Shifting through the vast quantities of data you have with human analysis is not practical or possible within a reasonable timeframe.But marketing decisions must be informed quickly to enable you to take corrective actions when needed.Prescriptive Analytics gives consistent recommendations on what to do next.Your decision-making is validated, not replaced when using prescriptive tools.
According to information from Forrester Research Analysts, prescriptive analytics for B2B/B2C companies is overtaking predictive analytics.Data revealed at Forrester’s Virtual Data & Insights Forum, October 13–15, 2020, 93% of firms are operating WITHOUT insights-driven practices.The same research claimed that just 49% of all business decisions are being made based on quantitative information.This presents a problem for a variety of reasons.How can your firm overcome bad decision-making?Predictive analytics provides you with raw data so you can build your own plans and actions, while prescriptive analytics does all of the work for you and provides actionable options.Shifting through the vast quantities of data you have with human analysis is not practical or possible within a reasonable timeframe.But marketing decisions must be informed quickly to enable you to take corrective actions when needed.Prescriptive Analytics gives consistent recommendations on what to do next.Your decision making is validated, not replaced when using prescriptive tools.
Group FiO offers an intelligent CRM (iCRM) it helps businesses and retailers become more customer-centric, as they can determine their customers’ demands and wishes.To Use our iCRM platform, retail businesses can run targeted segmented marketing campaigns based on specific customer characteristics like region, preferences, gender, purchasing habits, and more.The results will improve customer loyalty and retention.A more personalized customer experience creates a better, stronger, and loyal relationship with a brand.Retail brands are now able to use improved analytics for the better growth of their business.The FiO iCRM enables the retail world to help consumers feel more connected, mobile, social, and it opens the doors for more opportunities.Know more please visit here: https://www.groupfio.com/industries-retail/