Targeting The Smallest Marketplace In The World

Posted by on Oct 16, 2014 in Customer Experience Management | 0 comments

The biggest brands in the world are all now setting their sights on the smallest marketplace in the world, the marketplace of one. With the development of Customer Experience Management, large companies are turning to CXM systems with the aim of treating each and every customer as a unique market, and by understanding each customer, their marketing can then be tailored to appeal to and ‘wow’ each and every individual.

By analysing a customer’s order history, you can begin to anticipate their order future. When combined with insights gleaned from the analysis of ‘big data’ it allows large companies to give their customers a tailored service, where often they seem almost able to predict other products or services the customer would also like, which at its very best almost knows their future needs, and as importantly seldom delivers to them information which is irrelevant or of little interest.

Big data analysis allows companies to see for example that of all its customers that ordered product A and product F, 30% went on to order Product Z, and therefore Product Z might be pro-actively suggested to the remaining 70% that ordered A and F since a significant trend was detected. This of course is a very simplistic example, and in reality the data might yield much more subtle trend information that can be used.

Coupled with analysis of customer data is seeking VoC (Voice of the Customer) as often as possible, and from as many touchpoints as they are able i.e. their website, call centres, stores etc. The implementation of a customer feedback scheme is now viewed by many big corporations as imperative and an integral part of CXM, and its importance is also increasingly being seen by SMEs seeking to really get to know their customers.

An effective feedback scheme allows companies to understand the ‘mood’ of their customers, and see where the CX has fallen short in the eyes of the customer themselves. Since they are usually closed loop feedback schemes, they are also used to be pro-active and perform customer rescues as required.

With the exception of new business or product launches, the days of fixed message mass marketing campaigns from large companies seem set to diminish. Technology is now beginning to allow them to be replaced by marketing tailored to the individual but at volume, leading to a massively increased ROI since the information being received by each customer is more relevant, and more likely to result in a take-up.

Order History2

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Feel Your Customers For Success

Posted by on Oct 1, 2014 in Customer Experience Management, Customer Service, Feedback | 0 comments

Small businesses now look set for their biggest challenge yet, having survived thus far in the face of supermarket giants expanding and discounting into a range of non-food markets such as books, clothes and even car tyres, and then also competition from global online retailers such as Amazon. This latest test from large organisations is in their deployment of the latest advanced CXM (Customers Experience Management) systems to deliver an amazing customer experience.

As we move into the new age of the customer, driven by CXM, we’re fast leaving behind a time when a business could merely pay lip service to customers care, when a call to customer service involved them being passed from advisor to advisor, and being put on hold so many times that a week later the customer still found themselves humming the hold music.

Social media has given a vast audience to any customer left disgruntled by a service or product, meaning a hard earned reputation built up over years could be shattered in no time at all. More than this a new breed of organisation has emerged that has done the simple maths, and realised that moving a marketing budget across to CX (Customer Experience) is in fact the best way to attract new business, listening and reacting to customer feedback, marketing to the individual, and then using the word of mouth generated after ‘wowing’ their existing customers to grow their business, and of course in turn, vastly reducing the churn rate of previously dissatisfied customers too.

To compete in terms of customer service in the years to come, SMEs must leverage the one advantage to their size, that being the staff and owners in the business can really get to know their customers on a personal level, and building real relationships with each. Further to this using a feedback scheme will be essential to act as a barometer in terms of how customers really feel about their business at any given time, running throughout the lifecycle of the relationship with the customer. The customer isn’t always right, but should be made to feel they are, and any business failing to listen to their feedback scheme and focus on how their customers feel, will find they gradually fall behind in this the new age of the customer.

The customer isn’t always right

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