Intoday’s retail world, things are getting really complicated. Any given customer can purchase a product online, through a partner, or in a store. Today’s retail environment demands a business have the ability to capture the voice of the customer everywhere. If a company is not able to take a more personal view of how it interacts with customers, and how those views trend over the recent engagements the company has had with the customer, the business will fail. According to McKinsey & Company, “The future of retail will belong to retailers that can satisfy the customer, wherever he or she decides to shop.”
A CRM that identifies the customer
How can that be done? Think about the different processes companies must have at all of these different touchpoints.
Here are four key essentials to managing the new retail customer lifecycle:
1) Individual Profiles for Customers
Customers are now in control of the purchasing process. Retailers make it a priority to know a customer’s likes, dislikes, and preferred modes of communication–that has to be translated into the service environment. Most retailers rely on a CRM for that, yet in most CRM platforms, there is no mechanism to allow a business to use information in customer profiles or data warehouses in real time, at the moment the customer is interacting with a business.
Many enterprises have the data available, but there is no mechanism to allow them to use it when it is most helpful – at the time of interaction with the customer.
A customer-focused CRM like ENGAGE.cx utilizes contact, preference, location, relationship interest, and history data in real-time to help a firm to identify and best engage with customers.
2) Universal Personalization
The ability to recognize all customers across all channels, no matter who they are or what device they are using, is “Universal Personalization™.“ McKinsey & Company notes that their “research shows that this kind of personalization can deliver five to eight times the ROI on marketing spend and lift sales 10% or more.” With Universal Personalization™, a company can greet the customer based on data and information it knows about the customer in real time, allowing the company to create a more personal relationship with him.
Retailers study the behavior of their customers over time to understand the customers’ intent. This requires the compilation and analysis of data, and more importantly, taking the right actions on that data.
3) Voice of the Customer
Companies have traditionally used surveys to capture sentiment and emotional impact on customer engagement to better understand and incentivize loyalty. But, surveys don’t help companies when the customer isn’t right in front of them. In this digital age, companies need feedback on every engagement so the data from engagements can be tracked over time. Tools like the ENGAGE.cx Customer Value Index are emerging as more reliable, more actionable indexes of insight.
4) The Customer Lifecycle
Understanding where a customer is on her journey with a company is critical in determining if the company’s processes and programs are delivering on a positive customer experience. Creating and indexing the customer lifecycle is possible by identifying customers’ engagements with the business, measuring their sentiment towards the business, and keeping track of their purchases. This accumulation of data throughout the customer’s journey with the company creates the Customer Value Index, a key measure of performance.
The key job of any CRM platform is to help a company manage its relationship with customers. But even more than that, a good CRM needs to help a company tie its systems and touchpoints together to improve the overall customer experience. Sadly, most CRM platforms miss the mark with this critical function. If a CRM platform cannot identify customers across all channels, doesn’t let an organization know where customers are on the customer lifecycle, or allow a business to meet the customer on the customer’s terms, it needs to be replaced.
If you agree it’s time for a new CRM, we welcome you to a free trial of Engage.CX today. Simply fill out the form below to begin.
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