Date post: | 16-Aug-2015 |
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The Most Strategic ThingRETAILERS CAN DO
Mike Debnar Founder and [email protected] (972) 741-2702@redregatta@mdebnar
Speakers
Russ Haswell Vice President & GM, [email protected]
Company Profiles
Our goal is to help companies accelerate innovation by providing consulting and product development services.
Retail Expertise - We help our clients apply innovation and technology to retail.
Product and category development - We help our clients find new product categories and business models, capitalizing on networks that connect online to offline business models.
Medallia was started in Silicon Valley in 2001 on a simple premise: companies could leverage the power of the internet to improve the experience they deliver to their customers.
Today, we are the fastest growing company in our space — over 50% in each of the past two years alone — and we’re working with the most revered companies in the world to redefine what great customer experience means.
Exit, Voice, and LoyaltyAlbert Hirschman - German Economist
Wrote Exit, Voice and Loyalty in 1970 while teaching at Harvard.
The idea is that all firms deteriorate over time (take their eye off the ball). Products and services suffer which puts your customer is a bad spot. They either exit (stop buying) or voice (complain).
What if you were still a 10 store chain?
#10stores
MARKET FORCES Measured by stats like revenue or customer counts
3
Most Loyal Customers
Frequent Customers
OccasionalCustomers
Exit
Exit
Why? A single event?Bad Service
Product AssortmentNew AlternativeLifestyle change
Why? Deterioration in the quality of the goods they buy or the services and benefits they receive.
Exit, Voice, and Loyalty
“Often it is possible to create entirely new channels of communication for groups, such as consumers, which have had notorious difficulties in making their voice heard, in comparison to other interest groups. Consumers have, in fact, made such progress in this regard that there is now talk of a “consumer revolution” as part of the general “participation explosion”.
Hirschman wrote this in 1970…
VoiceGood news. Firms have alert and inert customers. The alert customers give feedback and inert customers give a revenue cushion and time for management to respond to feedback.
Bad news. Social media is like the dog off the chain with disastrous instability. Now if firms don't make feedback channels less cumbersome the customer has alternatives.
Feedback your customer’s voice
4
What is it? The ability to solicit and gather feedback from your most important stakeholders, your customers.
Your customers need a way to tell you about their experiences so you can get better.
Your Business
Types of Feedback
5
You can customize what kind of feedback you solicit from your customers including: general store and customer service feedback, category or product specific feedback, and information about your customers’ preferences and interests.
then…. capture the feedback in a
cloud based Customer Experience Management Platform
Feedback Organized
6
Feedback is organized and combined with other sources like Guest Relations cases, social networks, social review sites (Yelp), mystery shops, audits, etc.
How is Feedback Shared?
7
Feedback is shared throughout the organization through a web portal. When combined with a simplified scorecard you will give your stores the tools they need to provide the best customer service.
“Customer First” Approach
8
When you listen and respond to your customers’ problems and needs, you create strong loyalty and a competitive differentiation. We call this type of loyalty …
Lionhearted Loyalty.
Your Business
How to gather, make it easy on the customer to tell you the good and bad.
Voice comes from channelssome old, some new
Receipt Online Call Center
Mobile In the Moment
Email Social Mobile
Direct Indirect Derived
Store Feedback -phone, email, surveys,
tweets, wall posts,social networks,
crowd sourcing co-creation
Social listeningForums, blogsCompetitors
Internet in general
Text analyticsSocial intelligence
Business intelligenceData science
There are a lot of ways customers communicateSome explicitSome implicit
What will their voice tell you?
Social§ Respond to a high volume
of customer posts, often related to customer experience or passion brands
§ Publish marketing content, promotional deals, news, and community events
§ Encourage Idea Generation For Validation and Product Development
§ Understand Product Experience Comments to Improve Product Lines
§ Identify High Quality Candidates for Employment and Background Validation
§ Identify improper use of Logos and Brand
§ Support Franchisees with owning a local social strategy
“Voice of the Customer” Use-CasesMobile In-Store CRM
§ Route user experience feedback around offers, content, features and events
§ Identify content, offers, or events that Guests are sharing
§ Improve the execution of store operations
§ Understand product experiences and brand reactions
§ Increase loyalty to the brand through guest recovery
§ Reward positive experiences provided to Guests
§ Perform competitive benchmarking of stores
§ Understand store associate training effectiveness
§ Target guests for feedback based on transaction history
§ Push SMS surveys immediately following purchase
§ Understand engagement with brand, products, or services through loyalty program
What to do with their voice?Gather it, understand it, do something with it.
Change behavior. Innovate. Win.
Customer Culture
Customer Development
Marketing
CRM
Distribution
Packaging
Product
Customer
OldDo something to the guest... Target the guest
New For the guest... Make people’s Lives Better
This is the new architectureLet customers continuously reinvent your brand
Voice of Customer
Needs/Problems
Product
Customer
This is the strategy We’re going to use digital channels and data to listen,
interpret, respond and measure the voice of the customer
Allowing you to serve customers betterRun better stores
Optimize your product assortmentTrain employees better
Identify customers’ problems and needsInvent new categories and products
Reach more customers for lessBring awareness to your values
Promote your products and services
Stores
PhoneCatalog
Website
Affiliates
Mobile
Social
Social Commerce
Digital ChannelsTraditional Channels
This is the opportunity
Operating cost
Customer Reach
Mobile and SocialStrategy
This is the money slide, literally
The Endor
the beginning depending on how you look at itTake your customer journey with us…