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NRF Talk 2015

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The Most Strategic Thing RETAILERS CAN DO
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Page 1: NRF Talk 2015

The Most Strategic ThingRETAILERS CAN DO

Page 2: NRF Talk 2015

Mike Debnar Founder and [email protected] (972) 741-2702@redregatta@mdebnar

Speakers

Russ Haswell Vice President & GM, [email protected]

Page 3: NRF Talk 2015

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.

Page 4: NRF Talk 2015

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

Page 5: NRF Talk 2015

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

Page 6: NRF Talk 2015

“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…

Page 7: NRF Talk 2015

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.

Page 8: NRF Talk 2015

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

Page 9: NRF Talk 2015

Types of Feedback

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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

Page 10: NRF Talk 2015

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.

Page 11: NRF Talk 2015

How is Feedback Shared?

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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.

Page 12: NRF Talk 2015

“Customer First” Approach

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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

Page 13: NRF Talk 2015

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

Page 14: NRF Talk 2015

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?

Page 15: NRF Talk 2015

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

Page 16: NRF Talk 2015

What to do with their voice?Gather it, understand it, do something with it.

Change behavior. Innovate. Win.

Page 17: NRF Talk 2015

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

Page 18: NRF Talk 2015

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

Page 19: NRF Talk 2015

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

Page 20: NRF Talk 2015

The Endor

the beginning depending on how you look at itTake your customer journey with us…


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