Enhancing Customer Experience by 2X for a CPG Company – Infiniti’s Latest Customer Experience Management Engagement
The consumer packaged goods (CPG) industry has witnessed stable growth in the United States over the last decade. But, as customer expectations and demands increase, it becomes imperative for CPG companies to offer personalized customer experience (CX) across every communication touchpoint. To do so, CPG Companies must first gain detailed visibility into the customer journey, [...]READ MORE >>
The consumer packaged goods (CPG) industry has witnessed stable growth in the United States over the last decade. But, as customer expectations and demands increase, it becomes imperative for CPG companies to offer personalized customer experience (CX) across every communication touchpoint. To do so, CPG Companies must first gain detailed visibility into the customer journey, understand preferences, and deliver personalized offers. Infiniti’s customer experience management strategy can help CPG companies attract new customers and enhance CX.
The client is a CPG company based out of North America. The company was looking at expanding their operations across Central Europe and Germany. Th client’s inability to satisfy the needs and demands of customers posed major challenges for the CPG company. Also, as new companies piled into the CPG market, the client was facing difficulties in competitively pricing their products. With this, the company encountered a steep decline in their market share. Also, their inability to engage with customers resulted in an increase in the churn rate by 11%.
The client’s future looked dull unless they could do something to stand out from the competition and reinvent themselves. The client, therefore, approached Infiniti Research to leverage customer experience management solutions.
Other challenges faced by the CPG company were:
- With digitalization taking the forefront across industries, the CPG company wanted to shift their business model from a product-focused to customer-focused model. By doing so, they wanted to ensure a loyal customer base, understand ever-changing customer needs, and improve word-of-mouth marketing.
- Since the client did not employ a customer experience management system, challenges arising due to the ongoing digital transformations in sales and distribution channels were huge setbacks for the company.
- Also, as the company was planning to expand their operations, they wanted to develop a robust customer experience management strategy that could be successfully embedded and scaled across their business operations.
Solutions Offered and Value Delivered
Our customer experience management strategy followed a 4-phased approach.
#1: By creating a customer advisory panel and reaching out to target customers, the experts at Infiniti Research identified the unmet needs and requirements of their target customers.
#2: The second phase of the customer experience management engagement involved conducting surveys with the target customer segment. The factors such as consumers’ experience with the brand, customer requirements, and consumers’ feedbacks were taken into consideration. The surveys provided deeper insights into the customer journeys while emphasizing on critical customer journeys where churn was at its highest. To diagnose the reasons for customer churn, we brought together a team of customer experience management specialists to perform an in-depth study of the client’s challenges.
#3: This phase of the customer experience management strategy focused on understanding customer needs in order to be able to connect and empathize with the situations that they face. By creating different customer personas, we helped the client to gauge the efficiency of their strategy.
#4: The final phase of the customer experience management strategy involved the development of a framework for a customer experience management strategy. This helped the client to constantly keep track of changing customer requirements.
Infiniti’s customer experience management solution helped the client to identify the complexities related to their customer journey. This helped them understand the shortcoming of the company in meeting the needs and requirements of their customers. Also, with Infiniti’s customer experience management solution, they were able to fine-tune their strategies and better engage with different customer segments. Also, by making a shift to a customer-focused business model, they were able to enhance customer loyalty and engagement. The customer experience management solution also helped the client to make changes in their business strategies and personalize their product offerings.
The customer experience management strategy also helped them reverse the decline in their market share, reduce customer churn, and improve profitability. With this, the company increased customer retention rate by 17%. Also, with Infiniti’s customer experience management strategy, the client enhanced their CX by 2X.
What is customer experience management?
Customer experience management is the management of customer interaction with a brand. Customer experience management optimizes interactions from the customer’s perspective and enhances customer loyalty. Customer experience management also helps companies to understand their shortcomings in meeting the demands of customers and identify best practices to reduce customer attrition. This can help businesses fine-tune their strategies and improve customer experience with a brand.