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customer retention

How Brands can Amplify their Customer Retention Strategies for Gen Z Consumers

Gen Z refers to the group of population who were born in the years ranging from 1995 to 2010. This generation is known to be the true digital natives as they have been exposed to the internet, social networks, and mobile systems from the earliest stages of growing up. Gen Z is projected to account for almost half of the total U.S. consumers by 2020. This means that brands now have a new set of customers to target whose needs and behavior are much different from their predecessors. As this group of consumers are nuanced and highly complex, tried and tested customer retention strategies often fail to win the loyalty of these young and powerful consumers.

The younger generation has become potent influencers for different age and income groups and even play an important role in the way consumers relate to brands. Gen Z consumers tend to value individual expression and avoid labels. They are also believed to make decisions and relate to companies in highly analytical and pragmatic ways. According to experts at Infiniti Research, brands must include the following tactics into their customer retention program in order to win over Gen Z consumer.

The increased access to technology has given young consumers an unprecedented degree of connectivity. For brands, this trend will bring both challenges and equally attractive opportunities. RFP to know how our experts can help you identify market opportunities and build better customer retention strategies.

Customer retention strategies for Gen Z consumers

customer retention strategies

Invest in loyalty programs

One of the most crucial customer retention strategies that forward-thinking brands must consider is to invest in a customer loyalty program. Otherwise, sectors including media, retail, beauty, and CPG are at high risk of losing customers to their competitors. Gen Z is more likely to be loyal to brands that have loyalty programs when compared to millennials.

Be where the customers are

Gen Z is known to be highly active on social media and other digital channels. So, brands must base their customer retention strategies around these platforms. These consumers are also equally active offline. They expect to be able to check the availability of in-store products online and vice versa. These consumers are more likely to research a product before actually making the purchase. By investing in customer retention strategies like loyalty programs, brands can incentivize across different channels.

Formulating customer retention strategies for Gen Z customers is much more complex when compared to millennials or Gen X consumers. Get in touch with us to know how Infiniti’s customer retention solution can help you identify strategies to attract and retain different customer groups.

Rewards for spend and engagement

Creating value by rewarding both spend and engagement is one of the most attractive customer retention strategies that top companies are looking at. Brands must ensure that their reward for spend strategy is frictionless across multiple channels. Such tactics are great customer retention strategies as they not only ensure customer engagement, but they also make things more convenient for customers.

Personalization using data

One of the key imperatives for effective customer loyalty and retention is to gain an in-depth understanding of the customers. To do this they need to continuously gather data about their customers across channels and use this data to identify customer needs and create better marketing strategies. Gen Z consumers are generally more willing to participate in surveys, provide their feedback on a service or a product, and socially connect with brands. Every brand that wants to capture the Gen Z audience must leverage data to offer personalization to customers and drive brand engagement and customer loyalty.

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An Introduction to Customer Need Analysis

customer need analysis

What is customer need analysis?

Customer need analysis is concerned with identifying the product/service requirements of the target customers. Customer analysis in marketing is used in an array of brand and product management context including product development, concept development, customer value analysis, and means-end analysis. The ultimate goal of this engagement is to understand customer needs and their position in the overall market. Apart from being a business development tool, customer needs analysis is a valuable analytical technique to gauge better marketability of a product or service.

Why customer need analysis matter

Most successful businesses today take steps to meet customer needs at the earliest. For the modern marketer, taking strides to ensure that the customers’ needs are met will help align with other internal teams at your organization including the sales team, customer support team, and the product team. With the whole organization operating under a cyclical process of undertaking customer need analysis, companies will see results in no time.

Customer need analysis methods

Innovation and effective marketing come from using customer need analysis tools to uncover the unmet needs of target customers and acting upon them to provide better experiences to the customers. Infiniti Research reveals some of the common methods that can be used for customer need analysis:

Start with existing data

It is most likely for companies to have data that has already been collated for several other business processes. The data can include customer interviews, past surveys, and customer-support call logs. This data must be reviewed as a part of customer need analysis to track the unmet needs of customers. This is a more feasible option for companies rather than spending big bucks on an extensive research campaign.

Connect with stakeholders

Interviewing stakeholders can provide collective information that is cost-free. Sales and support teams can be considered for this. They often have a list of bug reports, feature requests, and enhancement ideas that they would have collected directly from the customers. These can be combined to generate a preliminary list of requirements.

Map the customer process

For companies who want to gain customer insights on the difficulties in undertaking a particular purchase process, it is essential to first map a particular customer process in a step-by-step fashion. This helps companies build newer and better ways to simplyfy the processes for customers.

 Map the customer journey

Mapping customer journey is a great way of undertaking the customer need analysis. It is a visualization of processes that a customer encounters with a product or service. It includes multiple phases and touchpoints from the prospect of a loyal customer. This easily helps companies identify the points of friction and opportunities of improvement.

Analyze competition

Knowing what your competitors are doing will help evaluate where you stand in the market and identify gaps in your offerings. An effective SWOT analysis will also give companies a fair idea of their strengths, weaknesses, opportunities, and threats. SWOT analysis can be carried out for a brand, product, or even an experience. Also, it is essential to define competition both narrowly and broadly, and not just companies in the same industry but also similar companies in other industries.

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Analyze cause-effect relationship

Sometimes, thinking about the flip side of a situation will help solve problems with ease. Business problems can be identified through surveys, observations, and other data sources which can help pin-point other root cause problems. This ensures better customer need analysis and helps in addressing root-cause problems, thereby enhancing user experience.

 

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Financial risk analysis

Top 4 Customer Service Skills That Can Drive the Growth of Your Retail Business

The retail industry is witnessing constant changes and players in this industry are facing immense pressure when it comes to keeping up with the ever-changing customer expectations, maintaining customer loyalty, retaining and engaging employees, and digital disruptions. With the constantly changing customer behavior, meeting customer expectations is getting really difficult for companies in the retail industry. To meet customer expectations, it is highly essential that you provide great customer service as it is a vital element of business operations that can affect your bottom line as well as how your business is viewed by the public.

If your business fails to provide a great customer service, it is likely that you will end up damaging your brand’s reputation. High-quality customer service management is important for a growing or established company’s bottom line. Therefore, businesses need to realize the importance of customer service. They must understand that it is a virtuous circle that drives profits and allows companies to compete against rivals with more resources and funding in their pocket.

At Infiniti Research, we understand the impact that excellent customer service can have on your business. And to help companies excel in a highly competitive landscape, our team of experts has highlighted four best customer service skills that can drive the growth of your business and boost your ROI.

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total quality management

Why Marketers Cannot Afford to Ignore Customer Engagement

Customer engagement refers to the activities involved in building an emotional connection between customers and the brand. Deploying customer engagement strategies will help companieRequest Proposals to build a customer base that promotes the brand and demonstrates more brand loyalty. High-quality customer experience is an essential ingredient of every customer engagement strategies.

Benefits of customer engagement model 

Here are some of the key benefits that companies can gain by devising a customer engagement model for their business:

Improved customer retention

Engaged customers will continue to build long-term relationships with the brand. In fact, research shows that businesses that focus on customer engagement strategies are more likely to make customers spend more on their products and services and convert them into loyalists of the brand.

Shorter sales cycle

One of the key benefits of a customer engagement model is that it helps businesses attain a shorter sales cycle. In this system, customers and other prospects can utilize a customer engagement portal to instantly access the information they need irrespective of the stage of the buying process that they are on.cta ir

Boosts marketing efficiency

Modern marketing is all about engaging the customers. In several cases, marketing efforts go down the drain as they fail to capture customers’ interest. With effective customer engagement strategies in place, marketing efforts are expected to garner better results as they are more likely to capture the customers’ attention.

Brand differentiation

With the increasing number of competition in the market, companies are constantly expected to bring something new to the table. Utilizing opportunities that other players in the market would have missed, such as formulating customer engagement strategies ensure that brands effectively differentiate themselves and gain a greater chunk of the market share.

Best customer engagement strategies for businesses

If you are a marketer on the lookout for some of the best-in-class customer engagement strategies for your business, here’s what you need to do:

‘Humanize’ your brand

 Customers tend to favor brands that understand their needs and they can relate to. This is easier for fun consumer brands when compared to more conservative brands or B2B companies. One of the ways for companies to bring the ‘human element’ into their brand is identifying a personality within the organization who is passionate about the brand and is a natural communicator. This person can be encouraged to become a thought leader and give them a voicAsk An Analyst_IRe to humanize the brand and engage the audience. 

Video tutorials

It often happens that many retailers do not pay much attention to after-sale services. It does not only involve repairs and maintenance but educating the customers about the brand and the product is also an integral element of after sale services. And one of the best customer engagement strategies for businesses to use at this stage is the use of video tutorials. It is a way to compete for your customer’s attention. Videos are visually stimulating and convey the messages faster.

Use social media as a tool

Today, social media is one of the most effective tools for businesses to engage with their customers. Brands can promote customer engagement on social media by encouraging customers to share their feedback, reply to their queries, and cater to their grievances on social media in a quick fashion. This promotes the overall goodwill of the brand.


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Thinking Inside the Box: How the Right Customer Care Strategies Can Deliver an Exceptional Customer Experience

The old phrase ‘caveat venditor’ (meaning let the seller beware) is being taken seriously by modern businesses that want to thrive in today’s extremely competitive marketplace. Customer care and satisfaction have now become the cornerstone for gauging success in business. Customer care, which typically includes the call center as well as online and self-service channels, plays an integral role in a company. As the natural owner of a large part of the customer journey, customer care can provide invaluable insights by helping businesses identify pain points, define journeys, and spur collaboration across functions. Additionally, having a good customer experience strategy is a great tool to have an upper hand in the market and build better goodwill for your brand.Contact US

What is customer experience strategy?

Customer experience (CX) refers to the customers’ interactions with an organization, both in the pre- and post-sale phase. The customer experience strategy defines the actionable plans that have to deliver a positive and meaningful experience to the customers across those interactions. Companies that are successful in implementing a good customer experience strategy facilitate a better customer journey, have higher customer satisfaction rates, gain increased revenues, and experience reduced churn.

Role of customer care in improving CX

Over the years, the proliferation of touchpoints and channels have increased the number of entities within the enterprise that engage with customers. Hence, customer care is playing an essential and natural role in mapping the customer journey and formulating a better customer expRequest Proposalerience strategy for more and more organizations. Customer care gives companies the ability to advance the customer transformation in several ways:

  • Formulate strategies from customer journey data: A significant number of touchpoints across primary channels are controlled by customer care. This makes customer care the natural owner of several service-focused customer journeys. Other important functional teams in the company such as sales, marketing, and product development can utilize these insights while formulating their strategies and consequently ensure a better customer experience.
  • Implement improvement measures: Customers report their issues or concerns regarding the company’s products and services to the customer care. This enables companies to take the necessary action and formulate a better customer experience strategy, either for one specific journey or across common touchpoints in all journeys.
  • Indicator to customer loyalty and repurchase: The customer experience and customer care service provided by a company is a major deciding factor of customer loyalty towards a brand. Companies that do not give importance to customer care will experience the lowest rate of good CX and a higher rate of customer churn.
  • Creates a lasting impact on customers: Any bad experience that a customer experiences from your brand can not only lead to a bad impression but also result in a negative word of mouth. Providing instant resolution to customer problems through a good customer care service is a good strategy to create a long-lasting impact in the minds of the customers.

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All Eyes on “Customer Experience”: Trends to Be Prepared for in 2018

Success in the field of business is no longer only about the amount of profits that you generate. Current demands and trends call for companies to place customer experience ahead of the sales motive.  Top brands in the market are employing strategies such as customer intelligence to understand the needs and mindset of the customers and streamline their processes accordingly. Customer experience matters for modern businesses because there are plenty of fishes in the sea for customers to buy the same products. Therefore, it is vital to differentiate yourself and give customers a reason to come back to you. Consequently, it is high time that you evaluate where your company stands in terms of customer experience and whether you are on the right track to delight your customers. Take a note of the top customer experience trends that are expected to hit the markets in 2018:IR_Brochure

Customers take charge

The dawn of the digital era has transformed the way customers were perceived earlier. Today, the customers have access to more knowledge and network than ever before, all at the click of a button. As time passes, the trend of consumers becoming more empowered is only going to get stronger. Furthermore, with social media becoming prevalent, the voice of each customer matters to everyone online. This puts immense pressure on companies to put out their best and understand that no customer is unimportant. Businesses need to use customer intelligence techniques to understand what their audience expects and tailor their offerings to suit these requirements.

Customer service can make or break the business

According to a new research, one of the main reasons for customer attrition or decline in loyalty is due to poor customer service. Several factors help to create an overall customer experience, the service levels before or after a purchase is a highly crucial contributor to creating an overall experience for buyers. Long hold times, unreasonable compensations or query resolutions, or monotonous customer service add-on to poor customer service. Providing top-notch service is the way forward for companies to prevent themselves from losing more customers to competitors.

Move over multichannel: Omni-channel takes the front seat

The rate at which technology is being adopted by the average customer demand for businesses to shift to omnichannel models to enhance their customer experience. By having a good omnichannel customer experience platforms in place, retailers can bid goodbye to redundant systems that are time-consuming. Companies need to understand that modern consumers have high expectations from companies. They must evaluate themselves to understand if they are equipped to satisfy the customers, if not take immediate corrective action.

IoT and AI in creating a unique customer experience

This is the age of intelligent machines and technology. Several retailers are actively identifying ways in which they can incorporate modern technologies such as IoT and AI to create a long-lasting customer experience. Additionally, these advanced technologies can facilitate in customer intelligence that helps businesses gain in-depth knowledge about their customer shopping behavior and demographics. Also, Chatbots or intelligent virtual assistants, are widely being used to provide intelligent & personalized conversational experiences and instantly solve the customer’s query.


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Importance of Business Intelligence in the Retail Industry

Business intelligence enables collecting accurate, reliable data from various sources to gain valuable insights that facilitate strategic decision-making. Being one of the most diverse industries across the globe, the retail industry faces severe challenges such as sustaining profit margins, ensuring customer retention, and expanding their market shares. This is one of the prime reasons why companies in the retail sector must leverage business intelligence services to devise effective marketing strategies, develop new product lines, and minimize the overall operational costs. Business intelligence solutions can be used to mine data and analyze it to identify process gaps, enable business expansion, and make informed decisions. In short, business intelligence can help retail companies transform data into actionable insights and help organizations achieve business excellence.

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Why Does the Retail Industry Require Business Intelligence?

With increasing consumer demands and dynamic market conditions, it is vital for the players in the retail industry to understand customer preferences and identify their needs. Customers seek instant gratification, unmatched service experience, and the latest products from the companies in the retail industry. Business intelligence and customer analytics help retail companies to address customer needs and enhance the shopping experience. In the retail industry, the vendors must not only assess the market landscape but also the customer potential and the competitive landscape to gain a strong foothold in the market.

How Do Business Intelligence Solutions Work?

In the retail sector, it has been noted that online commerce platforms have started gaining traction among customers because of the convenience it offers. This increase in the use of eCommerce platforms generates large amounts of data that the retail industry players can leverage to gain consumer insights by tracking the browsing history and past transaction data. The insights generated by business intelligence solutions and customer analytics help the retail companies to assess and analyze customer behavior, internal business practices and predict the latest trends in the retail industry.

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