Key Priorities for Customer-Centric Retailers in 2019
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.
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.
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.
Request more info for more insights into our customer need analysis solutions!
Customers are the most important assets for any thriving business. However, with cut-throat competition in the market today, retaining the existing customers is a serious challenge for brands. Customer retention often proves to be a less-expensive process for businesses when compared to customer acquisition. So, companies must seriously consider incorporating customer retention programs in order to prevent losing their valuable customers to the competition. Losing a customer means wasting 7x the resources used in converting them. Here is how to stop this from happening to your business:
Customer retention strategies for business
Create customer delight experiences
Implementing some unique, low-cost initiatives can go a long way in delighting customers and thereby building brand loyalty and customer retention. Companies can also use techniques such as finding milestones in the customer relationship and identify ways to reward customers. When a customer is rewarded by the company even through a small gesture, could go a long way to improve customer experience and offsetting the cost of the product many times over.
Follow up on customer interactions
A company’s relationship with their customers do no end with a sale or even with the after sale services. It is vital for businesses to go that extra mile and reaching out to the customers even after their issue with the product/service is resolved. Following up with the customers on an issue that has been resolved earlier is one of the best customer retention strategies that make customers feel connected to the business and is a great way to enhance their loyalty towards the brand.
Educate the customers
It is not only essential for companies to sell their offerings, but also in the process, they must educate the customers regarding the product/service. Sales become more effective when you have an existing relationship with a customer, and when you’ve already provided value. Customers tend to value brands that give them helpful recommendations or new information on products/services that will help them achieve better results. Customer retention rates are generally higher for companies which promote such practices.
The more businesses get to know their customers, the more they will tailor their approach towards each individual customer. For this companies need to have a clear idea of each customer’s purchase history and then determine what kind of offer will be most appealing to each individual. Such customer retention programs would help increase relevancy and keep your brand on your customers’ minds while they are making their shopping plans.
Customer feedback is not only one of the most effective customer retention strategies for companies to assess their performance from the customer’s viewpoint but is also a great way to show their customers that their opinions matter to the business. This gives customers a sense of ownership with the business.
Customer engagement refers to the activities involved in building an emotional connection between customers and the brand. Deploying customer engagement strategies will help companies 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.
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.
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 voice to humanize the brand and engage the audience.
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.
Get more insights on how to build the right customer engagement strategies for your business
At present, due to recent fluctuations in the commodity prices, mining companies are on the verge of re-organizing their capital investments. Also, with the growing shift toward innovations and the presence of new entrants, leading mining companies are relying on effective customer engagement to develop better price strategies. In the manufacturing space, mining companies are stepping out of their comfort zone to foster customer loyalty and awareness. With the help of an effective customer engagement strategy, renowned mining companies can effectively curb churn rates by prolonging the customer journey. To stay competitive in today’s dynamic market space, customer engagement becomes indispensable for mining companies to create value for the customers while improving their overall profit margins. Moreover, marketers across the mining industry are relying on customer engagement solutions to increase customer satisfaction and loyalty.
To ensure superior customer experience and better serve customers, renowned mining companies are approaching organizations like Infiniti Research. With years of expertise in offering a plethora of services, Infiniti’s customer engagement solution helps the client provide robust customer services around the clock and better understand their needs to spur sales.
The Business Challenge
Like most other mining companies, a renowned firm in the mining industry was facing challenges identifying the potential customers and improving customer retention capabilities. The mining industry client wanted to build a strong customer engagement strategy to refine their prevailing customer relationship and provide real-time, personalized experiences to target customers. With the help of Infiniti’s customer engagement solution, the client wanted to measure customer sentiment and predict future loyalty. The primary objective of the engagement was to keep the customers engaged and plan future customer engagement activities to spur the sales of equipment and services.
To profile potential customers and build a robust retention strategy, Infiniti’s customer engagement experts carried out extensive qualitative and quantitative research and engaged with prominent stakeholders in the mining space. With an aim to enhance marketing effectiveness, the customer engagement experts also compiled information across a wide array of secondary sources including newsletters, industry forums, and company presentations.
Benefits of Customer Engagement Solutions:
- Ensured a steady flow of raw materials and further down to the supply chain
- Increased productivity, profitability, and further enhanced operational efficiency
- Improved communication by delivering consistent news and information
- Gained real-time feedback on the products and enhanced operational efficiency
- Reached out more niche target segments and streamlined their product offerings
Benefits of Our Integrated Approach
The customer engagement solution offered by Infiniti helped the client transform and simplify operations across finance, sales, and the supply chain. With the help of the engagement, the client was able to profile potential customers and drive customer loyalty and enhance the lifetime value of each customer. Moreover, the customer engagement study also helped the mining industry firm to proactively determine customers tastes and preferences and position their products and services accordingly.