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Customer experience strategy

Driving More Value from your Customer Experience Strategy

Infiniti Research, a leading market intelligence solutions provider has announced the launch of their latest newsletter on how to drive more value from your customer experience strategy. A successful customer experience strategy involves effectively managing customer interaction through both physical and digital touchpoints so that it results in enhanced and personalized customer experiences. We, at Infiniti Research, use a combination of research, analytics, and data management systems to help our clients manage data, serve relevant content to target customers and predict future interactions.

The basics of creating a world-class customer experience strategy

Customer experience can be defined as the customer’s perceptions and related feelings caused by the one-off and cumulative effect of interactions with a supplier’s employees, products, channels or systems. In other words, it is essentially how customers perceive their interactions with your company. Customer perceptions and customer interactions are two basic elements of customer experience strategy. According to Infiniti’s recent study, customer experience management is at the top of the corporate agenda across industries. Are you yet to join the bandwagon? It’s never too late! Find out how Infiniti’s solutions can help you up your game.

Fundamental principles of building an effective customer experience strategy

Customer experience is the new building block of success, irrespective of the industry that you operate in. Companies in different sectors are investing their time, money, and efforts into improving their customer experience management. Building an excellent customer experience is not a one-step process but involves small elements that you create to enhance the customer journey. Everything a company does contributes to the customer’s perception of the brand. Hence, customer experience management includes everything from the products you sell, the messaging you use, the sales process, and after-sale services. What are the key elements that go into building a strong customer experience management, you ask? Find out on Infiniti’s blog.

How customer intelligence helps to bridge the gap in customer experience strategy

Increasing digitization has empowered both the businesses and customers to interact with each other at multiple touchpoints. This also makes it easy to get customer queries and grievances resolved with ease and efficacy. As modern businesses are highly focused on identifying customer needs and enhancing customer experiences to outdo competitors, customers are now being placed at the crux of business strategies. According to experts at Infiniti Research, most businesses today have transformed digitally adopting multiple channels of interaction to serve their customers better. The rising number of channels and touchpoints via which the businesses interact with the customers have made customer journeys unprecedently complex. Furthermore, social media and online review platforms have empowered customers to share their views, opinions, and experiences with the company. Any negative comment or experience could hamper the brand image of the company. Download this resource for more insights on how customer intelligence can help bridge the gaps in your customer experience strategy.

Key trends in customer experience management

Several transformation triggers including globalization, digitization, and economic changes have the power to dramatically impact customer interactions with a brand and influence their decision-making. So, while formulation a customer experience management strategy, companies must take these factors into consideration. Although companies can make efforts to guide customer journeys, they cannot absolutely dictate it to customers. Customer-centric organizations leverage behavioral data, marketing technologies, and customer insights to optimize customer journeys and thereby ensure better customer experience management. Infiniti’s blog on customer experience management trends provides comprehensive insights on the key trends that companies must keep a close watch on this year to create impeccable customer experiences.

financial services industry

‘Why’ and ‘How’ of Improving Customer Experience in Banking

Why do banks need to focus on customer experience?

The banking sector has been slow in keeping pace with the digital revolution and it is high time that they catch up. Although technological advancements such as ATMs and internet banking have been incorporated into nearly every banking company, these facilities don’t give much emphasis on improving the customer experience in banking. Banking is currently among the least popular consumer businesses. In order to change this, financial services companies need to be more open to modernizing processes and bring customers also to the forefront rather than only emphasizing on increasing profits. When compared to most of the other sectors, the banking sector has an abundant source of customer data why can be used to create an exceptional customer experience in banking. However, majority of banking companies fail to efficiently utilize this data. If used correctly, customer data available can be used to enhance the customer experience in banking and promoting a customer-oriented culture in banking companies.

Many leading banks are pouring tremendous resources into transforming their customer experience, often with mixed results. Request a free proposal to know how our solutions can help avoid this situation and create strategies for a positive customer experience in banking companies.

How to improve customer experience in banking

customer experience in bankingBanks often struggle to pursue customer-experience transformation amid the complexities of running their day-to-day business. But with the right strategies in place, they can quickly identify customer pain points and ensure better customer experience in banking. Based on our expertise in solving several banking sector challenges, here are some ways that can be used to encourage and establish better customer experience in banking sector companies.

Create cross-functional teams with C-Suite backing

Transforming customer experience in banking requires the involvement of stakeholders from different teams including product, distribution, pricing, risk, and legal. Leaders in customer experience pursue several approaches to overcome this kind of complexity. Setting up a dedicated customer-experience organization within the bank is an option that can be considered. Dedicated teams can be assigned to encourage a continuous focus on customer experience in banking across product, service, and geographical silos. CEOs of banking companies must make customer experience a priority, and in some cases the appointment of a chief customer officer can serve to underline that commitment.

As banks around the globe rush to transform their customer experience, it’s easy to trip up. Get in touch with our experts to know how we can help execute a step change that moves ahead of your competitors in the market.

Monitor end-to-end customer journeys

Mapping customer journeys can help companies in the banking sector to identify all touchpoints across all channels where they engage with customers. Start by identifying the different types of customers that the bank deals with. Next, outline the journey for how each customer type engages with the bank. Begin the customer journey map with the first point of contact that the customer has with the bank. Continue with each next step and all potential steps until the journey is complete. Lastly, identify the at-risk customers and proactively engage on a personal level to improve, and hopefully, salvage the relationship.

Continuously emphasize on creating value

Enhancing customer journeys and customer experience in banking is not a linear process. Often the first round of initiatives may not deliver the desired customer satisfaction levels. Moving from good improvement to great will require regularly going back and maintaining patience and a mind-set of always pushing for more in the interest of customers. This continuous-improvement regimen can help foster a superior customer experience in banking companies.

Learn more about Infiniti’s solutions for banking companies

future of retail

Role of Customer Intelligence in the Future of Retail

“Winning brands in the future of retail will be those that have the best customer intelligence.”

The future of retail is closely intertwined with an evolving customer journey that is being largely transformed by technology. Today’s consumers are more connected and empowered than ever before, ergo they demand retail experiences that are relevant, real-time, and seamless from screen to store. To be successful amidst such changing retail scenarios, retail companies must have an in-depth and unified understanding of their customers at a personal level. This is where the role of customer intelligence comes into play.

What is customer intelligence?

Customer Intelligence refers to the information derived from customer data that is collected through both internal (generated through interactions with the customer) and external sources (demographic data like age, income, and occupation). The key purpose of customer intelligence is to better understand customers by analyzing their buying patterns and their key motivators of purchase to drive future growth of the business.

The future of retail lies in providing exceptional customer experience regardless of whether your store is online or offline. Request a free proposal to know how Infiniti’s solutions can help your business gain a deeper understanding of your customer base and choose the right strategies to cater to them.

Customer intelligence in the future of retail

future of retail

We have reached a point where the future of retail will largely revolve around customer experiences. Customer intelligence solutions play a vital role in helping retailers identify what their customers want and the best strategies to cater to customer needs. Retail industry experts at Infiniti believe that customer intelligence will be vital for the future of retail due to the following reasons:

Growing rate of informed customers

Modern customers have unlimited access to information. They also have adequate knowledge about a brand, their products or services, and also about the competitor brands. Study shows that a fair majority of today’s customers are more likely to shift brands within a week of experiencing a bad customer service. The future of retail will largely be dominated by demanding customers, and businesses that choose to ignore them will be risking a PR disaster. Customer intelligence is the best chance available for retailers to understand its customers and ensure better customer service.

Get in touch with our retail industry experts for more insights on Infiniti’s solutions for retailers.

Personalized rewards and discounts

Customer intelligence is a great tool for retailers who want to reward their loyal customers with personalized rewards and discounts. IoT will play a significant role in the future of retail to help retailers achieve this. Loyal customers can be sent personalized discounts using sensors located in the store.  These sensors can detect when customers are near certain products and then alert customers of a special discount via their smartphones. Such strategies of understanding customers and giving them discounts on the products that they regularly shop will result in customer delight and such techniques will eventually go mainstream in the future of retail.

Better supply chain management

Retail customers are increasingly demanding faster delivery of high-quality products. Customer intelligence solutions can help optimize speed and accuracy through the supply chain. With the help of customer intelligence retailers can predict what products will be in demand during a particular time period. Every component of the supply chain, starting from planning to production to the return can be optimized for efficiency in advance.

Visualize real-time market changes

Understanding the market and customer needs is one of the key challenges faced by retailers. In a crowded industry like retail, it means that even a tiny break in monitoring the market can cause a huge setback in terms of acquiring new customers, revenues, and ensuring overall customer satisfaction. Customer intelligence solutions provide retailers with actionable insights from a stream of steady data. The customer data lets brands comprehend broader market trends and integrate predictive analytics and best practices into their business.

Learn more about Infiniti’s market intelligence solutions and gain an overview of how we help our clients with tailor-made solutions to suit their business needs.

Customer satisfaction analysis

Packaging Company Improves Customer Retention with Infiniti’s Customer Satisfaction Analysis

Customer Satisfaction Analysis for a Packaging Company

Packaging directly influences purchasing intent and customer satisfaction. A recent study shows that customers are 20% more likely to purchase and use products if they are happy with the packaging. This is pressurizing companies in the packaging industry to innovate packaging by focusing on not only on the appearance, but also their functionality and safety. Moreover, as packaging is key to brand image, product trials, and repeat purchases, companies in the packaging industry are also forced to constantly measure customer satisfaction and make changes in their processes to enhance brand loyalty and customer retention. This is where companies realize the importance of leveraging customer satisfaction analysis.

Are you interested to know how satisfied your customers are with your products or services? Our customer satisfaction analysis can help. Request a FREE brochure to learn more about our services and other benefits of leveraging customer satisfaction analysis.

Business Challenge

The client is a global player in the packaging industry based out of Ireland. The company supplies packaging products to pharma, healthcare, and food industry. The client noted a dip in their sales rate due to their inability to adapt to rapid market changes. Also, lack of market access and advanced technology were making it more difficult for the company to satisfy their customers’ needs and requirements. The packaging company also started losing customers to their competitors.

The client, therefore, approached Infiniti Research to leverage their expertise in offering customer satisfaction analysis solution. With Infiniti’s customer satisfaction analysis solutions, they wanted to assess the changes in their customers’ behaviour and understand their needs to devise value maximization strategies to enhance the customer experience.

By leveraging Infiniti’s customer satisfaction analysis, the client also wanted to:

  • Understand the reasons behind customer churn and identify the market requirements
  • Identify competitors’ unique strategies that drive customer satisfaction
  • Identify the needs and requirements of customers regarding packaging
  • Understand the satisfaction rate of customers regarding various packaging materials
  • Understand the common characteristics of customers to target their unique needs
  • Understand customers’ perspective and build capabilities to gain a leading edge compared to their competitors

Solutions Offered

To help the client gain detailed insights into their customers’ requirements and measure customer satisfaction level, the experts at Infiniti Research conducted a customer satisfaction analysis. The factors such as customers’ needs, buying patterns, and reasons for customer churn were analyzed. Also, the experts analyzed the strengths and weaknesses of their competitors to build value maximization strategies to enhance market share.

Infiniti’s customer satisfaction analysis helped the client to improve their products according to customers’ requirements. The customer satisfaction analysis further helped the client to realize the increasing demand for sustainable packaging. This helped the client to focus more on sustainable packaging materials to drive sales. Also, the client was able to differentiate their product offerings according to customers’ needs and demands. This increased customer retention and gradually resulted in higher outcome for the company. With Infiniti’s customer satisfaction solution, the client was also able to enhance customer lifetime value. Moreover, customers’ suggestion for product improvement enabled great improvements in sales for the company.

Request a FREE proposal to know how our customer satisfaction analysis can help you improve customer loyalty and identify best practices to reduce customer churn.

Importance of Customer Satisfaction Analysis for Packaging Company

BENEFITS OF LEVERAGING CUSTOMER SATISFACTION ANALYSISWith rising customer expectations and demands, customer satisfaction analysis is becoming important for companies in the packaging industry to understand customers’ perspective of their products and services. Also, recent studies show that packaging directly influences customers’ buying behaviours and satisfaction levels. Therefore, it becomes imperative for packaging companies to leverage customer satisfaction analysis to understand customer’s evolving needs and adapt to today’s competitive marketplace.

CONTACT US to learn how customer satisfaction analysis can help you understand your customer’s experience with the brand.

customer retention strategies

Supercharging Your E-Commerce Business with Proven Customer Retention Strategies

Customers are the lifelines of business, irrespective of whether it is a brick and mortar store or an ecommerce business. According to industry experts at Infiniti Research, more than half of a company’s future revenue will come from approximately 20% of their existing customers. Furthermore, it is always wiser to lay greater emphasis on using customer retention strategies to retain existing customers, as attracting new customers could cost a company five times more. In the absence of strong customer retention strategies, companies will struggle to establish a strong customer base, eventually causing profits to tumble. By implementing customer retention techniques for online and in-store platforms, businesses can effectively encourage customers to keep coming back for more, by creating positive, personalized, and innovative experiences.

How to retain customers: 4 proven customer retention strategies

Launch win-back campaigns

Win-back campaigns involve contacting customers from whom you haven’t heard from in a while. This is an attempt made to win back these customers using highly targeted campaigns. This is one of the most popular customer retention strategies among several old-school direct response marketers. Timing is a crucial factor in the effectiveness of such customer retention strategies. E-commerce companies must try to win back customers as early as possible by offering attractive rewards and discounts. In order to get the timing right, it is essential to understand the frequency of purchase of the buyers. If on an average, customers order every 2 months, then it would be beneficial to implement a win-back campaign around the 60-day mark.

Before formulating your customer retention strategies, it’s critical to first and foremost understand who your customers are, and which of their actions matter to your site. Request a free proposal to know how our customer intelligence solution can help you identify your target customers.

Loyalty programs

The primary idea behind a loyalty program is simple, reward your customers for frequent purchases. Customer retention strategies like giving out loyalty points is highly effective and is commonly used by several successful companies. E-commerce companies can also benefit from such customer retention strategies. Although implementing a loyalty program does not guarantee increased sales, but when combined with a competitive product and great customer service it can play a key role in increasing sales and improving customer retention. Furthermore, it may be difficult to attract new customers into the loyalty category. However, offering some surprise loyalty points with their first purchase can one of the effective customer retention strategies to ensure repeat purchases. Get more info on how our solutions help you build customer relationships and promote customer loyalty.

Subscription-based business model

Many e-commerce companies are known to resist the subscription-based business model. But before dismissing the idea completely, companies must consider the fact that if a person has been buying the same supplement every month for several years, giving them the opportunity to save time and money by subscribing to regular delivery would turn out to be favorable. If they are able to pull this off, it means that the business would gain the benefit of recurring monthly revenue. When coupled with great customer services, customer retention strategies like monthly subscription guarantees a boost in the overall sales performance.

Every company wants revenue growth. But it is more important to achieve profitable revenue growth! That means minimizing churn and maximizing customer retention. The challenge is that customer retention strategies are not long-term, sustainable strategies. The better long-term, sustainable strategy is finding ways to make customers want to stay loyal to the brand. The million dollar question is: How do you make them want to stay? Request a free brochure to know how our customer intelligence solutions can help you find the answer.

Paid memberships

Offering additional perks through a paid membership is another highly successful customer retention strategy that is not only an additional revenue generating source for companies but also promotes customer loyalty. Take the example of Amazon prime which has been highly successful in getting customers to sign up to their membership program by offering exclusive benefits and discounts to members all year round. However, not every ecommerce company can be successful in implementing this model. To start off, they must have a loyal customer base and also serious thought and planning to implement it. If successful, paid memberships will reward loyal customers and increase their level of commitment to the business. Moreover, paying the small fee will give them yet another reason to come back and purchase from the company.

Get in touch with our industry experts and uncover new market trends and solutions to drive business growth.

customer satisfaction

Weekly Round-up: A Storyboard on Customer Satisfaction Analysis and its Importance in a Fast-Evolving World

LONDON: Infiniti Research, a leading customer intelligence solution provider, has announced the release of their new storyboard series on the benefits of leveraging customer satisfaction analysis for businesses.

In today’s rapidly changing business scenario, customers are more empowered and connected as they have access to information anytime, anywhere. This makes it vital for businesses to analyze customer behavior and measure customer satisfaction. By leveraging customer satisfaction analysis, companies can gauge the degree to which their product and service offerings meet or exceed customer expectations.

Infiniti’s customer satisfaction analysis has helped several organizations to glean customer insights and drive sales through growth, customer acquisition, and retention. Below we have listed some of the latest articles and success stories which will give you concrete reasons on why customer satisfaction is important for your company.

Request a FREE brochure to know more about our portfolio of customer satisfaction analysis services and their importance for businesses.

#1: Quintessential Guide to Measuring Customer Satisfaction: Most Fortune 500 companies today accept that analyzing customer satisfaction helps companies reduce customer churn. Today, organizations have no choice when it comes to satisfying their customers. Analyzing customer satisfaction has become vital for businesses. However, at this point, it is essential to explore customer satisfaction metrics. This latest article from Infiniti Research explains some of the best practices to measure customer satisfaction.

The Quintessential Guide to Measuring Customer Satisfaction

#2: Reducing customer churn with customer satisfaction analysis: Identifying and retaining profitable customer group is a daunting task for every business. Are you facing a similar challenge? Infiniti can help as they helped another client facing similar issue. With Infiniti’s customer satisfaction analysis, the client was able to understand the needs of their patients and improve their services. As a result, they were able to build more trust among their customers, which subsequently elevated patient experience and reduced customer churn.

Customer Satisfaction Analysis: Elevating the Patient Experience and Reducing Customer Churn for a Home Health Care Services Provider – Infiniti Research

#3: Customer satisfaction engagement enhanced customer lifetime value: Offering personalized services to customers is a real challenge. But, leveraging Infiniti’s customer satisfaction analysis can make a difference. This success story explains how measuring customer satisfaction helped the company offer personalized services to their customers and increase customer lifetime value.

Infiniti’s Customer Satisfaction Engagement Helped a Financial Services Provider to Increase Customer Lifetime Value and Decrease Churn Rate by 20%

#4: Enhancing customer experience for a retail company: Personalized customer experience is a proven method for organizations to improve sales and customer retention rate. But this is extremely difficult understanding customers’ demands and requirements. Find out how Infiniti’s solution has helped a retail store examine customer requirements and improve their standards of product offerings by bringing them in line with the demands of customers. This has further helped the company improve customer experience and loyalty.

Infiniti’s Customer Satisfaction Analysis Helps a Retail Store to Improve Customer Experience

#5: Enhancing customer satisfaction rating for an airline company: Obtaining meaningful insights from vast customer datasets is one of the most difficult tasks for businesses to perform. Infiniti has helped a leading airline industry client facing  similar business challenge. The analysis further helped the client generate insights around various relevant business aspects such as marketing costs and competitors’ impact on their customers, by using multiple optimization techniques.

How Infiniti’s Customer Satisfaction Survey Helped an Airline Industry Client to Improve Their Customer Satisfaction Ratings

Companies who have not yet begun tracking customer satisfaction level are dealing with increased customer churn. Are you one among them? If yes, request a FREE proposal to know how our solutions can help you in improving customer experience.

 

#6: Advantage of customer satisfaction surveys for a packaging company: Conducting customer satisfaction surveys can help businesses decrease customer attrition. Wondering how? By predicting customers that are more likely to churn and then developing the right proactive campaigns to retain them. Infiniti’s client adopted the same approach and gained insights on market trends that helped them make necessary adjustments in their product development approach and marketing strategies.

Indubitable Advantage of Customer Surveys for a Returnable Packaging Company: Understanding the Drivers Behind Customer Satisfaction and Loyalty

#7: Improving customer satisfaction level by 10%: Identifying high-value customers and proactively interacting with them are two essential components behind the success of every business. This success story from Infiniti Research highlights how our analysis helped a private banking firm meet the requirements of their customers through a targeted approach. Also, this study explains how the company developed effective marketing strategies to generate maximum value.

Customer Segmentation Study: How Infiniti Helped a Renowned Client in the Private Banking Sector Improve Customer Satisfaction Levels by 10%

#8: Customer satisfaction survey for a financial services provider: Customer satisfaction survey for a financial services provider proved to be very helpful in identifying customer data for actionable insights and paved a way for developing the right approaches. Also, this resulted in increasing customer experience and improving satisfaction levels. Read this success story to know how.

Global Customer Satisfaction Survey for a Leading Financial Service Provider

#9: Developing customer segment-specific action plans for an equipment manufacturer: We recently completed a study for a fuel handling equipment manufacturer. The company wanted to measure the satisfaction of customers regarding its products and services. By conducting a ‘voice of customer’ study, the experts at Infiniti Research helped the client develop customer segment-specific action plan to improve satisfaction rate.

Customer Satisfaction Study for a Fuel Handling Equipment Manufacturer

#10: Improving product and service quality: Embracing change is the only way by which companies can stay ahead of their competitors. Traditional research and customer surveys can no longer help. This success story highlights how the client was able to understand the key concerns of customers regarding their product and how they improved their product and service quality to drive greater satisfaction.

Customer Satisfaction Assessment for Fetal and Neonatal Care Equipment

CONTACT US to learn more about our services.

ir11

Customer Lifetime Value Analysis Helped a Financial Services Provider Reduce Customer Churn Rate by 17%

Business Challenge 

Over the past few years, the financial services industry has witnessed positive changes, driven by increasing popularity of FinTech companies and technological advancements. But, as the financial services sector advances, customer demands have also increased. This has pressurized companies in this sector to offer better services to keep their customers engaged. As a result, financial services providers need to develop optimal strategies for enhancing customer experience.

With regulatory requirements continuing to increase and entry of new players in the market, the client, a leading financial services provider was forced to spend a large amount of their revenue for acquiring new customers. This proved to be a costly affair for the client, both in terms of revenue and resources. Therefore, they approached Infiniti Research to leverage our customer lifetime value analysis for gauging the lifetime value of customers and identifying strategies to retain them. With Infiniti’s customer lifetime value analysis, the client wanted to better segment their customer groups, forecast customer demands, reduce customer churn, and win back customers.

Is your inability to analyze your customer’s lifetime value resulting in revenue losses for your company? Our customer lifetime value analysis solutions help firms outperform their competitors. Request for a FREE brochure to learn more about our services.

Solutions Offered and Value Delivered 

With Infiniti’s customer lifetime value analysis solution, the client was able to understand how much a customer is worth and develop optimal strategies for customer engagement. This helped the client decrease churn rate by 17% and outperform their competitors.

Also, our customer lifetime value analysis solution helped the client to:

Effectively segment customers – By better profiling customer groups, the experts at Infiniti Research helped the client offer customized services for their customers, target customers based on value potential, and gain the maximum possible revenues per customer.

Effectively forecast demands – By accurately predicting the future demands of the customers, the client was able to better plan their marketing strategies. It also helped in cutting down on cost by guiding better resource allocation.

Reduce customer churn: A better understanding of customer needs helped the client in improving customer loyalty.

Win back customers – With Infiniti’s customer lifetime value analysis, the client was able to reduce customer attrition rate and win back lost customers.

Companies who have not yet begun tracking customer lifetime value are dealing with increased customer churn. Are you one among them? If yes, request a FREE proposal to know how our solutions will help you in enhancing customer experience.

Why is Customer Lifetime Value Important? 

Customer lifetime value depicts a customer’s value to a firm over a period. In situations where your organization needs to stay ahead of competitors, focussing on customer lifetime value model allows you to design an effective strategy with more concise budget planning. Infiniti’s customer lifetime value analysis helps firms segment customer effectively, increase loyalty, improve forecasting, and recognize best customers.

customer lifetime value

Are you are still wondering why satisfying your customers is important for your business growth? Read our success story which explains how enhancing customer satisfaction helped a financial company increase customer lifetime value and reduce churn by 20%.

Infiniti’s Customer Satisfaction Engagement Helped a Financial Services Provider to Increase Customer Lifetime Value and Decrease Churn Rate by 20%

GET IN TOUCH to know how our customer lifetime value model will help your business.

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4 Customer Experience Management Trends to Keep an Eye On in 2019

What is customer experience management?

Customer experience management involves managing customer interaction through both physical and digital touchpoints in order to deliver personalized customer experiences. This helps drive customer loyalty and boosts revenue. Although companies can make efforts to guide customer journeys, they cannot absolutely dictate it to customers. Customer-centric organizations leverage behavioral data, marketing technologies, and customer insights to optimize customer journeys and thereby ensure better customer experience management.

Request a Brochure

We, at Infiniti Research, use a combination of research, analytics, and data management systems to help our clients manage data, serve relevant content to target customers, and predict future interactions. Request a brochure to know more about Infiniti’s customer intelligence solutions.

Customer experience management trends

Several transformation triggers including globalization, digitization, and economic changes have the power to dramatically impact customer interactions with a brand and influence their decision-making. So, while formulation a customer experience management strategy, companies must take these factors into consideration. Here are four customer experience management predictions for 2019 from Infiniti Research:

Hyper-personalization at every touchpoint

 One of the key recent trends in customer expectations is the increasing need for personalization in product/services. Today, hyper-personalization forms a key element of customer experience and satisfaction. As a part of their customer experience management strategy, forward-thinking companies are using data and analytics for (near) real-time personalization. Today, customers are inundated with advertisements and multimedia content on different platforms. This makes it crucial for brands to not add irrelevant noise to their content, rather, define ways to stand out from the crowd.

Still have doubts on how customer experience management strategies can benefit your organization? Request a free proposal to find out!

Organization-wide customer focus

In most cases, hiring a chief customer officer is not enough to deliver impeccable customer experience. The most successful brands in customer experience management are those who establish an organization-wide customer-experience mindset. Top companies like Amazon are thinking about customer experience in everything they do including marketing, supply chain, infrastructure, logistics, and product design.

Robotic Process Automation (RPA)

Robotic Process Automation, also known as RPA involves the use of machines to automate repetitive and mundane tasks, helping businesses to increase efficiency and decrease costs. Moreover, this gives the human resources of a company to focus on tasks such as innovation, problem-solving, creativity, and customer experience management research and analysis.

Data ethics

One of the most popular customer experience management trends to watch out for this year is the rising need for data privacy and ethics. With the introduction of the General Data Protection Regulation
(GDPR) law that gives customers power over their personal data, companies have to be more cautious than ever on the compliance with such regulations. This law has changed the way companies handle customer data which has now transitioned from a business asset to the customers’ property. Facebook data ethics scandal in the recent past is proof that such instances can hurt a company’s image in the public eye and eventually lose customer trust. Customers want great customer experiences from brands they can trust. So, building customer trust by maintaining their privacy and data security is now one an essential customer experience management trend.

Know more about why customer experience management is important for your business. REQUEST MORE INFO

Answers to the questions

Analyzing Customer Behavior and Understanding Purchasing Drivers and Barriers for a Food Industry Client with the Aid of a Customer Needs Analysis Engagement

Identifying Unmet Needs and Customer Perceptions 

About the Client 

For over 7 years, the client has been a leading firm in the food and beverage industry, serving customers throughout the Western United States and South America.

Business Challenge:

With rising competition, latest technological advancements, and changes in customer preferences, companies in the food industry need to embrace new models and strategies to compete in the marketplace. This makes it vital for companies in the food industry to gain detailed insights into the competitors, understand customers’ needs and preferences, latest market trends, and consumer buying patterns to better position their products and services in the target markets.

A leading firm in the food and beverage industry wanted to assess customers’ perception of their current offerings and strength of competing brands. The client realized that as technology improves, and the customers’ need advances, identifying the unmet customer needs was the only way to keep up their market position. Moreover, without a strategic approach to customer needs analysis, they encountered costly risks from demand and supply mismatch, which affected their customer satisfaction and resulted in revenue losses for the company. By leveraging Infiniti’s customer needs analysis, they wanted to define current and future customers’ unmet needs and understand customers’ buying criteria.

Are you looking to identify and meet your customer needs? Well, this can be a daunting task if you haven't paid close attention to customer needs before.

Learn how Infiniti’s customer needs analysis can help. Request a FREE brochure.

Top Challenges Faced by the Food Industry Client 

Problem Statement 1: Demand for convenience

Tech-driven delivery systems have disrupted the traditional business model. With technological advancements in the food industry, customers have become more demanding. This compelled the client to leverage Infiniti’s customer needs analysis solutions to meet customer demands and ensure convenience.

Problem Statement 2: More discerning tastes

Today, customers have become more discerning. They are seeking out exciting and higher-quality meals. Due to this trend, the client realized the need to leverage customer needs analysis to better meet customers’ demand and sustain their market position.

Problem Statement 3: Opting for healthier foods

The modern customers’ emphasis on health has extended beyond the gym, leading to healthy eating habits. Hence, the client’s unstructured approach to customer needs assessment resulted in revenue losses for the company, leading to a sharp decline in their market position. With the help of Infiniti’s customer needs analysis solution, the client wanted to continuously improve the quality of their products by monitoring the initiatives undertaken by their competitors.

Problem Statement 4: Retaining profitability

Owing to commodity price shifts and dynamism in the market, the client found it challenging to retain their profit margins. By leveraging our customer needs analysis solution, they wanted to develop a standardized set of processes and competitive benchmarking metrics.

Customer needs are dynamic, and most companies often lose track of their changing customer needs. Are you finding it challenging too?

Get in touch with our experts to leverage our customer needs analysis.

Solutions Offered and Value Delivered 

The experts at Infiniti Research recommended a two-phase study to meet the client’s challenges.

Phase 1: Qualitative analysis

The initial phase of the customer needs analysis engagement focussed on identifying customers’ unmet needs, understanding purchasing drivers and barriers, and assessing customers’ perceptions of current offerings. By conducting interviews, surveys, and discussions, the experts figured out the needs of the customers and the market. This helped the client to implement better branding strategies and marketing initiatives to enhance their service offerings for the target market.

Phase 2: Quantitative analysis

The second phase of customer needs analysis engagement revolved around quantifying market perceptions, evaluating the most preferred product features, and the introduction of new products. The experts at Infiniti performed a thorough internal sales data assessment and an extensive customer survey to segment customers by needs, to compare performance against competitors, and develop value propositions to stay ahead of the competition.

With the help of Infiniti’s customer needs analysis, the client was able to increase their sales and market share by focussing on upgrading their product features. This further helped the client in successfully implementing the new customer segmentation approach and realigning their delivery system, as well as distribution and sales process based on customer needs.

The customer needs analysis solution further helped the client to understand their customer needs and their position in the overall market. They were able to introduce new products in the market, which subsequently enhanced the customer experience and improved profit margin by 13% in a year.

Finding it difficult to identify unmet customer needs? Our customer needs analysis solution can help. Request a FREE proposal!

What is a customer needs analysis?

A customer needs analysis is used in product development and branding to provide an in-depth analysis of the customer to ensure that the product or message offers the benefits, attributes, and features needed to provide the customer with value. To find the right customer priorities, businesses need to create buyer personas and uncover consumer trends, look at customer’s long-term retention patterns, establish a clear company vision, provide premier customer service to valuable customers, and communicate with the ideal customer in their preferred social media space.

How can you identify customer needs?

To be good at marketing you need to be good at understanding and satisfying the most important needs of your customers in relation to your products or services.  By understanding their most important needs you can tailor your product and service offering and shape your brand to meet their needs. Given our expertise in performing customer need analysis for various businesses, we’ve listed out the customer needs analysis methods.

  • Identify what your customers need through research, focus groups, or social listening.
  • 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.
  • Knowing what your competitors are doing will help evaluate where you stand in the market and identify gaps in your offerings.
  • Analyzing cause-effect relationship ensures better customer need analysis and helps in addressing root-cause problems, thereby enhancing user experience.

Request for more info to know how our customer needs analysis can help your business.

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