Tag: customer experience management

Customer experience management

Attaining 33% in Customer Retention with Customer Experience Management Solution

Customer Experience Management in the Retail Industry

To stay ahead of the curve in today’s digitally inclined retail market landscape, retail brands will need to step up their game and offer personalized customer experience (CX) across every communication touchpoint. However, this becomes difficult without gathering detailed visibility into the customer journey and understanding their needs and requirements. Leveraging customer experience management solution can help retail companies to acquire new customers, enhance CX, and reduce marketing spend.

Today, businesses need to provide real-time, personalized experiences to better engage and connect with their customers. Our customer experience management strategy can help you achieve these objectives. Request a FREE proposal today!

Business Challenge

The client is a retail company based out of North America.

2The client faced challenges in engaging with their target customer segments due to the lack of a methodology to analyze customer buying behavior and their spending patterns. They even failed in their attempt to gather customer insights through multiple customer surveys as it was time-consuming and resulted in data duplication.

Due to the lack of insights into customers’ needs and their value for the brand, the client faced challenges in satisfying their customers’ demands and requirements. As a result, they encountered a steep decline in their sales rate and even started losing customers to their competitors. In addition, the company witnessed an increase in customer churn rate by 23%.

They realized the need to create a robust customer experience strategy. As such, they approached the experts at Infiniti Research to leverage their expertise in offering customer experience management solution.

In addition, with Infiniti’s customer experience management solution, the client wanted to:

  • Acquire new customers through targeted sales and marketing approaches
  • Enhance customer engagement by providing personalized product and service offerings
  • Convert prospects into long-term customers by enhancing customer experience
  • Take a more customer-centric approach to marketing and reduce marketing spend

Today's competitive retail marketplace necessitates retailers to enhance the customer experience across in-store and online channels. Our customer experience management solution can help you achieve this. Contact us today!

Solutions Offered

To help the client in devising a sound customer experience management strategy, our experts conducted a three-phased approach.

The initial phase of the customer experience management engagement involved conducting a customer segmentation analysis. In this phase of the customer experience management study, our experts helped the client to identify their profitable customer segment and categorize them into various groups based on their value for the brand.

The next phase of the customer experience management solution involved conducting a customer needs study. Through this study, our experts helped the client to analyze in detail the needs and demands of different customer groups. This analysis helped the client to devise targeted sales and marketing strategies depending on their customers’ needs and requirements. This further helped the client to drive sales and enhance the customer experience of the brand.

The last phase of the engagement involved customer journey mapping, where they analyzed how customers interacted with the brand from the awareness to the purchase stage. This helped the client to identify stages along the customer journey that needs to be improved.

Results Obtained

The insights obtained from Infiniti’ customer experience management study helped the client in understanding the shortcoming of the company in meeting the needs and requirements of their customers. Also, the client was able to make a shift to a customer-focused business model. In addition, the client was able to fine-tune their marketing strategies and better engage with target customer segments.

The customer experience management strategy also helped the client to reverse the decline in their market share, reduce customer churn, and improve profitability. With this, the company was able to increase customer retention rate by 33%.

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Interested to learn more about our customer experience management solutions and their benefits for your business? Request for more info!

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.

customer experience in banking

‘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.

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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

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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.

Looking for more resources to help you identify and meet customer needs?

You might want to know more about Infiniti’s customer need analysis solutions for business!

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!

competitive pricing

The Quintessential Guide to Measuring Customer Satisfaction

Measuring customer satisfaction is all about gauging the degree to which the product or service offerings of a company meets or exceeds customer expectations. A customer satisfaction survey highlights the aspects of the products, services, or operational processes that are leaving their customers less than satisfied. Customer satisfaction survey is a great tool for measuring customer satisfaction and loyalty. Moreover, customer satisfaction is integral to business as satisfied customers stay loyal to the brand, buy more, and promotes their experience through word-of-mouth. Several studies show that the cost of retaining an existing customer is only one-tenth of acquiring a new one. So, once you win a customer, it is vital to keep them hooked on to your brand.

How to measure customer satisfaction 

One of the key objectives of business is to create happy and loyal customers. However, measuring customer satisfaction often proves to be more difficult than measuring revenue streams or website visitors. In this blog, Infiniti Research explores some excellent metrics and methods of measuring customer satisfaction.

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telecom industry

The Basics of Creating a World-Class Customer Experience Strategy

Companies that focus on customer experience become successful in reducing churn and increasing revenues – leading to higher profits.

Customer experience definition 

Customer experience(CX) has become the new buzzword for most companies across industries. It may 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 perception and customer interaction are two basic elements of CX. Customer’s overall perception about a brand can occur as a result of single or multiple interactions with a brand while seeking any information or support at different phases of the customer lifecycle. Customer’s interaction with a brand includes various touch points including talking to customer support agent on call and self-service options or live chat.Brochure CTA

What is customer experience management? 

Customer Experience Management is the process by which an organization organizes and manages each customer interaction with their brand across the buyer’s journey. Customer experience management can be defined as the practice of designing and reacting to customer interactions to meet or exceed customer expectations and thereby increase customer satisfaction, loyalty, and advocacy. The objective of customer experience management is to optimize customer interactions, align with the customer’s ideal brand perception, and exceed their expectations to nurture and lay the foundation for long-term customer relationships. In today’s hyper-competitive marketplace, customer experience management is emerging as the key strategy to gain competitive advantage. Most organizations are expected to redirect their investments towards CX  innovations in the future. This also means, that your competitors are more likely to be focusing on customer experience in the future, thereby making it necessary to have a customer experience management software in place. The three essential pillars of customer experience management include:

Know your customers

Brands that have a good understanding of their customers will be able to create awe-inspiring experiences for their customers. It is essential for brands to pay more attention to customer data in order to gain insights about their needs and preferences for delivering personalized experiences.

Devise an optimal customer experience strategy

After identifying the buyer persona, it is crucial to define the customer experience strategy map all the relevant touch points throughout the customer journey. This helps to better plan and organize the brand’s interaction with their customers at each touchpoint.

Measure customer satisfaction

It is imperative to measure customer satisfaction in real time to estimate the success of the customer experience strategy. Customer satisfaction is devised based on regular customer feedback. This will give a clear indication regarding customer perception of the brand.

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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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healthcare market research

6 Tips to Effectively Kick-start Customer Journey Mapping

What is customer journey mapping? 

Customer journey mapping is now one of the most favorite tools for businesses to visualize their customer’s experience. Customer journey mapping helps companies view their business from a customer’s point of view. In other terms, customer journey mapping can be defined as an illustration that details all of the touchpoints at the organization that a customer comes into contact with as he/she attempts to achieve a goal and the emotions and experiences that they encounter during that journey. Customer journey mapping is a great way to identify the common customer pain points, ways to improve the customer experience and define what customers, and prospective customers, need in order to complete a purchase.

Tips for customer journey mapping

customer journey mappingIdentify the right customer touchpoints

One of the most fundamental steps in customer journey mapping is to identify the touchpoints through which the customers interact with the organization. It is vital to identify both the minor as well as the major touch points. Let’s take the example of a car showroom, the minor touchpoints here are the customer walking around the lot prior to being greeted by a salesperson or when the car is delivered to the customer after the sale is complete. Major touchpoints here include taking a test drive or sitting down at the salesperson’s desk to negotiate the final deal. An ideal customer journey map must include every touchpoint from the marketing phase to post-sale follow up surveys.

Distinguish onstage and offstage factors

Onstage refers to those factors that are visible to the customer, whereas offstage refers to the activities that go behind the scene. Customer interactions with the salesperson is an action that occurs onstage, however, the billing procedure can be considered as offstage. The offstage actions often have an impact on the onstage experience of the customers. It is vital to distinguish offstage actions from those that are onstage or customer-facing, this will help separate the customer’s actual experience from the operations that support it.

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