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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.

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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