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3 Steps To Becoming A Customer-Centric Organization

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  • Forrester Research defines contextualization as a “tailored, adaptive and sometimes predictive digital customer experience.” that expands on personalization techniques by automating decision-making and adding in-the-moment details. Contextualization is driven by a combination of historical, behavioral and profile data inputs and can be used to build location-targeted content, adjacent content and adaptive designs.

  • It’s not enough to be present: Recognize the value of each commerce and engagement channel, and meet your customers there!
    Make your messaging matter: Each message and offer should have a purpose. The only way to add meaning to your marketing and engagement strategies is to understand your customers and their history with your brand and products.
    Stay in tune with your customers’ evolution: Shopping preferences are constantly changing and evolving. With analytics, you can keep constant tabs on your customers, their behaviors and their responses to marketing and engagement strategies.
  • Thanks again to Pam and Steven, and thank you to all our attendees for taking the time to join us today. Today’s webinar will be available on-demand, so you can access it at any time, and share it with your peers and colleagues. If you’d like to connect with Pam or Steven for any reason, feel free to shoot us an email or connect with us on Twitter or LinkedIn.
     
    Enjoy the rest of your day!
  • Transcript

    • 1. 3 Steps To Becoming A Customer-Centric Organization #CustomerCentric Sponsored by
    • 2. #CustomerCentric Type question here Welcome Webinar Attendees
    • 3. #CustomerCentric Follow This Webinar On Twitter #CustomerCentric @PJGoodfellow @AliciaFiorletta @UXCEclipse @RTouchPoints
    • 4. #CustomerCentric About Retail TouchPoints  Launched in 2007  Over 28,000 subscribers  To provide executives with relevant, insightful content across a variety of digital medium Free subscription to our weekly newsletter: WWW.RETAILTOUCHPOINTS.COM/SUBSCRIBE
    • 5. #CustomerCentric Speakers Stephen Cohen Vice President, UXC Eclipse Pam Goodfellow Principal Analyst, Consumer Insights Director, Prosper Insights & Analytics
    • 6. #CustomerCentric What Is Customer Centricity?
    • 7. #CustomerCentric Agenda 1. Creating integrated experiences across all channels. 2. Collecting data in real time and leveraging it to personalize offers and interactions. 3. Tailoring experiences based on the overall engagement and preferences of individual customers.
    • 8. #CustomerCentric Creating Integrated Experiences Across All Channels “The undeniable consumer trend towards more complex paths-to-purchase that blend the digital shopping experience with the physical one almost makes any discussion of a single ‘selling channel’ irrelevant. Consumers certainly don’t see ‘channels’; retailers either address consumers’ lifestyle needs or they don’t.” - Paula Rosenblum, Retail Systems Research
    • 9. #CustomerCentric © 2014, Prosper® www.ProsperDiscovery.com About Prosper Insights & Analytics Prosper Insights & Analytics™ • Provides forward looking insights and analytics predictive of consumer behaviors • Specialize in helping retailers, CPGs, agencies, financial institutions, etc. understand their customers as well as their competitors customers. • Deliver action-oriented solutions aimed at helping our clients to most effectively communicate with their target customers Since 1990, Prosper Business Development • Has helped business see the future • Provided solutions to be successful in an ever-changing marketplace
    • 10. #CustomerCentric Cross-Channel Shopping Behavior Purchase Channels – Composite Average of 10 Major Merchandise Categories [adults 18+] 0% 10% 20% 30% 40% 50% 60% In the store Online on a laptop/desktop computer Mobile device (Smartphone/tablet) Dec-12 Dec-13 - 7.2% - 4.2% + 41.2% © 2014, Prosper® www.ProsperDiscovery.com Source: Prosper Insights & Analytics™
    • 11. #CustomerCentric Cross-Channel Shopping Behavior Purchase in the Store, Year-Over-Year Change [adults 18+] -10.4% -9.2% -8.8% -6.9% -6.7% -6.4% -6.3% -6.3% -5.8% -5.5% -12% -10% -8% -6% -4% -2% 0% © 2014, Prosper® www.ProsperDiscovery.com Source: Prosper Insights & Analytics™
    • 12. #CustomerCentric Source: Prosper Insights & Analytics™ Cross-Channel Shopping Behavior Purchase via Mobile Device [by generation] 0% 5% 10% 15% 20% 25% Entertainment/Media Apparel Small Ticket Electronics Gift Cards Beauty Products Adults 18+ Millennials Gen X Millennials (1983 – 1996), Gen X (1965 – 1982) © 2014, Prosper® www.ProsperDiscovery.com Source: Prosper Insights & Analytics™
    • 13. #CustomerCentric How Are Retailers Keeping Pace? The jury is in: Retailers know omnichannel shoppers are more profitable
    • 14. #CustomerCentric 88% of respondents either have a cross- channel strategy in place or are planning on adding one, up from 75% last year. Source: Retail TouchPoints, Omnichannel Survey
    • 15. #CustomerCentric What Are Top Omnichannel Priorities? • Promotions / offers (55%) • Loyalty information (45%) • Order information (40%) Source: Retail TouchPoints, Omnichannel Survey
    • 16. #CustomerCentric Key Takeaways • Omni-channel success is all about delivering a single message consistently to your customer • Retail systems and technology must be able to support this: – A single platform with a single source of truth – Integrated Retail Supply Chain – Business Intelligence and Analysis across all aspects of the Retail Supply Chain data + analytics = knowledge
    • 17. #CustomerCentric Leveraging Real-Time Data To Personalize Interactions
    • 18. #CustomerCentric The Consumer’s View Of Retail Retail Store = Retail.com = m.Retail.com © 2014, Prosper® www.ProsperDiscovery.com Source: Prosper Insights & Analytics™
    • 19. #CustomerCentric Loyalty Is Hard To Win & Easy To Lose Mobile Aptitude Score [by generation] * The Mobile Aptitude Score is a unique index that considers mobile ownership, usage (including apps and coupon redemption), comparison shopping, influence to purchase, researching and purchasing products, and other factors. These items are then compared to those habits of the general population to see if a particular focus segment is more or less mobile savvy than the average consumer. A score of 100 means that the focus segment’s mobile aptitude is flat compared to the general population, while a score of 105 indicates that the focus segment’s mobile aptitude is 5% higher than the general population. 156.9 121.8 63.2 26.8 0 20 40 60 80 100 120 140 160 180 Millennials Gen X Boomers Silent © 2014, Prosper® www.ProsperDiscovery.com Source: Prosper Insights & Analytics™ Millennials (1983 – 1996), Gen X (1965 – 1982), Boomers (1946 – 1964), Silent (born pre-1946)
    • 20. #CustomerCentric Customer Service Excellence 2013 Customer Service Champions 1. Amazon.com 2. L.L.Bean 3. Lands’ End 4. Kohl’s 5. Cabela’s 6. JCPenney 7. Zappos.com 8. Newegg.com 9. Macy’s 10.Nordstrom Source: Prosper Insights & Analytics™ © 2014, Prosper® www.ProsperDiscovery.com
    • 21. #CustomerCentric Grab Your Customers At “Hello” “The notion of a ‘segment of one,’ or one-to-one personalized marketing, has been something of a holy grail for marketing…A combination of Big Data and embedded analytics making it a reality.” - Andrew Boyd, Aberdeen Group
    • 22. #CustomerCentric Analytics To The Rescue! • Sales analytics (71%) • Web analytics (71%) • Customer analytics (69%) • Marketing analytics (63%) • Merchandising analytics (47%) • Social media analytics (42%) • Assortment/inventory analytics (40%)
    • 23. #CustomerCentric Extending Data Across Channels 55% of retailers have customer information and purchase history available across channels Increased customer satisfaction (82%) and basket size (51%). Source: Retail TouchPoints, 2013 Store Operations Survey
    • 24. #CustomerCentric Key Takeaways • 360˚ view of each customer in real-time across the enterprise • Each customer is unique, treat them that way • Anticipate customer behavior with full knowledge of stock levels, buying patterns and then respond to demand with timely, appropriate and targeted promotions = ↑ customer satisfaction = ↑ revenues
    • 25. #CustomerCentric “Customer centricity is a strategy to fundamentally align a company’s products and services with the wants and needs of its most valuable customers.” - Dr. Peter Fader, Co-Director, Wharton Customer Analytics Initiative, University of Pennsylvania Tailoring Experiences Based On The Overall Engagement
    • 26. #CustomerCentric Making It Happen “The key to successful customer engagement strategies is in generating a single view of the customer (know me), unique identification (show me that you know me), and creating personalized, relevant engagement (show me that you value me).” - Steven Dennis, SageBerry Consulting
    • 27. #CustomerCentric Personalization Opportunities • Location-based offers and coupons • Personalized offers and incentives • iBeacon engagement • Clienteling / customer service • Online recommendations • Email personalization • Customization Source: Retail TouchPoints, 2013 Store Operations Survey
    • 28. #CustomerCentric But Beware The Creep Factor!
    • 29. #CustomerCentric An Example Of What Not To Do
    • 30. #CustomerCentric The Future: Contextualization A “tailored, adaptive and sometimes predictive digital customer experience.” - Forrester Research, Advance To Next Generation Personalization
    • 31. #CustomerCentric Final Thoughts • It’s not enough to be present: Recognize the value of each commerce and engagement channel, and meet your customers there! • Make your messaging matter: Each message and offer should have a purpose. Make sure each time you engage with shoppers, it has meaning. • Stay in tune with your customers’ evolution: Shopping preferences are constantly changing and evolving. Keep a constant pulse on their behaviors.
    • 32. #CustomerCentric Key Takeaways • Being Customer Centric means knowing each Customer • Knowledge comes from data and data comes from systems • Your system needs to span across the enterprise to deliver real-time access to data with deep analysis to support customer-centric retailing = it’s a journey – partner, tools, experience
    • 33. #CustomerCentric Q&A // Panelists Stephen Cohen Vice President, UXC Eclipse Pam Goodfellow Principal Analyst, Consumer Insights Director, Prosper Insights & Analytics
    • 34. #CustomerCentric Webinar Teaser Dispelling the myths: • Moving from multi- to omni-channel retailing and the integrated supply chain. – What is multi-channel vs omni-channel retailing? – What does a successful omni-channel solution look like? – How do I get there? = start your omni-channel journey with UXC Eclipse + Microsoft Dynamics AX for Retail
    • 35. #CustomerCentric Thanks For Joining Us! Download at: http://rtou.ch/customercentric3

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