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It Shouldn‟t Be Lonely Atthe Top: 10 Ways RetailersCan Retain Their Top 20%
80-20 rule80% of your profits come from 20%of your customers80% of your complaints come from 20%of your customers80% of yo...
why be customer-centric?     You have to be!        Relevance and experience, not product        Competitive differentiati...
Choose who you want a relationship with.       Then be RELENTLESS!
today‟s consumer is…      …fickle, loyalty is down      …in control, demanding      …overloaded with mass marketing, low t...
reasons for losing a  customer *                                14% – Dissatisfaction with product or service             ...
retailer goals     Increase loyalty     Increase visit conversions     Increase ticket size     Optimize marketing and cus...
Top 10 Ways to Retain Your Top 20% know your customer                               listen to and nurture your best custom...
1. know your customer    Performance per channel    Business- and vertical-specific attributes and demographic    info (sk...
1. know your customer  Capture data at every touch point        Customer profiling and segmentation using business        ...
1. know your customer   Successful CRM is about competing in the   relationship dimension. Not as an alternative to   havi...
2. map out and automatecustomer engagements         Understand consumer behavior workflows to respond to         expedienc...
2. map out and automatecustomer engagements     Day 1: create a sense of exclusivity and urgency     (time-limited offers,...
3. personalize the customerexperience at every channel    Educated, intelligent, and contextual item and offer    recommen...
4. empower sales associates andimprove the store experience        Customers hit a „brick and mortar‟ wall        Store ex...
5. surrender to self-service      “Thanks, I‟m just looking.”      Encouraging self-service is key, force yourself to get ...
6. embrace social media, andcustomer-to-customerrelationships               Consumers are connected and are talking       ...
7. listen to and nurture yourbest customers                              They know more about your                        ...
8. adapt messaging to customersegments                  Loyalties are generally focused on                  the brand, muc...
9. integrate your systems,channels, supply chain, &organization        Customers expect it        Integrate all touch poin...
10. join the mobile revolution           Line of business applications           Mobile POS, Clienteling           Consume...
demo of MS CRM for retailRaymark Charisma CRM is a retail-specific CRM solution built on the MicrosoftDynamics CRM platfor...
something to leave you with…
business ingredients                                                           Vision! The WHY – set the corporate vision ...
business ingredients          Processes – re-engineer work from outside in          Information – treat customer data as a...
technology ingredients          Optimized Infrastructure – foundation for          operationalizing data and work flow    ...
Presented byWill Rochewroche@raymark.com
It Shouldn’t Be Lonely At the Top: 10 Ways Retailers Can Retain Their Top 20 Percent
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It Shouldn’t Be Lonely At the Top: 10 Ways Retailers Can Retain Their Top 20 Percent

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Customers are people first. From the moment they wake up to the time they go to bed, someone is trying to sell them something. 80% of the time, they're not buying. So what makes the other 20% so different? Relationships. Customers buy from retailers they feel connected to and listened by - simple as that.



Your top customers love your products, spend the most money in your stores, and tell their friends about you. Neglect them, and they'll do the same for someone else. Nurture your relationship with them, and they will bring you countless rewards.

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Transcript of "It Shouldn’t Be Lonely At the Top: 10 Ways Retailers Can Retain Their Top 20 Percent"

  1. 1. It Shouldn‟t Be Lonely Atthe Top: 10 Ways RetailersCan Retain Their Top 20%
  2. 2. 80-20 rule80% of your profits come from 20%of your customers80% of your complaints come from 20%of your customers80% of your profits come from 20%of the time you spend80% of your sales come from 20%of your products80% of your sales are made by 20%of your sales staff
  3. 3. why be customer-centric? You have to be! Relevance and experience, not product Competitive differentiation Sustainability Bottom line
  4. 4. Choose who you want a relationship with. Then be RELENTLESS!
  5. 5. today‟s consumer is… …fickle, loyalty is down …in control, demanding …overloaded with mass marketing, low trust …expectation of speed and connectivity …connected, digital lifestyle …creative, likes to experiment, seeks self- expression …educated, aware …a multi-tasker
  6. 6. reasons for losing a customer * 14% – Dissatisfaction with product or service 9% – Competition 5% – Influenced by friends 3% – Moves away 1% – Death* Source: American Society for Quality
  7. 7. retailer goals Increase loyalty Increase visit conversions Increase ticket size Optimize marketing and customer engagement costs
  8. 8. Top 10 Ways to Retain Your Top 20% know your customer listen to and nurture your best customersmap out and automate customer engagements adapt branding to customer personalize the customer segments experience at every channel integrate your systems, channels, supply chain, and organization as aempower sales associates and wholeimprove the store experience join the mobile revolution surrender to self-service 9
  9. 9. 1. know your customer Performance per channel Business- and vertical-specific attributes and demographic info (skin type, concerns, occupation, size category, age range, geography, products/categories, etc.) Advanced analytics: trend identification and predictive analysis (trends in category performance, sales forecasts per channel, future consumer behavior and preferences, lifetime value of the customer, etc.)
  10. 10. 1. know your customer Capture data at every touch point Customer profiling and segmentation using business intelligence: Revenue-generating customers, most profitable Recency, frequency, monetization (RFM) Customers who respond to offers vs. those that don‟t Widely-used KPIs: average transaction size and, customer gross profit, performance by segment
  11. 11. 1. know your customer Successful CRM is about competing in the relationship dimension. Not as an alternative to having a competitive product or reasonable price - but as a differentiator. If your competitors are doing the same thing you are (as they generally are), product and price wont give you a long-term, sustainable competitive advantage. But if you can get an edge based on how customers feel about your company, its a much stickier, sustainable relationship over the long haul. - Bob Thompson
  12. 12. 2. map out and automatecustomer engagements Understand consumer behavior workflows to respond to expediency It‟s all in the follow up: automation and continuity via scheduled and triggered workflows Sample workflow: Monitor transactions at the POS, capture sale of Brand X jeans Trigger 10% off email coupon to customer for Brand X shirts and other accessories (if customer is a Tier 1 spender) Track response and sale, optionally engage in child workflow
  13. 13. 2. map out and automatecustomer engagements Day 1: create a sense of exclusivity and urgency (time-limited offers, exclusive sales/online shopping clubs) Day 2: follow up on abandoned e-commerce carts and/or items that don‟t make it past the fitting room
  14. 14. 3. personalize the customerexperience at every channel Educated, intelligent, and contextual item and offer recommendations at every channel Based on purchase history and preferences Customers who bought X also bought Y New products for you/offers for you Happy Birthday! Keys to cross-sell and up-sellMulti-channel customer spends 3-4xmore than a single-channel customer
  15. 15. 4. empower sales associates andimprove the store experience Customers hit a „brick and mortar‟ wall Store experience, customer service, and education are important for increasing conversions (don‟t forget merchandising!) In-store associate education/lookup of customer information, assisted selling Raymark Clienteling and Point of Sale Mobile handheld, PC/POS/kiosk, slate/tablet Customer profiling, history lookup Assisted selling, loyalty management, etc.
  16. 16. 5. surrender to self-service “Thanks, I‟m just looking.” Encouraging self-service is key, force yourself to get out of the way Adapt to introverts At home experience in the store: kiosks, digital displays, smart phones, etc. Successful practices: In store digital product browsing Way finding Personalized recommendations and offers Access account information and peer reviews Self checkout is emerging
  17. 17. 6. embrace social media, andcustomer-to-customerrelationships Consumers are connected and are talking about your brand and products. Become part of the conversation! Be mindful of social shopping and gift giving Published wish lists Facebook „fan‟ pages and „likes‟ Outfitting tools/virtual dressing rooms
  18. 18. 7. listen to and nurture yourbest customers They know more about your business than you do, learn from them If you do build a great experience, customers tell Brand evangelists and advocates, fuel viral word of mouth each other about that. Word of mouth is very Facebook is the new focus group powerful. Divert some investments to them, organic ROI via law of reciprocation Jeff Bezos, CEO, Amazon
  19. 19. 8. adapt messaging to customersegments Loyalties are generally focused on the brand, much more than the sales channel It’s the message, much more than the medium Adapt messaging and store/customer experience to profiles, emotional connections, and geography Break out niche products ?
  20. 20. 9. integrate your systems,channels, supply chain, &organization Customers expect it Integrate all touch points: stores, web, mobile, call centers, appointments/service, etc. Add the customer dimension to merchandising process: Meet product demand by integrating customer indicators (preferences/trends by segment, demographic information, etc.) Tailoring assortments and pricing by geography and demographic
  21. 21. 10. join the mobile revolution Line of business applications Mobile POS, Clienteling Consumer applications Mobile 101: m-commerce friendly site Mobile couponing, promotions, and product recommendations (text messaging and/or rich apps) Location-based services Personalized kiosk (Meijer: way-finding) Hybrid strategy of deploying proprietary apps + joining networked/community apps
  22. 22. demo of MS CRM for retailRaymark Charisma CRM is a retail-specific CRM solution built on the MicrosoftDynamics CRM platformPart of Raymark’s customer-centric retailing offering, it allows you to: 1. Identify your best customers 2. Obtain a 3600 view of your customers across all channels 3. Improved loyalty with targeted, personalized, relationship-based marketing 4. Improved stock movement with intelligent cross-selling and up-selling 5. Win top-of-mind positioning over the competition with messages that really engage customers 6. Increase productivity with automated marketing and customer service
  23. 23. something to leave you with…
  24. 24. business ingredients Vision! The WHY – set the corporate vision Strategy – set customer base as asset and drive process to it Customer experience – define and refine with constant feedback. What makes you relevant and valuable? Organizational collaboration – change organization and incentives around customerRef: Gartner – “CRM Vision and Strategy: Putting the Pieces Together to Generate Success”
  25. 25. business ingredients Processes – re-engineer work from outside in Information – treat customer data as an asset and foundation focus Metrics – set metrics at multiple levels. What is not measured does not get done. Technology – outline architecture FIRST. Treat as one large integrated and interoperable system Without real time performance management you fail!
  26. 26. technology ingredients Optimized Infrastructure – foundation for operationalizing data and work flow Retail Web Services Platform – Required for consumption of structured and unstructured data Analytics – A must for determining what to do with all that data - most importantly, customer data Retail Data Warehouse – Single view of data for business logic and application execution Rich and Portable UI - HTML5 Ubiquitous Consumer Connections – Customer can connect and receive same experience no matter what devices are chosen
  27. 27. Presented byWill Rochewroche@raymark.com
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