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How to make your customers fall in love with you.

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Success at retail is about creating great experiences. Just like dating. …

Success at retail is about creating great experiences. Just like dating.

Technology, mobility and access, among other things, have dramatically changed the retail landscape. The future of retail is bigger than flashy technology and the hyper-connected Internet of Things. In this new world, the consumer is in charge. Retailers and brands must build meaningful relationships if they want to see continued sales growth. And the way to do this is by getting to know your customers well, cater to their needs, create moments of delight, stay connected, be nice to their friends and invite them to share their thoughts and experiences. In other words, retail is a lot like dating.

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  • 1. How to make your customers fall in love with you. By Emily Buchholtz Brand Strategist Success at retail is about creating great experiences. Just like dating.
  • 2. LIQUIDAGENCY.COM 1 Technology, mobility and access, among other things, have dramatically changed the retail landscape. The future of retail is bigger than flashy technology and the hyper-connected Internet of Things. In this new world, the consumer is in charge. Retailers and brands must build meaningful relationships if they want to see continued sales growth. And the way to do this is by getting to know your customers well, cater to their needs, create moments of delight, stay connected, be nice to their friends and invite them to share their thoughts and experiences. IN OTHER WORDS, RETAIL IS A LOT LIKE DATING.
  • 3. LIQUIDAGENCY.COM 2 MAKE THEM FALL IN LOVE WITH YOU. We believe that when shopping—whether via desktop, mobile, social or in-store—the retail experience should feel less like a path to purchase and more like a first date that went really, really well. So well that the customer is already thinking of the 10th date – so well, that neither brand, nor customer, can think of being with anyone else. And that means creating a really great experience. The experience is so important that some innovative retailers are suggesting the industry measure success not by “sales per square foot,” but instead focus on “experiences per square foot.” We created this infographic in an effort to capture and synthesize some key data points we have been observing, and offer a few “dating” tips. We hope you’ll find it useful as you court your customers and watch them fall in love with you.
  • 4. LIQUIDAGENCY.COM 3 Old model RETAILERS/BRANDS HAD THE POWER New model 1 SHOPPING PLATFORM FOCUS ON ACTUAL CURRENCY STORE = PLACE I NEED STUFF. CONSUMER HAS THE POWER + SHOPPING 2 PLATFORMS FOCUS ON SOCIAL CURRENCY STORE = INTEGRATED BRAND EXPERIENCE I WANT AN EXPERIENCE.
  • 5. LIQUIDAGENCY.COM 4 Relationships lead to improved bottom line 1 ENGAGING EXPERIENCES HELP BUILD RELATIONSHIPS. CREATE A NEGATIVE EXPERIENCE 89% OF CUSTOMERS TEND TO SWITCH TO A COMPETITOR’S BRAND1 2 RELATIONSHIPS LEAD TO MORE & BETTER TRANSACTIONS. 4X CONSUMERS WHO ARE EMOTIONALLY CONNECTED WITH A RETAILER ARE MORE LIKELY TO SHOP WITH THEM 2
  • 6. LIQUIDAGENCY.COM 5 = LOSING 1 CUSTOMER AVERAGE COST $300 3 RETAILERS THAT INVESTED IN RELATIONSHIPS SAW THEIR SALES INCREASE BY WITHOUT INCREASING THEIR MARKETING BUDGET 5 86% OF CONSUMERS WILL PAY MORE FOR A BETTER EXPERIENCE 4 50% 33% LOYAL CUSTOMERS SPEND MORE THAN NEW CUSTOMERS5
  • 7. LIQUIDAGENCY.COM 6 Old vs. new path of retailing OLD: PATH TO PURCHASE A B
  • 8. LIQUIDAGENCY.COM 7 Old vs. new path of retailing NEW: PATH TO RELATIONSHIP A B
  • 9. LIQUIDAGENCY.COM 8 Old vs. new path of retailing INTRODUCE YOURSELF. Hi INVITE HER IN. A B Old: Path to purchase New: Path to relationship
  • 10. LIQUIDAGENCY.COM 9 Old vs. new path of retailing INTRODUCE YOURSELF. Hi INVITE HER IN. A B I LIKE... GET TO KNOW HER. LEARN WHAT SHE LIKES. Old: Path to purchase New: Path to relationship
  • 11. LIQUIDAGENCY.COM 10 Old vs. new path of retailing INTRODUCE YOURSELF. Hi INVITE HER IN. A B I LIKE... UNDERSTAND HER. GET TO KNOW HER. LEARN WHAT SHE LIKES. Old: Path to purchase HELP HER DISCOVER SOMETHING NEW. New: Path to relationship
  • 12. LIQUIDAGENCY.COM 11 Old vs. new path of retailing INTRODUCE YOURSELF. Hi INVITE HER IN. ENTERTAIN HER. SURPRISE HER. A B I LIKE... UNDERSTAND HER. GET TO KNOW HER. LEARN WHAT SHE LIKES. Old: Path to purchase HELP HER DISCOVER SOMETHING NEW. New: Path to relationship
  • 13. LIQUIDAGENCY.COM 12 Old vs. new path of retailing INTRODUCE YOURSELF. Hi THANK HER. INSPIRE HER TO INVITE HER IN. ENTERTAIN HER. SURPRISE HER. A SHARE. B I LIKE... UNDERSTAND HER. GET TO KNOW HER. LEARN WHAT SHE LIKES. Old: Path to purchase HELP HER DISCOVER SOMETHING NEW. New: Path to relationship
  • 14. LIQUIDAGENCY.COM 13 Old vs. new path of retailing INTRODUCE YOURSELF. Hi THANK HER. INSPIRE HER TO INVITE HER IN. ENTERTAIN HER. SURPRISE HER. SHARE. A B I LIKE... UNDERSTAND HER. GET TO KNOW HER. LEARN WHAT SHE LIKES. Old: Path to purchase HELP HER DISCOVER SOMETHING NEW. New: Path to relationship KEEP IN TOUCH.
  • 15. LIQUIDAGENCY.COM 14 Social media amplifies the conversation
  • 16. LIQUIDAGENCY.COM 15 Social media amplifies the conversation
  • 17. LIQUIDAGENCY.COM 16 Social media amplifies the conversation
  • 18. LIQUIDAGENCY.COM 17 Social media amplifies the conversation
  • 19. LIQUIDAGENCY.COM 74 % 18 74 % OF BRAND MARKETERS SAW AN INCREASE IN WEBSITE TRAFFIC AFTER INVESTING JUST 6 HOURS PER WEEK ON SOCIAL MEDIA.6 BY 2015, BRANDS WILL GENERATE 50% OF THEIR REVENUE THROUGH SOCIAL MEDIA.6 OF CONSUMERS RELY ON SOCIAL 55% SHARE OF SHOPPERS THEIR PURCHASES ON SOCIAL NETWORKS.6 NETWORKS TO GUIDE THEIR PURCHASING DECISIONS.6
  • 20. LIQUIDAGENCY.COM 19 IN THIS JOURNEY TO A RELATIONSHIP, IT IS ABOUT COURTING YOUR CUSTOMER, NOT SELLING TO THEM. A FEW TIPS FOR BUILDING A MEANINGFUL, LONG-TERM RELATIONSHIP WITH YOUR CUSTOMER. 1. GET NOTICED 3. GET TO KNOW HER You can’t start a relationship if you’re a wallflower. Go from bland to brand. Stand out from the rest. Sophisticated digital tools mean you don’t have to assume what she wants. Use them the right way to ensure you understand her needs and wants. 2. BE HONEST Stay true to your brand personality. If it feels forced to you, odds are it feels forced to your customer too. 4. GIVE HER SOMETHING SPECIAL Give her something she can’t get somewhere else. Resist the temptation to follow the crowd. What’s right for one brand, may not be right for you. Find what makes you unique and use it.
  • 21. LIQUIDAGENCY.COM 20 IN THIS JOURNEY TO A RELATIONSHIP, IT IS ABOUT COURTING YOUR CUSTOMER, NOT SELLING TO THEM. A FEW TIPS FOR BUILDING A MEANINGFUL, LONG-TERM RELATIONSHIP WITH YOUR CUSTOMER. 5. SURPRISE HER 7. DON’T OVER DO IT Keep her engaged with something unexpected — something that invites her back again and again. Yes, technology is great. But just because you can, doesn’t mean you should. 8. BE NICE TO HER FRIENDS 6. STAY CONNECTED Thoughtful notes, updates and conversations let her know you’re thinking of her, even when she isn’t buying something. The opinion of her community goes a long way — and can make or break your success in the ned. 9. REMEMBER: IT’S NOT ALL ABOUT YOU In this new era of retailing, the consumer has the power. And it’s all about her.
  • 22. THANK YOU! SOURCES: 1. 201 RIGHTNOW CUSTOMER EXPERIENCE IMPACT REPORT 1 2. HARBOR INDUSTRIES: INDUSTRY TRENDS AND INSIGHTS 3. KISSMETRICS — THE PRICE OF BAD CUSTOMER SERVICE 4. FORBES MAGAZINE/CUSTOMER EXPERIENCE: IS IT THE CHICKEN OR EGG? 5. FORRESTER / THE BUSINESS IMPACT OF CUSTOMER EXPERIENCE, 2012 6. DR4WARD / WHAT IS SOCIAL CURRENCY AND HOW DOES IT EFFECT SOCIAL COMMERCE? INFOGRAPHIC

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