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3 Steps To Becoming A Customer-Centric Organization


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3 Steps To Becoming A Customer-Centric Organization

  1. 1. 3 Steps To Becoming A Customer-Centric Organization #CustomerCentric Sponsored by
  2. 2. #CustomerCentric Type question here Welcome Webinar Attendees
  3. 3. #CustomerCentric Follow This Webinar On Twitter #CustomerCentric @PJGoodfellow @AliciaFiorletta @UXCEclipse @RTouchPoints
  4. 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. 5. #CustomerCentric Speakers Stephen Cohen Vice President, UXC Eclipse Pam Goodfellow Principal Analyst, Consumer Insights Director, Prosper Insights & Analytics
  6. 6. #CustomerCentric What Is Customer Centricity?
  7. 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. 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. 9. #CustomerCentric © 2014, Prosper® 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. 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® Source: Prosper Insights & Analytics™
  11. 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® Source: Prosper Insights & Analytics™
  12. 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® Source: Prosper Insights & Analytics™
  13. 13. #CustomerCentric How Are Retailers Keeping Pace? The jury is in: Retailers know omnichannel shoppers are more profitable
  14. 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. 15. #CustomerCentric What Are Top Omnichannel Priorities? • Promotions / offers (55%) • Loyalty information (45%) • Order information (40%) Source: Retail TouchPoints, Omnichannel Survey
  16. 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. 17. #CustomerCentric Leveraging Real-Time Data To Personalize Interactions
  18. 18. #CustomerCentric The Consumer’s View Of Retail Retail Store = = © 2014, Prosper® Source: Prosper Insights & Analytics™
  19. 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® Source: Prosper Insights & Analytics™ Millennials (1983 – 1996), Gen X (1965 – 1982), Boomers (1946 – 1964), Silent (born pre-1946)
  20. 20. #CustomerCentric Customer Service Excellence 2013 Customer Service Champions 1. 2. L.L.Bean 3. Lands’ End 4. Kohl’s 5. Cabela’s 6. JCPenney 7. 8. 9. Macy’s 10.Nordstrom Source: Prosper Insights & Analytics™ © 2014, Prosper®
  21. 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. 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. 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. 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. 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. 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. 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. 28. #CustomerCentric But Beware The Creep Factor!
  29. 29. #CustomerCentric An Example Of What Not To Do
  30. 30. #CustomerCentric The Future: Contextualization A “tailored, adaptive and sometimes predictive digital customer experience.” - Forrester Research, Advance To Next Generation Personalization
  31. 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. 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. 33. #CustomerCentric Q&A // Panelists Stephen Cohen Vice President, UXC Eclipse Pam Goodfellow Principal Analyst, Consumer Insights Director, Prosper Insights & Analytics
  34. 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. 35. #CustomerCentric Thanks For Joining Us! Download at: