Posts Tagged ‘Customer Experience

08
Sep
08

Gift cards on-demand

Amazon.com, has announced the launch of Amazon Gift Codes On Demand™ (AGC On Demand), a real-time electronic gift-card distribution option available from the Amazon Corporate Gift Card program. According to the company, “AGC On Demand is a simple Web service API that integrates Amazon’s proprietary gift-card technology directly into customer loyalty, employee incentive and payment disbursement platforms. With AGC On Demand, companies are able to reduce physical gift-card fulfillment overhead while providing gift card recipients with a customized experience and instant gratification.

Previously, gift card values were fixed and management of inventory for active gift cards and gift codes purchased in bulk required secure facilities. With AGC On Demand, gift codes are created individually in virtually any denomination and can be immediately issued in almost any format — based on the client’s preference — including e-mail, HTML, customized/co-branded cards and paper receipts.

“This is a great solution for developers and incentive companies who are looking for a more cost-effective way to manage a gift card program,” said Marcell King, senior manager of corporate gift cards with ACI Gift Cards, Inc. “The AGC On Demand service offers a quick and secure way to deliver gift cards and stored value to program participants.”

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31
Aug
08

Customer Experience – Firms fail to deliver

According to CCF online, obtaining customer loyalty through quality experience is high on the corporate agenda, yet companies still fail to understand customer expectations, according to new research.

Although the study indicates that 80 per cent of the executives strongly agree that customer strategies are more important to companies’ success than ever before, firms fail to design and deliver those strategies and, as such, lose customer commitment and loyalty.

According to the study:

• Only 43.9 per cent (up from 40.0% in 2006) believed that their companies deserve their customers’ loyalty.

• 34.8 per cent indicated that their company has a dedicated customer experience management role.

• Just 27.2 per cent of the respondents said that the definition of the customer experience is well-defined and communicated in their companies.

24
Aug
08

Delivering Customer Experience – Good news & bad news

1-to-1 Media has some interesting perspectives on the challenges companies face to deliver a seamless customer experience. Take a look:

What do you believe is your organizations biggest hurdle in delivering an excellent customer experience?
Departmental silos 35.2%
Commitment from the top 17.0%
Recruitment and training 15.9%
Technology 14.8%
Focus on reducing operational cost 10.2%
Lack of investment 6.8%

…..how well customer-centricity has permeated their organizations. On the good news side, the majority of attendees work in organizations that think delivering an outstanding customer experience is everyone’s job. The bad news: 5 percent actually have no one responsible for ensuring that customers have a positive experience.

Who is responsible for customer experience in your organization?
Everyone 64.6%
All front line employees 15.2%
Contact centre employees 7.1%
Customer experience team 8.1%
No one 5.1%

How would you rate your company’s performance against its competitors in terms of customer experience?
Much better 12.3%
Better 32.9%
The same 38.4%
Not quite as good 13.7%
Worse 2.7%

Interesting, right?

24
Aug
08

Automotive Loyalty – A huge challenge

Automotive customer loyalty at the manufacturer level has dropped by 9.2 percentage points, from 49.1% in 1998 to 39.9% in 2008, and costing some automakers more than US$3 billion in annual sales, according to a study by Experian.

Loyalty challenge
“However, the increased number of available manufacturers and models make engendering customer loyalty a bigger challenge than ever before,” Waldron warned. “Automakers that have a firm understanding of what drives their customers to remain loyal will have a significant competitive advantage in such a challenging market.”

The company suggests that even a small rise in customer loyalty can lead to significant increases in revenue. For example, a manufacturer with 10 million current customers will have approximately 1.5 million of those customers return to market in a given year. A 1 percentage point rise in customer loyalty would produce 15,000 additional annual sales, or approximately US$405 million in additional revenue (based on an average vehicle sale price of US$27,000).

But if that same manufacturer could improve loyalty performance by the 9.2 percentage points lost since 1998, it would generate an additional US$3.726 billion in annual sales.

17
Aug
08

Survey reveals telecom industry missing marketing oppportunities

A recent survey by Valista reveals that mobile industry wants more streamlined campaign on-boarding and management methods. At Cequity, we do encourage telcos to start thinking  CLCM( Customer Lifecycle Campaigns) which includes planned on-boarding of new acquisitions, defending the relationship in the first 90 days, reinforcing the relationship in the next 45 days and win-back programs if there is a churn amongst these customers. It needs to be a systematic and planned process of customer engagement. Take a look at what the survey revealed: 

“It can typically take months to introduce a new mobile campaign across all the carriers,” Heeran said. “This clearly needs to change as many campaigns lose relevancy with each passing month and some campaigns are never considered because of the production time. Mobile service and content providers need to be able to react to the market quickly and provision new mobile campaigns in a more dynamic fashion.”
 
According to the survey, the mobile industry could take better advantage of customer loyalty programs as a way to spur purchases of downloaded content.
 
“Surprisingly, none of the respondents said that they use any form of loyalty scheme as an incentive to increase content purchasing or encourage repeat buyers,” Valista officials say. “Over 70 percent of those surveyed, however, use other promotions methods to entice customers to purchase more content, including discounts, free trials and product bundling.”

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17
Aug
08

Are banks ready to shift gears to attract and retain Gen X and Gen Y?

According to a survey by Maritz Research, Younger Generation of Customers are Less Loyal to Banks. 

At Cequity, we agree this is a challenge for banks and we do recommend banks must change the way they service this generation. They need a whole host of new services which makes it convenient for the young generation to bank with them. Also, there is a need to understand their financial needs and configure products that can fit into their life. Take a look at what the research revealed:

“For the most part, the current customer experience model at banks caters to the Silent Generation and Boomers, who more frequently bank in-person at branches. But, younger generation customers are much more mobile and rely more heavily on online interactions,” says Thad Peterson, division vice president, sector strategy and solutions for Maritz’ financial services sector.

  • 37 percent of Gen Y and 36 percent of Gen X believe they would get better customer service at a different bank, compared with only 24 percent of Boomer and 16 percent of Silent Generation respondents.
  • 22 percent of Gen Y and 21 percent of Gen X reported being upset in the past year about high fees, whereas only 14 percent of Boomer and six percent of the Silent Generation respondents reported the same.
  • 18 percent of Gen Y and 17 percent of Gen X reported being upset about a lack of ATM locations, compared with only 11 percent of Boomer and three percent of Silent Generation respondents.

Washington Mutual is one institution that successfully caters to the needs of younger customers. WaMu no longer requires a signature to open a checking account. The bank simply uses the first signed check as the authorization signature — incenting new customers to do business with the bank by simplifying the process and eliminating a trip to the bank. It appeals to the Gen X and Y customer desire to just “get it done,”

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10
Aug
08

Building a customer-centric marketing organization(CCMO) – Marketing needs to lead this change

At Cequity, in many of the client engagements with CMOs across organizations, we always highlight the changing marketing environment, where the world of “monologue marketing” has shifted to “conversational marketing”. This necessitates in marketing departments an understanding of data, closed-loop marketing competency – leads to conversion to relationship integrated messaging and marketing measurement. Here’s an interesting article on this topic:

Many of today’s marketing organizations were built and optimized for a scenario in which they had nearly complete control over the consumption of messaging. Changes in technology and society however have dramatically altered this picture. Due to shrinking reachability, and greater addressability the control has shifted to the customer. To remain relevant, therefore, marketing organizations need to re-optimize around the reality of this changed environment.

To truly optimize, marketing organizations need to reinvent themselves from the ground-up.

Strategic Platform

The core foundation of the marketing organization needs to be remodeled around the customer. Organization structure, segment valuations, KPI’s, everything needs to be defined in terms of the customer.

Tactical Planning

Where the strategy piece was about establishing where you wanted to go, the tactics is about steering things on course. The hard part, of course, is figuring out what and where you need to measure to generate useful information critical for making the right adjustments. While analytics is clearly the center piece, user experience and insights also plays an important role in this stage. Together, these groups need to work together as a team to map out a course for continuous interaction improvements.

Execution

From an operational structure perspective the execution piece remains the most unchanged. It’s not so much the how, but rather the what that has changed. Messages will still be delivered multi-channel, but the content and plan behind the message will be radically altered.

A couple of generalized thoughts on this topic; First, content is going to explode. In the age of conversations, each interaction is going to need a much more refined, personalized piece of content. Not only is more content going to be created, but will need to be managed.




At Cequity, we believe customer intelligence will be the biggest competitive advantage enterprises will have in the next decade or two. Successful enterprises of tomorrow will be the ones who can organize and leverage this information at speed to optimize their marketing performance, increase accountability, improve profit and deliver growth. Cequity insights will bring to you trends and insights in this area and it’s our way of sharing best practices so as to help you accelerate this culture and thinking in your organization.
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