Overcoming obstacles in your business
Customer Experience (CX) Marketing has become the new arena in which retail companies compete. We’re all connected, all of the time: online, on our phones, in stores, on social media - we have to be present while remaining personal. This juggling act of multi-channel marketing is how it’s done: how we reach our audience. CX Marketing is how we manage the customers experience across those channels.
Counterpoint has three pillars to our CX Marketing support to help you make the best choices for your business.
- Store Transformation
Helping you to think of your store as the hub of their shopping experience
- Our Ongoing Support of Retailers throughout Customer's Journey
Helping you build a single view of your customer, inventory and price across all of your systems
- Actual insights to mine through data they have
Personalize the experience for the shoppers and gain visibility
In this four part series we’ll dive into what CX Marketing entails and touch on each of these pillars. Throughout this experience you’ll learn how Counterpoint can be your partner as we all adapt to the ways our retail market has changed.
First, a little more about CX Marketing
Everything comes back down to the experience. With so many options instantly available at our fingertips, it’s no longer only a matter of price and location. Last spring Forrester reported that 72% of businesses say that improving the customer experience is their top priority. And it’s no wonder. According to the Harvard Business Review, “Increasing customer retention rates by 5 percent could increase profits from 25 percent to 95 percent.”
So you’ve heard of it, but really, what is CX Marketing? It’s the focus on the customer’s journey through the purchasing process. It’s knowing the stages in which they interact with brands or products across the various marketing channels: these stages are Evaluate, Consider, Buy, and Advocate.
Though traditionally a funnel model, in our constantly connected state of being this is changing to a circle. We are constantly exposed, via social media, website, suggestions when searching for other products, etc; to new items that meet a need. This has had an interesting effect; reducing the number of items individuals consider while they are always lead back here for the next item suggested.
By studying how your target market behaves during each of these stages you can better adapt to their needs, or better yet, anticipate those needs, creating better relationships and an increased profit margin. This will also encourage repeat business for more sustainable relationships and business goals.
Top of the mind evaluation is the first step for your customers experience.
A few questions to ask yourself:
- Are they familiar with the products you carry in-house and/or online?
- Is it something they need but maybe don't know what IT is yet?
From store layout, to having the right options available, to the email reminder they got that this is back in stock... it's about exposing the customer and leading them through their journey.
Now that you customer has evaluated the options: from choosing your store over a competitor, they now need to consider their purchase.
A few questions to ask yourself:
- Were these the items they were looking for?
- Was the customer service at the level that they’d feel comfortable buying from your store?
As someone responsible for the success of your store, if you’re answering no to either of these it’s time to look at what would have improved this aspect of the journey.
The point of purchase can define the entire journey.
Things to think about:
- Was the process easy?
- Were there reasonable recommendations that made this a more personal experience?
- Did the customer feel confident with the service and security of the payment options?
A positive buying experience not only brings someone to the next, advocate, stage but it may also help to guide them through to evaluating the next purchase; helping to start the process over again.
They have made a purchase from you and are tweeting their friends on the way to their car about the great deal or about the helpful staff at your store. In many ways, the water cooler has been replaced by Facebook, Twitter, Instagram and more: social media is the instant way people connect to you. Online business reviews are everywhere - from Google to on-site reviews, people are sharing their experiences. Your goal is to give them something to share that’ll have them and their friends coming back for more.
For many of you this has been review of what you live with daily, but without taking a moment to reexamine the process we cannot show how systems, such as Counterpoint, help you to build the best possible journey for your customers. Our goal is to be a partner in your success. Soon we’ll release part 2 on Store Transformation but in the meantime check out our YouTube channel for informative videos.