Tag Archives: Customer retention

The Modern Day Shopper Podcast: Dan Mudd

Where is omnichannel going in the future? How has it
changed? How has social media affected retail? These are all questions I picked
Dan Mudd’s brain with recently in an exclusive interview for the upcoming OmniShopper 2015 Conference.
OmniShopper ‘ formerly Shopper
Insights in Action
‘ is the event of choice for the retail industry and has
been for over a decade. Experts from leading retailers and brands break down
the dramatic shifts in shopper behavior and then teach you how to re-define
your shopper strategy to win at retail.
Mudd, international director at Clorox International, who
will be speaking at the upcoming event, shared his thoughts on state of
omnichannel shopping, the biggest changes in retail, the impact of social media
and millennials on retail, and much more.  
So, what’s top of mind for Mudd regarding omnichannel shopping
this year?
‘For me, it really boils down to two things,’ he said. ‘It’s
really about reach and it’s about relevancy. What I mean by reach is that it is
really about ensuring that our brands are offered everywhere the category is
sold and also making sure our communication is at every stop in that shopper’s
journey, which we know is pretty frequent at this point.’
In the last 10 years, the biggest change in retail that he has
seen is crowdsourcing and the idea of ratings and reviews and everyone has a
view on it and the importance of that category and how that is on brand choice.
According to Mudd, the clear benefit and delivery of it at every possible
touchpoint in the shopper’s journey.
‘It has really never been more important and that’s really
the biggest change I’ve seen. Where it used to only be one point, really at
that point of decide in the store, now it’s certainly multiple points with
which a consumer interacts with your brand. That’s the biggest change that I’ve
seen,’ he explained.
Social media has also had a huge impact on retail. Product
rating, reviews and customer experience are way more public with social media. Social
media has really affected how that constant of how we talk about our brand and
how they are marketed.
Where is omnichannel shopping going in the next five years?
According to Mudd, that’s a hard one.  ‘I
could make a lot of money if I could be predictive on it. First is
customization, right? How Omni Channel sources and how they get to — who is
really good at offering the customized products and solutions? They will win in
the long term.’

Mudd’s upcoming session at OmniShopper, ‘How Clorox is
Leveraging Shopper Insights to Drive Global Retail Leadership ‘ A Study from Latin
America and the Middle East’ will take attendees on a journey that begins with
a simple idea right out to a series of step-by-step processes of how to do it. It
culminates with the partnership that is founded in both from a headquarter
standpoint to a country standpoint and then with a supplier standpoint.
Mudd added, ‘What we think about it at our core and core
values is working together to win. It’s about how we bring that value to life
and that resonates through the output.’

Listen to the full podcast
interview below:

powered by podcast garden

Dan will be presenting a session, ‘How Clorox is Leveraging
Shopper Insights to Drive Global Retail Leadership: A study from Latin America
and the Middle East’ at OmniShopper 2015 on
Tuesday, July 21st at 4:00 pm. For more information about Dan’s presentation
and the rest of the OmniShopper program, visit our website: http://bit.ly/1HKKLlc

About the Author:
Amanda Ciccatelli, Social Media Strategist at IIR USA, has a background in digital and
print journalism, covering a variety of topics in business strategy, marketing,
and technology. Amanda is the Editor at Large for several of IIR’s blogs
including Next Big DesignSTEAM Accelerator , Front End of Innovation and The Market Research Event.
She previously worked at Technology Marketing Corporation as a Web Editor where
she covered breaking news and feature stories in the technology industry. She
can be reached at aciccatelli@iirusa.com. Follow her at @AmandaCicc.

Research Insighter Video: eBay on Predictive Insights and Futuring

Gireesh Joshi discusses the future of insights at eBay with Marc Dresner, Senior Editor and Special Communication Projects Lead at IIR USA, in this episode of TMREtv’s The Research Insighter brought  to you by The Market Research Event (TMRE).

In this video, we showcase:

  • Driving Business Strategy:

Solving the problem of improving customer retention.

  • More than Surveys:

Taking surveys at face value is not that helpful because survey takers tend to rationalize what they think or what they want you to think.

  • Eliminating Rationalization:

Using the surveys to combine with behavioral data allowed them to create a model instead of relying on the consumer to tell the truth.

About the Author:

Ryan Polachi is a contributing writer concentrating his
focus on Marketing, Finance and Innovation. He can be reached at rpolachi@IIRUSA.com.

NACCM 2009: Managing the Customer Service Experience

Customers today are more interested in the experience they have with you, your products and services than ever before. Making the customer experience your value proposition should be our goal according to Lewis (Lou) Carbone, founder and CEO of Experience Engineering and author of ‘Clued In, How to Keep Customers Coming Back Again and Again.‘ Carbone reminds us of a quote from Peter Drucker that brings light to this concept, ‘The purpose of a business is to create value for its customers and the reward for that is profit.’

Two companies, Disney and Howard Johnsons, have influenced his thinking about the customer experience. In working with Disney, he found that their management was concerned more about the customer experience, i.e., concerns over the melting rate of ice cream in their different theme parks, the scent of chocolate chip cookies to enhance the experience, down to the design of Main Street in a way that visitors perceived a long entrance that went on forever and perceived a quick exit after a long day at the park. Compare this to Howard Johnson’s model which lost its customer focus over the years.

According to Carbone, the economy has affected how we look at customer service today. One way a business can differentiate itself is through the service experience. Companies must move from a ‘make and sell’ product-based mentality to a ‘sense and respond’ experience-based mentality. The ‘sense and respond’ mentality focuses on what our customers really want from the service experience and examines the impact of cultural influences and psychological needs. When we factor these into the service experience, we can significantly improve customer loyalty and retention.

An experience audit can help us compare a current customer service experience with a desired customer experience. We can audit our current customer experience with a variety of tools including, language analysis, clue scanning, one-on-one customer interviews, etc. Clue scanning, for example, allows us to look for clues in a service experience that can be improved to better meet the needs and desires of the customer. By using these tools we can close the gap between the current and desired customer experience.

Carbone believes that improving the customer service experience involves both art and science in today’s world. ‘It is not enough to say ‘let’s treat them well,” says Carbone. We must look beyond that and decide what we want our customers to feel about themselves when they do business with us. Managing customer clues will become extremely important as time goes on. He foresees a day when every customer is treated as an individual unit as we perfect our ‘clue-consciousness.’ Until then, we must continue to keep our eyes focused on improving the service experience to remain competitive and successful.

Keeping your customers in tough economic times

Over at CustomerThink, they recently wrote a great post about what you should do in these tough economic times to retain your customers. As you’ll see budget cuts to the sources that bring in your customers – like marketing and advertising – it’s critical to keep the customers you currently have. Took keep them through these difficult times, you must keep your customer service quality high and give them no excuse to switch to a competitor.

Customers in an economic downturn

I found a very interesting post at CustomersThink by Mark Hunter. He discusses the situation when customers call and complain about your price increase, and threaten to switch to your #1 competitor. He points out that this only ends up happening about 10% of the time, however, if you’re prepared during the initial conversation with the customer, you’ll be set. It’s important that sales representatives do their homework, and can talk through the process with the customer. Yes, the cost of switching is incredibly high, but be able to inform the customer as to how long it’d take for them to get the anticipated savings back, and how long it would be before a return on investment is to be seen. Be prepared to give the right answers to your customers, and it’ll result in customer retention.

The effects of social media on customer retention

At the 1 to 1 blog, Ginger Conlin took time to explain her most recent encounter with customer service and companies monitoring the internet. Even though it’s hard to measure social media and see the monetary effects of these tools immediately, Conlin suggests that it’s important to invest in them anyway for the long term revenue growth by keeping your current customers. Other benefits of investing in customer service on the internet are feedback gathering, responding to concerns, the ability to share content, and the ability to increase customer retention. We’ve touched on reaching out to your customers through the interent with a recent post about Comcast, and Conlin shared her experience with Citibank. Have you had a personal experience with this?

Importance of Retaining Customers During Recessions

In this article from Customer Think, Phil Dourado provides tips on how to keep customers when times are tough. When the economy is experiencing problems, it becomes imperative for organizations to retain their customer base and foster loyalty. Dourado mentions 6 main points on why this is so important that he has collected from a variety of sources. 1. Cutting service problems increases profit – “1% cut in customer service problems could generate an extra ??16m in profits for a medium size company over five years.” 2. Keep the ones you’ve got – “It can cost six times more to buy new customers than retain existing ones.” 3. Service leaders are more resilient in a downturn
4. Your bills get paid

5. Reducing customer defections improves profits

6. What did we say in Number 5? Here it is again – Points 1, 2, 5 and this one are all about keeping the customers you have and not losing them. Also bear in mind that in an economic downturn it’s far easier to win market share from the competition, so becoming defensive-minded is not always a sensible strategy.