Tag Archive for market research

Don’t Put All Your Eggs in One Basket.

eggs in one basket

Why not?

If you carry them carefully they may not break. But one little bump in the road could ruin everything.

We use this expression for multiple reasons. Perhaps your stock broker has used it as a pitch for the importance of financial diversification . Financial Diversification is explained this way

In finance, diversification is the process of allocating capital in a way that reduces the exposure to any one particular asset or risk. A common path towards diversification is to reduce risk or volatility by investing in a variety of assets. Wikipedia

That sounds like solid advice and it is. It is the “just in case” things go sour reasoning. Shouldn’t this advice be used in other areas of our business life?

When it comes to business, we sometimes fall short. Sometimes it is because of budget, sometimes it is just lack of trust, and sometimes it is not wanting to leap out of the comfort zone. You know, the one we all feel is tried and true. When it comes to marketing and market research we like to stick with what we know will work. We know what we can expect, and that brings us comfort. B2B email marketing may get a solid 15% open rate every time. We like that and so does the boss. So we use it but won’t necessarily keep up with a social media platform because the “likes” don’t add up fast enough.

Do we ever wonder, “what if?” What if we did something different? I am not talking about placing all of our efforts and resources to one new thing. Rather, try it enough to test it. As much as I love the research industry and marketing, this is perhaps one of my challenges. Let’s use some real examples of what I am talking about.

Facebook

When I opened my profile this morning, this was right at the top of my news feed. It surprised me, actually. Isn’t all the data in the world held right within the walls of this social platform? (kidding) Why would they ask for my opinion in a short survey? There may be multiple answers that we will never know. Here is my theory:

  1. With all of this AI and algorithm capability they own, they still need to reach out to the human behind the data.
  2. They know not to place all their eggs in one basket.
  3. Research of all kinds should always be used whenever possible. Each discipline tells you something different and when you put it all together, it often times reveals things management were un aware of.
  4. People are becoming tired of “liking” everything. Many are becoming much more selective. They still read the posts, but don’t always click that like button. This is exactly what the survey was about. It went through post by post (just a few) that was recently in my news feed. Next the survey asked if I saw it in my feed and how much did I find it useful or important. Most were posts that I didn’t hit the like button for.

Feedback Surveys

Years ago, feedback surveys replaced a lot of mystery shopping as a way to gauge the customer experience. Many even went as far as to develop their own surveys through free online platforms.

Now, almost a decade later, some brands are returning to mystery shopping because people have become unresponsive to all the surveys out there. There is either little to no data or the data is on one side of the scale (customers who love everything about your brand) to the other (very unhappy customers). Most customers fall in between.

Smart retailers are looking to evaluate what the customer experiences when they come into one of their locations. They are turning back to mystery shopping again. District Managers are exhausted trying to get to every location and are many times spread too thin. Things may happen differently at a store when they are present. So, the question is being asked once again, “How do we know what is happening at the store level when managers are not present?”

Additionally, incorporating online reviews into the mix, by location ,would be a great addition. Technology is now in place to do just that and to include it all in one reporting dashboard.

In conclusion, as Marketers and Researchers, we need to always stay fresh and be open to new methodologies when diving into consumer data. Try adding one new tactic to your marketing strategy this year. This may be a great 2020 resolution for us all!

Customers Still Want the In-Person Customer Experience How to Capitalize on it

How can you make the customer experience better? It’s pretty simple actually…talk to your customers.

While the digital experience is important due to the rise of social media shopping and interaction, new research has found that putting extra effort into the personal touch – phone or face-to-face contact – is more successful at making the customer experience memorable and increasing sales.

Almost two-thirds of customers say they spend or invest more in products and services after they’ve had personal contact with someone at the company, according to research from BookingBug. And 50% said that being able to speak with a service or sales professional when issues arise is critical in making the decision. Plain and simple, when customers talk to someone, rather than corresponding through email or social media, they are likely to become a loyal fan.

It’s important to build both a competent digital experience and a feel-good personal experience. “By closely following customers along their dynamic journey between digital and physical worlds, businesses will engage more effectively, build trust with customers and ultimately drive increased revenue,” says Glenn Shoosmith, CEO of BookingBug.

How can you bridge the digital and personal experience?

Make your people accessible – online and on the retail floor. Customers still want to gather as much information as possible on their own…from your website, on social media, and by reading online reviews. But eventually, many of them will want to talk to or meet with a service or sales professional. Make that as easy as possible by adding the ability to schedule an appointment to every page on your website and on your social pages. And know your busiest shopping times so you have ample sales staff available. There’s nothing more frustrating than walking around a store hunting for an associate to answer your questions.

Customer service

Know their experiences. When customers get in touch with you, the service or sales professional should have an idea of what the customer has already experienced. Businesses can use tracking software to better understand what customers are interested in and the processes they have already gone through to handle their issue. Once they’ve asked to talk or meet, review what’s already been done, ask what questions they have, and move forward with information targeted at the needs they’ve shared.

Be prepared. The most important aspect of a personal customer experience is knowledge. Customers routinely give top ratings to experiences when the person they work with can answer everything they need answered – or, at least, know where to find answers and respond with them quickly. You can do this by providing ongoing training for all staff members so they stay on top of developments on your products, services, uses, technology and industry.

Managers also have the responsibility of understanding and managing workloads across all teams. Knowledge of their team’s attendance and performance trends, including nonproductive hours and overtime, can empower retail managers to become more successful in responding to workforce challenges, addressing individual employee needs, and building stronger customer relationships.

Keep in touch the right way. Just because customers have a personal interaction doesn’t mean they want to continue communicating that way. Make sure you ask how a customer wants to continue to receive information, handle follow-up or be contacted in the future. You’ll likely want to keep in touch with customers after calls or visits, but you’ll want to do that on their terms.

Great customer experiences lead to loyal fans and repeat business. In order to achieve this, brands need to invest in educating employees and making sure all members of the team are focused on positive customer interactions – whether that is digitally or in-person. Take care of your team and they will take care of you and your brand.

Customer Experience vs. Customer Service

Customer service

The terms “customer service” and “customer experience” are often used interchangeably, but they have very different meanings and interpretations. While they are related, there are definitely unique characteristics of both.

Today, research shows that companies investing in customer experience boast a higher stock price. According to a portfolio of publicly traded companies drawn from the top 20% of brands in Forrester’s Customer Experience Index – these companies that invest in customer experience had higher stock price growth and higher total returns than a similar portfolio of companies drawn from the bottom 20% of brands.

So what is the difference between Customer Service and Customer Experience?

Customer service is only one piece of the puzzle — focused on human interaction and directly supporting customers while customer experience is the sum of the entire customer journey with your business.

Let’s get into more detail.

Customer Service

Customer service is the assistance and advice provided to a customer for your product or service as needed. Customer service requires your team to possess patience, product knowledge, and compassion, so they can provide the answers and assistance a customer needs.
The goal of customer service is to increase customer satisfaction, usually by answering questions, but could also include helping a customer choose the right product before they make a purchase, giving assistance to customers on how to best use the product, trouble-shooting any issues, and ensuring they had a great buying experience. Customer service is a vital part of the entire experience—nearly 75% of customers who leave do so because they aren’t satisfied with customer service.

What is Customer Experience?

Customer Experience, or CX, reflects the broader customer journey across the organization and includes every interaction between the customer and the business. Customer experience is the sum of all contact, from first discovering and researching a product to shopping and purchasing, to actually using the product and following up with the brand afterwards. Customer experience measures how customers feel about a company overall and includes the emotional, physical, psychological connection customers have with a brand. It isn’t a one-time interaction, but rather includes the entire customer lifecycle and every touchpoint a customer has with a product or service.

Customer experience includes three main components:

  1. Customer Service: Including Customer Support, Customer Success, and self-service support — the points at which your customer interacts with your team.
  2. Technology: This is the product itself — how it works and the interactivity points.
  3. Design: This is the brand touchpoint — the marketing, the design, and the feelings your brand creates for your customer.

All of the pieces combine to make up the customer experience.

Putting it Together

Customer experience is measured by net promoter score (NPS), which tracks how likely a customer is to recommend the brand to a friend. Customer service is measured through the customer satisfaction score (CSAT), which measures how satisfied customers are with the experience.

The main difference is customer service is reactive and often is only used when a customer isn’t satisfied. If a customer has an issue with a product or service, that is typically the only time they would contact customer service. On the other hand, customer experience is proactive, aiming to reach every customer. The goal being to provide an exceptional journey so customers do not have to contact customer service. While customer service may only be a one-time interaction, customer experience is long-term, creating lasting impressions that will stay with the customer every time they think of the company.

Customer service and customer experience are both important pieces to an organization’s success, yet it’s not possible (or necessary) to draw hard lines between them. Customers consider the whole picture when thinking about your brand, and you should, too. The two elements work together to build a satisfied customer base that is loyal to the brand and will return for more.