October 17, 2016

Retailers: Improve Customer Experiences and Loyalty through Personalization

In today’s world customers are surrounded by choice. But how do you ensure yours is the product they choose, time and time again?

In 2016, customers are not just buying products, they are buying the whole experience. In a crowded market-place, the breadth of choice means the customer will vote with their money and purchase the overall experience that they most enjoy. Whether it’s the accessibility of the website, the charming social media site or the personal connection with the product -it’s the customer experience that really makes or breaks a sale. When our competitors already have our customers’ experiences in their sights, we need to provide a more enjoyable experience.

Richard Branson recently said “Loyalty is not won by being first. It is won by being best.” For brands to be the best at inspiring loyalty they need to ensure customers feel valued. “Research shows that as many as 90% of the retail customers will simply leave after just one single bad experience.

Tailored to each visitor

Tailoring offerings to suit each customer demonstrates the value and consideration brands put in customers’ purchases. “The CMO Council reported that more than half of U.S. and Canadian consumers consider ending their loyalties to retailers who do not give tailored, relevant offers.”

Many retailers believe they already consider their customer and tailor their offering to suit. However, brands are tailoring to personas not people. “82% of Retailers Believe they Provide a High Level of Customer Experience, but 72% of Consumers Disagree.” To provide a personalized offer it needs to be personal. According to a RightNow Customer Impact Report, 86% of consumers will pay as much as 25% more for a better customer experience.

So let's get personal!

The Shaw Academy note that many consumers are too busy to fill in forms. It’s not enjoyable. Start by asking for their name, age and gender. Providing a platform for them to add more knowledge on their own terms is less intrusive. Forbes noted last year “Most brands tend to view social media as simply a platform to amplify their products and brand messaging.” Social media provides retailers with a wealth of demographic data as well as real-time suggestions and enables a two-way conversation with customers. Customer preferences and behaviours can then be used to personalize experiences and drive up loyalty.

Why Drive Personalization?

Loyalty is essential for brand survival. Retailers cannot afford to ignore content personalization in a jostling marketplace. The Knexus platform enables retailers to achieve the desired customer experience, even automating the process, saving time and increasing ROI. To keep the existing customer base satisfied the retail industry needs to personalize, building strong loyalties and lifetime customers or face losing out to competitors who do.