Why we will always lose customers unless we have a strategy to retain them.
To Grow, We Have to Embrace Social Media

Does the fact you have info about your customers' behavior change their expectations?

If you have a restaurant and customers use Facebook to announce their presence, do those customers expect the restaurant to notice? What if they are checking in frequently? Do they feel the restaurant should acknowledge them?  IStock_000021552541XSmall

We don't have good answers yet, but as this Harvard Business Review article points out, large chains like Starbucks now have access to this information and can integrate it into their loyalty programs. We expect that as customers experience such benefits at our competition, the customers will expect us to catch up at some point. 

Harvard Business Review: The Internet of Things is Changing How We Manager Customer Relationships, 2015-Jun-5 by Ric Merrifield

Now you can have visibility into everything. Not only can you tell that Customer A (who has a shopping app) went into a Lord & Taylor store to buy an expensive pair of shoes (which you could know with CRM). In addition, you can know how long they were in the store, where they walked, and whether they lingered or went straight to the shoe department and bought the shoes. Then, you can compare that visit to every visit to that store that Customer A has had (since getting the app), and you can at least infer what is most valuable to her. If she is always a get-in, get-out kind of shopper, speed of service may be her #1 thing. If she spends a great deal of time shopping, maybe price or product selection is her thing. If she buys a lot at the store, maybe she wants some form of recognition for her loyalty (whether it’s points or just a “welcome back”). If you compare online experiences with in-store experiences and weekend vs. weekday behaviors, your picture of the customer becomes three-dimensional very fast.

As exciting as it can be to talk about this and to see that it is happening right now in broad daylight, talking about how to assess customer experiences and how to engage customers differently when they have this information gets complicated quickly. The important thing is to acknowledge that the measurements of yesterday may need an overhaul, and to understand where your customers are on the acceptance-expectation path so you can try to stay with, if not get ahead of, them.  An increasingly common method for getting a handle on this is documenting the customer (and employee) experience journeys.

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