Customer relationship management (CRM) is the strategy a retailer uses to develop an ongoing, individual relationship with a customer to ensure satisfaction and loyalty. But the specifics of CRM can mean different things for different retailers.
In the ongoing battle for market share, brands pour over metrics and tweak strategies to increase customer loyalty. The stakes are high, customer acquisition costs are expensive and most businesses can’t afford to lose sales to competitors. With prices commoditized in many industries, today’s battleground is centered squarely on customer experiences.
It’s happened to everyone. You take that trip to the drug store to get a new bottle of shampoo – and before you make your purchase, you scan your loyalty card at the coupon kiosk to see what spits out. You look down that long ream of paper to check out the offers: deodorant, candy, contact lens solution – but no shampoo. Okay, fine.
The stereotype of the beleaguered customer service representative who can’t keep up may have some truth to it. A recent study from Glance Networks, a provider of visual engagement, found that 73% of customer service professionals have difficulty meeting their performance metric goals.
I’ve been attending the annual CIO Symposium hosted by the MIT Sloan School of Management for several years now, and always walk away with a fresh batch of thoughts from top business, IT and academic minds. Here are three of the most valuable insights I learned at the recent 2015 edition of the conference.
With engaging the customer and managing the customer experience as top priorities for retailers, Boston Retail Partners’ 2015 CRM/Unified Commerce Survey indicates that 87% of retailers plan to use gamification to engage the customer within five years.
Sean Claessen, executive VP strategy and executive creative director, Bond Brand Loyalty, spoke with Chain Store Age about how retailers can build customer relationships and loyalty in the era of omnichannel engagement.
U.S. companies spend $2 billion on loyalty programs, but the investment isn’t yielding the type of increased engagement which drove implementation of the programs, according to a new report from Capgemini Consulting.