We’re entrenched in the experience economy – consumers expect experiences that meet them wherever they are.
Chuck Christianson, Senior Vice President of Sales, Account Management & Client Solutions at Connexions Loyalty, recently spoke about this topic at the SIFMA Asset Management Account Roundtable. SIFMA, the Securities Industry and Financial Markets Association, represents hundreds of securities firms, banks and asset managers.
For marketers, there are four critical elements inherent in any good customer experience: people, products, purpose and passion. Read more as we explore these new 4 Ps as a four-part series over the coming weeks. Here’s part 3…
How do you empower customers to stay engaged? Given the financial risk involved in negative customer experiences, there’s no surprise that this is factoring into executive level business strategies. According to the Global Insights on Succeeding in the Customer Experience Era from Oracle, “97 percent of executives agree that delivering a great customer experience is critical to business advantage and results… and, the average potential revenue loss for not offering a positive, consistent and brand-relevant customer experience is 20 percent of annual revenue.”
Relieving pain points for your customers is critical to your purpose as an organization. When it comes to air travel, people complain about all kinds of things, from mechanical delays to unaccompanied children running in the airplane aisles. Supported by Connexions Loyalty’s MotivEngine® product, a major airline’s customers who experience non-weather related travel issues are compensated for their trouble by the brand’s customer care associates. The program features 66 segments based on a flyer’s travel status, from super-frequent flyers to the most infrequent passengers. The compensation comes in the form of gift cards and digital goods. The initial results are very positive: after launching the program in November 2012, the airline more than doubled their use of this tool as compared to the first eight weeks. And, 75 percent of consumers who have received a gift code have used the offer.
In addition to providing the bright side of negative engagement, companies must enrich the customer experience and empower customers through great design. For example, Connexions Loyalty is redesigning their loyalty site to give customers more control over their experience. The points calculator shows their balance and the percentage of their personal goal, keeping their purpose top of mind. A points-plus-purchase indicator highlights the rewards that they want and tracks points earning progress. It also shows how many more points are needed, and offers the option of mixing points with cash for purchases. And a slider shows reward options at varying point levels, showcasing the breadth of what’s available so customers can identify aspirational rewards.
Smart companies today are asking themselves how they are removing pain points and keeping their customers engaged.