10 Strategies to Grow Sales and Profits with Total Experience Management (TXM)
This checklist will help you:
√ Make sure new customers come back.
√ Keep valued customers loyal.
√ Reverse declining customer lifetime value.
√ Deliver consistent brand experiences.
√ Attract and keep good people.
√ Serve more customers with less staff.
√ Spend less time analyzing reports.
√ Take more data-driven actions.
10 Strategies to Grow Sales and Profits with Total Experience Management
Ask for feedback at point of payment, pickup or service delivery.
Respond in real-time to every customers who gives feedback.
Use feedback incentives to increase return visits.
Improve social rankings by sharing good customer reviews.
Grow loyalty lists with "one tap" opt-in after payment or review
Raise frontline staff accountability for the customer experience.
Flag actions on comments to optimize operations.
Personalize marketing communications and offers.
Acknowledge and reward desirable behaviour on the frontlines.
Take data driven action based on key performance indicators.
If you are a C-Suite level executive of a retail or hospitality chain, and would like to receive this checklist with more detailed information about each of these strategies, click on the link below to download.
In the book, The Customer Service Revolution", John DiJulius refers to the Relationship Economy as an essential management tool in the age of the relationship economy.
". . . numerous companies have made Customer service their biggest competitive advantage, and are dominating their industries, and have made price irrelevant. As a result of this Customer service revolution, people are being treated differently, better, and in a way like never before. This is a result of how companies and management are treating their employees and how employees are treating each other and the Customer—which ultimately permeates into people’s personal lives at home and in their communities...."
Below are 10 essential strategies to make sure you are optimizing your financial returns with your customer and employee experience and relationship management strategies.
Here's the bad relationship economy news . . .
58% of American consumers will switch companies because of poor customer service. (Microsoft)
53% of shoppers believe their feedback doesn’t go to anyone who can act on it. (Microsoft)
Only 1 in 26 customers will tell a business about their negative experience; the rest simply leave. (Esteban Kolsky)
13% of customers tell 15 or more people if they have a negative experience. (Esteban Kolsky)
Here's the good relationship economy news . . .
68% of consumers say they are willing to pay more for products and services from a brand known to offer good customer service experiences. (HubSpot)
Businesses can grow revenues between 4% and 8% above their market when prioritizing better customer service experiences. (Bain & Company)
Increasing customer retention rates by just 5% can increase profits by between 25% and 95%. (Bain and Co)
Happy, engaged employees are 23% more productive. (Gallup)
iHi, I'm Dale. I work with marketing and operations managers to create amazing customer and employee brand experiences that drive sales and profits.
I have a step by step approach to helping companies realize their ROR™ - "Return on Relationships".
On the customer side, you will see increases in customer satisfaction, visit frequency and spend. On the employee side, you will have happier, more productive frontline managers and staff that stay longer and become your brand ambassadors.
Do You Know your Return on Relationships Score™?
If you a marketing, operations, or HR manager of a retail or hospitality chain - You may be leaving money on the table.
Getting your customers in one more time per period, or adding one extra item each visit could increase revenue by up to 30%.
Growing customer engagement and loyalty requires a clear understanding of what attracts customers to your brand.
Send personalized communications and offers to stay "top of mind" create a habit of return visits. Target promotions to increase visit frequency and average basket size.
We all intuitively know that employee happiness employees impacts customer happiness, and vice versa. But, did you know that happy, engaged employees are 23% more productive and can positively impact your labor margins.
To understand if you are fully realizing returns from your customer and employee experience and relationship management
Ask yourself these questions:
Could I be losing customers to competitors without knowing why?
Am I confident there is nothing in your operations that is frustrating customers or employees?
Do my employees know what they need to do to keep customers coming back?
Have I removed all barriers to employees delivering an excellent customer experience.
Are my marketing communications annoying, or appreciated?
Can I group my customers into buying types, and predictably grow customer return visits and basket size?
Have I created a workplace culture that attracts and retains top talent?
Am I fully engaging, empowering and inspiring employees to be their best?
Do I acknowledge and reward customer and employee behaviors I want to scale?
If your answers are a resounding YES . . .
Congratulations! You are fully realizing your ROR™ or "Return on Relationships".
If not, we'd like to help you calculate your "Return on Relationships" score to better understand what opportunities to optimize your sales and profits with TXM .
Need Help Growing Sales and Profits with TXM?
Hi, I'm Dale. I help marketing, operations, and HR managers of retail and hospitality chains, realize financial returns on experience and relationship management.
Book a complimentary 30 minute call to uncover opportunities to increase customer value, reduce employee turnover, and optimize operations with TXM.