Customer Experience (CX) as a Strategic Framework; in-tandem with CLM structured CRM
Retaining and managing existing customers at various life stages is always more cost-effective and more profitable to the bottom line, than just relying on new customer acquisitions. A Strategic CX Framework is a key component. At the heart of this is a CLM structured CRM .
These programmes can be large scale; such as Sainsbury's Nectar Programmes, Tesco’s Clubcard, Loyalty Partners etc. Complexity of such programmes depends on the business needs and outcomes, size of customer base, the value proposition, rewards and benefits – such as Key Reason For Belonging (KRB) and competition from competing businesses to name a few.
The programme management, its principles and methods can also be applied to smaller programmes, without adding the complexities and economics that come with a large programme and is suited to smaller businesses.
This is part of the overall CX Framework. Successful frameworks are designed on “Customer First Principles”, here at Foriah, we are strong advocates of this, placing the customer front and centre is key.
CX framework allows businesses to design and deliver optimumservices, identifies the building blocks, technology components toengage with customers, create feedback loops and keep customers engaged rather than on the competition.
A structured and well managed CLM to CRM programme will always deliver profitable results. We can help design and implement these frameworks and activate the programme allowing you to maximise your customer lifetime value and extract higher up the value chain.
Get in touch with us to find out how we can help your organisation.
Customer 360 & Personalisation
Personalisation is a critical component to a customer centric CRM programme. It helps retention managers to engage with their customers in a more meaningful and relevant way. In return customers are likely to stay engage for longer with tailored and relevant communication. A well designed and executed programme will always allow the business to extract maximum value from this relationship.
A very simplified list of some key components to create and deliver a successful personalisation programme:
• Data Collection; Customer, transactional, non-transactional
• Data Models; Descriptive, Predictive & Prescriptive
• Statistical Models; Centroid, Density, Distribution or Hierarchical models
• Digital Platforms/CX Platforms; to collect, ingest and process structured and unstructured data into actionable insights
• Analytical and Reporting Platform
By plugging-in and enabling Machine Learning and AI capabilities, the personalisation programme can become full or semi autonomous, reducing operational & human resource costs. The real-time targeting capabilities also becomes “turbo charged” and highly accurate..
The genesis of digital personalisation especially in eCommerce took root from Amazon, this capability was quickly adopted at an accelerated by the rest of the digital retail industry. Today these principles, methods and technology stacks are industry agnostic and can be applied to most non retail sectors. We have implemented this Insurance, banking (FS) and FMCG, Consumer Goods in Germany, Switzerland, Turkey, Japan and the USA.
Get in touch with us to find out how we can help with your personalisation programme.