Article | August 13, 2020
The way restaurants once operated has radically changed over the last few years as technology continues to advance. An industry that once thrived on word of mouth marketing now must turn to other promotional methods to entice customers to dine with them. However, many restaurant owners are unaware of the plethora of digital opportunities available to them. In this post, we will explore the different digital tactics we’ve seen restaurant brands benefit from and discuss how to effectively revamp your restaurant marketing strategy.
Article | August 13, 2020
The Coronavirus pandemic brought an old realization back to businesses – The devil is in the detail. As stores shut and opened tentatively, Amazon’s delivery cycles stretched and returned, and brands reconfigured production-supply chain combinations several times in a span of months, one thing was clear – staying strong and emerging through the current chaos would require close attention to details on a real-time basis:
Where is the demand moving?
What’s my inventory?
What are my operating costs and profit margins on one channel vs. another?
What are my buyers’ other options right now?
How do I optimize digital assortments?
What are the new and emerging customer needs?
And amid the chaos, another thing became apparent to brands – they needed a robust digital strategy to not just drive through this crisis but to thrive in the emerging world. Driven by lockdown restrictions and the desire for safety, more consumers have moved online.
According to research by Adobe Analytics, the total U.S. online sales reached $73.2 billion in June 2020, year over year up 76.2% (from $41.5 billion the previous year).
Consumer research by various teams at Course5 Intelligence has shown that the pandemic has created a large population of first-timers on eCommerce, with a massive increase in online spending by those who were already shopping online earlier. Most research respondents said that their shopping would continue to be omnichannel in the future, with an increased share of online.
And yet that’s only part of the reason why brands need an effective digital strategy. Even before consumers buy their products, they are looking online for information on what they want, availability, meeting the safety standards, and aligning with their preferences and needs. Google and Amazon have become the first point of research when users when to buy something, so digital lies at the very start of their purchase journey. And this is also where digital has distinctive strength over offline channels – the space and scope for a brand to define their brand, highlight distinguishing characteristics from competitor products, share user reviews to gain credibility, and deliver highly customized price-product offers, optimizing gain for buyers and the business.
However, many CPG companies do not have their direct-to-consumer platforms; many are still focused on partnering with a variety of e-marketplaces that exist globally or regionally.
How do you optimize your brand parameters for eCommerce platforms?
Even though many brands have set up their own D2C sites (for instance, PepsiCo’s snacks.com and pantryshop.com), there is no comparison in reach with major eCommerce platforms such as Amazon, Walmart, Flipkart, Shopify, Tesco, Target, Alibaba, Costco among others; your brand needs to be here. Each of these platforms has different engagement parameters for brands. While Amazon has 1P (1st party – Amazon is the wholesale buyer and markets and sells to consumers) and 3P (3rd party – Brand sells direct to consumer via Amazon) options, with Fulfilment by Amazon (FBA) and FBM (Fulfilment by Merchant) options within 3P, others have a variety of other arrangements brands must choose. Making more significant decisions such as choosing the platform/s you want your brand on, the right selling/fulfillment strategy and base pricing to fine-tuning the advertising, product messaging, price, optimizing the supply value chain and product assortment on a day-to-day or week-to-week basis requires a combination of real-time contextual insight and the digital capabilities to be responsive.
Course5 Intelligence has been helping CPG, Retail, and Technology brands use AI-driven insight mechanisms and digital capabilities to define their eCommerce strategy and improve revenues in three broad ways —
WIN THE DIGITAL SHELF BATTLE
Price — How do I optimize my pricing strategy based on various trends?
Product portfolio — How do I optimize my product portfolio and packaging initiatives?
Catalog — Which categories do I overplay?
Market Share — How do I drive sales and gain market share faster than my competitors?
Brand Hygiene — How do I optimize search, product discovery, and reach for all my SKUs?
OPTIMIZE MARKETING SPEND
Ad-spend Attribution — What marketplaces are delivering the maximum ‘clicks to revenue’?
Purchase Signals — Are my ads targeted on purchase signals or on guesstimates?
DEMYSTIFY DATA COMPLEXITIES
Enable Quick Decisions — Do I have visibility on all dimensions and objectives?
Expedite Data Semantics — How quickly can I glean insights from new data sources?
Solve the ‘Alt-Tab’ Environment — Does my analysis exist in an ‘alt-tab’ environment? Or within a single product?
These are just a few data points that drive action within an effective and profitable eCommerce strategy. CPG brands that would like to make lasting inroads to consumers’ online shopping habits will need to deliver compelling value to buyers continuously. To do this, they will need to expertly navigate a complex and dynamic set of parameters to shine through at every level of the buyer’s journey – from the first appearance on the buyer’s horizon to becoming their first and last choice, always ensuring that the numbers match across buying price to experienced value.
Optimizing your digital marketplace strategy for the end-to-end buyer journey in an amorphous market landscape is the only way to stay ahead of the competition, establish category leadership, and increase revenue on a sustained basis.
Article | August 13, 2020
Email marketing is still a relevant tool in 2020. However, you must use it creatively. Else, your email will get buried in the inbox. Keep in mind that an average user receives 126 emails each day. With that in mind, it can be challenging to reach out to your audience with email marketing. Despite that, most marketers are still using it and getting the most ROI from this tool. One of the reasons is that most customers want a brand to provide them with information through email. Furthermore, consumers said that their purchase decisions are determined by marketing emails they received. Then, 49% of users are saying that they want to receive promos through email from their favorite brands.
Article | August 13, 2020
It seems like just yesterday that the customer service industry began transitioning from a multichannel to an omnichannel mindset.
It was a shift backed by data—lots of it. According to Marketing Week, 15 years ago the average consumer used two touchpoints when making a purchase and only 7% regularly used more than four. Today, consumers use an average of almost six touchpoints with nearly 50% regularly using more than four.
But, a mindset shift is only part of the equation. For years, many companies struggled to cobble together the best customer experiences they could. They were sold on the idea of omnichannel engagement, but their operations didn’t back it up — what use are all the channels in the world if your customer’s story and data are kept in silos?
Cut to everyone heralding the premature death of omnichannel. New buzzwords came out like “channel-less” and “harmonized retail” (for real). But these words all pointed to the same thing: the need for a CX solution that puts the customers above the channel, and harnesses technology to give agents the tools and visibility to deliver deeper customer care.
Digital omnichannel is the next word in customer experience. Here’s what it means and how to put it to work.
What is Digital Omnichannel?
At its core, the digital omnichannel promise is simple; it means supporting customers effectively and cohesively across all digital channels. In customer service, digital omnichannel effortlessly blends digital touchpoints to form a unified view of the customer. Agents can view every interaction that a customer has had with the company, no matter the channel of origin, from a single console. This visibility lets them create a cohesive, deeply personalized customer profile that enables higher quality service.
By combining the information gathered from channels like live chat, SMS, social media, and more with pre-existing data found in customer databases or CRM systems, companies can eliminate the blind spots and roadblocks that result from siloed customer service systems and channels for a frictionless and more successful customer journey.
Why Adopt Digital Omnichannel?
In theory, digital omnichannel aligns perfectly with the existing philosophies of many companies, which are to serve customers quickly, efficiently, and effectively. Here are some of the ways that digital omnichannel is helping companies meet their customer service goals and drive operational efficiency:
1. Optimized agent capacity
For agents, digital omnichannel engagement means simpler customer communication and greater ease of use. No more social media queries getting sent to the marketing team, who then emails them to customer service. No more shared inboxes. With a unified view of the customer across all channels, agents can resolve queries more easily, increasing their overall capacity.
2. Increased customer satisfaction
Customers expect agents to have access to their whole story when they reach out for support. According to a survey conducted by UBM, 75% of participants cited having to repeat themselves as their biggest issue when communicating with a brand. With digital omnichannel, agents have both the tools and the context they need to satisfy customers and improve KPIs such as first contact resolution rate (FCR) and average handle time (AHT).
3. Reduced costs
Improving customer satisfaction can indeed increase revenue—but it can also reduce costs. According to McKinsey, brands that improve the customer journey see their revenue increase by 10 to 15% while also lowering costs by 15 to 20%.
4. Increased agent satisfaction
When a channel becomes secondary to the customer experience, it also becomes secondary to the agent experience. According to McKinsey, companies that invest in their customer experience also see an improvement in employee engagement by 20% on average.
How Do You Adopt Digital Omnichannel?
Once you understand digital omnichannel, the next step is to devise a plan to put it into action. There are three practical steps to building your plan:
1. Identify your channels
At this point, chances are you already know which channels your customers want and expect (not sure? Ask them). Here are the top digital channels we recommend:
• Live chat
• Ticketing and email
• Social media
• Knowledge base
These channels cover both your real-time and “anytime” communication bases. They also provide enough self-support cushion to take the pressure off your agents in times of high-volume or after-hours support requests.
2. Create a digital roadmap for your customers’ journey
Once you have selected your channels, it’s time to create your customer experience map. Ask yourself who your customers are, where they are coming from, and what actions you want them to take. Break down your key milestones and consider how you can guide your customers through those milestones using your various digital touchpoints and channels. Consider the role of your website, social channels, live chat, knowledge base, mobile chat, and more, in moving your customer from awareness to loyalty. With digital omnichannel, you will be able to effortlessly watch them move through these stages as you collect data on their engagements.
3. Choose your technology
Like omnichannel before it, digital omnichannel is little more than a nice theory unless your operations back it up. So, how do you make your customer service operations digital omnichannel-friendly?
You don’t want to spend resources trying to cobble it together yourself because that will introduce a technical price that isn’t worth it. The ideal digital omnichannel solution will integrate with your other core business systems, including CRM, and will scale as your company grows and new technologies and channels are introduced. Agent Assist is the perfect tool to optimize agent efficiency and productivity whilst ensuring accuracy every time. Agent Assist monitors your live chats, understands the questions being asked, and suggests the answers from your knowledge base, canned messages and chatbot intents. Within a double-click of the mouse, your agent can choose and send the most relevant answer. Fast, accurate and easy.
The right solution should also have top-notch routing, prioritization, and analytic capacities. Tools such as intelligent routing ensure that your customer’s inquiry gets to the right person at the right time, with the flexibility you need to define your own unique routing procedures. Being able to segment your customers your way—by geography, historical sales, industry, and more—will further help you offer a more specialized and effective customer service program.
On the analytics side, you’ll want to be able to set the right KPIs, keep close tabs on them, and learn from what’s going on so you can tweak and improve how you’re delivering.
A great customer experience isn’t merely about implementing more channels. It’s about making it easier for your customers to contact you when and where they want. It’s about how the stories gathered across those channels are appropriately unified. And it’s about equipping your agents with everything they need to create an ongoing cycle of deeper customer understanding and better service
Take your time to research an effective digital omnichannel solution that matches your needs, and to carefully plan out your digital customer journey. You can’t cut corners when building a great customer experience. Fortunately the rewards of thoughtful and well-implemented digital omnichannel engagement will last for years to come.