Executive Summary from the original CMO Solution Guide to Omnichannel Personalization:
Today’s CUSTOMERS ARE FIERCE.
They are savvy, demanding, impatient and unforgiving. Long gone are the days of “loyal” customers because you’ve given them a loyalty card or an interesting promotion. Today’s customers are loyal to no one but themselves and to win their business, you need to win their minds. Although share of wallet is still a common measure for evaluating loyalty, the new predictors for gaining loyalty, or preventing attrition, are focused around MINDSHARE.
So WHAT DOES THAT MEAN for retailers, brands, any business interested in engaging customers?
What the heck is “mindshare”? How in the world do you gain it? It sounds so complicated… why bother to reach out to those pesky customers at all if they aren’t listening to you? Is it better to simply stop spending against loyalty building initiatives and hope those customers decide to still buy from you? Take away the cards, cancel promotions, stop the emails, lose their phone numbers, close the call centers, withdraw from the social network?
NO! The game has simply changed.
And the customer power shift is in full swing. To win mindshare, retailers (and manufacturers and service providers) both need to shift from a one-way monologue to a two-way dialogue. Instead of hoping, pushing, forcing them to listen to you, you need to listen to them… Talk with them, not at them. Understand them. Engage them. Excite them. Reward them in the way that resonates with their needs. Provide to them a consistent fulfilling experience at every touchpoint to ensure they not just “like” you…they love you! They interact with you. They care about you. They talk about you. They recommend you.
And if they don’t?
Well, then you’ve got to work even harder. Because unhappy customers are more powerful than happy ones!
This article is part of a four part series.
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