Turning Emotion into Engagement: Utilizing the power of emotion to connect customers to your brand
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1 Turning Emotion into Engagement: Utilizing the power of emotion to connect customers to your brand Introduction The marketing landscape has been impacted by myriad forces in recent years. An explosion of new media and technologies, economic uncertainty, record unemployment, and heightened competition between brands have forever changed the way brands and customers interact. In today s crowded marketplace, customer engagement is more important --- and more challenging ---- than ever. It is an accepted belief that when customers buy products or services, they expect quality delivered with good service at an equitable price. The commoditization of purchase decisions means that the key differentiator is no longer price or product. The real difference in customer behavior - and profitability - comes from customers who are both rationally satisfied and emotionally connected to your brand. Behavioral psychologists have long argued that only 30% of human decisions and behaviors are actually driven by rational considerations. This means that more than 70% of consumer loyalty and spending decisions are based on emotional factors. Marketers that look beyond the transaction to focus on the softer side of the business relationship --- the emotional connection between the brand and the customer --- will gain a distinct competitive advantage. This emotional connection is what customer engagement is all about. Executives are finding that the winning differentiator is no longer product or price, but the level of customer engagement relative to the competition. Rama Ramaswami, Senior Editor, Economist Intelligence Unit (The world s foremost global research and advisory firm) Emotional Connection = Engagement Engagement is based on the emotional attachment between the customer and the brand that develops and endures over time. The more frequently and consistently a brand can connect with a customer on an emotional level, the stronger and deeper the customer becomes engaged with the brand. Page 1
2 Marketers often strive to deliver memorable moments in order to emotionally engage their customers. When you think of unforgettable experiences you instinctively think of the big, grandiose gestures designed to win over customers. While these big moments make a lasting impression, marketers often fail to realize that memorable experiences can be large or small. They can be found in the day-to-day interactions with the brand just as easily as in the big oncein-a-lifetime moments. Whether big or small, the key is that these moments must be meaningful and memorable to the customer. In the rich and diverse daily interactions our concierges have with our customers ---- whether helping with routine tasks like finding a handyman or helping plan that special getaway for a 25 th wedding anniversary ----we see firsthand that people remember emotional experiences better than just about any other aspect of a brand experience, says Michael Breault, CEO of Circles. Behavioral economics focuses on the role psychology and emotions play in decision making and economic behavior. Some suggest that economic decision making is 70% emotional and 30% rational. And it s these emotional experiences that create connected, passionate, engaged customers. The Drivers of Customer Engagement When looking at customer engagement, it is important to zero in on the key factors that spark this passion and solidify the connection. Circles has pinpointed three primary drivers of engagement that are the foundation upon which customers form a deep, ongoing emotional relationship with a brand. They include: Personalized service through 1:1 interaction Relevance through every day interactions and special moments Superior customer experience through high quality service Each time a customer uses our services, concierge becomes increasingly integrated in their lives --- and the connection between the brand and the customer deepens. These stronger bonds play out as bottom line benefits such as brand affinity, satisfaction, and loyalty. - Michael Breault, CEO of Circles As an extension of the brand, concierge consistently delivers on these drivers. Our propriety research has proven that the deep, emotional connections created through the concierge/client interactions play out in increased spend, repeat usage, stronger net promoter scores and brand advocacy. Page 2
3 With concierge, companies have the unique ability to touch their customers throughout their lives, closing the loop of the customer lifecycle at times when the company normally does not interact with customers, thereby driving the factors that have been shown to engage customers. Personalized service through 1:1 interaction Recent research from Colloquy found that the average U.S. household is enrolled in 14.1 loyalty and rewards programs, but is only active in 6.2 of them. To increase participation in loyalty programs (which is a foundation for driving engagement), a new survey from CMO Council found that loyalty customers expect marketers to understand them better and deliver more relevant and valued offers -----they want offers that feel as if they were designed specifically for them. An amazing personal touch! We felt like we were speaking with a personal assistant and we were the only people in the world. --- Credit card holder Relevant profiling data continues to be a limiting factor in customer engagement," said Donovan Neale-May, executive director of the CMO Council, in a company press release. Without a deeper customer insight, marketers will be limited in their ability to do meaningful predictive modeling, market segmentation and revenue forecasting. Better understanding of customer behaviors, predispositions, intentions and Page 3
4 preferences enables more effective and relevant messaging. It is also an essential part of customer revenue optimization and lifetime value building." Concierge is uniquely positioned to connect and interact 1:1 with customers. Historically, companies have had one or two touch points where their customers actively engage with their brand from which to gain this deeper level of insight and deliver of consistent positive experience. However, offering concierge allows a company to multiply touch points with their customers and provides a meaningful, valuable service that can be used when and how the customer prefers ---- whether for everyday needs or for life s special and very important moments. This interaction with concierge, which is an extension of the brand, keeps the brand top of mind and forms deeper relationships between the customer and the brand. Relevance through everyday interactions and special moments One of the key factors for forging a meaningful, emotional relationship with customers is the brand s ability to integrate into their lifestyles. When this is achieved the brand becomes relevant in the customer s life. As with a trusted friend, the foundation of the brand-customer relationship becomes one built on loyalty, relevance, and dependability. I was completely impressed with the kind and professional yet very human voice on the other end of the phone. I decided to call and get help with tickets for a show for my family. My headset was on as I was getting breakfast for the kids, cleaning up and getting ready to drop two kids at school and get myself to work. By the time I was ready to get into the car to begin the day, Concierge had found me four tickets with great seats to The Lion King. - Concierge Member Recent research by Carlson Marketing found that consumers are interested in a sought-after deeper relationship with a brand as long as there is something in it for me Make my life simpler Meet my need for product, emotions, experiences, and connections Let me serve myself until I need you, then be ready to help me --- whatever it takes Page 4
5 Thanks for fetching. It means I don t have to sit at the computer after a day of sitting at the compute - Concierge Member Concierge easily saved me three hours plus! I love the service! I don t have time or sometimes the energy to do all the searching - Concierge Member Very useful service! It's like having 2 of me to complete my daily tasks. I will definitely use it [concierge] in the future. - Concierge Member Having a deep understanding of the lifestyles, needs, and aspirations of their customers helps cultivate this type of strong bond. For the most part, companies have an understanding of their client base, but it is limited. The general demographic and high-level view of purchase behavior data (such as transactions, enrollments, response to direct marketing, satisfaction surveys) does not give marketers the keen insight needed to achieve relevancy. Diving deeper beyond the transactional data on a spreadsheet helps marketers forge the sought-after stronger, more emotional bonds. Exploring questions such as what are the human factors behind the purchase, what are the customer s aspirations, and how does the brand enhance their lives gives marketers the insights into the softer side of the transactions that helps integrate the brand into their customer s lifestyle. Via its 1:1 interactions with customers ---- whether through daily interactions or special moments --- concierge is uniquely positioned to gather this deeper, meaningful information directly from the customer. These first-hand insights give marketers a better understanding of how their brands fit into how their customers manage their lives. Being armed with this Page 5
6 knowledge enables marketers to inject relevance into the customer-brand relationship and deliver the meaningful, personal experience customers want. Superior customer service through high quality service It s been shown that there is a strong correlation between a high quality level of customer service/high quality customer experience and three key elements of loyal behavior: willingness to buy more, reluctance to switch, and likelihood to recommend. To gauge how this impacts the bottom line, Forrester Research looked at the percentage of loyal customers within the customer bases of more than 100 companies. The research revealed that customer experience leaders have an advantage of more than 14 percentage points over customer experience laggards across all three areas of loyalty. Verint Systems, a global leader in intelligence solutions, also explored this relationship. In Beyond Satisfaction: Measuring and Managing the Customer Experience (2008), they found that 81% of marketers understand that the quality of the customer experience impacts customer loyalty; 81% impacts customer advocacy of the brand; 73% impacts customer spending habits Concierge leverages technology, interactivity, customer information and analytics to improve every customer interaction consistently and in real-time. Through its proprietary customer-centric knowledge management system that houses comprehensive profiles on each member, Circles concierge has instant accessibility to a customer s entire history of requests. The knowledge base also includes literally millions of answers to millions of questions as well as information on partner benefits and specialized content drawn from internal and external experts. Armed with this deep level of real-time insight, concierge delivers the high quality, personalized solutions customers need and want. From handling daily to-do s such as finding a plumber or making dinner reservations to creating special, once-in-alifetime experiences, there s nothing we can t handle. By helping our customers with whatever they need done, we make their lives easier --- thereby enhancing the customer experience and strengthening his/her relationship with the brand. - Elizabeth Parry, Vice President of Customer Experience, Circles Page 6
7 Turning emotion into engagement and engagement into dollars Engaged customers have a profound effect on a company's bottom line. Fully engaged customers deliver a 23% premium over average customers in share of wallet, profitability, revenue, and relationship growth, while actively disengaged customers represent a 13% discount on the same measures, according to Gallup research. Via its client surveys, Circles discovered that by being the personalized benefit consumers want and expect in a loyalty program concierge delivers a strong, positive customer experience which engages customers, drives purchase behavior/brand affinity, and delivers long-term financial results. According to surveys of more than 10,000 members, concierge delivers on four key on bottomline metrics: increased spend, repeat usage, stronger net promoter scores and brand advocacy. An inside look into concierge in action illustrates in greater detail its impact on these key customer engagement metrics: Concierge users become net promoters Customers are dividing their time and attention between more brands than ever. In average organizations, the ratio of fully engaged customers to actively disengaged customers is 0.8:1. But engagement is achievable. In world-class organizations, the engagement ratio is 8:1. A full 81% of marketers understand that the quality of the customer experience impacts customer advocacy of the brand. As such, it s not surprising that brand advocacy ---- where a Page 7
8 customer is so passionate about the brand that they recommend it to a friend --- is viewed as a primary indicator of customer engagement. A promoter is a customer who is willing to recommend a company to a friend. This is measured by a Net Promoter Score, which is calculated by subtracting the percentage of unhappy customers from the percentage of promoters. The average firm only has about a 5% to 10% Net Promoter Score. Because companies have limited interactions with their customers, concierge service is a valuable tool to keep a brand top of their customer's mind. The interactions with concierge create a relationship between the brand and customer because the service helps customers with important tasks like planning an engagement dinner or researching the best vacation spots. Concierge and thus, the brand, become intertwined with its users' lives. This elevated relationship produces more engaged customers and promoters who are more likely to recommend the company's product or service to a friend. Results from Circles client surveys proved that concierge creates more engaged customers. A poll of 15,000 users indicate that based on concierge services, Circles clients' customers are 20% more likely to refer the brand and company to a friend than the average company in their industry. This increased advocacy leads to many positive business outcomes. For example, increasing customer retention by 5% can result in a range of 25% to 100% improvement in profits. Offering concierge access increases spend High touch concierge services were offered by the brand to a subset of its population who had more potential spend. The service was marketed as a personalized solution customers could access whenever they needed assistance with travel, gift and dining needs. Results realized include: Concierge users spent an average of over 40% more than non-users in the relevant spend category Spend even increased amongst those who received marketing for concierge but did not actively use (compared to those groups who did not receive marketing/access to concierge) Page 8
9 Personalized rewards drives points burned Illustrating how personalized rewards lead to an increase in points burned is best achieved via the following case studies: Case #1: A large financial institution sought to increase loyalty with its customers. They had a robust rewards program that was being underutilized. Stagnant point usage indicated dissatisfaction with the redemption possibilities. To increase point burn Circles implemented a boutique solution --- a customized rewards program enabling card members to redeem their points for whatever they desire. Point levels were based on the product s market value. As a result of this offering: The customized rewards program actively engaged these customers and enabled them to satisfactorily use their reward points; in turn, they felt valued and appreciated by the financial group Cardholders burned twice as many points per transaction with Circles' rewards program vs. the standard catalog offering 92% of customers plan to continue earning and redeeming points based on their experience with Circles' Customized Rewards program Case #2: A wealth management company with a robust concierge program wanted to make their reward points system more cost effective because members were not utilizing the existing point system to redeem goods. Their goal was to increase point burn across the base while lowering the cost-per-point redeemed. To meet this goal, a process that enabled the existing concierge program to facilitate point redemption was developed. The one-on-one interactions between member and concierge allowed the concierge to steer the member towards those catalog products with an optimal cost-to-point ratio. Through normal call servicing, the concierges proactively offered valuable suggestions for point redemption and streamlined the cardholder s interaction with the brand. As a result: Point burn was doubled in the first nine months of the program Cost-per-point for the issuer decreased Members loved the one stop shop and highly personalized interaction with concierge 95% of customers are satisfied with the concierge's redemption work Points forecast for 2009 was doubled from original expectations Page 9
10 Conclusion Customer engagement is all about emotional connections. And these emotional connections have proven to be powerful and profitable. Emotional bonds represent critical bellwether indicators of a wide variety of business outcomes. There are three primary drivers of engagement that are the foundation upon which customers form a deep, ongoing emotional relationship with a brand: personalized service through 1:1 interaction; relevance through every day interactions and special moments; and, superior customer experience through high quality service. As an extension of the brand, concierge consistently delivers on these drivers. This is because concierge ---- whether through daily interactions or via special moments ---- gives brands the ability to connect with their customers at touch points throughout their lives. The deep, emotional connections created through these concierge/brand interactions play out in increased spend, repeat usage, stronger net promoter scores and brand advocacy. About Circles Circles makes life better, around the world and right next door. Our unparalleled outcomes begin as simple ides: how can we improve the experiences of your customers and employees? Concierge is our foundation and our ethos: we strive to make life better, easier, more fulfilling. Beginning with Concierge and extending to our world-class Event Management and Customized Rewards, we bring a new level of value to your customers and employees, value they can feel and appreciate, and something worth paying for. With the global support of our parent company Sodexo, Circles is even better positioned to fulfill the needs of your customers and employees around the world. Circles delivers engagement - fostering customer and employee acquisition, retention and loyalty - for many of the world s best-known brands and for smaller companies, too. Page 10
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