Good Friday Morning,
This week was all about finding a ray of light despite all the darkness.
We closed an amazing quarter 2 days back & I couldn’t be happier. When the second wave hit us again, I wasn’t even sure if we would be able to surpass even half of our targets. But we did. We ran some amazing campaigns, achieved amazing results & made our clients win even during such difficult times.
And here’s a snapshot from our celebration last evening:
In today’s edition:
- The top transformational trends and areas in the retail industry.
- 3 Ways Tesla Creates A Personalized Customer Experience
- How G3+ Fashion kick-started their CRM Journey with Xeno
- Hand-picked tool for the week: Loomly
State of Retail 2021
️😎The top transformational trends and areas in the retail industry
We are living in a transformative era. The retail industry has never seen transformation happening at such a rate. Because of the pandemic, we today see two types of retailers. One which was forced to close and shut down and the others who showed record results.
So, what is the differentiating factor if the external environment is the same for both? The reason is that some of these retailers are not able to catch the trends and adapt to the change.
Let’s see what these trends are:
- Digital Divide is becoming larger: The divide between the retailers which are digital and the ones which are not is getting bigger. The larger is becoming larger and the weaker is becoming weaker. Hence, while the retailers filed bankruptcies, a lot of retailers like Walmart, Tesco showed record results. If organizations are not willing to adopt the digital approach, they will suffer.
- Customer Experience will be the differentiator: Leaders should not think of their business as an operational machine but as a customer service or a customer experience platform. Unless they move their focus towards making their company as a customer experience platform, they will not understand your customer fully.
- Omnichannel will drive the growth: Create that omnichannel view of the customer. The customer does not want a siloed offering. Most of the retailers are still interacting on the online channel and the offline one but there is a very limited barring of data across these channels to provide a holistic offering to the customer. This is the friction between online and offline which is not letting the retailers create an experience for the customers which is unique for them
🙌3 Ways Tesla Creates A Personalized Customer Experience
In the competitive car industry, Tesla stands on top. The company has the highest customer satisfaction rate of any car manufacturer. Customers are so fanatic about the brand that they are often willing to wait years for the next model.
What is it about Tesla that has created such an engaged and loyal fanbase? Part of it is the sleek design, innovative features, and eco-friendly nature. But it’s also because of the personalized experience. Tesla is completely dedicated to its customers and treats each person as an individual.
Here are three ways Tesla does personalization well:
1 . Personalized Driver Profiles :
The hallmark of Tesla’s personalization efforts is its driver profiles. Each driver can change their settings with a single push of a button. Tesla driver profiles go beyond typical car personalization to adjust things like suspension, braking, lights, radio presets, and even driving style to match each user.
2 . Data-Driven Design:
Tesla has an incredibly strong understanding of who its customers are—both as a whole and individually. By understanding each customer, what they are looking for in a driving experience and why they chose Tesla, the company can tailor the experience and change how the car drives to best meet their needs. A busy professional with a long commute will have different needs and therefore a different driving experience than a mom driving her kids around town
3 . Dynamic Personalization:
Tesla CEO and visionary Elon Musk put it this way: “You’ll probably want dynamic personalization, so it’s like you step into the car, it knows who you are, it knows everything you want, and the car reconfigures itself automatically to all your preferences. So you could step into any car, and that’s how it would be.”
State of retail
😍How G3+ Fashion kick-started their CRM Journey with Xeno
How did G3+ Fashions, a company which was relying on the conventional methods of communication for 30+ years kick-start its CRM journey?
With the advent of digital transformation and the change in customer behaviors, G3+ Fashions was quick to realize that digital is the only way forward & they had to make themselves ready for it.
So here’s how they set up an ecosystem to run personalized campaigns:
1. Building a custom-made solution to integrate, clean & structure the data
2. Building a deeper customer understanding by creating 360* personas for each customer
3. Running relevant digital campaigns using customer personas.
And, now for the fun part, here are the results
- Category-based promotions to increase store sales- 483X ROI
- Campaign for high-priced products to increase the ATV of the high-value customers- 217X ROI
- Summer Sale Campaign to promote its new collection- 223X ROI
If all this looks gibberish to you, click here to understand the process of setting up a CRM system in the simplest way possible & the strategy behind achieving these whopping results.
Hand-picked tool for the week: Headlime
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Brand & Marketing News
- Brands that are giving back for Pride Month: Best Campaigns of June 2021
- From McNuggets to designer wear, brands look at BTS to capture the Asia market
- Evolution of Indian woman through the lens of advertising
That’s all for today folks. Hope you liked today’s edition.
Stay in & stay safe :”)