Description: This session explored how long term relationships with clients and customers, focused on the relationship rather than transactions, can help businesses and brands grow. Our speakers have been in business together for many years, and understand the value of long term business relationships like these.
Customers return for the relationship,
the knowledge, the trust.
Right off the top (within what seems to be a running theme here at Dx3) more effective and direct customer relationship approaches are being implemented throughout the customer journey. Historically, retail was built on transactions. A transactional mindset is one that targets customers with a prime location and an ad on TV type of strategy. But if the one thing that holds value in the world of retail is the customer relationship, retailers will have to do much more than that to establish themselves as a destination.
Use Data To Build Trust
With so many retailers closing their doors and going bankrupt, there is a general gloom around traditional marketplaces. “But I don’t believe the gloom,” Antoine said. He sees this as an exciting time to build business – backed by data.
A relational retail strategy takes the why and who data to calculate the lifetime value of a customer. An example of how quickly and how accurately this can work is the ability to run personalized pricing. Through relational strategies, big names like Walmart and Amazon are able to target their customers with personalized pricing. Walmart reportedly adjusts pricing to suit their customers on average 800 times a day, Amazon 2500 times a day. Collecting data paves the way to better customer incentives.
If relationships are the new monetary system,
data is the currency.
According to Simon’s strategy for Etiket, the only metrics that count are relational. In his experience, data and automation are key to relationship management. It has helped uncover different ways to communicate to his customers and build programs for them – from special or exclusive in-store offers or product updates. It’s his objective to have his customers feel seen and heard on a personal level.