Brands eager to win the business of Generation Z consumers need to step back and realize that this generation’s loyalty will be harder to earn and keep. Gen Z numbers nearly 65 million in the U.S. alone, and by 2020, this influential cohort will account for 40 percent of the country’s consumers. That’s why smart companies are shifting focus and leveraging customer intelligence on Gen Z to their advantage. But one thing is becoming clear: this generation is different from their predecessors. Tried and tested techniques are not enough to win the loyalty and business of these young and powerful consumers. Loyalty programs mean little Gen Z consumers differ from millennials, according to a Lab42 survey, in that they are less likely to be motivated by loyalty programs. While nearly three quarters of millennials said loyalty offers influenced their purchasing decisions, fewer Gen Zs were spurred by reward programs to spend. For Gen Z, instant gratification may trump any form of traditional loyalty program. Instead of a program to foster loyalty, the key to winning Gen Z may depend more on customer experience. A survey by Forrester and American Express found that younger respondents want speed and frictionless transactions. Offering same-day delivery and mobile self-checkouts may be key. This finding is supported by a February 2017 survey of U.S. smartphone users conducted by Euclid Analytics that found respondents ages 16 to 21 use their smartphones while in-store more than the average consumer. For Gen Z, instant gratification may trump any form of traditional loyalty program. Interactions must be meaningful Gen Z consumers are eager to interact with their favorite brands, with 44 percent saying they’d be interested in submitting ideas for product designs, according to a study by the IBM Institute of Business Value and the National Retail Federation. The study also found that 42 percent would participate in an online game for a brand campaign, 38 percent would attend an event sponsored by a brand, and 36 percent would create digital content for a brand. But this enthusiasm is tempered by Gen Z’s selectiveness. That same study found 62 percent are frequently attracted to new and fun brands, 55 percent choose brands that are eco-friendly and socially responsible, and 53 percent select brands that understand them as an individual. Gen Z wants tangible experiences, face-to-face interaction with brands, and cool opportunities to post on social media. Brands need to be able to connect on a more personal level if they are to tap this generation of consumers. Don’t make the mistake creating marketing efforts that are purely digital. Research shows Gen Z wants tangible experiences, face-to-face interaction with brands, and cool opportunities to post on social media. Personal information must be respected Gen Z is also looking for transparency and accountability from the brands they interact with. According to the IBM / National Retail Federation study, 60 per cent want brands to value their opinions. They also want some control over the interactions they have with brands: 55 percent want to decide what information they share with brands, and 54 percent want to control how brands contact them. As Jane Cheung, global leader for consumer products for the IBM Institute for Business Value and leader of the IBM study told Retail Dive, this generation doesn’t think in terms of “on” or “off.” These consumers smart enough to understand the value of their data. To feel comfortable giving personal information, she said, Gen Zers need to know the data is protected, the terms and conditions, and how retailers are collecting the information. Gen Z values velocity and authenticity Gen Z consumers want both authenticity and instant gratification. Brands will have to be forward thinking and adaptable to win this growing segment of consumer, and if they want to build a closer relationship Gen Z customers, they will need novel ways to engage them and realize the loyalty programs of their parents are no longer enough.
Relationships as a Business and Sales Lever: Q&A with Michael Africk We recently caught up with Michael Africk, co-founder and CEO of Inmoji, to hear his experiences growing his sales funnel by connecting with people in his network and building strong customer relationships by being transparent with campaign data and performance. Here is Michael’s perspective. Always Be Closing Sales Joe Leach of Leverton details his learnings and best practices for international companies when expanding sales operations to U.S. markets in “Building an American Sales Team at an International Company” Nathan Berry of ConvertKit aims to convince early sales teams and founders to do things that don’t scale by documenting how he grew sales from $1,300 to $725,000 MRR, in “Direct Sales for Bootstrapped SaaS Startups” Expand Your Marketing Funnel Glen Allsopp of Detailed highlights how a Sketch shortcuts site picked up links from 275 different websites in “One Possible Shortcut to Content Marketing Success” Andy Carvell of Phiture presents some guidelines to help teams figure out the minimum viable level of analytics needed to iterate on product and marketing objectives at different stages of growth in “Minimum Viable Analytics” Grow Up and To The Right Emily Weiss of Glossier and Amy Buechler of Y Combinator discuss what Emily has learned from growing her business, in “Insights That Grew Glossier” (27 min. podcast) Devesh Khanal of Grow & Convert shares the story of how Patrick Campbell built Price Intelligently and ProfitWell into million dollar businesses by having a clear goal of building a scalable company, having the discipline to stick to that goal when it would have been easier not to, and the courage to experiment with business models that aren’t always popular in “Scale Over Lifestyle” Join thousands of DOERS reading the Raise the Bar newsletter. A daily digest of timely, must-read posts on sales, marketing, and growth engineering. The post Relationships as a Sales Lever, Minimum Viable Analytics, and More – Raise The Bar appeared first on Mattermark.
Excellent customer service operations are essential to ensure customer retention. To help companies keep up with customers’ growing expectations, SAP Service Ticket Intelligence automatically categorizes customer tickets, proposes solutions and prioritizes the tickets for customer service employees. There is consensus in the market that a compelling customer experience is critical to business success. Companies that align the business around their customers retain more of them, increase sales, and attract new business through positive word of mouth. With this in mind, it is not surprising that our SAP Center for Business Insight estimated that companies that offer best-in-class customer experience achieve year-over-year profit margins improvement 527% higher than their peers, and 359% greater company revenue growth.* While a typical customer journey includes a variety of interaction points, customer service interactions are among the most critical. They have the power to either strengthen customer relationships or lead to churn. A negative experience in customer service can have dreadful consequences for business. For example, an Accenture study has found that 52% of consumers who switched providers in the past year did so because of poor customer service. This is why SAP has decided to bring intelligent automation to the front office, and to put customer service at the top of the priority list. SAP Service Ticket Intelligence As part of SAP Leonardo Machine Learning, the SAP solution portfolio of intelligent services and applications, SAP created an intelligent business service to automatically categorize incoming service tickets and provide resolution recommendations for the agents. This allows contact centers to expedite problem resolution and scale with the increase of digital service requests. The speed of resolution is important because customers expect their complaints to be addressed quickly, and a 24-hour response window doesn’t necessarily match their expectations. For example, on a social media channel most people expect service responses within an hour. Additionally, automated service ticket classification frees contact center agents from repetitive, tedious tasks, as they can now rely on a prioritized worklist of issues to address. As a result, they can spend more time on customer interactions, improving customer trust and satisfaction for a better business outcome. The SAP Service Ticket Intelligence business service is part of the SAP Leonardo Machine Learning Foundation and will come pre-integrated in SAP Hybris Service Cloud, enterprise edition. To get started, the first step is to train the machine learning model by exposing it to historical customer problem descriptions, resolutions, and assigned service categories – all this is an automated process within SAP Leonardo Machine Learning. Once trained, the system is ready to start classifying incoming service tickets in SAP Hybris Service Cloud. At the same time, if a company has unique needs, it can develop its own intelligent service ticket solution leveraging the SAP Service Ticket Intelligence as business service on SAP Cloud Platform directly. For example, customers could build an application that classifies customer service emails by importance or subject and routes them to the appropriate agent, or implements auto-resolution for repetitive service tickets. SAP Service Ticket Intelligence and all SAP Leonardo Machine Learning services are available on SAP Cloud Platform and accessible through REST APIs. Try it out in a sandbox environment through SAP API Business Hub. SAP Cloud Platform also offers integration services to connect a company’s knowledge base, classification taxonomy, and problem or resolution data to the SAP Service Ticket Intelligence business service to easily train it to infer classifications and resolutions for the contact center. To learn more about SAP Leonardo Machine Learning, visit sap.com/ML or watch the demo by SAP Chief Innovation Officer Jürgen Mueller during Hasso Plattner’s keynote at SAPPHIRE NOW in 2017 (SAP Service Ticket Intelligence specific segment starts at 1:26:12). *SAP Center for Business Insight 2017 calculation based on “CEM Executive’s Agenda 2016: Aligning the business Around the Customer,” Aberdeen Group.
In speaking with enterprise business leaders in a wide range of organizations, the number one priority has been and still is improving and delivering a better customer experience. This is at the center of all business strategies. In fact, if it is not, I dare to say, you do not have a real people-centric business strategy. So it’s no surprise that we are now witnessing the synergistic rise of artificial intelligence and AI-enabled chatbots to provide conversational experiences for users and customers. Enterprise chatbots have to be implemented with the primary purpose of providing conversational experiences for internal users and customers. Enterprise chatbots are critical for digital workplace transformation. They can access status and workflow data, perform tasks automatically, respond to text or voice commands, plan and schedule interactions, and contextualize events within internal and external business processes. Business and IT leaders need to act now to optimize how people access and share information for better business outcomes. To read this article in full or to leave a comment, please click here