Brand recognition to a full 360°

Driving long-term customer interaction & retention in luxury goods & services companies

Number 1

The problem

Customer retention rates in the luxury goods and services sector continue to sit at between 10-30 percent in the top-tier brands. It remains exponentially more expensive to acquire a new VIP customer than it is to retain one.

Marketing and advertising get more attention and investment but the moments of truth in this sector often doesn’t happen online but rather, between human beings.

Yet, the productivity and efficacy of a brand’s most critical (and expensive) front-line customer services personnel can be very low compared to their true human potential. More often than not they are focused just on transactions instead of on building profitable long-term customer relationships. Employee training seeks to address these problems but this is very time consuming and costly.

Number 2

The solution

PRE:MIND’s technology solution adds value to existing high-end customer loyalty programs by empowering a brand’s customer facing personnel to be more effective and to provide a greatly enhanced customer experience. Across the spectrum of key VIP customer retention strategies PRE:MIND adds enormous enhancements.

Mobile for relationships

PRE:MIND provides sales and customer services associates with a powerful mobile solution to build relationships, not just execute transactions. In order to dramatically increase customer retention by equipping them via mobile devices to communicate with clients respectfully and intelligently and from a position of deep customer understanding. For the 20% of customers that generate 70-80% of revenue, PRE:MIND helps the brand’s personnel to cultivate a human connection.

Share & update

PRE:MINDs enables staff to share the customer profile transparently with the client and update their details and purchase history so that they can serve them better. This small and simple step earns the trust of clients and give valuable insights.

Reassign relationships

When sales or customer service professionals leave or are sick, PRE:MIND enables immediate and seamless reassignment of the relationship with the VIP. No longer will customers be frustrated when their favourite sales associate leaves the company or is not around. The customer is always transitioned to maintain a connection with the brand. When relationships are transitioned in a humanistic, honest way retention metrics rise.

Cultivate tourists

PRE:MIND enables brands to cultivate tourist customer relationships as deeply as local relationships. In many brand locations today, especially in major international cities like Singapore where most of the revenue is concentrated, the percentage of buyers who are tourists is extremely high, often above 50%. Tourists are often treated as transient purchasers despite the fact that many have interest in purchasing from the brand again.

PRE:MIND gives brands what they need to leverage global online capabilities and stores in the customer’s home city to build lasting relationships, increasing revenue across the brand’s multi-channel global network.

Number 3

How the magic happens

PRE:MIND empowers the brand

Immediate value-add

Brand’s sales and customer service personnel are immediately alerted to a VIP entering the vicinity (store, VIP lounge etc) on their mobile device so they can be prioritised. On the device they can access the VIP’s photo for instant recognition as well as their personal details, preferences and purchase history. They are thus empowered to provide a personal greeting and a fully informed customer experience that maintains the VIPs sense of exclusivity and reinforces their relationship with the brand. Enables more effective sales and/or customer service.

Mobile app

Brands will continue communicating with their VIP’s via their official mobile app as usual. The Brand will receive a PRE:MIND app-addon developed by our highly qualified tech-team. PRE:MIND will embed its hi-tech software within the Brands' app, and as it’s published - the VIP’s will update the app in a normal fashion over iTunes or Google Play.

Number 4

What it does for you

Merging online & offline personas

PRE:MIND’s back-end CRM allows brands to track all of their interactions with the VIP in one place - pulling in their online transactions and merging them with their offline transactions which can be directly updated to the CRM in the PRE:MIND app.

Enhancing VIP communications & PR

Brand’s communication & PR is more involved as they can segment the market & clients in ways that only the e-commerce market has been able to do.

Brand to brand exposure

PRE:MIND will enable brands to co-create value by leveraging segments of each other’s VIP customer data via the app to promote special offers and services.

Example

Brand’s VIP Person has travelled to NYC for holidays, and will as usual check in at e.g. the Four Seasons Hotel. Hotel Ritz-Carlton, whose target demographic encompasses the VIP, would really like her to stay at their hotel instead. Ritz-Carlton will thus approach Brand and ask if they can collaborate on a segment of Brand’s VIP’s who are travelling to NYC. In this marketing collaboration a VIP who fulfills the segment requirements (e.g. not living in NYC, shops for at least $X/year, female, etc.) would – at the end of her visit at Brand’s venue – be approached by the sales person, offering a free cocktail party on the hotels’ roof-top, on the behalf of Brand & Ritz-Carlton.

As the VIP enters the hotel lobby and is ushered into the elevator to the VIP-area on the roof-top, she will not only enjoy the hospitality & great service of Ritz-Carlton, but also leave NYC with a fond memory of the hotel, dramatically increasing the likelihood for a repeated visit.

ARTICLE No.5

Customer identification key to experience shopping

Enable personalised experiences with the right technology

In the quest for delivering on experiential retail, stores have morphed into things resembling anything from amusement parks to living rooms. And while there is nothing wrong with that - it hasn't done much to personalise the experience.

45% OF LUXURY CONSUMERS WANT PERSONALISED PRODUCTS & SERVICES

45% of luxury consumers are asking for personalised products and services. The answer so far seems to be to put up screens and cameras that consumers can interact with.

Naturally, there is a lot of discussion about this customer-facing in-store technology and its low buy-in from customers, as well as the consumers' apprehension about being recognised. Although that is certainly the case in some instances, most of the time is likely a matter of the retailers not having done their homework on the value and benefits for the customers.

A lot of great in-store services have been enabled through customer-technology interaction, but many of them end up with a low adoption rate unless forced (like self-checkout), simply because they don't make the customers' life easier or better - it just makes the company more cost efficient.

After all, your customers do not need to visit your store to interact with your brand on a screen. And let's not forget that the primary benefit retail has over e-commerce is the staff - the human interaction in the moment of truth.

Personal greeting
Road to shopping experiences
When at checkout it's to late to create personalised experiences

By the time a client is ready to pay it is too late to identify them since you've already lost your chance to truly personalise the in-store experience.

Being able to identify your customers as they walk through the door is a prerequisite for the personalised experience that consumers are starting to expect. How will your retail staff otherwise be able to deliver on this expectation?

Like we discussed in our article "Making your store a VIP destination", your frontline staff need technology support to enable them to deliver their full service capabilities.

At Pre:Mind we focus on technology to support the personal service, rather than to replace it. Feel free to check out how it works or get in touch and let's discuss your unique situation.