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.4

Social progress calls for personalised experience

The conditions are changing for members-only clubs that want to stay relevant

During most of the 19th and 20th century, the upper class was a homogeneous group – they came from the same residential areas, attended the same schools, lived in one place their entire life, handed their businesses and wealth over to their sons and daughters. Social developments like globalisation, urbanisation and technological advances have all made sure that this is no longer the case – and exclusive members clubs are the first to notice.

On the hunt for experiences

Only five years ago members-only clubs seemed to be leading a fading existence with membership acquisition issues and a desperate need of modernisation. That is until someone decided to revamp the whole concept of clubs to suit the more individualistically minded Millennial and the entrepreneurial-minded Gen X—groups who are know for increasingly measuring status in experiences rather than accumulated wealth.

The realisation is: The one with the most stuff will definitely not win, but rather be bogged down and possibly stopped from actually living life.

Sunglasses in hand
Man in vest

The experience economy, the sharing economy, the environmental strains we've put on our planet – it's all building up to the perfect storm. Welcome to a new reality: where money is measured by what you experience with the help of them.

The one with the most stuff will not win, but be bogged down.

The member club pivot

The latest generation of members-only clubs have realised this, and they're opening their doors not to people who may not have the same amount of monetary wealth, but instead to people with shared passions. They have interesting concepts, and they cater to the connected generation. But they are opening at a rate of a dime a dozen, and they cater to a target group that does not appreciate being "like everyone else".

The traditional clubs, on the other hand, might initially survive this pivotal shift based on their long history and distinguished name. But unless they adapt to the changing customer experience expectations of current and future members, they may find themselves fading into obscurity.

Most clubs—new and old—will simply have to face reality, changes in our society are leading to a complete culture shift in the affluent community. There is no way to tell if someone is worth $1M or $100M – and it might not even be relevant.

Show me you know me

Sometimes, humanity is accused of growing more egoistic by the day. It's about "my wants", "my needs". We would beg to differ – it's merely an effect of over three decades of personal data grabbing by every company we encounter in our daily life. When you know everything about me; from digital footprints, customer research, purchase behaviour, facial recognition, etc., I want you, in exchange, to treat me in the way I prefer! There is no longer any excuse for you not to know who I am—and what I want, need, wish—the moment I walk through your door.

As a modern members-only club, you'll need manageable ways to offer a truly personalised membership. One where the frequent traveller family man can jet home in time for ballet lesson – thanks to you. One where the startup CEO will get a gala dress in the right size and colour delivered to her office – thanks to you. One where you use the data you have on your members to make their life easier, better, more fun and more exciting - according to their individual preferences!

Personal relationships will always be relevant - and now technology can enable you to act personal with all 300, or 3000 of your members, without needing to memorise every fact - and without risking that employee turnover results in loss of knowledge.