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.
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.
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.
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.
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.
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.
Merging online & offline personas
PRE:MIND’s software solution allows brands to track all of their interactions with the VIP in one place – pulling in online transactions and merging them with offline purchases, which can be directly updated to the CRM through the PRE:MIND platform.
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.
PRE:MIND will enable groups to co-create value by leveraging segments of their brands' VIP customer data to promote special offers and services.
Brand’s VIP Person has travelled to NYC for holidays, and will as usual check in at a competing hotel. The groups hospitality brand, whose target demographic encompasses the VIP, would really like her to stay at their hotels instead. The hotel 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 $xx.xxx/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 the Brand.
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 the hotel, but also leave NYC with a fond memory, dramatically increasing the likelihood for a repeated visit.