For online or offline shopping, the product information provided to the customers plays a crucial role as they select the product based on the details provided to them. The customers check the product specifications, technical details, reviews before making the purchase.
The product information management (PIM) software helps the enterprise to collect, organize and integrate this important product information and make it available to the customers for making the selection. It also contains the details like customer experience that are useful for the members involved in the product supply chain.
What is customer experience management?
For any product-based business, it is always important to understand the needs of the customers. Based on these details the enterprise can design or develop the product that meets the customer needs thus enhancing the business. Making the customer happy leads to making them loyal towards the product or the brand. This also leads to increased promotion of the business through word-of-mouth marketing by the customers.
Having a remarkable customer experience allows the enterprise to have sustained growth. A better customer experience yields a loyal customer and also helps in retaining the customers and attracting the newer ones. For improving the customer experience it is important to analyze the customer’s needs. This can be done by getting feedback from the customer for the product or reviews for the product through questionnaires, surveys, customer care service, etc.
How to Measure Customer Experience?
Measuring customer experience is so important so that you can determine how your business is doing in the market, also it gives you room for opportunity to improve. This section elaborates on how you can measure the customer experience of your business.
1. Conducting Survey To Analysis Customer Satisfaction
Surveying the potential customers for analyzing the customer satisfaction rate on regular basis will give you a deep insight on determining how your product or services satisfies your consumers.
Based on the survey results, you are able to improve your service and can take the necessary steps to ensure the performance of your product in the market. In addition, conducting such a survey will create a strong bond between consumers, increase customer relationships, and help your brand to gain loyalty.
2. Identify The Rate of Customer Attrition
It doesn’t matter what kind of business you are doing, customer churn or attrition will always happen. However, it is important for businesses to do proper analysis over the customer churn or attrition and should take necessary steps to prevent such things from happening in the future.
With proper analysis of the churned customers, you are able to predict the churn rate and find the exact reason for churn happening. Based on the analysis report, you can take necessary business action to prevent such situations in the future.
3. Ask Suggestions from Customers For Improvement
Being proactive with a customer means you need to create engagement with customers and build a strong relationship. In today’s digital era, it is easy for businesses to engage with a consumer by creating community forums, social media, conducting email surveys, and so.
However, proper actions should be taken on implementing useful suggestions given by the consumers for creating a strong bond between consumers and brands.
4. Analyzing Customer Support Ticket Raised By Customers
Modern consumers are expecting more from brands, to satisfy their needs brands should start analyzing the customer support ticket for determining what issues consumers commonly raise and how well the support team resolves those.
Taking necessary steps based on the analysis report should reduce the amount of customer support tickets raised by consumers. This will streamline your product or services by providing an enjoyable experience to your consumers.
Importance of Having Good Customer Experience management
1. Increases Business Revenue
The revenue of a business purely depends upon the purchasing decision of the buyers/consumers. Meanwhile, for making a positive purchase decision, customer services play a key role.
On knowing that fact, more than 85% of top brands work hard to increase their customer experience which strongly correlates with the business revenue. Having a better customer experience will encourage consumers to stick with the brands for a long time.
2. Builds Positive Reputation
A customer will always do business with a brand that never fails to exceed expectations. Providing good customer service will retain existing customers and create strong reputational values.
Retaining customers is the strong foundation for a brand that looks to scale its business with stable revenue. It is predicted that more than 75% of the customers who experience happy support service would return in the future.
3. Decreases Customer Churn Rate
Brands with a high customer churn rate will lose their customers. Customer churn rate directly points to customer dissatisfaction. The amount of customers who tend to leave a brand after doing a purchase is calculated as the customer churn rate.
Recent study reports show, about 90% of the churned customers left brands and approached competitors due to poor customer service. Having a better customer experience will help brands to reduce customer churn rates significantly.
4. Improves Brand Awareness
Brand popularity is essential for all brands to sustain in the competitive market and to attract more consumers. Owing to that, almost every top brand spends a lot conducting effective marketing campaigns.
However, having a positive customer experience will create enough brand awareness among potential consumers without spending money. Happy customers will always create fame and fortune for the brand through spreading news.
5. Reduces Marketing Cost
The brand having loyal customers doesn’t need to spend more on marketing campaigns. The brand awareness among the potential consumers can be done through happy consumers by sharing their experiences with others.
Thus, brands can save a lot of time and money on marketing campaigns. Instead, they can focus on building a strong customer experience.
6. Helps To Increase Your Customer Base
Once your customer starts experiencing happiness with your services, they will spread your brand and what you offer to others. This will eventually attract more potential consumers to your business.
Based on the survey report, it is predicted that around 72% of happy customers will share their experiences with others.
7. Creates Customer Loyalty
A wise business person will always be aware of the fact that retaining an old customer is much easier and cheaper than acquiring a new customer. So, to retain old customers and to increase customers’ lifetime value, brands should give importance to gaining customer loyalty. For gaining customer loyalty, customer experience plays a key role. By providing stellar customer services, you can easily differentiate your company from others to your potential consumers.
When it comes to loyalty, it strongly depends upon trust. So, your customer service team should have innovative ideas and values to build trust among the consumers. By doing so, you create a life-long relationship with consumers.
8. Improves Your Conversion Rate
Having a better customer experience not only increases your business revenue, instead, but it will also increase your conversion rate. According to the recent study report, businesses involved in eCommerce activity with good customer experience management improve their site conversion rate up to 8%.
This becomes possible through providing personalized customer services. Once consumers find their expectations, they will keep visiting back and this will increase your sales ratio.
How does the PIM platform enhance your customer experience management?
PIM solutions help the enterprise in providing an accurate and complete view of the product data to their customers while making the selection. PIM implementation improves the customer experience in the following ways:
Create a single master data record
The enterprise needs to collect product information from various sources. Each source may have a different format for the data. The PIM solution ensures that the data collected from the different sources are compiled and provided on the different channels in a uniform format.
This data in the PIM is stored as a single master record thus allowing them to make the centralized changes that are reflected easily across the different channels.
The data collected from the different sources include the product details that are used by the different users that including the end-users, the manufacturers, retailers, distributors, etc. Each team will require the data in a certain format.
Having the centralized platform allows the enterprise to have data consistency and the different teams can access the data of their choice. PIM also allows in tracing the changes that are made in the data. It makes sure that the data provided to the customers through the different channels is consistent.
Fixing the diverse data formats challenge
As the product develops, its status keeps on changing. This leads to the generation of data in different formats and orders. The PIM ensured using the centralized platform to handle all this data and incorporate the changes to keep the data updated.
PIM enables the enterprise to discard the old data to remove the old or replicated data. PIM allows for interpretation, conversion, harmonization, and synchronization of the data.
PIM ensures that accurate data is provided to its users. It checked thoroughly to remove the errors while including the data. PIM allows the collection and integration of the data in a standard format so there are no chances of duplication of entries.
PIM allows the enterprise to save a lot of time while compiling, integrating, and updating the data. This saves a lot of time thus reducing the time-to-market and leading to improved sales and marketing.
PIM Solution for Next-Gen Customer Experience
Nowadays, most enterprises adopt the PIM platform as it helps them to create brands. PIM enables centralized master data that can reach the different users and provide updated product details. The different factors in PIM solution that play an important role in providing the next-generation customer experience include:
The customers majorly depend on the data that they see or visualize. The PIM solution enables the enterprise to provide the product details to their customers in the form of advanced graphics like high-quality images, videos, audio detailing, etc.
It allows the use of the latest 2D and 3D technology to present their product in the best possible manner to their customers. These superior quality details of the product create customer satisfaction leading to enhanced business.
There are different channels available for the customers for making the purchase. The PIM ensures providing the continuous best experience to their customers. Unified commerce helps the customers to continue their search from the point where they left. This allows them to keep their interest in the product and prompts them to make the purchase.
Making use of the PIM solution, allows the customers to customize or personalize the products based on their needs. It ensures that the customers can categorize the products as per their requirements thus making it easy for them to select the product as desired.
This personalized customer experience leads to improved purchasing, reduces cart abandonment, reduced rejection, reduced returns, etc. Personalization leads to improved engagement and increased retention of the customers.
PIM also enables the enterprise in providing personalized messages, navigations, product recommendations, promotions, etc.
The customer experience helps in understanding the customer requirements and thus based on it allows the system to give suggestions for the related products. This enables the customers to make the reordering process easier and leads to increased customer satisfaction and improving loyalty. This allows the enterprise to improve its business as well as its revenues.
PIM solution enables enterprises to compile and provide all the essential product details that are required by the different teams involved in the product supply chain. All this data plays a crucial role in defining the customer experience.
More the accurate product details provided to the customers, the more trust they will have in the product and the business. A strong customer experience ensures that the customers will stay loyal to the enterprise and will keep purchasing their products thus boosting the business.