Trust in the 6Rs

Declining margins per transaction means more transactions per individual are required. More transactions per individual means a strong, long-term relationship must be built. Strong relationships are based on trust.Establishing trust means delivering what you promise. Intelligence on an individual’s wants and needs enables businesses to deliver on their promises. Trust, and the intelligence behind it, is critical to navigating the 6Rs of R-Commerce.

ROAR’s Experience Intelligence is a critical component of individual relationship monetization.

The EXPERIENCE INTELLIGENCE formula

Customer Sentiment
+
Competitive Insight
+
Business Interpretation
=
EXPERIENCE INTELLIGENCE

Customer Sentiment captures customers’ feelings about the brand, the product, the service experience and their intentions about future business. Collecting actionable business customer sentiment requires the right mix of timing, motivation, tool design, and ease of providing responses.

Competitive Insight provides critical information on other brands on the customer shopping list, which brand you lost to, or who is capturing this customer’s business.

Business Interpretation is the instant analysis and interpretation of the customer sentiment data.

EXPERIENCE INTELLIGENCE is the actionable intelligence the system reports. From this intelligence, personalized offers can be prepared, risks identified and issues remedied.

Rate your business’s Experience Intelligence for Building and Sustaining Relationships by how well it …

RISK REWARD
1 2 3 4 5 6 7 8 9 10
a.
Adds intelligence to enrich what you know about your leads?
b.
Uses experience from similar leads and shoppers to increase closing rates?
c.
Assigns an estimated lifetime value to a lead based on a variety of characteristics?
d.
Maintains contact with unsold leads beyond 15 days?
e.
Monitors the experience of shoppers who don’t buy to make improvements and get recommendations?
f.
Identifies aftersales opportunities, personalizes offers, reveals and addresses issues and produces maximum service revenue as a result?
g.
Recovers lost service customers with offers matched to each customer’s reason for not returning?
h.
Identifies reasons finance offerings are rejected to improve similar future customers?
i.
Reveals when your customers return to the market for their next vehicle?
j.
Clarifies competitive brands and dealers being shopped, reasons for selecting dealerships, and the media influencing shopping decisions

How is your R-Commerce effectiveness? “Risky” areas are opportunities for more relationship revenue from better Experience Intelligence.

CUSTOMER LIFETIME VALUE in the R-Commerce era

Customer Lifetime Value is an investment, an annuity generating annual revenue and appreciating in value with each referral, service visit and next sale.

Achieving maximum Customer Lifetime Value is the Relationship Commerce destination. Cultivating lasting relationships through great experiences is the journey.

Collecting, interpreting and acting on customer intelligence is the map.

Customer Lifetime Value performance demands customer and business intelligence. Applying this intelligence ensures each relationship opportunity can be realized and inherent risks minimized.

From low-margin transactions to REVENUE-GENERATING RELATIONSHIPS

Diminishing single transaction profit margins justify investment in relationships. As customer relationships grow, profit per relationship increases. Despite this clear financial benefit, customer loyalty is permitted to fade over time.

R-COMMERCE RECOMMENDATIONS! to maximize revenue and minimize risk.

  1. Set monetary goals for each individual relationship
    • We will keep this customer for X years realize ,000 Euros and continuously monitor the relationship to ensure achievement
  2. Deepen your understanding of current and future customers.
    • Data-driven execution wins!
    • Offer a compelling reason for customers to provide their info: “Your responses enable us to improve your ownership experience by…” “Your likes give us greater understanding to personalize …”
  3. Use intelligence to personalize all interactions (physical, digital, communication…) to WOW and WIN
  4. Engage your people on the R-Commerce Mission
    • Introduce EXPERIENCE INTELLIGENCE, its purpose and function
    • Explain benefits for each person’s responsibility, “The intelligence enables you to re-contact priority prospects who are still in the market with information to increase sales probability…”
  5. Leverage technology as much as possible—Tablets, CRM, mobile to improve efficiency and engagement
  6. Execute consistently and always look to WOW!
  7. Continuously build your customer understanding
    • Extend quantitative and qualitative knowledge across all touchpoints
    • Add relevant social info on customers to craft more precise offers

Click on the areas below to assess your EXPERIENCE INTELLIGENCE on the factors required for R-Commerce success.