Suche senden
Hochladen
5 steps to Higher revenue with Luxury CRM
•
2 gefällt mir
•
2,637 views
Omnistream
Folgen
5 Steps For Higher Revenues With Luxury CRM A Guide for Luxury CEOs
Weniger lesen
Mehr lesen
Leadership & Management
Business
Technologie
Melden
Teilen
Melden
Teilen
1 von 9
Jetzt herunterladen
Downloaden Sie, um offline zu lesen
Empfohlen
Luxury customer journey: an overview of the new UHNW audience and how to use ...
Luxury customer journey: an overview of the new UHNW audience and how to use ...
Diana Sherling
CRM Application for Fashion & Luxury Market
CRM Application for Fashion & Luxury Market
SB Soft
Social CRM - Concept, Benefits and Approach to adopt
Social CRM - Concept, Benefits and Approach to adopt
Fabio Cipriani
Luxury On WeChat
Luxury On WeChat
CuriosityChina
CRM Best Practices For Luxury Retail
CRM Best Practices For Luxury Retail
Leo Ting
Raymark | Guide: Loyalty and the Luxury Consumer
Raymark | Guide: Loyalty and the Luxury Consumer
Raymark
Web marketing for luxury brands
Web marketing for luxury brands
Alexandre Corda
The Basics Of CRM
The Basics Of CRM
Amal Biswas
Empfohlen
Luxury customer journey: an overview of the new UHNW audience and how to use ...
Luxury customer journey: an overview of the new UHNW audience and how to use ...
Diana Sherling
CRM Application for Fashion & Luxury Market
CRM Application for Fashion & Luxury Market
SB Soft
Social CRM - Concept, Benefits and Approach to adopt
Social CRM - Concept, Benefits and Approach to adopt
Fabio Cipriani
Luxury On WeChat
Luxury On WeChat
CuriosityChina
CRM Best Practices For Luxury Retail
CRM Best Practices For Luxury Retail
Leo Ting
Raymark | Guide: Loyalty and the Luxury Consumer
Raymark | Guide: Loyalty and the Luxury Consumer
Raymark
Web marketing for luxury brands
Web marketing for luxury brands
Alexandre Corda
The Basics Of CRM
The Basics Of CRM
Amal Biswas
Beyond the Codes_Repositioning towards sustainable development
Beyond the Codes_Repositioning towards sustainable development
Nimot Muili
Marketing Management 16th edition by Philip Kotler test bank.docx
Marketing Management 16th edition by Philip Kotler test bank.docx
ssuserf63bd7
How Software Developers Destroy Business Value.pptx
How Software Developers Destroy Business Value.pptx
Aaron Stannard
Abortion pills in Jeddah |• +966572737505 ] GET CYTOTEC
Abortion pills in Jeddah |• +966572737505 ] GET CYTOTEC
Abortion pills in Riyadh +966572737505 get cytotec
internship thesis pakistan aeronautical complex kamra
internship thesis pakistan aeronautical complex kamra
AllTops
International Ocean Transportation p.pdf
International Ocean Transportation p.pdf
AlejandromexEspino
Dealing with Poor Performance - get the full picture from 3C Performance Mana...
Dealing with Poor Performance - get the full picture from 3C Performance Mana...
Hedda Bird
Reviewing and summarization of university ranking system to.pptx
Reviewing and summarization of university ranking system to.pptx
Ass.Prof. Dr. Mogeeb Mosleh
Intro_University_Ranking_Introduction.pptx
Intro_University_Ranking_Introduction.pptx
Ass.Prof. Dr. Mogeeb Mosleh
Leaders enhance communication by actively listening, providing constructive f...
Leaders enhance communication by actively listening, providing constructive f...
Ram V Chary
Safety T fire missions army field Artillery
Safety T fire missions army field Artillery
KennethSwanberg
Agile Coaching Change Management Framework.pptx
Agile Coaching Change Management Framework.pptx
alinstan901
The Psychology Of Motivation - Richard Brown
The Psychology Of Motivation - Richard Brown
SandaliGurusinghe2
digital Human resource management presentation.pdf
digital Human resource management presentation.pdf
ArtiSrivastava23
W.H.Bender Quote 62 - Always strive to be a Hospitality Service professional
W.H.Bender Quote 62 - Always strive to be a Hospitality Service professional
William (Bill) H. Bender, FCSI
Strategic Management, Vision Mission, Internal Analsysis
Strategic Management, Vision Mission, Internal Analsysis
tanmayarora45
Independent Escorts Vikaspuri / 9899900591 High Profile Escort Service in Delhi
Independent Escorts Vikaspuri / 9899900591 High Profile Escort Service in Delhi
guptaswati8536
2024 State of Marketing Report – by Hubspot
2024 State of Marketing Report – by Hubspot
Marius Sescu
Everything You Need To Know About ChatGPT
Everything You Need To Know About ChatGPT
Expeed Software
Product Design Trends in 2024 | Teenage Engineerings
Product Design Trends in 2024 | Teenage Engineerings
Pixeldarts
How Race, Age and Gender Shape Attitudes Towards Mental Health
How Race, Age and Gender Shape Attitudes Towards Mental Health
ThinkNow
AI Trends in Creative Operations 2024 by Artwork Flow.pdf
AI Trends in Creative Operations 2024 by Artwork Flow.pdf
marketingartwork
Weitere ähnliche Inhalte
Kürzlich hochgeladen
Beyond the Codes_Repositioning towards sustainable development
Beyond the Codes_Repositioning towards sustainable development
Nimot Muili
Marketing Management 16th edition by Philip Kotler test bank.docx
Marketing Management 16th edition by Philip Kotler test bank.docx
ssuserf63bd7
How Software Developers Destroy Business Value.pptx
How Software Developers Destroy Business Value.pptx
Aaron Stannard
Abortion pills in Jeddah |• +966572737505 ] GET CYTOTEC
Abortion pills in Jeddah |• +966572737505 ] GET CYTOTEC
Abortion pills in Riyadh +966572737505 get cytotec
internship thesis pakistan aeronautical complex kamra
internship thesis pakistan aeronautical complex kamra
AllTops
International Ocean Transportation p.pdf
International Ocean Transportation p.pdf
AlejandromexEspino
Dealing with Poor Performance - get the full picture from 3C Performance Mana...
Dealing with Poor Performance - get the full picture from 3C Performance Mana...
Hedda Bird
Reviewing and summarization of university ranking system to.pptx
Reviewing and summarization of university ranking system to.pptx
Ass.Prof. Dr. Mogeeb Mosleh
Intro_University_Ranking_Introduction.pptx
Intro_University_Ranking_Introduction.pptx
Ass.Prof. Dr. Mogeeb Mosleh
Leaders enhance communication by actively listening, providing constructive f...
Leaders enhance communication by actively listening, providing constructive f...
Ram V Chary
Safety T fire missions army field Artillery
Safety T fire missions army field Artillery
KennethSwanberg
Agile Coaching Change Management Framework.pptx
Agile Coaching Change Management Framework.pptx
alinstan901
The Psychology Of Motivation - Richard Brown
The Psychology Of Motivation - Richard Brown
SandaliGurusinghe2
digital Human resource management presentation.pdf
digital Human resource management presentation.pdf
ArtiSrivastava23
W.H.Bender Quote 62 - Always strive to be a Hospitality Service professional
W.H.Bender Quote 62 - Always strive to be a Hospitality Service professional
William (Bill) H. Bender, FCSI
Strategic Management, Vision Mission, Internal Analsysis
Strategic Management, Vision Mission, Internal Analsysis
tanmayarora45
Independent Escorts Vikaspuri / 9899900591 High Profile Escort Service in Delhi
Independent Escorts Vikaspuri / 9899900591 High Profile Escort Service in Delhi
guptaswati8536
Kürzlich hochgeladen
(17)
Beyond the Codes_Repositioning towards sustainable development
Beyond the Codes_Repositioning towards sustainable development
Marketing Management 16th edition by Philip Kotler test bank.docx
Marketing Management 16th edition by Philip Kotler test bank.docx
How Software Developers Destroy Business Value.pptx
How Software Developers Destroy Business Value.pptx
Abortion pills in Jeddah |• +966572737505 ] GET CYTOTEC
Abortion pills in Jeddah |• +966572737505 ] GET CYTOTEC
internship thesis pakistan aeronautical complex kamra
internship thesis pakistan aeronautical complex kamra
International Ocean Transportation p.pdf
International Ocean Transportation p.pdf
Dealing with Poor Performance - get the full picture from 3C Performance Mana...
Dealing with Poor Performance - get the full picture from 3C Performance Mana...
Reviewing and summarization of university ranking system to.pptx
Reviewing and summarization of university ranking system to.pptx
Intro_University_Ranking_Introduction.pptx
Intro_University_Ranking_Introduction.pptx
Leaders enhance communication by actively listening, providing constructive f...
Leaders enhance communication by actively listening, providing constructive f...
Safety T fire missions army field Artillery
Safety T fire missions army field Artillery
Agile Coaching Change Management Framework.pptx
Agile Coaching Change Management Framework.pptx
The Psychology Of Motivation - Richard Brown
The Psychology Of Motivation - Richard Brown
digital Human resource management presentation.pdf
digital Human resource management presentation.pdf
W.H.Bender Quote 62 - Always strive to be a Hospitality Service professional
W.H.Bender Quote 62 - Always strive to be a Hospitality Service professional
Strategic Management, Vision Mission, Internal Analsysis
Strategic Management, Vision Mission, Internal Analsysis
Independent Escorts Vikaspuri / 9899900591 High Profile Escort Service in Delhi
Independent Escorts Vikaspuri / 9899900591 High Profile Escort Service in Delhi
Empfohlen
2024 State of Marketing Report – by Hubspot
2024 State of Marketing Report – by Hubspot
Marius Sescu
Everything You Need To Know About ChatGPT
Everything You Need To Know About ChatGPT
Expeed Software
Product Design Trends in 2024 | Teenage Engineerings
Product Design Trends in 2024 | Teenage Engineerings
Pixeldarts
How Race, Age and Gender Shape Attitudes Towards Mental Health
How Race, Age and Gender Shape Attitudes Towards Mental Health
ThinkNow
AI Trends in Creative Operations 2024 by Artwork Flow.pdf
AI Trends in Creative Operations 2024 by Artwork Flow.pdf
marketingartwork
Skeleton Culture Code
Skeleton Culture Code
Skeleton Technologies
PEPSICO Presentation to CAGNY Conference Feb 2024
PEPSICO Presentation to CAGNY Conference Feb 2024
Neil Kimberley
Content Methodology: A Best Practices Report (Webinar)
Content Methodology: A Best Practices Report (Webinar)
contently
How to Prepare For a Successful Job Search for 2024
How to Prepare For a Successful Job Search for 2024
Albert Qian
Social Media Marketing Trends 2024 // The Global Indie Insights
Social Media Marketing Trends 2024 // The Global Indie Insights
Kurio // The Social Media Age(ncy)
Trends In Paid Search: Navigating The Digital Landscape In 2024
Trends In Paid Search: Navigating The Digital Landscape In 2024
Search Engine Journal
5 Public speaking tips from TED - Visualized summary
5 Public speaking tips from TED - Visualized summary
SpeakerHub
ChatGPT and the Future of Work - Clark Boyd
ChatGPT and the Future of Work - Clark Boyd
Clark Boyd
Getting into the tech field. what next
Getting into the tech field. what next
Tessa Mero
Google's Just Not That Into You: Understanding Core Updates & Search Intent
Google's Just Not That Into You: Understanding Core Updates & Search Intent
Lily Ray
How to have difficult conversations
How to have difficult conversations
Rajiv Jayarajah, MAppComm, ACC
Introduction to Data Science
Introduction to Data Science
Christy Abraham Joy
Time Management & Productivity - Best Practices
Time Management & Productivity - Best Practices
Vit Horky
The six step guide to practical project management
The six step guide to practical project management
MindGenius
Beginners Guide to TikTok for Search - Rachel Pearson - We are Tilt __ Bright...
Beginners Guide to TikTok for Search - Rachel Pearson - We are Tilt __ Bright...
RachelPearson36
Empfohlen
(20)
2024 State of Marketing Report – by Hubspot
2024 State of Marketing Report – by Hubspot
Everything You Need To Know About ChatGPT
Everything You Need To Know About ChatGPT
Product Design Trends in 2024 | Teenage Engineerings
Product Design Trends in 2024 | Teenage Engineerings
How Race, Age and Gender Shape Attitudes Towards Mental Health
How Race, Age and Gender Shape Attitudes Towards Mental Health
AI Trends in Creative Operations 2024 by Artwork Flow.pdf
AI Trends in Creative Operations 2024 by Artwork Flow.pdf
Skeleton Culture Code
Skeleton Culture Code
PEPSICO Presentation to CAGNY Conference Feb 2024
PEPSICO Presentation to CAGNY Conference Feb 2024
Content Methodology: A Best Practices Report (Webinar)
Content Methodology: A Best Practices Report (Webinar)
How to Prepare For a Successful Job Search for 2024
How to Prepare For a Successful Job Search for 2024
Social Media Marketing Trends 2024 // The Global Indie Insights
Social Media Marketing Trends 2024 // The Global Indie Insights
Trends In Paid Search: Navigating The Digital Landscape In 2024
Trends In Paid Search: Navigating The Digital Landscape In 2024
5 Public speaking tips from TED - Visualized summary
5 Public speaking tips from TED - Visualized summary
ChatGPT and the Future of Work - Clark Boyd
ChatGPT and the Future of Work - Clark Boyd
Getting into the tech field. what next
Getting into the tech field. what next
Google's Just Not That Into You: Understanding Core Updates & Search Intent
Google's Just Not That Into You: Understanding Core Updates & Search Intent
How to have difficult conversations
How to have difficult conversations
Introduction to Data Science
Introduction to Data Science
Time Management & Productivity - Best Practices
Time Management & Productivity - Best Practices
The six step guide to practical project management
The six step guide to practical project management
Beginners Guide to TikTok for Search - Rachel Pearson - We are Tilt __ Bright...
Beginners Guide to TikTok for Search - Rachel Pearson - We are Tilt __ Bright...
5 steps to Higher revenue with Luxury CRM
1.
2.
This page intentionally
left blank
3.
5 Steps For Higher Revenues With Luxury CRM A Guide for Luxury CEOs OMNISTREAM June 2014 ©2014 OMNISTREAM. All rights reserved. www.omnistream.co
4.
2014 Will be
a Defining Year for Luxury Brands. Training and staff retention has always been an issue for luxury retailers, particularly in emerging markets without a history of luxury service. With increasing competition and rapidly shifting consumer expectations, luxury brands will face an uphill battle creating outstanding customer experiences. Sales professionals can be the single greatest expense for retailers, yet their engagement is rarely up to their true potential. Sales professionals are often trained to nurture long term customer relationships, yet few are incentivized, or offered effective tools to help them do so. As a result, frontline sales professionals often treat customers as transactions, leading to low customer retention rates and high idle floor time. Marketing and advertising have received the lion’s share of luxury budgets over the past years, yet the moment of truth for a customer is face-to-face. Creating CRM practices that work for frontline staff should be a top priority for luxury executives in 2014. OMNISTREAM ©2014 OMNISTREAM. All rights reserved. www.omnistream.co
5.
1. Mobile CRM.
Keep sales people on the sales floor Luxury brands are often equipped with legacy CRM like Sage or SAP. These CRMs are great as databases, but lack extensions required to provide a mobile salesperson with the workflow to engage customers respectfully and intelligently outside of the store. As a result, top sales professionals often opt to keep customer data in their own blackbooks. They are simply not desktop workers. It is too costly in time and opportunity cost for them to leave the floor to enter data into a CRM. As a result many customers are not being properly serviced, nor do they receive the 1-to-1 personalized treatment that is synonymous with luxury. Worst yet, many customers remain hidden from the brand, with their data disappearing when the employee leaves. Empower your frontline staff with an outstanding mobile CRM, designed to simplify relationship building. This will have a substantial impact on your top line revenue. OMNISTREAM ©2014 OMNISTREAM. All rights reserved. www.omnistream.co
6.
2. In an
Omnichannel world, multiple sales professionals (and channels) service top customers. Assign clear communication boundaries in your CRM. One of the biggest complaints from highest spending luxury consumers (top 5%) is that they receive too many calls and messages from sales professionals. Simultaneously, slightly lower spending consumers (5-20% of top spending) feel like they do not receive enough personal treatment. This is primarily caused by un-synchronized relationship tracking. Sales professionals do not know who “owns” a specific relationship, nor do they know whether a specific customer has already been contacted recently. The top 20% of your customers probably bring you 80% of your revenue. Sales associates should be cultivating a human relationship with these customers. Empower sales associates to generate their own messages to these customers, while maintaining clear boundaries on ownership and frequency. You will see that open rates soar above 50%, with response rates and repeat visits increasing accordingly. A well designed luxury CRM should cater to these requirements. OMNISTREAM ©2014 OMNISTREAM. All rights reserved. www.omnistream.co
7.
3. Keep employees
engaged. Gamification and gratitude CRM is as much about aligning your employees as it is about aligning your customers. No brand will be able to deliver outstanding experiences without engaged employees. Frontline sales professionals often feel isolated from headquarters, both in terms of decision making process and in terms of incentives. An effective CRM should not focus solely on touchpoints entered. “An engaging CRM should serve as ongoing training, provide feedback based on key performance metrics, and provide clear benefits for the sales professional.” For example, some forward thinking brands have started offering incentives for professionals to enter data into a CRM. However, results are not up to expectations because the software used is outdated and stressful to use. See SILK CRM extension by Omnistream Co to visualize how gamification layers can be added on top of traditional CRM software to increase usage by 200%. OMNISTREAM ©2014 OMNISTREAM. All rights reserved. www.omnistream.co
8.
4. Travel Retail
is a core part of your CRM strategy Chinese tourists are notorious for their global shopping habits. Many of these tourists are both omnichannel, and omnilocation customers. Brands should ensure that sales professionals are tracking tourist touchpoints even as they shop abroad. These relationships should also be assigned back to their sales professional at home. Forward thinking brands should also consider compensating home sales professionals for “assists” made on sales abroad. A full function CRM should make this compensation structure easy to implement. Clear assignment of customer relationships is particularly important in the luxury watch or diamond sector, where many Asian tourists travel for purchase. They will require reminders on maintenance from their home sales professionals. Note that maintenance satisfaction is one of the key drivers of customer referrals. OMNISTREAM ©2014 OMNISTREAM. All rights reserved. www.omnistream.co
9.
5. Reassign customer
relationships when employees leave One of the top frustrations among luxury consumers is that when their favorite sales professionals depart, they often feel like their relationship with the brand has also been severed. The reality is that employee churn is high at any luxury brand. It is essential that customers are immediately reassigned to new sales professionals when existing employees depart. Top customers accustomed to personalized service should receive messages from their new professional, reassuring them that their relationship is still valued. These 5 simple but powerful CRM strategies will transform your organization. Effective CRM is not about technology or the database. It is about creating solutions that are designed to enhance the luxury experience. Contact us at Omnistream to explore how our CRM extension helps luxury brands enhance their CRM performance. OMNISTREAM ©2014 OMNISTREAM. All rights reserved. www.omnistream.co
Jetzt herunterladen