The experience economy is here - and many organizations are adapting their strategies to ensure they are exceeding customer expectations. On top of keeping up with ever-changing customer behavior and expectations, digital transformation has become crucial to success, making it difficult to keep up with it all.
That’s why we’re thrilled to introduce JRNI’s new podcast: The Experience Evolution! By having in-depth, meaningful conversations with thought leaders, partners, and customers, we’re going to give you insights into the latest and greatest happenings in the industry. With a focus on topics surrounding experiential relationship management (XRM), we’ll share stories and use cases on how to build an XRM strategy that increases customer satisfaction and drives revenue growth in the experience economy.
Episode 1: A JRNI through experiential relationship management
In our first episode, “A JRNI through experiential relationship management,” our CEO John Federman discusses:
How businesses offering unique customer experiences are building loyalty and retention
How an educated online experience will help convert more in-store purchases
Why an omnichannel approach has become essential
How an appointment is more than just scheduling
In conversation with host James Kent, Federman shares more details on how retail and financial service companies can take their business to the next level by maximizing customer experiences.
Federman said that retailers need to do more to get consumers back into stores as the pandemic begins its early stages of winding down.
“Shopping and commerce, itself, have already begun in earnest to become the experience economy,” Federman said. “Consumers want more than just a product or a service; they really want a unique experience.”
While the consumer experience is essential, another critical component that Federman said people don’t often think about, is how retail and financial institution staff members can be more effective and efficient working with customers who pre-book appointments.
“How can they deploy their staff in a way that their time is spent with consumers who are most likely to transact?” Federman said. “That happens when you create that synergy between online and offline. And when you can get staff to know that they’re going to go to a more informed consumer, they’re going to be more engaged, transaction levels are going to go up, and your conversion experience will be just that; it’s not just a conversion or a transaction - it’s an experience.”
As customers look to engage with businesses in the most beneficial and convenient way, an omnichannel approach is no longer an advantage - it becomes a requirement for companies to succeed.
“What consumers want, what people are asking for is... I want the best of every world, and I want it every time. I want the breadth of an online experience, and I want the bespoke nature, and the hand-holding nature, of an in-person experience,” Federman said.
One vertical embracing digital transformation is banking, which began even before the pandemic. And this change is driven by the fact consumers want options - they want to interact with financial institutions on their terms, both remotely and in person. Recent studies indicate that 73% of consumers still prefer having in-person interactions with experts when receiving financial advice, and appointments can ensure the right staff member is available to help the consumer with their needs.
“In this case, what you can see is it’s not just about providing options, it’s about creating that experience that is more straightforward, more productive, and ultimately creates a better relationship long-term,” Federman said.
As virtual technologies have increased in popularity as a way to connect during the pandemic, virtual appointments allow consumers - across all demographics - to maximize their time and get the information they need from experts who can help them.
“One of the things that's been so interesting is that many of our customers, as they begin to quantify the impact [of virtual appointments], they've effectively come back to us with the exact same insight. They're seeing the adoption across all demographics in a way they hadn't expected. And I think that speaks to a reality that's forever changed,” Federman said.
We hope you enjoy our first episode of The Experience Evolution! If you want to be updated when our next podcast episode comes out, be sure to subscribe on Apple or Spotify. You can also find all future podcast episodes on our Resources page. Cheers from the JRNI team!
