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Customer Experience/Cost Optimization
Compelling customer experience is essential for retail success. Today’s consumers expect nothing less than efficient operations, personalized experiences, and frictionless processes. But if customer expectations aren’t met, they’ll quickly move on to the next retailer.
It’s no surprise businesses are paying up for the latest and greatest CX solutions. But all that competition means that accessing best-in-class functionality can be costly. Before selecting a new CX initiative, it’s critical to weigh the benefits of the experience against the costs. Unfortunately, that’s been hard for most retailers to accomplish without a structured framework built to consider all relevant factors. That’s where you may need some guidance…
Sophelle’s team of knowledgeable Practice Leaders have helped hundreds of retailers develop winning strategies by selecting the most impactful customer experience solutions for their unique business needs. With Sophelle’s proprietary Customer Experience/Cost Optimization framework, we work with our clients to analyze various experience opportunities. Then, we calculate their likely impacts, helping our clients make strategic investments with the greatest opportunity for a successful outcome.
Want your CX solutions to pay off? Invest strategically. Contact Sophelle to speak with a practice leader today.
Experience Value
Experience Value
- r : relationship contribution
- o: operational omnichannel consistency
- p: personalized experience
- i: incentive to buy
- f: friction to buy
- u: unmet expectations
Enterprise Cost to Deliver
Enterprise Cost to Deliver
- c : total cost to deliver – technology, services, materials
- l: utilization of existing labor
- a: automation of processes
- t: ongoing training required
- e: negative employee experience
- w: workarounds
Experience Value
r : relationship contribution
Developing strong relationships with customers is a primary driver in lifetime value. How does the initiative build a stronger relationship between customers and our brand?
o: operational omnichannel consistency
Successful omnichannel retail requires providing a consistent brand at each customer touchpoint (see Sophelle’s 360 View of the Brand). How does the initiative improve consistency across touchpoints?
p: personalized experience
Tailoring shopping experiences to each customer is becoming a requirement for the type of compelling experiences many shoppers are demanding. How does the initiative make customers feel you are addressing their individual needs?
i: incentive to buy
Pricing, promotions, recognition, rewards, and gamification are common tools to incentivize shoppers. How does the initiative provide increase incentive?
f: friction to buy
Each point of friction in the purchase path detracts from the experience and reduces the likelihood of completion and repeat purchases. How does the initiative reduce impediments in the buying process?
u: unmet expectations
Customers enter every interaction with expectations of what should happen and how it should make them feel. This can be based on your marketing, their previous experiences with your brand, and their experiences with competitive brands. How does the initiative help meet or exceed customers’ expectations?
Enterprise Cost to Deliver
c : total cost to deliver – technology, services, materials
Successful retailers are laser-focused on costs and margin. How does the initiative reduce or control costs?
l: utilization of existing labor
Labor, especially store labor, is often the largest controllable expense on a retailer’s P&L. How does the initiative reduce labor costs or improve labor efficiency?
a: automation of processes
Proper automation improves scalability and consistency of business and technology processes. How does the initiative aid in automation?
t: ongoing training required
Changes in processes often require training and, therefore, incur training costs. How does the initiative impact training requirements?
e: negative employee experience
Employees can be a close second to customers in importance for many retailers. How does the initiative detract or improve employee experience?
w: workarounds
Scalability and quality in retail operations rests in the ability of processes to handle customer demands. How does the initiative reduce or increase the workarounds required to handle exceptions?