Current Reality in Service Industry
In today’s world, shopping is a “connected” experience. The “customer” of today has access to new types of inputs that were not even in existence, until a few years ago.
Mobile smart devices are being used more frequently to take a deliberate causative action as against making random and arbitrary decisions, a scenario that did not play out until a few years ago…
Customers of today investigate a “service outlet” and the nearby competitors even before entering the premises. Online reviews from sources like Yelp, Facebook, SnapChat, Instagram, consumer affairs forums, cheat Sheets, client websites, etc. have a significant impact on the “store” or “outlet” selection.
Monetary incentives such as price reductions, coupons, etc. are no longer major triggers for decision-making. Customer reviews, ratings, discussion boards and comments are increasingly becoming critical parameters and are being regarded as significant inputs in the buyer decision-making process for selection of the “service outlet”.
In many cases, the outlet may not be aware of the comments left by its prior customers, nor be able to gauge the impact of this Customer Experience (CX) on performance. CX has become one of the most significant factors in the success or failure of the “outlets”.
CX has direct impact on Revenue growth or shortfall. Are you focusing on CX to drive Revenue Growth?
What is CX in Automotive Outlets and its Challenges
In simple terms, Customer Experience (CX) captures the entire spectrum of a customer’s ‘feelings and perceptions’ from the time they enter a retail outlet until their exit. The totality of the ‘feelings and perceptions’ is what makes customers either repeat customers (retention) or those who decide never to go back (attrition).
Today, many customers, especially younger generations, are prone to putting comments related to their “feelings, perceptions and biases” online. Impressions from their customer experience, such as “rude service,” “they tried to oversell,” or “they were polite,” etc., become critical triggers that set off the decision-making process for others. These vibes not only affect the specific outlet but also the organization and the brand itself.
Quantifying behavior of customers is a significant challenge for managers and is important in defining factors that drive overall performance of outlets. Furthermore, it becomes critical in identifying the change in behavioral patterns and perceptions, thus helping organizations stay on-course towards overall targets related to attrition and retention.
CX and OSG
OSG’s bespoke behavioral and cognitive analytics platform, OSG Dynamo™ helps to identify, better understand and quantify factors that influence CX and customer behavior. OSG Dynamo™ uses a unique forced- choice, or “Trade Off,” methodology to provide accurate behavioral segmentation of customers. It further provides insights on the future behavior of the customer within a given set of business and environmental factors.
In brief ,OSG Dynamo™ employs OSG’s 3 E’s in understanding the customer journey; more specifically understanding Customer Expectations, improving Customer Experience, and securing Customer Engagement.
In its eight years of history, OSG has had a string of successes. Clients have experienced significant growth in their operations by deploying and maintaining Illuminate procedures.
CX, OSG, OSG Dynamo™ and Automotive Service Industry
OSG Dynamo™ inbuilt big data analytics platform provides insights into customer behavior on an ongoing basis. The platform also enables inclusion of business operation metrics on the dashboard and in the continuous analyses.
OSG has created a production ready application, specifically targeted at the Automotive Service Industry. It is a cloud-based platform offered as a SaaS (Software as a Service). This ensures rapid deployment at low risk with minimum demand on the client’s resources. It uses at a minimum client POS data but has provisions to include other optional client-specific data e.g. employee training, shop inspection results, CRM data, etc., thus providing a more accurate read on customer experience.
One implementation provided significant uplift in client operations of over 500 outlets.
OSG is a “catalyst” that helps our clients be the best at decoding their customers’ decisions. Our clients have seen a minimum 20% improvement in customer engagement by implementing smart insights delivered using our behavioral analytics products.