The E of Experience
Creating the perfect consumer journey
All you need is love… Words that certainly ring true in the current consumer landscape, where retailers, CPG companies and technology players are trying their best to win over the heart of the consumer. It’s a battlefield out there, but luckily we’ve uncovered the E³ formula for finding true consumer love:
Engagement x Empathy x Experience
In this section we explore our third E: Experience
From a fling to a relationship
We believe that the magic E³ formula can turn a fling with a consumer into a long-term and sustainable relationship. However, just like with every other worthwhile connection, you can’t take it for granted. More often than not, it takes significant effort to make it work and you need to make use of every occasion to keep the spark alive. Today, retailers, CPG companies and tech companies are all looking to take the same consumer on a memorable journey and win a second (and third, and fourth) date by giving them the best Experience possible.
The challenge Companies need to understand what the consumer cares for and give it to them. Sounds simple, right? But of course, there’s a catch. The modern consumer is more demanding than ever, with a long list of boxes that needs to be ticked (and they are not shy of letting you know if you are failing to meet their expectations). Consumers want to feel special and appreciated, and why wouldn’t they – they have been heavily spoiled in the battle over their hearts and share of wallet. They are expecting their personal needs to be anticipated and met, and have little tolerance for mistakes. One bad experience can be enough to go exploring other alternatives, while telling all their friends about their frustrations.
Why is it relevant However, if done right, engaging with the consumer throughout their journey can give all three players the opportunity to showcase their values, form a stronger bond with the consumer and finally achieve the holy grail of every relationship: loyalty.
Definition We define Experience as the consumer’s perception of the consumer journey. It’s the delivery on a brand promise, executed through a consistent and seamless interaction on every touchpoint.
A new reality
To offer great experiences to the consumer, brands need to be able to create some love internally, between the left (logic) and the right brain (creativity) within their organisation. As the importance of delivering on the consumer experience keeps increasing, so do the investments. This is resulting in an overlap between what were once individual strengths of the three parties: retail, CPG companies and tech players. Inevitably, they will all end up:
- owning the same sort of data
- having access to the same cutting-edge technologies
What will make the Experience stand out will be based on insights, but unleashed by creativity.
Want to grab
To discover the main challenges and opportunities for all of the three eligible players, we decided to do a round of speed dating with a retail, CPG and tech company.
As long as retailers have been around, they have had to seduce consumers to spend their money with them. Key drivers to attract consumers were store location, assortment, price and service. Consumer loyalty was mainly enabled by...
The slow growth of the economy has not deterred CPG companies from aggressively aiming for growth. However, the rapidly changing environment and technological advancements challenge the way in which value needs to be delivered. Today, CPG companies have...
the Tech player
Not too long ago, tech companies were the new kids on the block and were positioned as very ‘innovative’ and ‘agile’. But it wasn’t clear whether they would (ever) be profitable. However, they have since clearly...
Winning the dating game
So the ultimate question remains: How can a company optimise the Experience and get consumers to fall in love? Across all channels, we see that winning companies are adopting a mix of three success factors to win the dating game.
1. Make it easy
Introduce a subscription model, ensure seamless engagement across channels, enable easy returns processes via prefilled return labels.
2. Make it personal
Include a handwritten card, add a small present to the order to celebrate a birthday, leverage personalised recommendations through mobile phone app.
3. Make it special
Put a cherry on top – use packaging materials that trigger a smile, include games and reward schemes.
Get in touch
Are you ready to build around this E? Feel free to get in touch with us to discuss where to start and how to excel!
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