The Power Duo for Luxury Growth: Technology and Personalisation

Have you ever wondered why your business has a low customer retention rate, and you can't predict retained spending?

𝗔 𝗰𝗼𝗺𝗺𝗼𝗻 𝗰𝗵𝗮𝗹𝗹𝗲𝗻𝗴𝗲 𝗶𝗻 𝗹𝘂𝘅𝘂𝗿𝘆 𝗿𝗲𝘁𝗮𝗶𝗹 𝗯𝘂𝘀𝗶𝗻𝗲𝘀𝘀𝗲𝘀 𝗶𝘀 𝘁𝗵𝗲 𝗹𝗮𝗰𝗸 𝗼𝗳 𝗮 𝗰𝗼𝗻𝘀𝗶𝘀𝘁𝗲𝗻𝘁 𝗮𝗻𝗱 𝗲𝗳𝗳𝗲𝗰𝘁𝗶𝘃𝗲 𝗰𝗹𝗶𝗲𝗻𝘁𝗲𝗹𝗶𝗻𝗴 𝗽𝗿𝗮𝗰𝘁𝗶𝗰𝗲 𝗮𝗰𝗿𝗼𝘀𝘀 𝗮𝗹𝗹 𝘀𝘁𝗼𝗿𝗲𝘀.

Often, stores rely on one or two Client Advisors with a bigger client book to be responsible for the whole store's customer retention effort. This leads to inconsistent customer journeys and uneven client attention. Even for customers with similar spending contributions, some may have been contacted regularly, and others still need to.

Eventually, the business misses out on cultivating customers' retention and wallet share.

𝗧𝗵𝗲 𝗺𝗼𝘀𝘁 𝗲𝗳𝗳𝗲𝗰𝘁𝗶𝘃𝗲 𝗰𝗹𝗶𝗲𝗻𝘁𝗲𝗹𝗶𝗻𝗴 𝗽𝗿𝗮𝗰𝘁𝗶𝗰𝗲 𝗶𝘀 𝗮 𝘀𝘁𝗿𝗮𝘁𝗲𝗴𝗶𝗰 𝗯𝗹𝗲𝗻𝗱 𝗼𝗳 𝘁𝗲𝗰𝗵𝗻𝗼𝗹𝗼𝗴𝘆 𝗮𝘂𝘁𝗼𝗺𝗮𝘁𝗶𝗼𝗻 𝗮𝗻𝗱 𝗵𝘂𝗺𝗮𝗻 𝗽𝗲𝗿𝘀𝗼𝗻𝗮𝗹𝗶𝘀𝗮𝘁𝗶𝗼𝗻.

Here is a simple four-step process:

𝗦𝘁𝗲𝗽 𝗼𝗻𝗲: Clearly define all the essential customer journeys for the relevant customer segmentation and interaction moments.

𝗦𝘁𝗲𝗽 𝘁𝘄𝗼: Develop a branded service standard for every customer journey.
This includes the clienteling action's ownership, the expected engagement timeline and customer contact templates.

𝗦𝘁𝗲𝗽 𝘁𝗵𝗿𝗲𝗲: Adopt technology to automate the "who, what and how to contact plan" for each Client Advisor on a monthly/weekly and daily basis.

𝗦𝘁𝗲𝗽 𝗳𝗼𝘂𝗿: Train the Client-Facing team to deliver the clienteling practices with personalisation.

Last week, I partnered with Proximity to implement the above by embarking on a client-elevation journey with the passionate Mikimoto Hong Kong team.

Daniel Priestley puts it well: Automate everything around the personal touch, but never take away the personal touch.