In our "Ask the Expert" series, we reach out to professionals in the field to understand new trends and the importance of internal communication for companies.
In the interview with Cristina we touched on very interesting points such as the key factors to make a product successful and how internal communication helps empowering employees who create memorable experiences for customers.
1. Who are you and what do you do?
I'm Cristina Pérez, and I lead the Innovation & Shopper expertise department at Insights by Kantar. In our department we help clients ensure the success of their new products, from the ideation phase based on market needs, to the market implementation phase, including the point of sale and customer experience.
2. In your own words, what does innovation mean?
There are many market launches, but in most cases the releases are variations of existing products. That is why the success rate is so low, only 2 out of 10 FMCG (fast moving consumer goods) innovations are successful. Only 10% of new product launches are truly disruptive innovations and involve new product categories or cover new needs. In these cases, if the launch is followed through to the end, the success rate rises to 80%.
3. What makes a product successful?
For a product to be successful, it must be relevant and cover real unsatisfied needs. Sometimes we come across new products and services that are fantastic but not sufficiently different or provide a benefit that was clearly not needed. In all innovation processes it is therefore key to place the consumer at the center to know firsthand what they feel, what they need and what they value.
4. Why is customer experience important for companies?
No matter what type of product or service we are talking about, in all purchasing processes, the customer experience becomes important at one point or another in the customer journey. Incorporating customer experience into business strategies is therefore key to ensuring success. Investing in customer experience has a clear return, as you can see in the following indicators.
5. What are the key factors for a successful customer journey?
Although 91% of CEOs report using customer centric strategies, and since these are not so easy to implement in practice, only 19% of consumers perceive it as such (Source: Kantar).
The implementation of such a strategy in companies requires in-depth knowledge of the customer journey: what are the key moments, what frictions may appear at each moment, what are the relevant touchpoints... We know that on average 20% of the impacts a customer receives, 80% of impact is generated: if we are able to identify them, we will not only improve the return on our investments, but also optimize resources.
6. How are customer experience and internal communication related?
There are five levers to ensure an exceptional experience:
- Having a clear brand purpose
- Offering optimal service
- Designing experiences that leave an impression
- Empowering customers
- Empowering employees
Employees are, in most cases, the link between the company and our customers, so they are key in building memorable experiences. It is necessary to provide them with tools that allow them to know the company's lines of action, but also to make them feel that they are part of the organization and that they are important to it, empowering them to make decisions and act according to the needs of customers. In this sense, internal communication is key to strengthening the relationship between employees and the company and increasing their commitment.