Menswear retailer merges online and offline for seamless experience
Bonobos co-founder, Andy Dunn stepped aside last week as CEO, taking on the role of executive chairman. But the change is nothing to be worried about. Dunn is looking to make Bonobos the number one menswear retailer in the U.S. and says that by 2023, he expects it to hit $1 billion in revenue.
[caption id="attachment_15215" align="alignright" width="313"] Andy Dunn cornered the men's apparel market by creating an experience that allows men to shop the way they want. Source: 360look-book[/caption]
The company has gone from strength to strength since its beginning in 2008. Raising $4 million in angel round investments, its revenue climbed from $9.5 million in 2010 to $19.6 million in 2011. As of 2013, revenue had apparently jumped all the way up to $69.3 million.
The company says it owes such success to a multi-faceted customer experience. As new CEO, Francine Della Badia points out: “Bonobos has disrupted the marketplace by truly merging the online and offline experience. Andy has created a brand with a compelling lifestyle story and a product that men love, so there is a tremendous opportunity for continued growth."
The brand has successfully been able to create an experience for its customers that incorporates e-commerce catalog sales, retail, and wholesale. And this experience for Dunn, is all tied together by the company’s use of NPS to keep guiding its strategy into the future.
@justindegraaf Wowee. #nps a big deal over here at the moment. Thanks for the love. Should that score ever change, be sure to let us know!
— Bonobos (@Bonobos) December 19, 2013
The company’s short-term goal though is to increase brand recognition. For while those that know Bonobos, hardly have a bad word to say about it, it’s far from being well known. To reach this goal, Bonobo is further diversifying their experience by becoming a multi-brand company, meaning more product lines like their recently introduced women’s line, AYR.
Read more about how Bonobos has created a shopping experience that everyone loves.
Digital customer experience proves cheaper and more effective
[caption id="attachment_15221" align="alignleft" width="339"] Digital marketing for Lau Sulin is more than just branding, it's a way to create a better customer experience. Source: digitalnewsasia[/caption]
Maxis, the Malaysian mobile network provider sees digital marketing as not just a way to create a brand but also create an NPS measured customer experience.
Lau Sulin, as head of marketing for Maxis, now controls one of the largest digital budgets in Malaysia and linked this digital perspective with one of Maxis central tenets, Customer Experience.
Imagined in this way, digital becomes a two-way channel that reflects back on Maxis to inform them how they are delivering value to their customers.
To aid in this digital experience NPS has been added by Maxis, become a topline KPI and is something that is embraced from the CEO down.
So while others state that customer service and marketing should reinforce a company’s brand, Lau takes a different view.
Philosophically, what we believe a brand should be in the 21st century is not what you broadcast at your customers via ads – but what your customers say about you.
We take the view that digital is the lead media for brand building, with social probably its most powerful element.
Maxis sees that as people’s work and leisure becomes increasingly an online experience, social has become one of the primary means of customers conversing about their experience with brands.
To this end, Maxis has also invested strongly in social listening tools and along with NPS, Maxis is provided with an reality check of how their network is doing from the customer perspective.
This has proved to make a big difference. Previously, the network team at Maxis had only employed a throughput KPI, which is a technical strength test of their network. Now a customer KPI has been added, because it’s the customer’s experience with a network that really defines its quality.
More on Maxis.
Credio finds banking customers put customer service first
Credio has compiled their 2015 Banking Satisfaction Report, and besides the NPS scores that you can read below, the findings show just how much customers value customer service.
Surveying over 3,000 banking customers in January of this year, Credio found that ages 30 to 44 were the least satisfied group in both customer service and variety of account offerings, and as a result were the age bracket most likely to switch banks in the next year.
The study also found that the way promoters interact with a bank is far more digitally based than that of detractors. With 31% of promoters using a bank’s website daily and 13% using a bank’s mobile app daily, compared respectively to 21% and 8% of detractors.
Most striking off all was the strong inverse correlation between customer service satisfaction and NPS, standing at -.486. Dissatisfaction with customer service was found to have, more than any other feature, the greatest influence on a customer’s departure.
Credio’s full report.
The U.S. banking sector this fortnight has come under the spotlight.
USAA, the financial services group that offers banking, investing, and insurance to people and families that serve, or served, in the U.S. military has come out resoundingly on top with a score of 81.
Heading up the next set of positions, it appears to be that regional banks fair much better in creating satisfied customers than their national counterparts. With BB&T at 18, PNC 15, TD Bank 10, U.S. Bank 3 and Fifth Third Bank a score of 1.