In our last post, we took an in-depth look at Ownership Experience (OX for short) and the many reasons why the OX has become a top priority for brands across all industries. In brief, the Ownership Experience is the sum of interactions between a product, the customer and the brand across all stages the customer owns the product.
Ownership Experience Best Practices
The quality of the OX is heightened by brands collecting and making use of first-party customer data to offer a myriad of Owner Journeys throughout the Ownership Lifecycle. These journeys can be categorized generally as Onboarding (initial identification, data gathering and product registration); Care (customer support and product-related interactions); and Commerce (offers that can enhance revenue and customer LTV). Together, these Owner Journeys comprise a relevant, expedient, and, most importantly, personalized Ownership Experience that is proven to increase customer satisfaction, brand loyalty, and customer lifetime value.
While the benefits of an exceptional OX are well-defined, bringing together all the pieces into an effective and efficient system takes some experience and know-how, as well as alignment across the organization. In this post, we’ll discuss the best practices that brands should know to optimize the Ownership Experience for their existing customers.
In 2020, McKinsey revealed the importance of personalization as a way for retailers to differentiate themselves. At a time when traditional methods of differentiation, such as pricing and product selection, began to lose effectiveness, retailers that began to further embrace personalization – with the right data foundation and organizational alignment – saw tangible results.
The same is true today, and has been for several years, for durable product manufacturers. Where traditional forms of differentiation are falling short, customers are responding favorably to a cohesive and personalized Ownership Experience.
As with retailers, the success of a product manufacturer’s OX offering relies on four key elements:
While many companies collect data on customers, few have the systems and processes in place to analyze the data in a meaningful way that contributes to the Ownership Experience. Brands that excel at Ownership Experience not only undertake comprehensive analysis, they make the data available across the organization so that every team can benefit from it. And they optimize both existing and new technology to enable delivery of personalized and relevant Owner Journeys at scale.
The foundation for a successful Ownership Experience is data – but not just any data. First-party data collected during customer onboarding and product registration results in highly accurate information about who the customer is and the product they have purchased. The onboarding moment is also an ideal time to ask for additional owner information via a survey or a review request.
All the data collected during onboarding, when properly utilized, can provide tremendous insight into the customer’s behaviors and preferences, which in turn can ensure Owner Journeys are timely and personalized.
In order to make Onboarding efficient and engaging, we recommend the following best practices:
The benefits of optimized Onboarding are clear – more registrations means the brand identifies more owners. More owners means more data, and more accurate data, which helps brands derive significant insight about their customers and set the stage for future interactions.
Today’s product owners desire personalized support on demand and, increasingly, via mobile devices. In an effort to meet these expectations, many brands have invested in Artificial Intelligence (AI) technology, such as chatbots. Unfortunately, these efforts can fall short, in part because the interaction isn’t personalized and sometimes isn’t able to provide the resources the customer needs at that moment. Chatbots and other customer-facing AI may seem cutting edge, but when they don’t operate based on known data, the experience falls short of customer expectations and can be frustrating.
Imagine instead an AI-driven experience that recognizes the product owner and the product(s) they own, and with a relevant query or two, directs the customer to the resource they are seeking. This scenario is not only possible, it’s scalable – with the right technology platform. And it’s the heart of Care-related Owner Journeys.
In order to provide the best Care to product owners, we recommend the following best practice:
An intelligent AI driven by a data-based rules engine results in better customer support, reduced ACHT, and more self-serve options for owners who prefer them. Additionally, optimizing the Care experience can result in fewer product complaints and returns, more positive ratings and reviews, and increased brand loyalty overall.
As we’ve discussed, a comprehensive Ownership Experience offers Owner Journeys that span the product ownership lifecycle. Along with Onboarding and Care, this lifecycle includes many opportunities for the brand to realize additional revenue from existing product owners and enhance customer LTV. These Commerce journeys may include offers for care plans, accessories, consumables, loyalty programs, and upgrades, as well as upsell and cross-sell opportunities, affiliate offers, and more.
The key to success here is both the personalization and timeliness of the offer. We’ve seen that some offers, such as extended warranties and care plans, perform well during onboarding, while other offers are more relevant after the product has been owned for a time. Both personalization and timeliness rely on owner and product data, which underscores further the need for a centralized data source and cross-functional alignment.
For Owner Journeys related to Commerce, we recommend the following best practices:
By implementing Commerce Owner Journeys, brands get “more bang for the buck” by realizing revenue from existing customers, which traditionally is less expensive than acquiring new customers. In addition to this new revenue stream, Commerce Journeys help brands increase customer LTV and brand loyalty.
As with any strategy, these best practices, and many more, are the result of trying different approaches and adjusting as needed to achieve optimal results. They have been honed through our partnership with durable product brands that understand that prioritizing the OX contributes to differentiation. Together, we’re working toward making every product Ownership Experience smart, personalized, and valuable for both owners and brands.
Every Ownership Experience starts with an Owner Journey. Every journey starts with a first step. Take the first step today by scheduling time for you or your team to speak with one of our OX experts.