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What’s a Point of Experience (POE) System?

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You’re familiar with a Point of Sale (POS), the system that allows merchants to process and capture transactions, but who’s the new kid, a Point of Experience (POE), in town? A POE does everything that a POS does – process payments, manage inventory, track sales etc., but there’s a key differentiator. Rather than focus on …

Making Banking Intimate: Fintech and the Customer Experience

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This post originally appeared on the American Marketing Association’s website and was written by Ethan Morantz, Miglena Armutlu, Cody Greer, and Vishal Pua. Banking has come a long way from its roots in 2000 BC when merchants were using grain as currency for loans (Davies 1994). During the Italian Renaissance, the banking process became more sophisticated …

How To Get Repeat Customers

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It’s nice to have new people coming into your store, but it’s your loyal customers, the ones that keep on coming back, who keep your business going. According to a study by Bain & Company, customers that come back are likely to spend about 67 percent more than your first-time customers. Loyal customers are also …

How Your Staff Help You Attract And Retain Loyal Customers

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Starbucks recently announced that it will be doing away with staff uniforms, instead allowing the baristas to wear whatever they have in their closets. The new dress code aims to encourage staff to relate to customers and have a positive impact on the baristas mood, which in turn is expected to result in more productive …

Why Marketers Need Better Customer Experience Skills

“More executives are waking up to the potential of customer experience, a marketing technology discipline that uses data analytics and personalization to build stronger relationships with consumers. In fact, more than a quarter of executives worldwide who currently use data analytics have seen a significant shift across the board in their ability to deliver superior …

How To Cultivate Brand Loyalty

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The New York Times recently published “Cultivating Brand Loyalty in Even the Toughest Customer” which discusses how customer loyalty is evolving. Here are some key points from the piece: Households, on average, hold membership in 29 loyalty programs across the retail, financial services, travel and other industries — that’s a total of 3.3 billion nationwide, …