The Future of Ownership Experiences
The article discusses how brands can elevate the ownership experience by providing customers with instant access to product information and support throughout the product lifecycle, emphasizing the importance of personalized, data-driven engagement post-purchase to meet rising consumer expectations and remain competitive, highlighting challenges in data collection and application, and introducing Registria's Concierge solution as a transformative approach to modernize product registration and enhance customer experience.
Imagine your customers being able to access the product information and support they need on demand, in a matter of seconds, and engaging with your brand during all phases of the product lifecycle.
Sounds ideal, right? But how do brands take today’s ownership experience and elevate it to the next level to become indispensable in the minds of their customers?
The Road to Next-Gen Ownership Experiences
Today, customer experience is more important than ever. Consumers expect brands to consistently provide great experiences, and companies that don't deliver on these expectations are quickly left behind. Most of the focus has been on the pre-purchase experience, but the customer journey doesn't end there. After customers purchase a product, the ownership experience is just as important.
Improving ownership experience is no longer a nice-to-have but a must-have for any brand that wants to stand out and succeed in today's highly competitive market.
"86% of buyers are willing to pay more for a great customer experience" - Gartner Study
The Challenge of Delivering an Exceptional Ownership Experience
Providing personalized, relevant experiences at scale can be a challenge for brands. It requires frictionless and accurate collection of product owner data, product information and understanding customer’s preferences. Once brands collect this information, usually from product registration, the data needs to be applied to best serve and proactively engage owners across all phases of the ownership lifecycle.
This is a daunting challenge.
"CX differentiation will erode in three-fourths of industries. Lower-performing brands are solving basic CX problems, while top brands are struggling to embrace transformative CX improvements that ensure their differentiation." - Forrester, 2023 CX Predictions
Meet Concierge
Over the past decade, Registria has worked with hundreds of the world's top brands to transform dated product registration process into an easy, enjoyable onboarding experience. And we're not stopping there. Now we go beyond by helping brands deliver great experiences throughout the lifetime your customers own your product.
Our industry-leading Ownership Experience Management (OXM) platform and Rules Engine have been the intelligence behind the scenes and have delivered millions of contextualized, post-purchase journeys at scale.
Concierge, a smart, digital guide, takes the ownership experience to the next level by bridging the gap between owners, the product and the brands they own across the entire product lifecycle.
The data speaks for itself:
- Concierge can lift owner identification rates by 50+%, allowing brands to know who owns their products
- Concierge has shifted 35% of owners to a digital self-service method, resulting in a 20% reduction in average call handling times (ACHT)
- Concierge has delivered 85% growth on offer performance such as service plans, accessories, and subscriptions
Concierge enables brands to deliver relevant, branded on-demand journeys to their owners that drive value for the brand and the owner every step of the way. It's powered by the OXM platform and rules engine which apply intelligence and logic to ensure the most relevant journey (or set of journeys) is presented to each unique product owner, whenever they engage with Concierge.
It was designed to drive value for brands and product owners alike. Are you:
- Looking for a way to better identify and onboard product owners while collecting actionable first-party customer data?
- Looking to reduce printing costs and improve sustainability efforts by providing digital product resources that can be accessed on-demand?
- Looking for a way to provide personalized, relevant offers and opportunities that continuously increase customer lifetime value?
- Looking for a way to better serve product owners in order to increase brand loyalty and preferences?
Concierge delivers on all that and more. We think so because we know the great outcomes brands can achieve and how much customers appreciate a guided, personalized product experience on their terms.
The options you have with Concierge to create post-purchase journeys based on your objectives are limitless. Your customers will thank you with their brand loyalty, better product reviews and buy more from your brand over and over again.
If you’re interested in learning more about Concierge, read our latest white paper.
Related
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Registria Expands Decision Intelligence Capabilities
Registria has enhanced its OXM Platform with advanced Decision Intelligence capabilities that enable brands to deliver highly personalized, data-driven post-purchase experiences—such as tailored onboarding and concierge services—by intelligently leveraging first-party owner data to improve customer satisfaction, streamline operations, and optimize engagement throughout the entire product ownership lifecycle.
Building a CX Tech Stack for Durable Goods Brands
The article outlines how durable goods brands can build a customer experience (CX) tech stack focused on optimizing the post-purchase Ownership Experience by integrating point solutions like product registration platforms for personalized engagement and branded or generic extended service plan providers to increase loyalty, revenue, and proactive support.
Why Centralizing Ownership Resources Is Essential for Consumer Brands
Centralizing ownership resources into a single, personalized customer hub reduces friction by providing easy access to relevant product information and support, enhances self-service experiences expected by 79% of consumers, and fosters long-term brand loyalty by maintaining engagement throughout the entire product lifecycle.
Smart Ownership Experiences
The Smart Ownership Experiences (Smart OX) approach leverages an intelligent, data-driven platform to create personalized, two-way engagement and meaningful interactions throughout all stages of product ownership, resulting in richer customer experiences, higher satisfaction, increased lifetime value, and greater financial gains for brands through enhanced onboarding, immediate fulfillment, and ongoing opportunities for cross-selling and upselling.
What is the Ownership Experience (OX)?
The Ownership Experience (OX) refers to the comprehensive emotional and physical journey a customer undergoes from purchasing a durable product through its entire lifecycle, encompassing product interactions, support, and services, which, when prioritized by brands, leads to improved customer engagement, reduced churn, enhanced support metrics, and new or expanded revenue channels by fostering stronger, personalized, and relevant relationships with product owners.