Toronto-based BehaviorWorx Inc. Launches New Customer Experience Feedback Program for Retail Gift Card Programs this Holiday and Beyond

Toronto, Ontario, Dec. 19 – BehaviorWorx Inc. is a self-described Customer Experience Measurement (CEM) company. The core of the business involves measurements gathered through online surveys, customer panels, interactive games, sweepstakes and instant-win prizing, which results in continuous interactive relationships that clients use for market intelligence and interactive marketing. Like everyone else, they have heard about the recent controversies surrounding time limits on gift cards that are creating distrust for the buyers of these cards. Their new CEM Gift Card Feedback Program provides interactive feedback from gift givers and recipients to help retailers increase the value and differentiation of their branded retail gift card.

“Why are gift card sales growing so fast and how can retailers get the most value to customers while avoiding the pitfalls?” asks Martin Hoffmitz, Vice President, Client Partnering, BehaviorWorx. “Gift cards are growing fast because they address a customer need – one stop, easy gift buying that takes the ‘letdown’ factor out of gift giving. Customers love the convenience but hate surprises.”

In addition to gift cards, what do retailers need to do to succeed in 2008?


RISKS – OPPORTUNITY AND REWARDS

2008 represents unprecedented risks and opportunities for forward thinking CEOs during the upcoming year. CEOs tell us that they are very concerned about changing markets, customers and economic conditions for the upcoming year.

Risks

The risks are about to wash ashore in the upcoming year. The incredible year on year sales growth cannot be taken for granted and CEOs that try to navigate from past market conditions will find that the tides have turned.

2008 has two upcoming trends that need serious depth of knowledge and attention to action in the marketplace for retailers of all stripes: keeping up with changing customers, and changing economic conditions.

Retail CEOs noted that the consumer is more and more fickle, with fast changing tastes, perceived needs and fashion trends accelerating the movements of the Butterfly Customer.

Loyalty cannot be taken for granted. With loyalty programs fast becoming a part of the retail background, retailers need new thinking and new tools in order to prosper in 2008.

Customers and browsers are telling us that loyalty is fading fast, think “PREFERANCING”

If you don’t, your customers and marketplace competitors will.

Consumers are looking for value, relevance, excitement and adventure.

They keep an eye on all your competitors and make day to day purchase selections based on their hierarchy of needs, wants and desires, measured continuously against you and your competitors’ ability to meet or exceed those needs.

Where do you rank, on that scale, and do you have a real time read on the pulse of customers, browsers, and competitor customers?

If you do have a shadow of an idea of your ranking, do you have any idea how you can change it and take fast relevant actions?

If not, you are at serious risk of retail irrelevance in short order.

Retail irrelevance will accelerate quickly into 2008 as consumers are being economically squeezed by increasing debt and lower buying power. Economists estimate that real inflation is running at 7-8 percent, and food/necessities cost increases are accelerating. (Have you noticed the heavy discounting before Christmas? You have been warned.)


Opportunities

Opportunities are going to be coming fast and furious, but retailers will need great radar to read the changing economic winds for 2008.

Consumers will still want value, relevance, excitement and adventure. They will want it all, but they will have to highlight value and relevance far more than in the past.

Attracting new customers, increasing frequency of visit (by increasing excitement), and building the sale and basket at each encounter will become far more important.

Everything you do will need to be measured through the eyes of existing customers, browsers/low users and competitors’ customers.

Retailers that neglect the customer, as well as the potential customer and market, will pay with reduced market share.


Rewards

2008 will be challenging. Retailers that begin to understand the customer and the potential marketplace now will reap immense rewards as they gain on competitors with the changes in the economic situation.

Successful retailers will be thinking about market share. It won’t come from increased spending, with the economy and consumers straining under the housing, and credit retrenchment. It will have to come from competitors’ market share. Nimble retailers will be out and ready to poach market share from competitors.

The real question is: Will it be you from them, or them from you?