A Terragni Case Study Driving Differentiated Retailer Experience TERRAGNI CONSULTING (P) LTD PRIVATE AND CONFIDENTIAL
TERRAGNI CONSULTING (P) LTD PRIVATE AND CONFIDENTIAL Client Background Challenge Objective Framework What We Did Barriers Opportunities Insights Solutions Business Outcomes $43 Billion In Global Revenue Pharmaceutical Company In The World Products Across Categories 100+ Top 10 100k+ Standalone Retailers Pan-India
TERRAGNI CONSULTING (P) LTD PRIVATE AND CONFIDENTIAL Client Background Challenge Objective Framework What We Did Barriers Opportunities Insights Solutions Business Outcomes Driving wallet share through differentiated retailer experience Stagnation of revenues from retailers and a drop in wallet share despite rolling out multiple incentive schemes & a loyalty program Low barriers for switching to another brand Insight into the decision barriers, motivators, perceptions, attitudes and journey for each stakeholder
Client Background Challenge Objective Framework What We Did Barriers Opportunities Insights Solutions Business Outcomes Getting contextual insights with our unique approach Insights from the entire customer base for all stakeholder categories Differential insights to identify: Perceived Friction Functional Expectations Transactional Friction (Physical, Time Cognitive) Biases Purchase and Engagement journey Identify engagement & experience solutions TERRAGNI CONSULTING (P) LTD PRIVATE AND CONFIDENTIAL
Client Background Challenge Objective Framework What We Did Barriers Opportunities Insights Solutions Business Outcomes TERRAGNI CONSULTING (P) LTD PRIVATE AND CONFIDENTIAL 1 2 3 Purposively sampled In-depth Retailer Interaction Sample Qualitative Insights Quantitative analysis of retailer business data Sent to 100,000 retailers from tier-2 cities Pan India, multilingual assessment – 2 Indian languages & English Quantitative Insights Consumer Neuroscience Based Widespan Assessment
Client Background Challenge Objective Framework What We Did Barriers Opportunities Insights Solutions Business Outcomes TERRAGNI CONSULTING (P) LTD PRIVATE AND CONFIDENTIAL Inherent Orthodoxies What are the orthodoxies that are at the root of the current retailer behaviour. Experiential Segmentation What are the different constituent experiential customer segments that are prevalent within the customer base.
Client Background Challenge Objective Framework What We Did Barriers Opportunities Insights Solutions Business Outcomes TERRAGNI CONSULTING (P) LTD PRIVATE AND CONFIDENTIAL Experiential Gap Analysis Where are the experiential gaps, areas of experiential highs, experiential lows, Key Experience Detractors, Key Experience Enhancers, areas of perceived friction and real friction (physical, time, cognitive) Experience Solutions What should client do to address the gaps
TERRAGNI CONSULTING (P) LTD PRIVATE AND CONFIDENTIAL Client Background Challenge Objective Framework What We Did Barriers Opportunities Insights Solutions Business Outcomes Difference between schemes offered is marginal, there is little incentive to prevent “switch”. The loyalty program structured as an “earn-n-burn” transactional reward environment. Does not fulfil potential as an extrinsic motivator.
Client Background Challenge Objective Framework What We Did Barriers Opportunities Insights Solutions Business Outcomes Differential Expectations Segment 1 -Transaction Focused Key engagement drivers: bonuses, rewards, promotions and schemes. • Highly value brand prestige and demand • Focused on monetary benefits and product demand • Need the brand to be easily available and ease of transaction and cashflow • More likely to opt for a different brand when a better deal is offered • Rarely use the loyalty program app TERRAGNI CONSULTING (P) LTD PRIVATE AND CONFIDENTIAL Segment 2 - Engagement Driven Key engagement drivers: recognition, product quality, certification, relationship with brand and its representatives (issue resolution, sales support). • Focused on recognition and business enhancement • Highly values recognition • Need ease of business with the manufacturer • Frequently use the loyalty program app
Client Background Challenge Objective Framework What We Did Barriers Opportunities Insights Solutions Business Outcomes TERRAGNI CONSULTING (P) LTD PRIVATE AND CONFIDENTIAL Inherited Orthodoxy - Brand must generate the product pull Maximizing discounts, bonuses is the way to growth Retailer currently views the business from a purely transactional & functional perspective. Brand strength, high demand products, product availability seen as necessary. Perceived immediate benefits do not outweigh the perceived effort of using the loyalty program The loyalty program usage primarily dependent on and driven by brand representative “Time required” to use the program becomes the “stated constraint”, in a 24*7 business environment The loyalty program therefore does not fulfil potential as an extrinsic motivator
Client Background Challenge Objective Framework What We Did Barriers Opportunities Insights Solutions Business Outcomes Applying the EAST* Framework: Easy: QR Codes to log in program purchases instead of invoice uploading, “Standard Order” configurations to schedule repetitive orders, push messages for stock availability and upcoming schemes Attractive: Contextual the program - retailers can pick and choose modules based on interest, Differentiated schemes aligned with Experiential Segments, targeting “benefits” based on experiential segments Social: Share success stories based on experiential segments, --“visible”; recognizing the high performers and co opting them to motivate high potentials, create communities Timely: Push notifications to drive information dissemination on orders, stock, complaints, new arrivals pre-launch engagement for new product launches *The Behavioural Insights Team, 2014 TERRAGNI CONSULTING (P) LTD PRIVATE AND CONFIDENTIAL
Client Background Challenge Objective Framework What We Did Barriers Opportunities Insights Solutions Business Outcomes TERRAGNI CONSULTING (P) LTD PRIVATE AND CONFIDENTIAL ⬆Increased market share ⬆New product uptick ⬆Increased customer retention
Thank You dipti@terragni.in +91 895 698 2522 TERRAGNI CONSULTING (P) LTD PRIVATE AND CONFIDENTIAL
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