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Retaining Customers Effectively in the Digital Age


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Retaining Customers Effectively in the Digital Age

  1. 1. Engaging customers more profitably Barry McPhillips and Mark Buckingham Getting closer to the customer
  2. 2. Hello © Banner Managed Communication 2015
  3. 3. © Banner Managed Communication 2015 Barry McPhillips Multichannel Solutions Director Mark Buckingham Operations Director Your speakers today
  4. 4. Banner Managed Communication £80m marketing services business – 250 staff UK, Europe, USA, India, Singapore We create multichannel campaigns that are as effective as they are efficient We help get clicks on websites; policies converted and renewed; Pounds on the bottom line Delivering results through our data, creative and tech; in an always-on, always-connected world Significant sector expertise and experience helping insurance companies to communicate more effectively with their audiences. About Banner Creating amazing experiences © Banner Managed Communication 2015 Multichannel Campaign Planning & strategy Data/Insight Services Digital Marketing Services Print, Document & Logistics Management Managed Technology Services Creative & content Services
  5. 5. Reality of Customer Experience today Challenges and Opportunities 7 key essentials of CX Best-of-class examples of CX Real life examples for insurers/brokers This session will take you through:
  6. 6. The strategic dilemma
  7. 7. © Banner Managed Communication 2015 90% of all insurance CEO’s chose ‘getting closer to their customer’ as their most important strategic initiative over the next five years Study by IBM Institute for Business Value The strategic dilemma
  8. 8. © Banner Managed Communication 2015 90% of all insurance CEO’s chose ‘getting closer to their customer’ as their most important strategic initiative over the next five years Study by IBM Institute for Business Value The strategic dilemma However…
  9. 9. © Banner Managed Communication 2015 Insurers might never even talk directly to a customer When it does happen, information is fragmented due to complex multichannel, multi-equipment communications Information systems and processes revolve around products, rather than customers The strategic dilemma
  10. 10. The series of interactions people have with a company via all available channels such as telephone, web, branch, marketing communications and service interactions. Customer Journey concerns itself with what people do and how they feel about those interactions. It can focus on a specific task (like buying a product) or the entire customer lifecycle. © Banner Managed Communication 2015 Customer Journey definition
  11. 11. Reality of CX today
  12. 12. 70% Consumers frustrated by having to provide information already given 35 Out of 100 people unhappy the company didn’t recognise them as a current customer 53% Consumers said they use multiple devices in the process of making a single purchase 69% Marketing executives yearn for ‘real-time’ connectivity with customers 72% Of consumers frustrated with an app that offers no functional difference from a business’ mobile website © Banner Managed Communication 2015 The Reality Customer Experience in numbers 55% Marketing Executives say its impossible to respond to every consumer social media engagement 80% Companies believe they deliver a superior customer experience – 8% of customers agree! 4% The percentage of dissatisfied customers who voice concerns to a business 5% Probability of selling to a new prospect 60%+ Probability of selling to an existing customer Sources: “Understanding Customers” by Ruby Newell-Legner Forrester ‘State of the Nation for CX’ Report
  13. 13. © Banner Managed Communication 2015 The most cringe-worthy phrases customers don't want to hear: “We’re unable to answer your question. Please call xxx-xxx-xxxx to speak to a representative from xxx team.” “We're sorry, but we're experiencing unusually heavy call volumes. You can hold or try back at another time.” “Your call is important to us. Please continue to hold.” Source: American Express Survey, 2014
  14. 14. © Banner Managed Communication 2015 The top three reasons for losing a customer: 3. Don’t talk to or listen to me 2. Failure to solve a problem quickly 1. Feel poorly treated
  15. 15. Challenges and opportunities for insurers
  16. 16. © Banner Managed Communication 2015 Do you know what it is like to be your customer? Challenges and opportunities
  17. 17. © Banner Managed Communication 2015 For questions about your existing policy, press 1. For information on taking out a new policy, press 2. For questions about making a claim, press 3. For questions about the status of your claim, press 4. For questions about our products and services, please visit our website at www...
  18. 18. © Banner Managed Communication 2015 Do you know what it is like to be your customer? Challenges and opportunities
  19. 19. 7 key essentials of CX
  20. 20. Predictability
  21. 21. Efficient
  22. 22. Convenient
  23. 23. Personality
  24. 24. Personal
  25. 25. Advocacy
  26. 26. Affirming
  27. 27. Simplicity
  28. 28. © Banner Managed Communication 2015 Making things easier for customers works
  29. 29. © Banner Managed Communication 2015 75% of consumers are more likely to recommend a brand because it provides simpler experiences Simplicity increases loyalty
  30. 30. © Banner Managed Communication 2015 Customers would pay more for simpler experiences Banks/Retail Shipping/Mail General insurance Utilities Media Telecom/Cable up to
  31. 31. © Banner Managed Communication 2015 Global Simplicity Rankings 1. Internet search 950 14. Shipping/Mail 565 736 734 723 719 711 663 657 625 602 595 574 565 2. Electronics 3. Restaurants 4. Internet retail 6. Retail/Grocery 5. Appliances 13. Telecom/Mobile 7. Media 8. Retail/General 9. Travel/Hotels 10. Retail/Fashion 11. Travel/Booking 12. Travel/Air 15. Retail/Health and beauty 16. Social media 17. Automotive 19. Banks/Retail 18. Fitness 20. Travel/Train 21. Telecom/Cable 22. Utilities 23. Travel/Car rental 24. Health insurance 25. General insurance 564 530 529 524 517 501 484 473 445 329 258
  32. 32. © Banner Managed Communication 2015 Why are things so complicated?
  33. 33. © Banner Managed Communication 2015 Why simplicity matters Online interfaces Call center Statements Mobile self-service Correspondence Applications and welcome kits Loyalty programs The brand that customers know and trust is the one they interact with most
  34. 34. © Banner Managed Communication 2015 The all-too-frequent experience
  35. 35. Challenges and opportunities 2013 Industry Service Rankings moneysupermarket.com 01 Hairdressers 02 Hotels 03 Beauty salons 04 Restaurants/coffee shops 05 Garden centres/florists 06 Supermarkets 07 Department stores 08 Clothes stores 09 Entertainment centres (e.g cinema/bowling) 10 Travel agents 11 Gyms 12 Building societies 13 Mobile/broadband companies 14 Banks 15 Energy companies 16 Estate agents Financial Services © Banner Managed Communication 2015 7% of Britons trust and like their bank
  36. 36. Best-in-class examples of CX
  37. 37. Simplified patient reporting… Before
  38. 38. Simplified patient reporting… Makes data more actionable After
  39. 39. In any channel the patient prefers…
  40. 40. Simplified branch engagement Bank of Ireland © Banner Managed Communication 2015 More relevant to audience
  41. 41. Making family days out more enjoyable Customer Experience Design Solves CX/business problems
  42. 42. One2one2many CX Sainsbury’s renamed Tiger bread to Giraffe bread © Banner Managed Communication 2015 Big Grocer becomes human
  43. 43. The CX Blueprint
  44. 44. How to improve your CX A Blueprint for success © Banner Managed Communication 2015 Define customer and business needs Map the current customer experience Envision the optimised experience that will meet customer and business needs more effectively Identify and prioritise specific work plans to implement the optimised experience Test and refine prototypes of the highest-priority touchpoints and plan for long-term implementation
  45. 45. CX of the future
  46. 46. The re-imagination of CX © Banner Managed Communication 2015 Connected "life platforms” are emerging The Internet of Me: The smartphone as a personal assistant Real-time engagement Turning content into conversation Contextual collaborations Generation Z behavioural change Predictive analytics / collective intelligence Enterprise intelligence – link data across systems
  47. 47. What this means for you… © Banner Managed Communication 2015 Connected objects will create more data—use it to create better experiences. Make recommendations based on customer preferences. Tap into programmatic technology to deliver relevant marketing in real-time. Use data-driven insights to up your customer service game. The mobile device is the remote control for our lives. Make sure consumers have a great experience on their smartphone. Use context to make it even better—content about their location, promos with local deals/marketing calendar, one-click booking and payments etc. Consumers expect to get what they want in the moment they want it. Think about what this means for your business—24/7 thinking? On-demand service? Make interactions as fast, simple, and easy as possible and make sure they are useful in all the moments that matter.
  48. 48. Real life examples of communication innovation and simplification for Insurers/Brokers
  49. 49. Case study – Direct consumer Helping customers to self-serve © Banner Managed Communication 2015 Challenge/Opportunity Our client wanted to improve renewal scores and reduce printed communications Solution Online based e-doc publishing facility allowing enhanced two-way customer comms channel via personalised portals What we achieved + Savings – Significant reduction in communication costs + Faster – Customers have access to all they need in real-time + Sales – Renewal scores increased and customer experience/loyalty enhanced + Experience – Customers able to access wider choice of channels to engage
  50. 50. Secure and personal access Leading Insurance Co.
  51. 51. Two-way engagement facility Leading Insurance Co.
  52. 52. Branded for affinity partners
  53. 53. Integrate third party systems
  54. 54. Case study – Direct consumer Individualised policy documentation © Banner Managed Communication 2015 Challenge/Opportunity Client needed to support its affinity relationship by offering improved customer communications and policy document management Solution Individualised and branded policy documentation design, production and fulfillment management service across all affinity partnerships What we achieved + Speed – Customers received a branded insurance experience + Individual – Every document total bespoke containing personalised policy details + Revenue generating – Customers were happy to pay to receive these docs
  55. 55. Case study – Direct consumer Individualised policy documentation © Banner Managed Communication 2015 Cover letter Insurance schedules Insurance policy wordings Sales leaflets on other insurance available through Insurer All manually picked and packed and posted to customer
  56. 56. Bespoke branded customer communications Reflective of the vehicle they have just bought Just-in-time production and fulfilment Branded customer interaction
  57. 57. Case study – Commercial/Brokers Real-time point of sale quotes © Banner Managed Communication 2015 Challenge/Opportunity Client needed to increase quote conversion ratios through Brokers Solution ePublishing application to compose/publish and archive documents within an online broker portal What we achieved + Speed - Brokers had fully prepared quotations instantly + Agility - Singular or batched files could be processed + Sales - Improved conversions due to shorter wait times
  58. 58. . .. Branch Underwriter Broker •  Choice of electronic or optional paper documents •  eDocs available through secure eDoc portal for policyholders •  Real time review/approval of documents in seconds, not days •  Paper-free, eliminates 30% waste •  Choice of electronic or optional paper documents •  eDocs immediately available on eBroker site once approved Phase 1: Branches Phase 2: Broker Phase 3: Policyholder eDoc for Branches eDoc for eBroker site eDoc for Policyholders Real-time point of sale quotes Real time electronic document creation and delivery by default Printing, binding and delivery for brokers that opt-in
  59. 59. Thank you for listening Barry.mcphillips@banner-mc.com Mark.Buckingham@banner-mc.com