Understanding your customer market
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Why do different customer segments have special needs to win customer. Presented in November 2011 in Riyadh / Saudi Arabia to the Enterprise partner community.
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Understanding your customer market
- 1. Agenda Welcome Adobe & Customer Experience Management Introducing the Adobe Digital Enterprise Platform Customer Experience Solutions – Part 1 Customer Experience Solutions – Part 2 BONUS – CEM on vertical approaches Partnering with Adobe 13:00 Closing comments © 2011 Adobe Systems Incorporated. All Rights Reserved. Adobe Confidential.
- 2. Vertical approaches for Customer Experience Management Dieter Hovorka | Technical Manager MENA/MED/SAH, Solution Consulting © 2011 Adobe Systems Incorporated. All Rights Reserved. Adobe Confidential.
- 3. Solutions for Acquiring & Retaining Customers Multi-Channel Agent/ Mail & Online Call Center Branch Email Mobile Field Fax Collaboration Customer Acquisition Customer Retention Enrollment Customer Fulfillment Communications Product & & Service On- Selection Contract & boarding Relationship Inquiry Document Issuance Insights Management Cross-Sell / Up-Sell © 2011 Adobe Systems Incorporated. All Rights Reserved. Adobe Confidential.
- 4. Target Solutions for Customer-Centric Enterprises Customer Customer Employee Acquisition Retention Productivity • Research/product selection • Correspondence management • Human Capital Applications • Agent/broker assisted sales • Transaction servicing • Trader Desktop Financial Services • Account enrollment • eBanking • Loan automation • iStatements • Policy Issuance • Claims processing • Benefit/service selection • Correspondence Management • Human Capital Applications Government • Eligibility determination • Case Processing • Case Processing • Service enrollment • Citizen Self-Service • Benefits processing • Product/service selection • Correspondence Management • Human Capital Applications • Customer Self-Service • Customer self-service • Field Service Automation Industry Cross- • On-boarding • Assisted service • Contract & document • Customer support generation • Field service • Fulfillment/provisioning • Returns management © 2011 Adobe Systems Incorporated. All Rights Reserved. Adobe Confidential.
- 5. Improving Customer Acquisition With Online Sales Abington Memorial Hospital University of Rochester Medical Center 90% close rate Call center reps are over 200% more effective than on-site sales reps © 2011 Adobe Systems Incorporated. All Rights Reserved. Adobe Confidential.
- 6. Customers Validate Benefits to Improve Customer Acquisition "Increased the number of submitted electronic tax return forms by 24%." Ministry of Finance, Poland "Pre-populated fields and data edits have eliminated the 25% error rate AXA previously experienced." Value Drivers AXA Belgium Bank Bank Midwest: • Reduce processing times • Reduce error rates Reviewing and rechecking the debit card • Increase sales application process from 4,800 hours per • Decrease costs year to 400 hours per year • Increase satisfaction Selecting a card number and updating the entry log and system from 1,200 hours per year to none Scanning and indexing debit card applications from 6,500 hours per year to 60 hours per year Correcting errors as a result of inadvertent data input from 2,060 hours per year to 40 hours per year. © 2011 Adobe Systems Incorporated. All Rights Reserved. Adobe Confidential.
- 7. Increase Revenue with Intuitive Product Selection Abington Memorial Hospital University of Rochester Medical Center Verizon Media Store is the #2 seller of online music after iTunes 40% increase in ring tones sales after launching 15% increase in sales of ringback tones © 2011 Adobe Systems Incorporated. All Rights Reserved. Adobe Confidential.
- 8. Customers Validate Benefits to Improve Customer Retention Snap-On Credit has seen a decline in contract error rates, from 15% to 2%. Within 9 months of implementing Adobe solutions, 90% of the company’s contracts were being submitted Value Drivers electronically, and processing times fell from 7days to less than 10 minutes. Snap-On Credit • Reduce response time • Reduce cost of servicing "Reduced conflicted claims processing from 200 • Build customer loyalty days to 90 days". • Manage risk & compliance St of NY, Workers Compensation Board ''Reduced the calls citizens make for service from 5 to 1'' London Borough of Southwark "Accelerated processing of complex benefits requests from 36 days to 1 day, directly impacting the quality of life for benefits recipients" London Borough of Southwark “Reduced correspondence costs by 30% with 2.5M Euro savings per year opening over 500,000 new customer accounts.” PostBank © 2011 Adobe Systems Incorporated. All Rights Reserved. Adobe Confidential.
- 9. Improving Employee Productivity Abington Memorial Hospital University of Rochester Medical Center Reduced overhead costs associated with manual paperwork processing Built centralized form and correspondence platform integrated with SAP © 2011 Adobe Systems Incorporated. All Rights Reserved. Adobe Confidential.
- 10. Customers Validate Benefits to Improve Employee Efficiency "Reduced time for claims adjusters to generate letter packages by 4.5 min/transaction. 6000 transactions per day, saves $5M/year in soft costs." Value Drivers AIG Insurance “This new purchasing process saves us 20 to 30 • Increase employee productivity minutes on each of the 50 orders that are placed • Improve customer service daily.” • Decrease training Pictet & Cie Banque requirements • Increase morale “100% of our bond processes required human intervention; now that is less than 10%.” Liberty Mutual Procter & Gamble’s use of Adobe LiveCycle has reduced it’s scientists’ administrative down time by 10% weekly and increased overall productivity by 5%. Procter & Gamble “It could take a representative two years to be fully trained on the intricacies of completing and submitting all the forms. Thanks to Adobe solutions, training on complicated processes can happen in two days.” London Borough of Southwark © 2011 Adobe Systems Incorporated. All Rights Reserved. Adobe Confidential.
- 11. Knowing your clients market © 2011 Adobe Systems Incorporated. All Rights Reserved. Adobe Confidential.
- 12. Example: Customer Experience in Financial Sector Channel Usage Correlates to Satisfaction Areas Primed for Increased Investment New Account Opening Online Help and Chat Budgeting and Reporting eStatement Delivery Product Selector Tools Digital Services Are Important in Customer Retention Existing Customer Adoption Is Key Security Is a Given, Convenience Is True Value-Add © 2011 Adobe Systems Incorporated. All Rights Reserved. Adobe Confidential.
- 13. Channel Usage Correlates to Satisfaction © 2011 Adobe Systems Incorporated. All Rights Reserved. Adobe Confidential.
- 14. Investment Analyses: Fill the satisfaction gaps • • Customers are more Invest more • dissatisfied than the $$$ • bankers assume • • Customers and Invest More Where It • bankers have same Makes Sense level of satisfaction. $$ • • Customers are more Maintain Investment • satisfied than the $ • bankers assume. • © 2011 Adobe Systems Incorporated. All Rights Reserved. Adobe Confidential.
- 15. Importance of Digital Services to Customer Retention © 2011 Adobe Systems Incorporated. All Rights Reserved. Adobe Confidential.
- 16. Percentage of Clients Who Left a Bank Because of a lack or poor Digital Services © 2011 Adobe Systems Incorporated. All Rights Reserved. Adobe Confidential.
- 17. Opportunity Exists for Customers Not Currently Using Digital Services © 2011 Adobe Systems Incorporated. All Rights Reserved. Adobe Confidential.
- 18. Security Is a Given, Convenience Is True Value-Add © 2011 Adobe Systems Incorporated. All Rights Reserved. Adobe Confidential.
- 19. Conclusion - Future Outlook © 2011 Adobe Systems Incorporated. All Rights Reserved. Adobe Confidential.
- 20. Selection of Adobe Enterprise Customers in MENA © 2011 Adobe Systems Incorporated. All Rights Reserved. Adobe Confidential.
- 21. © 2011 Adobe Systems Incorporated. All Rights Reserved. Adobe Confidential.
- 22. ?? ? © 2011 Adobe Systems Incorporated. All Rights Reserved. Adobe Confidential.
- 23. © 2011 Adobe Systems Incorporated. All Rights Reserved. Adobe Confidential.
- 24. A Call to Action 1. Go Mobile with Web Experience Management to acquire and reach new customers 2. Get Digital with customer communications 3. Assess your existing IT priorities against customer centric process improvements and applications designed for user experience 4. Enable your developers by downloading the Adobe Digital Enterprise Platform 5. Validate your approach with Adobe Consulting or an Adobe partner 6. Engage & discuss with Adobe © 2011 Adobe Systems Incorporated. All Rights Reserved. Adobe Confidential.
Notes de l'éditeur
- 9:30 Welcome9:40 Adobe in Customer Experience Management10:00 Introducing the Adobe Digital Enterprise Platform10:20 Break10:40 Customer Experience Solutions11:00 Vertical approaches for CEM11:20 Break11:40 Sizing and Licensing12:00 Break12:30 Partnering with Adobe13:00 Closing comments
- Introduction Adobe Enterprise Technologies
- This is our three-year vision and we are focused on customer acquisition & retention as key use cases to driving our solution and product development priorities. Customer acquisitionProduct and service selection: It’s not just about going to the website and playing around with a cool widget that allows you to model your retirement plan, but how do you tie that back to actually signing that customer up for those services and communicating to them over the long term? Connecting the product and service to the enrollment, the issuance of the contract, and ultimately fulfilling and on-boarding that customer.Customer retention“How do you use the points of interaction by your customers to more effectively communicate to them what is relevant?” Examples: Customized welcome kit.Using a statement you send them to potentially cross-sell them and up-sell them on a new service.Generating a letter that’s personalized and relevant to a billing question or conversation that you just hadCommunications delivered in the customer’s format of choice (electronic, printed, etc.).Multi-channelMulti-channel is NOT a single application that’s going to work in all these different channels. It is creating as consistent of an experience as possible across all of the different interaction points that a customer has with you. Customizing the interaction points allows you to improve the experience and build better loyalty. From a strategic perspective, you need to tie the interaction points together.Not done well in most organizations.
- These are the types of solutions that would fall under the ARC solution areas. Blue highlights mean that they have corresponding Solution Accelerators.
- “The company estimates that the new process will reduce internal processing from 30 minutes to 30 seconds and save approximately$68 per submitted form transaction, leading to saving $3 million in the first year”. NY Life (internal) The value of Adobe technology is in processing and acquiring customers more efficiently.It’s common to see processing times drop from 20 days to a single-digit number of days after switching to Adobe technology.Will increase customer satisfaction because of better ease of use and interaction.
- $68 per submitted form transaction, leading to saving $3 million in the first year”. NY Life (internal) “Boosted revenues with an immediate 40% increase in Ringtone sales and a 15% sales increase in Ringback Tones” Verizon (internal only)
- Other Internal Only Quotes: $68 per submitted form transaction, leading to saving $3 million in the first year”. NY Life (internal) “Boosted revenues with an immediate 40% increase in Ringtone sales and a 15% sales increase in Ringback Tones” Verizon (internal only)
- Across the globe, the survey proves that the more active a user is in achannel, the more satisfied the user is with that channel. A satisfiedcustomer utilizing low-cost delivery channels should equate to a moreprofitable and long-term customer relationship. Financial institutionsshould drive their customer base to these low-cost delivery channels bydemonstrating their value to the customer and making them easy to use.What Is Going on with Mobile Banking?Use of mobile banking is low across the board. Subsequently,satisfaction levels are particularly low, especially in the UnitedKingdom where only 20% of mobile users were highly satisfied withthe channel. This finding may be attributed to the fact that financialinstitutions have approached mobile banking as a defensive strategyand have not effectively proven what the value is to the consumer.Simply providing a new cost-effective channel is not enough; thereneeds to be a compelling reason to use the channel in order to keep thecustomer satisfied.
- Where Bankers Should Be Investing in Digital ServicesA satisfaction gap exists in quite a few product and feature areas,according to a survey. A gap is defined as a disconnect betweenactual customer satisfaction and perceived customer satisfaction. Inthose areas where customers are more dissatisfied than bankersassume, it makes sense to increase investment focusNew Account OpeningCustomers are not satisfied with the process for opening new accountsonline. From our research, new account opening is the area with thelargest gap between actual customer satisfaction and financialinstitutions’ perception of customer satisfaction. Granted, withincreased regulatory pressure, it will be a challenge to improveconvenience while limiting exposure, but this is an area in whichfinancial institutions should be investing more. The ability to attractnew customers, or allow existing customers easy access to newaccounts, will go a long way toward getting more low-cost depositaccounts. The technology exists; therefore, more banks should takeadvantage of automated online account opening and funding solutions.Online Help and Chat Lead to CollaborationFinancial institutions have struggled with how best to support andprovide bidirectional communication to their customers. Whiletraditional call centers are an important part of providing goodcustomer service, more consideration should be given to those whoprefer to work exclusively online. The ability to share documents,allowing customers to provide data securely back and forth to preventtrips to the branch, would be looked upon favorably by onlinecustomers. Within applications, context-sensitive help can also bebeneficial, but it needs to be up to date and easy to use. Even better,financial institutions should provide tutorial videos or audio clips toexplain functions, features, or products. Videos or audio clips are alsoa terrific way to provide foreign language support.Budgeting and ReportingWeb 2.0 is beyond being a buzzword; it represents the new standardfor delivery of content. The next-generation online platforms haveimproved design and provide deeper budgeting and reportingcapabilities. Allowing customers to more accurately forecast balances,provide visually appealing customized content, and generate realusable reports and balance projections resonates with today’s bankingcustomers. If financial institutions do not offer these online solutions,there are numerous non-financial players out there that are, includingIntuit, Mint, Wesabe, and mvelopes.eStatement DeliveryThe operational efficiencies to the financial institution are probablyreason enough to invest in estatement delivery. Survey results show,however, that trying to tie in saving the environment to acceptingestatements is not effective. It is more effective to provide incentive tocustomers or show them the value of moving to estatements. Thisvalue can be in the form of increased security, ease of use, or specialoffers to customers who accept electronic delivery. The environmentalangle is important and should not be neglected, but that is not thedriver for the majority of customers in switching to estatements.Product Selector ToolsEase of use and value-added results should be stressed whendeveloping an online product selector. Customers may be wary ofbeing driven to a product that benefits the financial institution morethan them. This is where it is important that customers be givenmultiple options that clearly show the difference in rates, fees, terms,and conditions so that they can make a more educated decision.
- When looking across all digital services offered on the Internet .whether for shopping, travel, search, or news . consumers feel thatfinancial services are offering digital services that meet or exceed thoseof other industries. Financial digital services were perceived to besuperior by a ratio of 2:1 in Europe and 3:1 in the United States.Sentiment among customers is that digital services are very important inkeeping them as clients. In all countries, over 80% ofrespondents felt that digital services were either very or somewhatimportant in keeping them as a client. In Germany, that number wasover 90%.
- Consumers May Vote with Their FeetRespondents were also asked whether or not they had closed anaccount primarily because of a lack of or poor digital services offeredat their prior financial institution. The fact that 14% ofrespondents in the United States, United Kingdom, and France had leftshould be a wake-up call for product managers. Customer attritionthrough a lack of technical offering will only be magnified as membersof the digital generation (those born after 1980) become bank clientsand look for financial institutions that cater to their product andtechnical needs. The Internet has become the great leveler of theplaying field, and financial institutions that invest in the technologythat is offered are more likely to retain existing customers and attractnew customers.Opportunities Exist . Marketing Is KeyThose financial institutions that had implemented a digital servicessolution overwhelmingly saw the solutions deliver on their promise ofreducing costs, improving customer service, or increasing revenueopportunities. In the United States, for example, 15% of customerswho are currently banking online are not using any other digitalservices. Some customers do not even know if their bank offers theseservices, and while some would consider using digitalservices, others just have not gotten around to it. Unless thesecustomers see the value of adopting additional digital services, theymay be content with the traditional delivery channels. In France, wheresatisfaction levels generally were lower than those of the othercountries surveyed, usage of digital services was noticeably lower.This trend may be attributed in part to the nature of banking in France,which is generally more conservative than that of the other countriessurveyed.
- To attract existing customers who are contemplating the services,financial institutions might find it worthwhile to provide incentivessuch as reduced loan rates, better deposit rates, or free cash to usedigital services. In addition, aggressive and potentially nontraditionalmarketing efforts may also be worthwhile. PNC’s launch of its VirtualWallet product in the summer of 2008 had a unique marketingapproach that appealed to Gen Y demographics. Interactive videos,new terminology for banking transactions such as "punching the pig"for transferring money into a savings account, and "danger days" whenfunds are getting low are just some of the unique ways PNC ispromoting its digital platforms.
- Security Is a Given, Convenience Is True Value-AddGlobally, security remains the most important component for digitalservices. In fact, 90% of all respondents worldwide felt that securitywas the most important component. If we take security as table stakes,then the story becomes more interesting. Convenience was cited mostoften by consumers as a primary driver for utilizing digital services. In the United States, the United Kingdom, and France,half of all respondents would have chosen convenience as theirnumber 1 benefit excluding security. Convenience means reducing thebarriers that prevent customers from interacting with their financialinstitution. This can be in the form of opening new accounts,onboarding for new services, or collaborating through a secure channel. however it is done, it needs to be perceived as being done on thecustomers’ terms.One finding common across all countries was that going green maybe trendy, but it does not seem to resonate with consumers.The environmental benefits are a beneficial by-product of offering amore secure and convenient delivery mechanism, but they are notreason alone for customers to embrace digital services. Financialinstitutions should make more of an effort to improve the experiencefor their customers rather than focus on the cost and environmentalbenefits.
- The adoption of digital services continues to grow, and financialinstitutions recognize the need to invest in this channel. While there iscurrently little appetite for large transformation projects, the ROI fordigital services should appeal to most CIOs and CFOs. Cost savings,improved efficiency, and strong security all play into the strengths ofdigital services. As financial institutions’ time lines for recognizingpayback for their investments continue to shrink, Financial Insightsfeels that cost/benefit analysis around digital services will be favorableand worthy of budget dollars. Driving customers to low-cost deliverychannels while maintaining favorable satisfaction levels is just goodbusiness. Satisfied customers stay with their financial institutionduring both good times and bad times.
- We’re announcing the acquisition of Day, the leader in the next generation of web content management.There are three basic reasons:Current LiveCycle customers are re-engineering their customer experience processes. But they don’t get a next generation web platform from us. And their applications don’t ties directly into the personalization, analytics, campaigns, and content in their web sites. By adding Day to LiveCycle, our customers will build better and more extensive next-gen applications for sales, support, service.Adding LiveCycle and Omniture to Day will enable customers to directly interconnect their global web presence and business applications, unlocking value across their marketing, sales, and service processes. In addition, Day customers will be able to leverage more interactive application and document capabilities from Adobe Air, Flash, Flex, LiveCycle and PDF. Finally, and most importantly (for this audience), this is a major milestone in the evolution of the web as a platform for business results. After a decade of investment in SOA, and a decade of innovation in small-scale Web 2.0, there is a new opportunity for enterprises to unlock new value across their customer-facing business processes. This will involve both the ‘hard’ technologies of Day’s solution for dynamic web sites and campaigns, LiveCycle’s experience and business process technologies, and Omniture’s web analytics – it will also involve a new ecosystem of partners and methodologies for bringing the insights of Web 2.0 to the enterprise.