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Critical Channels of Engagement: What Consumers Want

  1. Critical Channels of Engagement What consumers want Matt Tredinnick, VP, Marketing EngageOne Solutions, Precisely
  2. Agenda • Market Trends • Analyst research on organizational priorities • CMO Council research on consumer priorities • Rise in new technology channels • Case study – Blue Shield of California • Call to action 3 Meeting client at THEIR moment of need
  3. Sound familiar? How can we cost-effectively improve our customer experience? How can we make video interactions personalized, compelling and relevant? Can we capitalize on consumers’ passion for video content? Is there a way to replicate our best sales conversations? Isn’t there a better way to use technology to engage interactively, in real-time? 4
  4. By 2020 Customer Experience will overtake price and product as most important brand differentiators – most of it will be delivered via the digital channel. – WalkerInfo Customers will manage 85 percent of their relationship with the enterprise without interacting with a human. – Gartner Customers expect better, more personalized experiences. – DMA 5
  5. Digital is the new normal… … and businesses are struggling to keep up 59% of 25-34 year-olds share poor customer experiences online.1 #1 reason that customers switch: Feeling unappreciated.4 6 Once a customer leaves, 4 in 5 say they will never come back.2 Acquiring a single new customer costs 5x more than retaining an existing one.3 1 in 26 unhappy customers file a complaint. The rest churn silently.5 Average value of a lost relationship: $289 per year.6
  6. 7 What’s your organizational impact? • Missed key performance targets • Missed NPS • Customer churn • Reduced ROI • Negative media and word-of-mouth • Loss of morale • Staff retention
  7. CX and omnichannel are top priorities in 2020 Most businesses have started their digital transformation 8 22.3% 32.2% 45.3% 49.0% 61.3% 0% 50% 100% Mobile engagement Single customer view Digital transformation Omni-channel communications Customer experience Top 5 Corporate Priorities 2020 Source: Aspire, The State of CCM-to-CXM Transformation, 2019 N = 512 enterprises (worldwide) 49% of businesses are investing in omnichannel communications to increase customer experience (CX) and realize higher business growth
  8. Customer Life Stages 1. Find 2. Sell 3. Deliver 4. Bill 5. Service 6. Engage Upsell / cross sell Referrals Acquisition Onboarding / Enrollment Critical Communications Direct Mail E-mail Coupon Forms Welcome survey SignaturesContracts Welcome kit Personalized videos Bills & Statements Renewal Letters Business correspondence Payments Direct Mail E-mail Coupon Notifications Omni-Channel Means Lifecycle Marketing Companies who make CXM a priority grow revenues 41% faster Customer service 9
  9. What’s in Common • ALL generations expect a blend of both DIGITAL and PHYSICAL channels as part of their ideal communications mix • ALL generations MOST enjoy having access to a PERSON who can help when they need it • NO generation gives brands an A for omnichannel engagement, as ALL say brands are doing a “PRETTY GOOD” job • ALL have been FRUSTRATED by the lack of connection between channels • ALL have QUESTIONED their relationship with the brand because of the frustration 11
  10. It’s all about creating a seamless experience… 71% of consumers have QUESTIONED why they do business with a brand that frustrates them cross-channel. 84% of consumers are FRUSTRATED when they have to repeat themselves as they shift across channels.
  11. The Omnichannel Expectation 13
  12. Rise in New Channels 14 Communication channels your organization plans to use in next 12-24 month (large enterprises) 0% 5% 10% 15% 20% 25% 30% 35% Print Web or mobile website Mobile Messaging - Whatsapp, Facebook Messenger Interactive Voice Response (IVR) telephone systems Personalized videos (unique for each recipient) Email Text / SMS Intelligence virtual assistants (IVA), such as Amazon Echo Chatbots Mobile push or in-app messaging Internet of Things (IOT) devices, such as wearables Not used, but planned Source: Aspire, The State of CCM-to-CXM Transformation, 2019 N = 83 large enterprises only
  13. Case Study 15
  14. • Blue Shield of California (BSC) is a nonprofit health insurance company • Key company objectives include: • Improving the consumer experience with BSC • Finding digital solutions to replace paper • The Marketing team’s role is to: • Acquire new members during employers’ open enrollment • Create customized communications with employer-specific benefits About the company
  15. Print costs are high Challenges & opportunities Challenges Find digital solutions Opportunities Choosing a health plan is painful Reaching prospects is difficult Reduce complexity & increase engagement Expand reach
  16. The solution: Interactive and Personalized Video • Delivers an engaging digital experience without paper • Videos are customized with each employer’s health plan details • Interactive interface allows viewers to select the plan information they need most • Provides valuable insights into our members’ journey
  17. Viewers are asked questions to help guide them to the topics that interest them the most
  18. Employees can compare health plans
  19. And get details on medical & pharmacy benefits, or find network doctors…
  20. And learn about additional programs & services
  21. Channels used to promote the videos Printed Handout for events Digital e-mails, website, geo-targeted ads/social media
  22. The results: Very positive feedback from employers and employees Rated 4+ starsLikely to choose Blue Shield plan 73%
  23. Viewer comments “I actually feel very catered to by this video. I actually really like this…” “It’s efficient! I can find out what I need quickly and not feel overwhelmed with irrelevant info.” “The video was very helpful in comparing the two plans and allowed me to understand that most of my current benefits are still available under Trio. With that information (same doctor and same benefits), I will most likely stay with Blue Shield and enroll in Trio.” “This video was excellent!!!“ “Extremely helpful during Open Enrollment.”
  24. Measurable ROI Those using the EngageOne Video platform to communicate with their customers are seeing impressive results in a variety of industry verticals and use cases. 12% increase in retention among customers who have viewed their videos. 84% of customers said they better understand our services after seeing their videos. 74% of customers feel that we care about them. 55% of viewers contacted us after watching their personalised videos. 76% of customers were highly engaged with our message for over 4 minutes. 6x Return on Investment within the first 6 months. 26
  25. Are you prepared for digital transformation? 27
  26. Engage your customers on their channel of choice
  27. The global leader in data integrity and customer engagement Trust your data. Build your possibilities. Our data integrity software and customer engagement solutions deliver accuracy and consistency to power confident business decisions. Brands you trust, trust us Data leaders partner with us of the Fortune 100 90 Customers in more than 100 2,000 employees customers 12,000 countries
  28. Visit Precisely’s Virtual Booth to schedule a demo with our subject matter experts 30 EngageOne Converse Walk in Deck
  29. Thank You