Presentation from Christopher Brooks highlighting the importance of brand in CX to create profitable and sustainable competitive advantage. Part of Lexden's Masterclass in FS CX. Videos of this event available from lexdengroup,com from 16th November 2015.
Brand experience platform - part of Lexden's Masterclass in FS CX
1. 30th October 2015
Part of LEXDEN’S MASTERCLASS IN FINANCIAL
SERVICES CUSTOMER EXPERIENCE
BRAND
DIFFERENTIATING
CUSTOMER
EXPERIENCE IN FS
Presented by Christopher Brooks, Director, Lexden, Customer Experience Consultants
2. To differentiate on brand experience FS
companies must:
1) Fulfil what matters most to customers
2) Be more appealing than all contenders
3) Deliver this through their core business
strengths and advantages
3. LIKEALLOTHERS
LIKENOOTHERS
MAKE IT WORK
‘BRILLIANT BASICS’
MAKE IT BETTER
‘MOMENTS OF TRUTH’
MAKE IT MEMORABLE
‘DEFINING EXPRESSIONS’
FIX FIT
IMPROVE IMMERSE
WOW WON
In tune with customers AND stand apart from your
contenders in a way they can only envy
4. LIKE ALL OTHERS
WOW
IMPROVE
FIX
LIKE NO OTHER
WON
IMMERSE
FIT
COMPANY LED CONSUMER LED
Operationally led CX change arrives at outcomes like all
others will achieve if not now, soon. With brand at the
table the business has a chance of keeping ahead
5. Many CX improvements focus on tech or efficiency,
applying brand only cosmetically. When the gain for
consumers (on what was perceived to already work) is
marginal, adoption takes longer than tech ROI allows
6. Conventional NPD & improvement models are ill equipped for
consumer led thinking. They result in lack lustre experience
improvements. Consumers expect significantly more.
Remember If you intend to leverage tech, remember how advanced consumer
engagement is in this space – expectations exceed much of what the category delivers
Apart from price (no longer a primary driver of
choice), what do these really offer our
consumer in way of betterment?
7. Don’t just default to ‘effortless’ as a CX deliverable –
consumers say ‘make it easy’ they also say ‘make it cheap’-
but they don’t calculate the trade off when they do so.
trade this risk
After this short ‘safety in mind’
path the walker has to negotiate
traffic from three directions
without a helpful crossing, so
the previous piece of path
where there was less danger is
deemed as irrelevant. Therefore,
they ignore the safety route
because the risk beyond is
greater anyway.
Think about this in the context
of customer journey
improvements of FS products –
what’s the point of having a first
class app experience to get
quotes if the customer
purchasing system is manual and
a messy?
understanding
consumer
insight is very
different to
applying it
8. Chasing ‘effortless’ may be the new the race to the
bottom. it’s easier to slip up (customer expectations are
high and set beyond fs) and there is little room for brand,
so it’s more expensive challenge to sustain
9. BRAND EXPERIENCE MEANS ENSURING QUALITY
STANDARDS EXTEND TO WHAT YOU OUTSOURCE TOO
“I’M INTERESTED IN LIFE INSURANCE”
“<COMPLIANCE & INTRO>
I’M GLAD YOU CALLED WE ARE
OFFERING A 20% DISCOUNT FOR
QUALIFYING CUSTOMERS”
“I’M INTERESTED IN TRAVEL INSURANCE.
CAN I GET A 20% DISCOUNT TODAY?”
“<COMPLIANCE & INTRO>
NO. I’M SORRY WE NEVER OFFER
DISCOUNTS ON THIS PRODUCT”
TWO CALLS. TWO MINUTES APART. SAME BRAND
S A M E B R A N D
S A M E C O N S U M E R R E Q U I R E M E N T
S A M E C H A N N E L
< T W O D I F F E R E N T T PA ’ S >
T H E R E S U LT
R E L AT I O N S H I P D A M A G I N G E X P E R I E N C E
N O T S P O T T E D I N A N Y F E E D B A C K S Y S T E M
10. HOW YOU APPLY IT MATTERS TOOAN EXAMPLE OF HOW TO DELIVER BRAND EXPERIENCE SOLUTIONS
HELPING EMPLOYEES UNDERSTAND AND EMBED BRAND
CUSTOMER EXPERIENCE IMPROVEMENTS SHOULD NOT BE LEFT
WITH THE ‘LEAN’ OR SPRINT OPERATIONALISTS. THIS WILL RESULT
IN EFFICIENT AND NEBULAS IMPROVEMENTS.
BY CREATING A FUN ENVIRONMENT WHERE LEARNING IS BRAND
DIRECTED (SUCH AS THIS GAME WE DEVISED) RESULTS IN SMARTER,
MORE ON BRAND EXPERIENCES
11. PROVING
POSITIONING
WITH ACTION
CONTENT TAILORED TO
MEMORIES AND AMBITIONS
Little Book of Wonders is your doorway to memorable experiences and
inspirational articles that have been especially selected for eligible Barclays
clients. You can choose up to five complimentary events to attend each year,
to enjoy with family and friends. You can also tailor your preferences so the
events and articles you see first are most likely to be of interest to you.
EXAMPLES OF BRANDED CUSTOMER EXPERIENCE
12. Branded Experiences demonstrating the brand
difference through every customer engagement
LEXDEN’S MODEL FOR EMBEDDING, APPLYING AND
DELIVERING BRAND DIFFERENTIATED EXPERIENCES
ProductsChannels Operations
Brand Experience Idea
(an accessible idea aligned to our positioning which makes
our positioning meaningful to all)
Your brand positioning and values which expresses how we do this better
Your purpose and role in society
Branded Customer Principles
A set of principles defining ‘consistently ‘What we do for
customers’ and ‘How it makes them feel’
Conventional Brand Activation Brand Experience Platform
Advertising
Segments Employees
Marketing
Comms
Communication & Campaign Ideas
Advertising
Marketing
Comms
14. PROFITABILITY POTENTIAL FROM CUSTOMER
EXPERIENCE WILL BE COMPROMISED UNLESS…
BRAND IS ONE OF THE LEADING
CUSTOMER EXPERIENCE DECISION MAKERS
+
BRAND NEEDS TO EMBRACE ALL EXPERIENCE
AS EQUITY ITS ROLE IT IS TO PROTECT