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Winning the customer experience revolution

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Winning the customer experience revolution

  1. 1. © 2015 Catalyst February 25, 2015 The Customer Experience Revolution Damir Saracevic, Director of Digital Marketing
  2. 2. 2 ‘95 UR EE graduate Cofounded Auragen Communications in 1995, sold to Catalyst in 2007 ’09 Simon MBA Director, Digital Marketing @Catalyst Leadership principles: Excite Energize Guide
  3. 3. About Catalyst 3 #1 direct and digital marketing agency in Greater Rochester Catalyst combines Science + Soul to develop more profitable customer relationships Our approach yields deeper insights that anticipate customers’ needs better
  4. 4. What Is Customer Experience
  5. 5. Wikipedia 6 Customer experience (CX) is the sum of all experiences at various touchpoints a customer has with a supplier of goods and/or services, over the duration of their relationship with that supplier. This can include awareness, discovery, attraction, interaction, purchase, use, cultivation and advocacy.
  6. 6. Why It Matters 7 According to the Gartner Group, Inc.: By 2016, companies will compete primarily on the customer experiences they deliver Leading customer experience is the #1 expectation CEOs have of CMOs It’s the area where CMOs have made the least amount of progress
  7. 7. 8
  8. 8. Good Customer Experiences Count 9 60% of shoppers who excluded an institution from consideration did so because of a bad experience or hearing negative things. Which financial institutions would you NOT consider banking with and why? Source: Novarica © 2014 The Financial Brand
  9. 9. Bad Customer Experiences are Shared … 10
  10. 10. … and Shared … 11
  11. 11. It’s All About the Customer 12 “There are only three ways a company can grow. First, earn more business from your current customers. Second, attract customers from your competitors. Or third, buy another company. If you can’t do the first, what makes you think you can earn more business from your competitors’ customers or from customers you buy through acquisition?” John Stumpf, chairman and CEO, Wells Fargo
  12. 12. Implications for Marketing
  13. 13. Implications for Marketing 14 Consumers are in the driver’s seat: More ways to engage and share content More ways to opt out of traditional “push” channels Marketing must evolve to meet customers’ expectations: Must shift from brand push to consumer pull Must develop better data-driven customer intelligence Must optimize customer experiences across every touch point and in real time
  14. 14. Implications for Marketing 15 Most organizations still struggling: Structured around channels, touch points, technologies or features, not customer’s relationship with brand
  15. 15. Customer Journey
  16. 16. Forrester Research, Inc. 17 “Organizations that use consumer intelligence to drive business strategy and customer engagement will thrive in the age of the customer.”
  17. 17. The Customer Journey 18 Also known as a Customer Experience Map Research methodology that tells you what customers are thinking, feeling and doing at each stage of the customer life cycle First step to better customer understanding Results in opportunities for more relevant communications, better customer relations, higher retention, and increased customer value
  18. 18. Four Key Components 19 The journey – shows you what customers have actually done Qualitative online and offline research – conversations with customers to gain insight about what they are thinking and feeling
  19. 19. Four Key Components 20 Opportunities – gaps in the customer experience that can be closed with improved marketing and customer service Guiding principles – these emerge as you begin to understand your customer’s journey
  20. 20. Sample Customer Journey Map 21
  21. 21. Developing the Customer Journey
  22. 22. Customer Life Cycle 23 Looks at each stage of the customer life cycle
  23. 23. Process 24 Triggers, touch points and channels inventory Look at the gaps in your touch point inventory – are those opportunities?
  24. 24. Process 25 Triggers, touch points and channels inventory Customer research (online bulletin boards) Large geographic reach Easier for customers to participate Participants can remain anonymous Moderator can probe for clarification No “group think” and bias Immediate results
  25. 25. Process 26 Triggers, touch points and channels inventory Customer research (online bulletin boards) Special deals are sometimes put out there to attract new customers. I want my bank to make special offers to me...to show they value my continued relationship with the bank. Linda C. Talk to me to find out which accounts work best for me now...everyone wants to feel important no matter how much money they have. But also, they want to be understood and valued as a customer. Jessica F. I want them to feel like they already know me. Not by a number. Bill M.
  26. 26. Process 27 Triggers, touch points and channels inventory Customer research (online bulletin boards) Customer experience workshops Include stakeholders who can impact the final customer experience Workshop participants gain customer empathy
  27. 27. Process 28 Triggers, touchpoints and channels inventory Customer research (online bulletin boards) Develop initial model of customer feelings Customer experience workshops
  28. 28. Process 29 Triggers, touchpoints and channels inventory Customer research (online bulletin boards) Develop initial model of customer feelings Customer experience workshops Complete analysis of customer research
  29. 29. 30
  30. 30. 31 Who do my friends and family bank with? How do I choose the best account for my needs? Does the bank offer the services and technology I need? How close are the nearest branches and ATMs? How do fees and rates compare to other banks? How big is the bank’s presence (local, national, international)? Does the bank take an interest in my community? How helpful and knowledgeable are the bank employees? Will the bank help me grow and progress financially?
  31. 31. 32
  32. 32. Gaps Lead to Opportunities 33 Pinpoint opportunities for improvement: For each stage in the customer life cycle Which customer segments? What channel or touch point?
  33. 33. 34
  34. 34. Customer Journey Impact What the Bank Did to Improve
  35. 35. Using Data to Deliver Relevant Communications 37
  36. 36. Personalized Onboarding 38
  37. 37. Systematic Customer Cross-Sell 39 What is best next product for customer? Self-reported interests Behavioral inference Modeled fit What offers has customer recently received? What are business priorities for quarter? What channels are cost effective? Q1: HELOC Customer told bank representative that he wanted to consolidate debt and reduce monthly payments Q2: Money Market Account Customer has significant checking balances and can earn more interest Q3: World MasterCard Great rewards card without a fee because of PinnaclePlus checking account Q4: Interest Survey Show customer we care about their needs, and use info for subsequent targeting
  38. 38. Key Takeaways
  39. 39. Key Takeaways 41 1. Good customer experiences matter 2. Bad customer experiences impact the bottom line
  40. 40. Key Takeaways 42 3. Develop a customer experience map to learn what customers are thinking, feeling and doing at each stage of the life cycle 4. Use relevant, personalized communications
  41. 41. Key Takeaways 43 5. Put the customer’s needs first, not your organization’s needs; CEO expects CMO to lead this 6. Organizations who do all this will be positioned for success. Organizations who don’t are doomed to fail
  42. 42. Thank you!

Notes de l'éditeur

  • The relationship a customer has with a business
    The total of all experiences the customer has with the business, based on all interactions and thoughts about the business.
    Integral part of customer relationship management
    Important to brands because customers who have a positive experience are more likely to become repeat, loyal customers
  • Customer-obsessed companies deliver a seamless, coordinated, consistent experience from call center to website to field sales:
  • Some of you may be familiar with the site FindaBetterBank.com.

    They did a survey of people shopping for a new checking account and asked “Which financial institutions would you not consider banking with and why?”

    FindABetterBank is a property of Novarica, a division of Novantas, Inc. The site enables consumers to compare institutions and checking accounts based on location, feature preferences and banking behavior. FindABetterBank attracts people who are using search tools (e.g., Google) to shop for a new bank or credit union. Rather than generate revenue through advertising, we sell data-driven insights to banks and credit unions about what consumers want and which accounts they’re interested in.

  • Word of mouth can come through many different channels and one of those channels is social media.

    Because it is easy to search for things that people say on Twitter, let’s look at a few tweets that have to do with poor experiences with banks….


    Now, you can see here that these comments have to do with all sorts of different touchpoints: customer service reps, ATMs, direct mail, mobile banking.

  • To create a customer experience map, you really need to look at each stage of the customer relationship or customer life cycle.

    When it comes to banks, we start out with the consideration phase: people are thinking about getting a new bank (moving, unhappy with current bank, bank is being acquired)
    After that, we get into the Account Opening phase, whether it is in the branch, over the phone or online
    Then there is an onboarding phase, where you want your customers to be setting up direct deposit, online bill payees, transferring automatic withdrawals to their new account
    Then you move into the Day-to-Day Account Management which is where most customers spend the majority of their time in the banking relationship
    But, hopefully, you get to a point where your customers start expanding their relationship with the bank – maybe they need a savings account that offers more interest or they are looking for an auto loan or they want to make home improvements and they need a HELOC
    Finally, every relationship eventually ends in one way or another, but we want to keep people from getting to that ending relationship stage as much as possible
  • Let’s talk about the process of creating a customer experience map.

    You want to start by doing what we call a triggers, touchpoints and channels inventory. I know that this is small on your screen, but across the top are all of the stages that we just talked about. Down the side we start looking at channels (READ AND BUILD).

    Just by creating this inventory, you may find some gaps in the customer experience. You might even be able to say at this point: “Are those opportunities?”

  • Once you’ve completed your inventory, your ready to start doing some qualitative research.
    Of course you can pull comments that are coming through social media, or if you have any sort of VOC ongoing research to pull from that is great, but we think that it is very important to setup direct qualitative research to create your customer experience map.
    To do that…
    1: READ… In the case of the research we are going to share with you, we talked to people that had opened an account within the last 6-12 months, because the account opening process and onboarding is fresh in their memory. We also talked to people that had been with their bank for more than 10 years – they’ve definitely gone through the day-to-day management and hopefully they have expanded their relationship.
    2: READ…It is very important to script your questions properly. We’ve found online bulletin boards to be a valuable way to gather qualitative research: can be done in a fairly short amount of time.
    3: READ…Paying them to participate gives an incentive to provide rich and useful information and really spend the time thinking about their responses.
  • Once you have your qualitative research in hand, you might these types of comments. {READ and BUILD}
  • The next step is to hold customer experience workshops. And these workshops are conducted with stakeholders, so you are not talking to your customers here, you are really talking to your internal stakeholders.
    These are the people that can impact the final customer experience. You include them because they are going to gain customer empathy when they take part in these workshops. The team will read through customer comments and if a particular customer (or multiple customers) are really experiencing a problem with the bank you want these people to read about it themselves because they are going to be more likely to act upon it then.

    BUILD: During the workshops, we take those online bulletin boards and we read through them and we start to create sticky notes of what people have said. As we go through that process, we start to cluster those comments into themes. Different color sticky notes represent different segments so we can see if there is a theme that emerges amongst a particular segment.
  • The next step is to develop an initial model of what your customers are feeling throughout the lifecycle. We focus on feelings to try to identify highs and lows in the customer experience.

    [BUILD] As you can see here we have three lines, one represents what the optimal experience might be, the average experience and a poor experience. Our research shows that the optimal experience that you see here is typically coming from those customers that are going into the branch. They are actually getting feedback about their accounts from the bank and in some cases we were hearing that tellers or bankers were giving them suggestions about accounts or services that would benefit them financially. Those interactions really delighted customers and show up here when they expand the relationship. Too often we found that customers who are not going into the branch don’t really feel like they have a relationship with the bank. They don’t feel like offers are tailored towards them and they don’t really hear much from the bank. They honestly would welcome emails, text messages or direct mail that was personalized towards them, which would make them feel like the bank cares about their finances. The customers who have poor experiences, typically had some sort of problem with their account: either a mistake was made on their statement or they are getting locked out of their online or mobile account. Those types of frustrating experiences, especially when they aren’t resolved well, tend to make people more and more unhappy with their bank.
  • The final step is to organize all of your sticky notes and do a complete analysis to make sure that you’ve captured all of the main themes.

    Once this is done, you are ready to assemble your customer experience map. To give you an example of how this all comes together, let’s examine the Consideration phase of the customer life cycle.
  • The first component of your customer experience map documents what customers are doing – it represents the customer’s journey.

    There are a couple of steps, but let’s take a look at what customers are doing during this stage {READ}.

    Not every customer may do all of these things, but we want to represent all of the possibilities here. And consideration is not really a linear process, it sort of ebbs and flows as people are going through that consideration phase.
  • The second component of the map is – what are customer’s thinking. {Read}
  • The third component of the map illustrates what people are feeling.

    Remember that the feelings you see here represent what is happening during just the consideration phase of the customer life cycle.

    I find that it is useful to separate out the positive, indifferent and dissatisfied feelings for each stage. When you put the whole map together, you’ll see which emotion is most heavily represented.

    Not surprisingly during the consideration phase, most people are feeling pretty positive. They are excited about changing banks. They have hope for their financial future.
  • Once you’ve identified what people are doing, thinking and feeling, opportunities will naturally unfold.

    It is beneficial to add these opportunities to your customer experience map and use them to put together a strategy and set of initiatives that will improve your customer experience.
  • In the end, your full customer experience map will look something like this.

    All of the stages of the customer lifecycle are represented across the top.

    There is a row for the customer journey – what customers are doing, a row for what people are thinking and what they are feeling.

    When we deliver the final product to our clients, we find that it is useful to print it on a large, sturdy poster that can be passed around the organization, brought to meetings and used as inspiration.