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Engaging customers more profitably Barry McPhillips and Mark Buckingham
Getting closer to the customer
© Banner Managed Communication 2015
Barry McPhillips Multichannel Solutions
Director
Mark Buckingham Operations Director
Your speakers today
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
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:
© 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
© 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…
© 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
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
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
© 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
© 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
© Banner Managed Communication 2015
Do you know what it is like to be your customer?
Challenges and opportunities
© 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...
© Banner Managed Communication 2015
Do you know what it is like to be your customer?
Challenges and opportunities
© Banner Managed Communication 2015
75% of consumers are more likely to recommend a brand because it provides simpler experiences
Simplicity increases loyalty
© Banner Managed Communication 2015
Customers would pay more for simpler experiences
Banks/Retail Shipping/Mail General insurance Utilities Media Telecom/Cable
up to
4.4% more
© 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
© 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
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
Simplified branch engagement Bank of Ireland
© Banner Managed Communication 2015
More relevant to audience
One2one2many CX Sainsbury’s renamed Tiger bread to Giraffe bread
© Banner Managed Communication 2015
Big Grocer becomes human
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
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
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.
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
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
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
Bespoke branded customer communications Reflective of the vehicle they have just bought Just-in-time production and fulfilment
Branded customer
interaction
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
Insert headline Reflective of the vehicle they have just bought Just-in-time production and fulfilment
Branded customer
interaction
. . . 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