Communication principles for complex loyalty
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Communication Principles for Complex Loyalty
Derek F Martin
www.derekfmartin.com
All Rights Reserved
Banking Loyalty Conference, February 6, 2013
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LOYALTY
Loyalty continues to evolve
GREATSERVICE
SOCIAL
OFFERS
PROGRAM/ POINTS
MESSAGINGREAL-TIMEENGAGEMENT
ANALYTICS
SINGLE VIEWOF CUSTOMER
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LOYALTY
And Communication is Key to bringing it together
GREATSERVICE
SOCIAL
OFFERS
PROGRAM/ POINTS
MESSAGING
REAL-TIMEENGAGEMENT
ANALYTICS
SINGLE VIEWOF CUSTOMER
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Customer Engagement Fundamentals are evolving, increasing complexity and risk
CUSTOMERDATA & ANALYTICS
CHANNELS
EMPOWERED CUSTOMER FEESWANT IT
NOW
REGULATION
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How to create an effective multi-channel communication strategy to drive loyalty and revenue?
The Challenge:
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Common Sense Communication Principles for a Complex World
1. KEEP IT SIMPLE 2. ALL CHANNELS ARE NOT EQUAL
3. CREATING A BEHAVIOR IS EASIER THAN CHANGING ONE
4. CONTEXT DEFINES THE MESSAGE
5. VALUE IS IN THE EYE OF THE BEHOLDER
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PRINCIPLE #1: Keep it Simple
1. FORM: Message, Format, Channel
2. FUNCTION: How many things are you trying to
accomplish?
3. FLAVOR: Brand Narrative
4. FREQUENCY: Defined by the Customer
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PRINCIPLE #2: All Channels Are Not Created Equal
CHANNEL
COST COMPLEXITY
CAPACITY
APPROX
USAGE
USAGE GROWT
H
CHARACTERISTIC
Face2Face
$26.00 95% Personal
Voice $4 -12.00 75% Dynamic
Chat $1.50 1% Unobtrusive
Direct Mail
$0.50 95% >0.2% open rate
IVR $0.25 50% Natural language
App $0.20 35% Requires download
Social $0.15 12% Viral
Web $0.12 65% Connectivity
Email $0.10 85% <8.0% open rate
SMS Text $0.01 3% 160 character limit
Source: ABA 2012, MMA, PACE, Mashable, 8
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PRINCIPLE #3: Creating a Behavior is Easier Than Changing One
1. “LEARN ONCE” MENTALITY
2. PATH OF LEAST RESISTANCE
3. VALUE (CAN) TRUMP HABIT
4. MANAGE OPT-IN (as if your business depended on it)
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Traditional Onboarding Experience
Branch EmailDirect Mail SMSPhone Mobile
AppWebSocial
Tim
e
Survey
Acct Setup
Prospect
Offer
Searched Insurance Value Add
Message
Offer
Statement
Statement
Statement
ProspectNew
CustomerActivate
Card
Pay my Bill
Pay my Bill
Pay my Bill
ATM
Deposit
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Digital Onboarding
Branch EmailDirect Mail SMSPhone Mobile
AppWebSocial
Tim
e
Offer
Alerts
Prospect
Share Experience
Alerts
Alerts
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Insurance Offer
Offer
Survey
Acct Setup
Prospect
Offer
Searched Insurance
Insurance Offer
Statement
Activate Card
ATM Statement
Statement
Download
ProspectProspect
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PRINCIPLE #4: Context Defines the Message
• Profile• Status• Profitability• Transactions• Interactions• Opt-in/Opt-out
PAST: Profile
• Estimated Cust. Lifetime Value• Opt-out Risk• Retention Risk• Cross Sell Options
PREDICTIVE: Opportunity
• Purpose• Channel• Location• Sentiment
PRESENT: Intent
RELEVANT
VALUE ADD
APPROPRIATE
“BEST NEXT”
OPPORTUNITY
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PRINCIPLE #5: Value is in the Eyes of the Beholder
1. RELEVANCE: Personal, Timely, Right Channel
2. VALUE ADD (MEETS A NEED)
3. APPROPRIATE
4. TRUST IS BUILT NOT BOUGHT
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How to Avoid the “Creepy” Factor in Messaging
CREEPY FACTOR = Relevance without Trust, Appropriateness, & Value Add
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RELEVANT
VALUE ADD
TRUSTAPPROP-RIATE
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Thank You
Visit me at: www.derekfmartin.com #derekfmartin http://betterbusinessbanter.blogspot.com
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