Phil brooks harris interactive - mrs paper - november 2014 v8 with notes
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Transcript of Phil brooks harris interactive - mrs paper - november 2014 v8 with notes
Tracking and analysing the customer journey to improve relationship management, to better meet the needs of consumers
Phil Brooks: Harris Interactive
© Harris Interactive2
Discussion points
Tracking and analysing the customer journey
Identifying key touchpoints along the customer’s lifetime journey
Measuring satisfaction levels & examining emotional responses
Identifying key areas for improvement & adapting your strategy
SO WHAT?
© Harris Interactive3
“A customer is the most important visitor on our premises, he is not dependent on us. We are dependent on him.
He is not an interruption in our work. He is the purpose of it. He is not an outsider in our business. He is part of it.
We are not doing him a favour by serving him. He is doing us a favour by giving us an opportunity to do so.”
Clearly a visionary... in many different ways
Mahatma Gandhi
© Harris Interactive
First a little detour.........4
© Harris Interactive
I start mapping out all the different avenues I could go down...
Communications
Journey mapping
Sales process
MoTs
Developing relationships
NPS Customer effort
Text analytics
How to measure
What to measure Personas
Workshops
Analysis
5
© Harris Interactive
Then came the apprehension, nervousness and stress6
© Harris Interactive
The agenda came through.................... I got the graveyard slot!7
© Harris Interactive
..... And slam dunk!8
© Harris Interactive
I'm gonna try with a little help from my friends ... said I9
© Harris Interactive
Every journey will involve a series of individual steps... highs & lows All have the potential to derail... 10
© Harris Interactive
How does the industry make consumers feel today?
Sceptical PowerlessFrustrated AnnoyedDisappointed
WorriedAngry
Satisfied
Happy
SecureValued
Optimistic
ConfidentRelaxed
ReassuredAppreciated
Disgusted ResentfulHostile Bitter
Perceptions are still overwhelmingly negative. Is it any wonder that some consumers don’t get engaged and make proactive choices?
AshamedGrateful
Sympathetic
30%
20%
10%
0%
Net Negative:Net Positive: 27%
65%
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© Harris Interactive
Brand choice within financial services is a minefield: we don’t make it easy; a brand needs to succeed at a number of different levels
What is the backdrop in financial services?
Rational Needs
Emotional Needs
Personal Values
Social Pressure
Number of Products
Complex Products
Too much choice
Lack of trust
Financial pressures on consumers
Lack of knowledge / understanding
The financial crisis
Time pressure / inclination
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© Harris Interactive
• Uncover experience
• Explore motivations (root cause)
• Understand behaviour (real customer journeys)
• Bring findings to life
• Add focus
Qualitative Personas
Personas help organisations to connect with customers emotionally,driving consensus, and saving both time and money
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© Harris Interactive
The customer journey
Ensure your focus isn’t too narrow. There is a need to explore and understand each stage, but what about those you don’t interact with? 14
On boarding:• Policy Docs • Providing NCD
Mid term:• Queries• Arrears• Complaints• Cancellations
Claims
Renewal /Cross sell
© Harris Interactive
So how does financial services perform overall?
There have been gains, but given the focus and proliferation of surveys, should we not expect more?
www.instituteofcustomerservice.com
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© Harris Interactive
Emotional
Relationship Measurement: BANKING
Relationship Score
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Only by measuring how customers ‘think’ and ‘feel’ towards an organisation can we begin to fully understand consumer behaviour
© Harris Interactive
So which banks have the best relationships currently?
3rd2nd
1st
The Fall from Grace Award
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Although the retail banking sector overall has remained relatively static, there have been some notable changes within it
© Harris Interactive
Emotional
Relationship Measurement: BANKING
• Service provided*
• Understanding needs*
• Range of products/services
• Listening to you
• Clarity of communications*
• Ease of understanding products
• Staff professionalism
Relationship Score
DRIVERS OF A STRONG RELATIONSHIPDERIVED IMPORTANCE
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Quality of service is the most important; however, truly understanding consumer needs, and ultimately how they make you feel, is critical
© Harris Interactive
Santander - the road to a higher state
2014 – Relationship Score
57
63
56Rational
Emotional
Intentional
59%
Base: 251 UK adults, aged 18+, who have their primary bank account with Santander
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Date 2013(Aug)
2013(Jan)
2012(Jul)
2012(Jan)
Relationship Score
51% 45% 41% 43%
© Harris Interactive
2014 - Top 3
Rewards you for loyalty
Quality of online banking
Communicate the way you want
Service provided
Ranges of products
Relevance of products to me
Performance
1st
2nd
3rd
3rd
3rd
3rd
3rd
2nd
Quality of mobile banking app
Staff knowledge
Competitive charges / fees3rd
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Santander - the road to a higher state
Highest derived importance
20
Santander have built a solid platform for success; they now need to develop further the softer elements of the relationship
© Harris Interactive
When comparing how different loyalty groups are made to feel by their bank – is it any surprise?
0%
10%
20%
30%
40%
50%
60%
70%
80%
In c
on
tro
l
Val
ue
d
Secu
re
Co
nfi
den
t
Hap
py
Sup
po
rted
Rel
axed
Gra
tefu
l
Op
tim
isti
c
Wo
rrie
d
Dep
ress
ed
Scep
tica
l
Re
sen
tfu
l
Un
inte
rest
ed
Po
wer
less
Neg
lect
ed
An
gry
Fru
stra
ted
Dis
app
oin
ted
Ap
ath
etic
No
ne
of
thes
e
Fully Connected Disconnected All customers
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Brand enhancers Brand destroyers
Net Negative:Net Positive: 24%
72%
Sometimes when using words like dissatisfaction, we can overlook the true impact
© Harris Interactive
Size Segment Positive Negative None Characteristics
30% Branch 65% 31% 15%
Relaxed, but also more neglected, angry, powerless, sceptical and disappointed
15% Online 61% 22% 22% In control, but disappointed
5% Mobile 83% 33% 14%Relaxed, confident, happy, grateful but also frustrated and worried
Does channel make a difference?
Clearly, the way a customer interacts can have a significant impact on how a financial brand makes them feel
27%Online & Branch
78% 19% 11%Secure, in control, confident and supported
23%Online & Telephone
76% 20% 13%Supported, valued and optimistic
© Harris Interactive
So what?
• There is no ‘one size fits all’ approach
• Compromises do need to be made, whether the budget is large or small
• Do ensure a qualitative phase is used - generate personas:it helps tell a story, and generates an emotional attachment
• We ARE PERFORMING WELL AS A SECTOR
• Making improvements that are noticeable is not easy, but neither is it impossible
• Learn from Santander, as well as from the Co-operative
• Customer experience is not just about quality of service... it is more holistic than that
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