Omni Channel Marketing Conference - Lea Wright

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Omni Channel Marketing Conference - Lea Wright

  1. 1. WESTPAC GROUP When CRM meets CEM Lea Wright Head of Consumer CRM 27 February 2013Westpac Banking Corporation ABN 33 007 457 141.
  2. 2. CRM PURPOSE Help our customers achieve their goals and wellbeing by understanding and anticipating their needs and deepening customer relationships By doing that we expect to achieve: Deep and Valuable customer relationships Customer Profitability Productivity Benefits
  3. 3. TRENDS – MARKET Aging Population Mass Digitisation – World that is Always On Economic Transformation – at home Rise of Asian Economies Post GFC World
  4. 4. TREND - RISE OF BIG DATA Increasing Volumes of Data Blurring of Online and Offline presence Challenge in funding nuggets of gold in customer data – insights and relevance Timeliness and latency Speed to action and execute
  5. 5. WORLD IN CHANGE – WAY WE UNDERSTAND AND APPROACH CUSTOMER Faster we move to an Always On Data Driven World – where big data informs and delivers offers Faster we move back to principles of Customer Service, Loyalty and Recognition in addition to Sales
  6. 6. IT ALL STARTS WITH DATA DRIVEN, RELEVANT AND MEANINGFUL INSIGHTS
  7. 7. LINKAGE BETWEEN INSIGHTS AND COMPETITIVE ADVANTAGE There are two sources of Competitive Advantage: Learn about your customers faster than your competitors Put that learning into action faster than your competitors Jack Welch GE Capital
  8. 8. INTERSECTION OF CRM, IT AND CUSTOMER EXPERIENCE CIO, CMO and CX are intersecting and interdependent 3Cs Capability Campaigns Customer Service
  9. 9. CUSTOMER LIFESTAGE AND INSIGHTS Recognising key life events and customer behaviour to determine behavioural triggers for Always On offers and communications • Life Triggers • Event Triggers • Behaviour Triggers
  10. 10. ONBOARDING – FIRST IMPRESSIONS COUNTA customer will take up additional products if experience is positive Or disengage with if a negative experience is left unresolved Average days to 1st Transaction Active Time to Active Normal account • Median Days usage achieved • Average Days and transactions The probability that the remaining will activate
  11. 11. SERVICE INTERVENTION: NEXT BEST OFFERS Sales/Revenue NBOsService Intervention NBOs Credit Card X-SelleStatements Home & Contents X-SellData Quality Credit Limit IncreaseAvoiding Fees Consumer BundleOld tran/new tran Consumer SavingsNo/Inactive Internet Banking No Debit MasterCard(Q1) Personal/Flexi Loan X-Sell (Q4) Demonstrating a 1:1 relationship through our people, providing the right offer and message, delivered to the right customer through the right channel at the right time
  12. 12. 1:1 PERSONALISED COMMUNICATIONS Personalise Relevant Sales Channel Tools CommunicationsLocalfeel Named contact
  13. 13. ALWAYS ON - MULTI CHANNEL MARKETING Delivering data driven campaigns in the customer’s environment in an integrated multi-channel multi-step way Mobile Inbound and Outbound Direct Mail Voice Marketing SMS NBOs Tablet eDM Branch Leads NBOs / Special Leads ATMs Online Offers Statement Messages Online Splash Pages Statement Inserts Message Centre Operational Letters Compliance Communications Customer
  14. 14. INSIGHT DRIVEN DATA IS INFORMING “NEW FASHIONED” CUSTOMER SERVICE Leveraging insights of customer behaviour and service failures to create positive moments of truth and outcomes, before they become complaints or defections Complaints as a data source Triggers for servicing ‘conversations’ Proactive service intervention and service experience
  15. 15. RECOGNITION OF CUSTOMER VALUE AND MOMENTS OF TRUTH Structure Programs Around Key Moments of Truth: • Onboarding – Welcome in Onboarding experience • Retention – Recognised Value at early Attrition/Retention milestones • Recognise - High Value, long term customers with deep relationships • Servicing – Proactive Servicing intervention
  16. 16. THE WAY FORWARD – CRM MEETS CEM Always On Multi Channel campaigns Data Driven and Customer Lifestage Insights - relevant and timely communications to customers Service Intervention - addressing moments of truth before customer defection Recognition of Customer Value
  17. 17. REASON WHY – EMBEDDED CUSTOMERS MAKE GOOD BUSINESS
  18. 18. Questions

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