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Investing in the Voice of the Customer - BDI 3/19/13 - Social & Mobile Financial Services Leadership Forum
 

Investing in the Voice of the Customer - BDI 3/19/13 - Social & Mobile Financial Services Leadership Forum

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Case Study: Investing in the Voice of the Customer ...

Case Study: Investing in the Voice of the Customer
With increased regulation and a volatile economy, it is important now more than ever to be connected to and collaborate with your customer in the financial services industry. In this session, learn what it means to truly tap into the voice of customer and where companies in the past have gone wrong. Then hear how major financial services brands are creating an ongoing connection with their customers to foster breakthroughs with a series of case studies.
Presented by: Mike Dumbroski, Vice President of Client Services, Communispace & Jen Reddy, Senior Vice President, Global Marketing, Communispace

www.bdionline.com

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    Investing in the Voice of the Customer - BDI 3/19/13 - Social & Mobile Financial Services Leadership Forum Investing in the Voice of the Customer - BDI 3/19/13 - Social & Mobile Financial Services Leadership Forum Presentation Transcript

    • MARCH 19. 2013 Investing in the Voice of the Customer
    • “May you live in interesting times…”2
    • A thought for my fellow CEOs: Of course, the immediatefuture is uncertain; America has faced the unknownsince 1776…“There was a lot of hand-wringing last yearamong CEOs who cried ‘uncertainty’ when faced withcapital-allocation decision… If you are a CEO who hassome large, profitable project you are shelving because ofshort-term worries, call Berkshire. Let us unburden you. -Warren Buffet Source: http://www.berkshirehathaway.com/letters/2012ltr.pdf
    • 67%of financial services companies are usingTwitter&59%of financial services companies areusing Facebook Source: http://www.forbes.com/sites/tomgroenfeldt/2011/08/29/finance-firms-financial-are-going-to-twitter-and-social-media-with-mixed-results/
    • CLIENT SHARED PURPOSE Talk with each otherCUSTOMERS CUSTOMERS
    • Unique Considerations for Financial Services insights communities Legal & Regulatory Initial Recruit Continued Engagement Compliance Involve legal and Identify the right Create social glue compliance early in community purpose among members planning process, and composition and leverage high- and build in extra (i.e., customer vs. touch facilitation approval times; prospect?) (speak their Executive Champion language) can help High quality, Clearly map out Involve executives to High quality and personalized ensure members’ ground rules and outreach to invite personalized escalation voices are heard; outreach to into members invite consider investor processes, and any community members into ongoing approval benefits needs community7
    • Business Challenge: Engage a new audience (Gen X-ers)ENGAGE + EXPLORE + SHARE = IMPACT New relevant marketing messages and creation of a high yield checking account product resulted in: 300 Gen X-ers are not focused on 56% retirement; they increase in want help managing expenses NOW, Gen X customers using language they within 6 months Gen-Xers; understand.non-customers
    • Business Challenge: Co-create with consumers to optimize productENGAGE + EXPLORE + SHARE = IMPACT 88% increase in new accounts as a result of 300 new credit card offer “Room” in wallet for a card with more 53% relevant rewards lift inPriority Club & response rate Priority ClubRewards Visa Category: Embracing
    • Business Challenge: Increase student banking and improve brand perception during a difficult timeENGAGE + EXPLORE + SHARE = IMPACT Campaign improvements for HS students resulted in: +40% Sales With students over the previous year 300 High school +27% Growth students want to be in student portfolios financially able, but lack information +30% in unaided brand and services that awarenessHigh school appeal to them. students +40% in brand favorability +13% in brand consideration 2010 Research Innovation & Financial Services Gold Winner