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Building Customer Engagement for the Money Advice Service - George Tsakraklides
Building Customer Engagement for the Money Advice Service - George Tsakraklides
Building Customer Engagement for the Money Advice Service - George Tsakraklides
Building Customer Engagement for the Money Advice Service - George Tsakraklides
Building Customer Engagement for the Money Advice Service - George Tsakraklides
Building Customer Engagement for the Money Advice Service - George Tsakraklides
Building Customer Engagement for the Money Advice Service - George Tsakraklides
Building Customer Engagement for the Money Advice Service - George Tsakraklides
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Building Customer Engagement for the Money Advice Service - George Tsakraklides

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Potential research solutions for the Money Advice Service, focusing on building customer engagement

Potential research solutions for the Money Advice Service, focusing on building customer engagement

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  • 1. Building and InspiringCustomer Engagement George Tsakraklides
  • 2. Why is Customer Engagement important? Threat: providing the wrong Threat: failing to help those Failing to compete on the service to the wrong people who need the most help high street1 2 3 Make it last: create a brand Understand the Identify and attract which inspires loyalty and current customer base potential customers creates reputationA service in high demand …and are those who need help the most getting it? Brands have the ability toWithin the first year of its create a deep and personaloperation, the Money Advice Sometimes those who need help relationship with theService has provided help to the most are also the ones notmore than 1.3 million customer seeking it. An advice servicecustomers who needed should not help only the “easy The Money Advice Service has thefinancial advice customers”. Social responsibility opportunity and backing to become means taking the extra step the leader in the industry, to set theBut who is using it? And persuading those in need that standard. In order to do this itare they satisfied? they need help. It means needs to inspire real engagementService usage tells us nothing campaigning, educating, bringing from customers. This is whatabout customer satisfaction about change not only in brands do. Brands are essential forand service performance people’s lives but in people’s credibility, reputation, repeatUnderstanding who current minds business, and inspiring not just thecustomers are and their present but the future of anexperience will help shape Success is not about number of organisation, galvanising it from “hits” but about engaging with within to achieveand continuously improve and the right customerstarget the service – somethingessential at this stage
  • 3. 1 Understand Current Customers vital questions which any successful service must answer: Is your business fulfilling a real customer need? Do you know who your customer is? ? ? Do you know their aspirations? Do you give them a great customer experience? Have you lived inside their shoes? What is the unmet need that you serve?
  • 4. 1 Understand Current Customers Example solutions Solution Benefit Usage analysis. Aggregate and analyse A user vs. service vs. channel grid will help to: customer transactional and demographic data from website e.g. who is using which Prioritise most strategic services service, how much, when, through which Allocate resource and investment accordingly channel? Customise services for audiences Audience Segmentation. Conduct What drives financial responsibility market research to align attitudinal data Customer pen portraits to the transactional data Targeted marketing Customer Satisfaction Tracking. Uncover service gaps Continuous monitoring of Key Identify performance issues Performance Indicators over the course of the next few years
  • 5. 2 Identify and attract Potential New Customers Solution Benefit Build a detailed picture of the Customer Customise communications at specific Journey to seeking financial advice. touch points in the journey. At which Qualitative research with current and point in the journey are potential potential customers fitting the profiles of customers most receptive to MAS? the customer segmentation Customise messages - Which messages Obtain a deep understanding of the drivers most resonate and which do the and barriers to engaging with the service. opposite? At which point in the At which point do they seek help? What journey? makes them unlikely to engage? Emotional Insight Mining. Seeking financial advice is a Enable The Money Advice Service to sensitive matter for many, and can involve a number of “think like an advice seeker” complex emotions: throughout: helplessness, fear, guilt, denial, complacency. Understanding provision of services these is essential to unlocking the secret motivations of the customer campaigns advice seeker and managing to connect with them at a much communications deeper level Using the tone and language which resonates with those who seek advice
  • 6. 3 Build a brand which inspires The search begins here. Ask yourself: What is important to you? The brand is the “relationship glue” Why are you unique? between the organisation and the audience Why should customers choose you over others? that holds it all together and makes the What are your values, mission and vision? connection unique and personal. It can also Why do you do what you do? unite different people What is your story, your passion, why do you love it? What problems do you solve? How are you different? “Branding is really about discovery. It’s about uncovering that thing deep inside you that creates unique value for your customers. Your brand is your soul. Every business has a unique brand hidden beneath a layer of marketing fluff. And that’s the tough part.” Jay Ehert
  • 7. 3 Build a brand which inspires Brand Identity – Who are you? What are the values which the brand “believes in” and needs to communicate and which the brand and the audience have in common? E.g. compassionate vs. strict, formal vs. informal, funny vs. serious Brand Expression. A brand lives and breathes both inside and outside an organisation. The very ethos and vision of an organisation, as expressed by the brand, inspires the strategy and future of the organisation Brand Implementation. How are the brand values expressed in the various vehicles: brand name, logo, font and visual identity, website layout, advertising, communications language style and tone

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