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Selling and Engaging the Digitally Forward Customer

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Don Peppers, Founding Partner of Peppers & Rogers Group and Ed Burek, Director of Product Marketing at Pega, explore how many organizations today are delivering a personalized experience and …

Don Peppers, Founding Partner of Peppers & Rogers Group and Ed Burek, Director of Product Marketing at Pega, explore how many organizations today are delivering a personalized experience and increasing their customer's lifetime value by:

- Driving trust and transparency at every interaction
- Providing a frictionless customer experience by leveraging real-time predictive analytics across all channels
- Enhancing the ability to see the customer in a 1:1 manner to drive long term relationships

This presentation was used as part of a live webcast. You can watch the full recording with audio at: http://www.pega.com/resources/selling-engaging-the-digitally-forward-customer?utm_source=ss

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  • 1. © 2014 Pegasystems Inc.2 Speakers Don Peppers Founding Partner Peppers & Rogers Group Ed Burek Director, Product Marketing Pegasystems Inc. Ed Burek has Product Marketing responsibility for Pega's Next-Best-Action solution. He has supported clients in the adoption and optimization of marketing strategy and web 2.0 technologies while addressing the needs of analytics. Recognized for more than 20 years as one of the world's leading authorities on customer-focused business strategies, Don Peppers is an acclaimed author and a founding partner of Peppers & Rogers Group, the world's premier customer-centric management consulting firm. The Times of London has listed Don among their "Top 50 Business Brains," Accenture has included him in its global list of the "Top 100 Business Intellectuals," and the U.K.'s Chartered Institute for Marketing put him on its list of the "50 most influential thinkers in marketing and business today. " In 2013, Don Peppers and Martha Rogers were inducted into the Direct Marketing Association Hall of Fame.
  • 2. © 2014 Pegasystems Inc.3 The Future of Customer Engagement CONVERSATION IS KEY
  • 3. © 2014 Pegasystems Inc.4 The Future of Customer Engagement CONVERSATION IS KEY How do you accomplish this with customers so empowered?
  • 4. © 2014 Pegasystems Inc.5 Every 20 years, computers get a thousand times faster and cheaper Moore’s Law
  • 5. © 2014 Pegasystems Inc.6 Technology changes the dimension of competition Product-Centric Competition Share of customer Market share Customer Needs Satisfied Customers Reached Relationships are required Customer-CentricCompetition
  • 6. © 2014 Pegasystems Inc.7 “With a single solution, we have lowered retention costs and retained more customers, all while average call handling times have held steady, even going down in some instances.” Alex Ford Customer Base Director BUSINESS GOALS REDUCED MONTHLY CHURN RATE TO 1.2% FROM OVER 2.0% DECREASED SUBSCRIBER RETENTION COST  Increase revenue per customer  Create a unique business case for every retention interaction  Radically improve retention rate for high- value customers  Provide a consistent experience across all channels RESULTS 4% ADDITIONAL RETENTION of their most valuable customers each month INCREASED CONVERSION RATE of customers that accept retention offers DRIVING AN INCREMENTAL £24 MILLION IN ANNUAL OPERATING MARGIN AT UK’S LARGEST TELCO
  • 7. © 2014 Pegasystems Inc.8 2013 1to1 Media. All rights reserved. 1to1 Media is a registered trademark of Peppers & Rogers Group. “ZMOT” – The Zero Moment of Truth A customer Googles a product to compare prices while standing in the store aisle ZMOT Source: Winning the Zero Moment of Truth – ZMOT (2011) A customer scans reviews of a product while sitting in a car in the store’s parking lot ZMOT A customer checks the opinions of social-network friends about a store before choosing which one to visit ZMOT
  • 8. © 2014 Pegasystems Inc.9  Getting an online referral from a friend  Becoming a friend or follower of a brand  Reading blogs where the product was discussed  Seeing the brand mentioned on a social networking site like Facebook 9 ZMOT Online social activities tracked by Google's research:
  • 9. © 2014 Pegasystems Inc.10 10 In 2010 the average shopper consulted 5 sources But by 2011 they consulted 10! ZMOT
  • 10. © 2014 Pegasystems Inc.11 11 In 2010 just 19% of shoppers checked social sources But by 2011 37% did! ZMOT
  • 11. © 2014 Pegasystems Inc.12 Your customer wants to have a conversation DO YOU?  How easy is it to find a phone number and actually make a voice connection?  What % of voice contacts are preceded by unsuccessful online inquiries or issues?  Does each interaction with a customer reflect what that customer has already told you?
  • 12. © 2014 Pegasystems Inc.13 Competence Customer trust has always been important Good Intentions
  • 13. © 2014 Pegasystems Inc.14 Customer trust has always been important Competence Good Intentions Doing things right Doing the right thing
  • 14. © 2014 Pegasystems Inc.15 Zuckerberg’s Law Every 20 years, we interact a thousand times more with others
  • 15. © 2014 Pegasystems Inc.16 And the more we interact, the more trust we demand We want our interactions to be more efficient Interactions generate transparency
  • 16. © 2014 Pegasystems Inc.17 “Digitally Forward” customers have higher standards! Proactive trustworthiness It’s no longer enough simply to refrain from cheating or deceiving customers “Trustability” Digitally forward customers demand:
  • 17. © 2014 Pegasystems Inc.18 means proactively protecting a customer’s interest even when it costs money Extreme Trust
  • 18. © 2014 Pegasystems Inc.19 Doing things right Doing the right thing Proactively Trustability means:
  • 19. © 2014 Pegasystems Inc.20 Extreme Trust comes from empathy “Treat the customer the way you would want to be treated if you were the customer.” Applying the “Principle of Reciprocity” …and for a company, empathy is the ultimate form of customer insight Empathy is a deeply human instinct…
  • 20. © 2014 Pegasystems Inc.21 Show empathy for others, and get more empathy in return After the first Persian Gulf War (1991)… USAA proactively sent out refunds for time spent abroad by customers
  • 21. © 2014 Pegasystems Inc.22 USAA proactively sent out refunds for time spent abroad by customers >2500 customers mailed their refunds back! After the first Persian Gulf War (1991)… Show empathy for others, and get more empathy in return
  • 22. © 2014 Pegasystems Inc.23 Optimize Marketing with Next-Best-Action Strategies Start Small and Prove it! Personalize in Real- Time, Across Channels Continuously Monitor, Control, and Adapt Measure Learn Simulate Unparalleled Marketing Agility Closed loop marketing that increases operational effectiveness, reduces time-to- value, and drives massive returns.
  • 23. © 2014 Pegasystems Inc.24 Manage marketing effectiveness across all channels, segments, and products Continuously Monitor, Control, and Adapt Optimize strategies based on detailed what-if simulations Adapt and learn from changing customer behavior Next-Best-Action
  • 24. © 2014 Pegasystems Inc.25 x Profiting from a customer’s error x Failing to notify x Tricky pricing or renewal terms Trustability Previously acceptable marketing practices will soon become “untrustable” Because of rising customer expectations with respect to
  • 25. © 2014 Pegasystems Inc.26 2013 study of 58,000 consumers Welcome to The Age of Transparency  70% of consumers trust the recommendations of their friends  ~50% trust online recommendations from complete strangers  Just 10% of consumers trust advertising
  • 26. © 2014 Pegasystems Inc.27
  • 27. © 2014 Pegasystems Inc.28 “Once the trust goes out of a relationship, it’s really no fun lying to them anymore.”
  • 28. © 2014 Pegasystems Inc.29 Transparency is like a disinfectant for businesses and governments. It will clean things up, but first it’s going to sting like hell.
  • 29. © 2014 Pegasystems Inc.30 Linda Kaplan Thaler, CEO, Kaplan Thaler Group Screw up today, and the “news” will be permanent can’t un-Google “You
  • 30. © 2014 Pegasystems Inc.31 Grant Robertson, blog post, May 1, 2007 “Dude, you can't take something bad off the Internet. That's like trying to take pee out of a swimming pool.”
  • 31. © 2014 Pegasystems Inc.32 How does Big Data help with Digitally Forward Customer? Marketing CRM Cloud apps SOCIAL Sensors Mobile Sales Customer Svc Chat Ops SuppliersCustomers ERP
  • 32. © 2014 Pegasystems Inc.33 Customer Desirable Next-Best-Action makes the conversation trustworthy
  • 33. © 2014 Pegasystems Inc.34 Customer Desirable Economically Viable Brand Identifiable Operationally FeasibleCourtesy Karen Larrimer, CMO, PNC Bank The sweet spot: Next Best Action Next-Best-Action makes the conversation trustworthy
  • 34. © 2014 Pegasystems Inc.35 Customer Desirable Economically Viable Brand Identifiable Operationally FeasibleCourtesy Karen Larrimer, CMO, PNC Bank The sweet spot: Next Best Action Next-Best-Action makes the conversation trustworthy The best kind of customer experience: Frictionless
  • 35. © 2014 Pegasystems Inc.36 Customer Desirable Economically Viable Brand Identifiable Operationally FeasibleCourtesy Karen Larrimer, CMO, PNC Bank The sweet spot: Next Best Action Valuable Reliable Relevant Trustable Next-Best-Action makes the conversation trustworthy The best kind of customer experience: Frictionless
  • 36. © 2014 Pegasystems Inc.37 Summary  Digitally Forward Customer is empowered and will continue to gain more power  The Zero Moment of Truth can occur anyplace at anytime  Empathy and “Trustability” are keys to conversing with the customer  Next-Best-Action enables you to have a “Frictionless” customer relationship
  • 37. © 2014 Pegasystems Inc.38 Thank you! Don Peppers Founding Partner Peppers & Rogers Group Email: dpeppers@1to1.com Twitter: @donpeppers See all Don’s LinkedIn posts here: bit.ly/donpeppers Ed Burek Director, Product Marketing Pegasystems Email: Edward.Burek@pega.com Twitter: @edburek http://www.linkedin.com/in/edburek
  • 38. © 2014 Pegasystems Inc.39  2300+ Colleagues from the Pega Community  200+ World’s Leading Companies  Learn the Latest in Pega Technology with Hands- on Training Sessions & Workshops  50+ Customer Success Presentations  Exciting Customer Keynotes to be announced  Unlimited Networking Opportunities www.pegaworld2014.comRegister at:
  • 39. © 2014 Pegasystems Inc.40 Questions