The Customer Is King, Why Do We Forget That?

The Customer Is King/Queen Why Do We Forget That? Rob Findlay NAB & TheBankChannel.com

COM MUNITY The Customer Is King/Queen IN CHARGE Why Do We Forget That? Rob Findlay NAB & TheBankChannel.com

What d o I know?!?

Thanks D McQ, FB, Simon T, JG

“From matching customers to products, we need to match products to customers” Seth Godin

Lets go back to 1980 … 1015% !

Ah, the days of Control * Command & * James Gardner – Bankervision.typepad.com

Lets go back to 1980 … 90s = Property, Tech Bubble 1 80s = Moderate 00s = Rocky road Wealth until 87 of correction Flattening of performance?

Banks Customer Sat – MFI - 96 09 Dragged up by customer driven movement Dragged down by shareholder priorities Source: Roy Morgan, Jan 09

So wha t's changed?

WHAT CUSTOMERS WANT - VALUE Customer Experience Revenue Cost Generation Reduction WHAT SHAREHOLDERS WANT - RETURN

So how did/will the game change? CX “ONE ON ONE “GOOD OLD CONNECTION” FASHIONED SERVICE” CUSTOMERS NOW COMPANIES SAY DICTATE THE RULES CUSTOMER IS KING VALUE & MARKET Dragged down by Dragged up by customer COMPETITION shareholder priorities driven movement Mechanism of GFC a reality collective power check RG CR “DON’T FORGET YOUR CUSTOMER NUMBER” 1980 2000 2020

How do organisations connect to customers? Creating the sales opportunity Cracking Connected Networks

What is available to customers? More Less

How do customers make purchase decisions? The Sales Conversation What peers do

There is bo t h a m o t iv e the game m e th od to change and a The rise of the customer community as well as the shunt in the performance of those who organised the system has created customer power

er is ahead of business It means the custom The customer is leading business to what is right, and fair. The customer determines the direction of many products and services And your business is now inextricably linked to media, new media

Media is now: •Global •Social •Ubiquitous •Cheap

Then …

Now…

hat does t hat mean? W

The Days of mmand & Control Co are not receding, re finishe d forever They a

This is now … A Right! Instant! Not … A Privilege! D elayed!

CORPORATE! Individual Segment Region Mass Market

HUMAN! Individual Segment Region Mass Market

So who get s i t r i gh t ??

So who gets it? ... They’ve always got it They grew from the new opportunity

... And who doesn’t? They’re probably getting They’re slowly getting it disintermediated Every traditional bank, travel agent, insurance company, real estate agent and computer store on the planet Unless ...

Time for a matrix … and drastic surgery The New Customer Customer The Customer Experience Model Centricity Service Legends that pays Understanding Disintermediation Single minded on on the horizon limitations ... And shareholder value taking opportunities ‘Old’ Economy ‘New’ Economy

What is a customer focused business? • Top down support • Bottom up implementation • Clear, real time view of customer • UCD at every interaction • Everyone is capable of CX delivery

Why is CX good business?

Why is CX good business? CX Porfolio $2,424 $2,500 Return: 20.4% S&P $1500 $1,028 Return: 2.1% $500 2005 2003 2001 Source: 2006 Peer Insight LLC.

So the Challenge Is … How do you manufacture Customer Experience and Service to become part of your DNA? (Don’t confuse it with public brand DNA)

The Irony Is: the control - indirectly We gav e customers The tools that delivered self-service, were the same tools customers used to get ahead of corporations, which are the same tools you need to use to get your corporation up to speed

proach it? So ho w would I ap

So How Would I Approach It? 1. Get Senior Support, and Ground Level Resources 2. Understand Customer Priorities & Value 3. Begin to decommission segmentation 4. Let customers set agenda – then see opportunity 5. Talk to them at the level they want 6. Get ready for simple, local, personal 7. Get ready for bottom up not top down 8. Be Human!

Thanks Rob Findlay TheBankChannel.com

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The Customer Is King, Why Do We Forget That?

by The Bank Channel on Aug 25, 2009

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The Customer Is King, Why Do We Forget That? Presentation Transcript