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Compete for Customer Loyalty

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In this presentation, we discuss how to compete for customer loyalty in a world where businesses face intense global competition and consumers have information at their fingertips 24/7, which leads to commoditization and downward pricing pressure.

In this slide we cover 3 topics:

1) Fall of Product-Centric Differentiation and Rise of Customer Experience Differentiation
2) How to optimize the Customer Experience with examples from Walgreens, Mattel, and SeatGeek
3) A deep dive into Oscar Health Insurance, an industry that has seen some of the least customer experience innovation

Published in: Business
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Compete for Customer Loyalty

  1. 1. MaestroIQ COMPETING FOR CUSTOMER LOYALTY Vasu Prathipati CEO and Co-Founder, MaestroIQ
  2. 2. MaestroIQ KEY QUESTION IS HOW TO BUILD CUSTOMER LOYALTY AT SCALE!
  3. 3. MaestroIQ AGENDA  Fall of Product-Centric Innovation and Rise of Customer Experience Innovation  How to optimize the Customer Journey  Insurance Case Study  Q&A
  4. 4. MaestroIQ TRADITIONAL PRODUCT-CENTRIC INNOVATION DOES NOT CREATE A LASTING COMPETITIVE DIFFERENTIATION.  Competitors all over the world copy product features more quickly in a hyper connected world  Consumers can’t differentiate products across competitors and have more information and options at their fingertips to switch brands easily  Product R&D Rose 6% but Revenue rose <1% based on a study conducted by Oliver Wyman Consultancy
  5. 5. MaestroIQ CUSTOMERS WILL CHOOSE THE BEST CUSTOMER EXPERIENCE.
  6. 6. MaestroIQ CUSTOMERS WILL CHOOSE THE BEST CUSTOMER EXPERIENCE.
  7. 7. MaestroIQ CUSTOMERS WILL CHOOSE THE BEST CUSTOMER EXPERIENCE.
  8. 8. MaestroIQ EACH INTERACTION WITH MARKETING IS A CUSTOMER EXPERIENCE OPPORTUNITY TO GENERATE REVENUE. Marketing Customer Support Sales In a Product-centric organization, marketing is a cost center.
  9. 9. MaestroIQ EACH INTERACTION WITH SUPPORT IS A CUSTOMER EXPERIENCE OPPORTUNITY TO GENERATE REVENUE. Marketing Customer Support Sales In a Product-centric organization, support is a cost center.
  10. 10. MaestroIQ EACH INTERACTION WITH SALES IS A CUSTOMER EXPERIENCE OPPORTUNITY TO GENERATE REVENUE. Marketing Customer Support Sales In a Product-centric organization, sales is a revenue driver. However, sales are transactional versus solutions.
  11. 11. MaestroIQ THE GOAL IS TO OPTIMIZE THE CUSTOMER JOURNEY, WHICH IS THE FULL SET OF CUSTOMER EXPERIENCES. Every Customer Experience Customer Lifetime Value For each customer: Customer Journey
  12. 12. MaestroIQ AGENDA  Fall of Product-Centric Innovation and Rise of Customer Experience Innovation  How to optimize the Customer Journey  Insurance Case Study  Q&A
  13. 13. MaestroIQ THIS IS A SYSTEMATIC FRAMEWORK TO APPROACH OPTIMIZING THE CUSTOMER JOURNEY. Map Customer Journey Identify areas for improvement in Customer Journey Create innovative customer experiences to address gaps Transform anonymous browsers into identified customers Communicate relevant experiences to the identified customer
  14. 14. MaestroIQ WALGREENS EXTENDS A PHYSICAL RX SERVICE INTO A DIGITAL RX ORDERING EXPERIENCE.
  15. 15. MaestroIQ THE FIRST TWO STEPS ARE SKIPPED THE MOST FREQUENTLY. Map Customer Journey Identify areas for improvement in Customer Journey Create innovative customer experiences to address gaps Transform anonymous browsers into identified customers Communicate relevant experiences to the identified customer
  16. 16. MaestroIQ UNDERSTANDING CURRENT CUSTOMER EXPERIENCES BY MAPPING THE IMPORTANT JOURNEYS.
  17. 17. MaestroIQ WALGREEN CUSTOMER’S PRESCRIPTION REFILL JOURNEY VIA MOBILE APP: Trigger: Medication low Scan RX via mobile app Browse products Browse Products Browse Products Pick up RX In-store purchases
  18. 18. MaestroIQ LEVERAGE ANALYTICS TO IDENTIFY POSITIVE, NEGATIVE, AND MISSING CUSTOMER EXPERIENCES.
  19. 19. MaestroIQ SURVEYS HELP FURTHER UNDERSTAND EMOTIONS IN THE EXPERIENCE.
  20. 20. MaestroIQ DURING THE PRESCRIPTION REFILL JOURNEY, WALGREENS IDENTIFIED FRICTION WHEN BROWSING PRODUCTS: Trigger: Medication low Scan RX via mobile app Browse products Browse Products Browse Products Pick up RX In-store purchases
  21. 21. MaestroIQ THESE PARTNERS CAN HELP MAP JOURNEYS.
  22. 22. MaestroIQ WE MAP JOURNEYS TOO BUT WITH A DATA-DRIVEN APPROACH.
  23. 23. MaestroIQ WALGREENS NEEDED TO CREATE A NEW CUSTOMER EXPERIENCE TO ADDRESS THIS NEED. Map Customer Journey Identify areas for improvement in Customer Journey Create innovative customer experiences to address gaps Transform anonymous browsers into identified customers Communicate relevant experiences to the identified customer
  24. 24. MaestroIQ WALGREENS CREATED THE SHOPPING LIST TO HELP IMPROVE THE BROWSING EXPERIENCE.
  25. 25. MaestroIQ PEOPLE INSTALLED THE APP FOR THE RX SERVICE SO WALGREENS ALREADY IDENTIFIED THEIR CUSTOMERS. Map Customer Journey Identify areas for improvement in Customer Journey Create innovative customer experiences to address gaps Transform anonymous browsers into identified customers Communicate relevant experiences to the identified customer
  26. 26. MaestroIQ EACH MARKETING, SALES, & SUPPORT INTERACTION IS NOW AN OPPORTUNITY TO BUILD A RELATIONSHIP. Map Customer Journey Identify areas for improvement in Customer Journey Create innovative customer experiences to address gaps Transform anonymous browsers into identified customers Communicate relevant experiences to the identified customer
  27. 27. MaestroIQ WALGREENS COMMUNICATES THE SHOPPING LIST EXPERIENCE WHEN RELEVANT TO THE CUSTOMER’S NEEDS. Trigger: Medication low Scan RX via mobile app Browse products Browse Products Browse Products Pick up RX In-store purchases Make Shopping List Pick up RX In-store purchases
  28. 28. MaestroIQ THESE PARTNERS CAN HELP EXECUTE PERSONALIZED COMMUNICATIONS.
  29. 29. MaestroIQ MATTEL SELLS A WIDE RANGE OF PRODUCTS THROUGH RETAILERS LIKE TOYS-R-US.
  30. 30. MaestroIQ FIRST, THEY MAPPED THE CURRENT CUSTOMER EXPERIENCE. Map Customer Journey Identify areas for improvement in Customer Journey Create innovative customer experiences to address gaps Transform anonymous browsers into identified customers Communicate relevant experiences to the identified customer
  31. 31. MaestroIQ EVEN THOUGH SOMEONE BUYS A MATELL TOY, MATELL DOES NOT HAVE ANY RELATIONSHIP WITH THAT CUSTOMER. Trigger: Visit Toys- R-Us Purchase Mattel Hot Wheels Trigger: Visit Toys- R-Us Purchase Toy
  32. 32. MaestroIQ SO MATTEL NEEDED TO CREATE A DIGITAL EXPERIENCE. Map Customer Journey Identify areas for improvement in Customer Journey Create innovative customer experiences to address gaps Transform anonymous browsers into identified customers Communicate relevant experiences to the identified customer
  33. 33. MaestroIQ MATTEL EXTENDS A PHYSICAL TOY PURCHASE WITH A POST-PURCHASE GAMING EXPERIENCE.
  34. 34. MaestroIQ MATELL CAN CHANGE THE ENTIRE COURSE OF THE RELATIONSHIP WITH THIS 1:1 CONNECTION. Trigger: Visit Toys- R-Us Purchase Mattel Hot Wheels Trigger: Visit Toys- R-Us Purchase Toy Download Hot Wheels app and play game Purchases Hot Wheels online from Mattel directly
  35. 35. MaestroIQ MATELL SUCCESSFULLY IDENTIFIED WHO BOUGHT THEIR HOTWHEEL SET. Map Customer Journey Identify areas for improvement in Customer Journey Create innovative customer experiences to address gaps Transform anonymous browsers into identified customers Communicate relevant experiences to the identified customer
  36. 36. MaestroIQ EACH MARKETING, SALES, & SUPPORT INTERACTION IS AN OPPORTUNITY TO BUILD A RELATIONSHIP. Map Customer Journey Identify areas for improvement in Customer Journey Create innovative customer experiences to address gaps Transform anonymous browsers into identified customers Communicate relevant experiences to the identified customer
  37. 37. MaestroIQ THEY CAN COMMUNICATE WITH EACH INDIVIDUAL CUSTOMER TO GROW THE RELATIONSHIP OVER TIME. Trigger: Visit Toys-R-Us Purchase Mattel Hot Wheels Trigger: Visit Toys-R-Us Purchase Toy Download Hot Wheels app and play game Purchases Hot Wheels online from Mattel directly
  38. 38. MaestroIQ SEATGEEK UNDERSTANDS IT NEEDS TO INNOVATE ON A BETTER CUSTOMER EXPERIENCE TO BEAT STUBHUB.
  39. 39. MaestroIQ SO, THEY MAP THE CUSTOMER JOURNEY TO UNDERSTAND THEIR CURRENT CUSTOMER EXPERIENCE. Map Customer Journey Identify areas for improvement in Customer Journey Create innovative customer experiences to address gaps Transform anonymous browsers into identified customers Communicate relevant experiences to the identified customer
  40. 40. MaestroIQ SEATGEEK CUSTOMER’S CURRENT PURCHASE JOURNEY INVOLVES MANY EPISODES OF PRICE CHECKING. View Ticket Prices View Ticket Prices View Ticket Prices Purchase Ticket
  41. 41. MaestroIQ SEATGEEK LOSES A LOT OF CUSTOMERS AFTER THEY CHECK OUT TICKET PRICES AND DON’T PURCHASE. View Ticket Prices View Ticket Prices View Ticket Prices Purchase Ticket
  42. 42. MaestroIQ SEATGEEK PRO-ACTIVELY PUSHED TO IMPROVE THIS EXPERIENCE. Map Customer Journey Identify areas for improvement in Customer Journey Create innovative customer experiences to address gaps Transform anonymous browsers into identified customers Communicate relevant experiences to the identified customer
  43. 43. MaestroIQ DEAL SCORE HELPS YOU SAVE TIME FROM COMPARISON SHOPPING.
  44. 44. MaestroIQ SEATGEEK CAN IDENTIFY CUSTOMERS WHO DOWNLOADED THEIR MOBILE APP. Map Customer Journey Identify areas for improvement in Customer Journey Create innovative customer experiences to address gaps Transform anonymous browsers into identified customers Communicate relevant experiences to the identified customer
  45. 45. MaestroIQ SEATGEEK REALIZES DEAL SCORE ISN’T ALWAYS USEFUL FOR CUSTOMERS. Map Customer Journey Identify areas for improvement in Customer Journey Create innovative customer experiences to address gaps Transform anonymous browsers into identified customers Communicate relevant experiences to the identified customer
  46. 46. MaestroIQ SEATGEEK IDENTIFIED WHEN TO COMMUNICATE THE DEAL SCORE EXPERIENCE. View Ticket Prices Browse Concerts Browse Concerts Purchase Ticket Purchase Ticket
  47. 47. MaestroIQ AGENDA  Fall of Product-Centric Innovation and Rise of Customer Experience Innovation  How to optimize the Customer Journey  Insurance Case Study  Q&A
  48. 48. MaestroIQ OSCAR: CUSTOMER EXPERIENCE INNOVATIONS ARE DISCUSSED FIRST AND THE CORE PRODUCT IS MENTIONED LAST. Oscar Intro Video
  49. 49. MaestroIQ THE BEGINNING OF OSCAR’S CUSTOMER JOURNEY: First Visit Fill out forms over the phone
  50. 50. MaestroIQ THE DOCTOR FINDER CREATES AN EXPERIENCE AROUND THE HEALTH INSURANCE PLAN.
  51. 51. MaestroIQ THERE ARE NO BARRIERS TO CREATE AN ACCOUNT SO OSCAR CAN IDENTIFY ME AND PERSONALIZE COMMUNICATIONS.
  52. 52. MaestroIQ EXTEND A PHYSICAL SALES INTERACTION INTO A SEAMLESS DIGITAL EXPERIENCE TO RECEIVE A PRICING QUOTE.
  53. 53. MaestroIQ BY MAPPING THE JOURNEY, OSCAR LEARNS PROSPECTS REPEATEDLY USE THE PRICING CALCULATOR. Get Quote Get Quote Get Quote Get Quote
  54. 54. MaestroIQ THEY LEARN THAT THEY START TO GET FRUSTRATED BY THE THIRD TIME THEY USE THE PRICING CALCULATOR. Get Quote Get Quote Get Quote Get Quote
  55. 55. MaestroIQ THEY WILL INNOVATE ON THEIR CURRENT EXPERIENCE SIMILAR TO HOW ESURANCE ALLOWS YOU TO VIEW SAVED QUOTES.
  56. 56. MaestroIQ ONCE OSCAR CUSTOMERS ARE IDENTIFIED, THEY WILL COMMUNICATE THIS NEW EXPERIENCE WHEN RELEVANT. Get Quote Get Quote Get Quote Get Quote
  57. 57. MaestroIQ THE NEXT PHASE OF OSCAR’S CUSTOMER JOURNEY: Fill out forms over the phone Purchase Plan
  58. 58. MaestroIQ THE RETENTION PHASE OF OSCAR’S CUSTOMER JOURNEY: Purchase Plan Renewal
  59. 59. MaestroIQ OSCAR EXTENDS THEIR SERVICE BEYOND THE PURCHASE WITH NEW VALUE-ADD DIGITAL EXPERIENCES. Oscar Experience Video
  60. 60. MaestroIQ EXTEND THE PHYSICAL DOCTOR VISIT INTO A DIGITAL EXPERIENCE. Trigger: Getting Sick Find Doctor on Oscar Book Doctor Visit Visit Doctor
  61. 61. MaestroIQ EXTEND THE OSCAR EXPERIENCE FROM HELPING WHEN YOU’RE SICK TO PROMOTING STAYING HEALTHY. Live healthy life Trigger: Getting Sick Use Oscar Visit Doctor
  62. 62. MaestroIQ OSCAR COMMUNICATES EACH EXPERIENCE WHEN HELPFUL AND MOVES CUSTOMERS ALONG THE JOURNEY. First Visit Fill out forms over the phone Purchase Plan Renewal
  63. 63. MaestroIQ CHALLENGE IS BUSINESSES DON’T KNOW HOW TO CREATE AND COMMUNICATE AN INNOVATIVE CUSTOMER EXPERIENCE. According to the Forrester Study, 85% of firms do not have a systematic approach to create a differentiated customer experience.
  64. 64. MaestroIQ THERE IS A BIG SHIFT OCCURRING AND THOSE THAT DON’T TRANSITION WILL BE EATING DUST.

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