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BRAND IMPACT ON CUSTOMER EXPERIENCE PRESENTATION BY LEXDEN

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BRAND IMPACT ON CUSTOMER EXPERIENCE PRESENTATION BY LEXDEN

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Financial Services Forum presentation highlighting how brand is included (or not) in financial services companies customer experience. With specific examples where branded CX is working and how to ensure brand stays on the agenda.

Financial Services Forum presentation highlighting how brand is included (or not) in financial services companies customer experience. With specific examples where branded CX is working and how to ensure brand stays on the agenda.

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BRAND IMPACT ON CUSTOMER EXPERIENCE PRESENTATION BY LEXDEN

  1. 1. “THE IMPACT OF BRAND ON CUSTOMER EXPERIENCE” IMPACT
  2. 2. WE HELP BRANDS ACHIEVE A COMMERCIAL ADVANTAGE FROM CUSTOMER STRATEGIES COMMERCIAL CUSTOMER EXPERIENCE CUSTOMER VALUE PROPOSITIONS INSIGHT OPTIMISATION MARKETING RESOURCES EFFECTIVENESS christopherbrooks@lexdengroup.com | Lexden Ltd The Courtyard, Wind Hill, Bishops Stortford, Herts, CM23 2ND +44 (0) 1279 902205| +44 (0) 7968 316548 | lexdengroup.com | @consultingchris
  3. 3. BRAND IS AN EASILY IDENTIFIABLE DIFFERENTIATING MARQUE IN GOOD ADVERTISING IDENTIFIABLE
  4. 4. BRAND IS LESS RECOGNISABLE WHEN PRESENTED THROUGH CUSTOMER EXPERIENCE We put our customers' needs first We will listen and then help you find solutions that meet your needs We make banking easier We will help you bank with us in the simplest and most convenient way We are there whenever you need help We will take personal responsibility when you need support from us We are fair and honest We will explain the features and pricing of our products clearly and simply “WE’RE COMMITTED TO BECOMING THE UK’S MOST HELPFUL BANK” Customer charter is primary deliverable of customer experience strategy RECOGNISABLE
  5. 5. IF OUR SERVICE WAS ANY MORE PERSONAL WE’D BE DOING YOUR LAUNDRY BRAND IS LESS RECOGNISABLE WHEN PRESENTED THROUGH CUSTOMER EXPERIENCE RECOGNISABLE
  6. 6. CONFUSION OVER POLICY WORDING PUT THE DAMPENERS ON ONE CUSTOMER’S HONEYMOON M&S couldn’t get RAC to budge. So Flo persisted with RAC who agreed a £99 refund off the new policy. Flo, hubby and child arrive back from Marrakech honeymoon. Drove home in hubby's car & broke down on M6. Flo wasn’t convinced she wasn’t under her original policy, so contacted M&S and found she was covered all along! Flo has been left with a poor impression of RAC & M&S because their customer experience is broken. Called RAC (member via M&S) to check if Flo’s cover extended to other cars. Told it wasn’t and would need to take new policy out instead. ‘I called my Dad to get the details because I wasn’t happy getting in our car to retrieve them from the glove box, because it was smoking’ ‘They kept saying it was my fault for calling a wrong number!!! And of the £99 I only ever received £42’ THE STASIS THE QUEST THE OUTCOME THE TRIGGER THE REVERSAL Customer used to have high regard for RAC, but was left feeling vulnerable and exploited. M&S didn’t push as hard as they could either which disappointed Flo. ‘I took out a new policy and I was told the car would be towed and inspected and taken max another 50 miles if needed. We were 100 miles from home so had to go to Dad’s, as closer, instead. Not ideal end to hols’ The problem still exists and no doubt more customers will get caught too. EXAMPLE FROM LEXDEN’s VEXVOX BRAND REPORT – HIGHLIGHTING EMOTIONAL IMPACT OF POOR CUSTOMER EXPERIENCE ON BRAND PERCEPTION
  7. 7. WHAT CAN HAPPEN WHEN BRAND IS BAKED INTO THE CUSTOMER EXPERIENCE BAKED SOURCE: NUNWOOD TOP 100 CX BRANDS IN USA 2013
  8. 8. LOCAL & FUN BRAND POSITIONING BROUGHT TO LIFE THROUGH CUSTOMER EXPERIENCE BRAND POSITIONING Economist – “Barclays predicts by the end of next year, Umpqua’s return on equity will be 14%, far above the average”. -“MAKING EVEN THE MOST MUNDANE TRANSACTION A TREAT”
  9. 9. HOW MUCH BRAND IMPACTS THE CUSTOMER EXPERIENCE IS DEFINED BY HOW THE BUSINESS APPROACHES CX CUSTOMER
  10. 10. Make sure brand is involved from the start. It’s a challenge because the first improvement phase of most CX programmes focus on fixing those ‘sector basics’ which driving down sector performance rather than define the brand apart from others. Reproduced with kind permission from cxtalent.co.uk
  11. 11. BRAND ISN’T REPRESENTED AT THE START OR EVEN WHEN THE GONGS ARE HANDED OUT! 28 AWARDS 850 ATTENDEES 0 BRAND MANAGERS Winner Insurance Services 200 ENTRIES BRAND
  12. 12. WHAT YOU DO WORKS WELL FOR ME. IT ALLOWS ME TO GET ON WITH MY DAY YOU ALWAYS MAKE AN IMPORTANT DIFFERENCE, ENABLING ME TO GO FORWARD WITH MY LIFE PLANS WHAT GOOD CUSTOMER EXPERIENCE DELIVERS WHAT BRAND DIFFERENTIATED CUSTOMER EXPERIENCE DELIVERS ‘FIX’ ‘BUILD’‘MAINTAIN’ ‘DIFFERENTIATE’ HOW THE BUSINESS APPROACHES IT ‘PRESERVE’ HOW THE BUSINESS APPROACHES IT ‘EFFICIENT’‘BEST PRACTICE’ ‘LEADING PRACTICE’ ‘PERFRORMANCE STANDARDS’ ‘BRAND STANDARDS’
  13. 13. BRAND COMES TO THE PARTY TOO LATE OPERATIONS BRAND LATE Part 1 Part 2 MODEL USED BY LEXDEN AS PART OF ‘HOW MAD IS YOUR CX?’ REVIEW
  14. 14. MOST CUSTOMER EXPERIENCE STRATEGIES PRIORITISE MAINTAIN TO REDUCE COST OF ISSUES Source: Developed from workings of Dr. P. Klaus, Brunel University MAINTAIN LEXDEN PROVIDE A ‘HOW MAD IS YOUR CX?’ REVIEW TO HELP CLIENTS UNDERSTAND WHAT ROI THEIR CX STRATEGY WILL DELIVER AND HOW TO MAKE IT MORE VISIONARY AND PROFITABLE
  15. 15. CUSTOMER JOURNEY MAPPING TYPICALLY PRIORITISES ISSUES FOR IMPROVEMENT MAPPING APOLOGIES FOR BLURRED IMAGES – THESE ARE BRAND ‘A’S LIVE END TO END RENEWAL PROCESS MAPS. LEXDEN PROVIDE FULL MAPPING CAPABILITIES WHICH CAN BE SHARED Defining ‘what matters most’ at which moment of truth (MOT) or moment of vulnerability and exposure (MOVE) is extremely powerful. However, identifying where the brand is demonstrating differentiation is less straightforward. But without this applied, customer experience teams destroy brand value created (often unintentionally) in an attempt to make a touch point more efficient for the customer.
  16. 16. CUSTOMER FEEDBACK IS A CRITICAL BRAND EXPERIENCE OFTEN OVERLOOKEDEXPERIENCE Often managed by a research house and seen as an administrative function, feedback surveys are critical brand experience touchponts. Not only should they look and feel like they’ve come from the brand (unless intending to position them as independent research), but how they are managed needs to be on brand too. If the survey asks for feedback, ALL queries should be dealt with and dealt with through the tone of voice of the brand. If the brand is the ‘helpful’ brand the worst outcome is for a consumer to think the response wasn’t very helpful! A well executed brand reflecting survey will also result in an uplift of performance too. Example of a poorly produced survey by research house for Eurostar. The client only sees the results, meaning they think their customer experience is worse than it is resulting in unnecessary investment in improvements, where as the only improvement needed was the feedback survey. http://www.slideshare.net/consultingchris/the-continuous-study- is-part-of-the-customer-experience-too DAMAGING BRAND ENHANCING BRAND
  17. 17. CX PERFORMANCE MEASUREMENTS TYPICALLY EXCLUDES THE BRAND IMPACT PERFORMANCE GI providers customer experience measures (without brand impact included)
  18. 18. AT LEXDEN , OUR APPROACH PRIORITISES KEEPING BRAND PART OF THE CX STRATEGY Keep an ongoing- ’relationship’ objective mind-set Prioritise customer experience opportunities which impact and extend the relationship Pre-empt and fulfil ‘what matters most’ to customers at different touch points Build brand differentiation into every experiences to reinforce customer’s preferences 1. Keeping pace with the customer 2. Keeping ahead of the competition CXOPERATINGPRINCIPLESWEAPPLY LEXDEN,
  19. 19. BEWARE OF ‘LEAN’ IMPROVEMENT APPROACHES. MAKE THE PROCESS BRANDED AND OUR EXPERIENCE SHOWS THE OUTCOMES WILL BE TOO BRANDED LEXDEN LICENCED IMPROVEMENT GAME DESIGNED TO ENSURE IMPROVEMENTS ARE 100% BRAND DEFINING. AS LICENCED BY PARK INN & RADISSON HOTELS. FULL DETAILS AVAILABLE ON REQUEST
  20. 20. IN SUMMARY, A FRAMEWORK TO CREATE A BRAND DIFFERENTIATING CUSTOMER EXPERIENCE MAINTAIN ADVANTAGE DIFFERENTIATE BRAND
  21. 21. christopherbrooks@lexdengroup.com | The Courtyard, Wind Hill, Bishops Stortford, Herts, CM23 2ND +44 (0) 1279 902205 | +44 (0) 7968 316548 | lexdengroup.com | @consultingchris

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