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Challenges and Opportunities by Steve Fretwell


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Breakout discussion covering challenges and opportunities in moving to an online distribution strategy.

Published in: Economy & Finance
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Challenges and Opportunities by Steve Fretwell

  1. 1. Challenges and Opportunities Steve Fretwell Advisory Board Chair Acceptiv Inc. Acceptiv Confidential
  2. 2. Yin-Yang Two forces in the universe, according to a Chinese theory: yin is the passive, negative force, and yang the active, positive force. According to this theory, wise people will detect these forces in the seasons, in their food, and so on, and will regulate their lives accordingly. 2Acceptiv confidential
  3. 3. Tables choose one from the following subjects • Channel conflict; direct to consumer, agents, omni-channel • Developing the business plan for leadership; making the case • Regulatory considerations; external data, signatures, replacement • Building the team; players and structure • How much extra will people pay for online convenience? • Product and pricing considerations; same products, same prices • Value added services • Cross selling; yes, no, what, when, how, cost impact • Lessons learned from other online retailers • How to stand out versus other offerings, and progress a prospect from acquisition to transaction • Other ideas? 3
  4. 4. Value Added Services • Provide advice e.g. “people like you buy…” • Will writing for example, also show cost of the service • Develop 360o view of the customer – purchase behavior • Provide post-sell information • Opportunity for continued client engagement • Provide for customer education/awareness • Provide online services (client service) 4
  5. 5. Lessons Learned from Other Online Retailers Good Bad • Opp/Growth • Customer Service/ Experience • Simplicity • Channel Shift Savings (ongoing vs. initial cost) • Self-sufficiency • Expand target market • Leakage/Cost • Not solving for the real problem • Not evolving with the competition • Complex products • Poor intelligence • Uneven product margins • Channel conflicts • Talent management 5 Opportunity Cost
  6. 6. Cross Selling Challenges Opportunities • Different groups sell different products • Different underwriters for each product • How to market / how to drive traffic • Overwhelmed / too much info • Existing client base to go after • Increased sales / revenue • Increased retention • Better data / analytics • More touch points – more sales opportunities • Wider net / 24-7 6
  7. 7. Product and pricing considerations Challenges Opportunities Upset distribution force Product design Pricing Underwriting Education Challenging mentally Brand spillover § Advisor § Brand (omni-channel) More refined products § Simple / process Partnerships 7
  8. 8. Regulatory considerations Challenges Opportunity Legal / Compliance No one regulator § provinces Current regulation not digital friendly Startup vs Traditional § more risk adverse Privacy – consumer expectations vs. Organizations Strong compliance leadership § have to want to change Strong intent to change § incentive e.g. digital Startup vs Traditional § more risk adverse External data speeds up processes § Risk § Pain points 8
  9. 9. How much extra will people pay for online convenience? • What is baseline? • Most consumers do not know typical costs • Driven by levels of “need” and how they value their time saved • Challenge of trying to sell traditional products in a convenience world • Why should they have to in an online world (consumers may ask?) 9
  10. 10. How to stand out 1. <10 minutes • Easy to find • Easy to buy 2. Make price relevant and real ( $25/month) value 3. What is the sweet spot on pricing that will feel right 4. Price today address future discounting behaviour § Peace of mind 5. Translate into real value 6. Be there and ready when someone is wanting to buy 10
  11. 11. How to stand out (continued) 7. Smarter use of data can help you with who you want 8. Key words that align with people’s search 9. Clear path along the journey (to get out of the spaghetti) 10. What define trust, who helps get your story told? • Social community 11. Redefine the purchase to be a bigger idea 12. Balance between choice vs. overload 11
  12. 12. Challenges and Opportunities Steve Fretwell Advisory Board Chair Acceptiv Inc. Acceptiv Confidential