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Customer journey driving business growth for large and small companies

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Examples of the strategies large and small companies are using to drive sales and lifetime value.

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Customer journey driving business growth for large and small companies

  1. 1. Insight | Design | Transformation Customer Journey driving growth for companies large and small 24th February 2014
  2. 2. Today What is Customer Journey and why it matters 1. Improving conversion to sale 2. Aligning the sales and marketing journey with customer’s emotional journey 3. Putting customer insight at the heart of business decision making (customer driven transformation)
  3. 3. 1. Improving conversion and retention Halifax General Insurance  Finite resource  Needed to know how best to improve conversion Mapped the multi-channel customer journey
  4. 4. Customer Journey maps: Process
  5. 5. Broad brush
  6. 6. Deep dive Your details Property, address & Discounts 67% Payment Details Summary of Cover & Details Contact Details Conditions of quote Human 10k Aggregators Your quote Save TSC calls PRM block xK Quote s Twice weekly NTU email Recalculate 5.2/person Sales 5% 6% 12% 54% 14% 9% 18% Sales NTU cK Underwriting Error yK 2k Underwriting Error 15K 5k PRM block 5K NTU cK 4,444 (Aggregator 999) 455 222k 22k 2k 2k 222 200 All numbers have been changed
  7. 7. Project design must be tailored to the company 1. Cross functional collaboration and senior sponsorship 2. Staff perspective 3. Existing MI 4. Voice of the customer 5. Collaborative design 6. Prioritise potential changes 7. Mix of quick and slow wins 8. Test your solutions
  8. 8. The prize can be huge  For Halifax GI 38 quick-wins with potential to generate 15% incremental sales plus 15 long term opportunities - Contact strategy 40% o Increasing frequency, following up Client contacts - Cross functional thinking 36% o Using their portfolio of brands more effectively, brand consistency, product consistency - Better use of technology 24% o Fixing broken web functionality, making online underwriting more flexible, greater use of email and SMS  11 were prioritised for implementation
  9. 9. 2. Responding to customers’ emotional journey McCarthy & Stone, Stannah Stairlifts  Selling flats and lifts  To people who are choosing how to live the rest of their life  The biggest competitor for both companies is the same
  10. 10. Both selling to a fast changing demographic 
  11. 11. Understanding the emotional journey is relatively easy  Screening to identify different customer types  Shadowing  Ethnographic research  Influencer and user  At different stages in the journey
  12. 12. But change can be wide reaching and inconvenient  Product fit  Fostering staff behaviour that will build empathy  Capturing new, relevant information  Changing contact strategy  Providing relevant information  Relaxing control; connecting prospects to customers like them
  13. 13. Requiring a cast iron business case  Rosetta Stone, an online language company  Customers wanted the convenience of online plus face-to- face exposure to build confidence and to measure their progress  Huge change and added complexity for the company and their investors. They piloted - Online coaching sessions - Peer-to-peer game nights  Customers who consume these new offerings are: - More satisfied - Twice as likely to use the product they bought - Five times more likely to renew
  14. 14. 3. Putting customers at the heart of business decision making  Many companies miss-understand their customers and fail to respond to customer needs - Received wisdom - Vested interest - Internal drivers “Our customers are stuck in the stone-age. They don’t get digital.” “They’re the awkward squad. They’re just complaining to try and get moved to a better house.”
  15. 15. Making friends and influencing people AXA Wealth  Win and keep senior sponsorship  Robust evidence  Create a Customer Journey strategy  Healthy mix of quick and longer term wins  Socialise - Customer Experience Forum - One to ones - Workshops - Free, specialist support for aligned projects  Not a data or IT silver bullet
  16. 16. Associated with:
  17. 17. Customer Journey: The total customer experience  Over time  Via all channels  A specific task (say buying a product) or the entire customer lifecycle
  18. 18. Customer experience: ever more important  85% would pay up to 25% more to guarantee superior customer service  82% of people have stopped doing business with a company due to poor customer service  79% have told others about poor customer experiences
  19. 19. Ever more difficult to manage  Channel proliferation - A multichannel customer can be worth four times as much as one that only shops either on, or offline.  The speed of change A fad or a trend? A one-off problem or an underlying issue?
  20. 20. How good Customer Experience builds advocacy ‘It’s easy’ ‘It’s for me’ ‘It’s always good’ ‘It’s distinct’
  21. 21. 5 Principles 1. Insight not assumption 2. Insight to generate action, not to justify inaction. 3. Cross functional alignment with the brand promise in terms of their ambition and delivery. 4. The customer journey must work as well for providers as it does for customers. 5. Think people, process and technology
  22. 22. Our contact details Customer Journey Consultancy The Innovation Centre Broad Quay Bath BA1 1UD (0845) 83 83 159 Martin.wright@customerjourney.uk.com Stephen.grey@customerjourney.uk.com
  23. 23. Q&A  What is the most important principle to remember when thinking about Customer Journey / Experience? - Robust insight – Cross functional alignment with the brand promise in terms of their ambition and delivery.  Is Customer Journey really suitable for small companies? - Small businesses don’t always recognise the need to develop and deliver a customer strategy as a growth-enabler. The reality is that customer journey will help to focus skills and energy to positive effect, protecting what is already in place. - Success for large and small companies alike depends in part on having a service strategy and a plan about how you want to treat your customers. This isn’t just about efficiency; it’s about making sure that they experience the best you can provide whether they deal with you on-line, in person or via the telephone or mail.

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