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Overcoming Changing Communications Behavior

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How Businesses should respond in an age of rapid transformation

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Overcoming Changing Communications Behavior

  1. 1. Overcoming Changing Communications Behavior How businesses should respond in an age of rapid transformation June 2017 CCM/CX KEYNOTE Kaspar Roos, Founder & CEO
  2. 2. About Kaspar Roos Consultant / analyst in CCM/CX 2© Aspire, 2017 linkedin.com/in/kasparroos @kasparroos kaspar.roos@aspireccs.com +44 79 619 30 752 2008 • Director at InfoTrends • Managing worldwide CCM Advisory Service 2015 • Founder of Aspire • London-based CCM strategy firm We help companies succeed in the fast-changing world of customer communications
  3. 3. Key Trends 3
  4. 4. Technology Continues to Accelerate 4© Aspire, 2017 Forcing companies to change fast 0 200 400 600 800 1000 1200 0 5 10 15 20 25 30 35 40 45 50 55 60 65 70 75 80 85 90 95 100 105 110 Number of Years To Reach 1 Billion Users Smart Phones Internet Mobile Phones Television Telephone 1 Billlion Users 1104922148 “Digital is the main reason just over half of the companies on the Fortune 500 have disappeared since the year 2000” Pierre Nanterme – Accenture CEO
  5. 5. “Disruption happens gradually and then suddenly” © Aspire, 2017 Hemingway (on bankruptcy)
  6. 6. Mobile + Voice + ChatBots 6© Aspire, 2017 Voice will be the platform of the future As speech recognition accuracy goes from say 95% to 99%, all of us in the room will go from barely using it today to using it all the time. Most people underestimate the difference between 95% and 99% accuracy – 99% is a game changer... ANDREW NG, CHIEF SCIENTIST AT BAIDU Source: Mary Meeker, 2016
  7. 7. Broad Range of Applications 7© Aspire, 2017 Home automation, e-commerce, customer service Pitney Bowes demoing its conversational UI technology, San Francisco, Feb. 2017
  8. 8. 8 Messaging Networks Well Positioned for Impact Messaging Networks now processing more than 60Bn messages a day © Aspire, 2017 Leading CCM vendors starting to offer integration with Messaging Networks Most popular Messaging App by Country (2016) Source: SimilarWeb, 2016 Forbes Article
  9. 9. 9© Aspire, 2017
  10. 10. ChatBots – Driven by AI & Mobile Messaging 10© Aspire, 2017 Rapid increase in natural language processing (either typed or spoken) • European Telecom Company • Chat Bot for services optimization • 82% of interactions could be automated • Good conversions on new sales & upsell Source: Accenture, 2017
  11. 11. Mobile Pay Is Coming… In the U.S. too 11© Aspire, 2017 Mobile Pay set for good growth • UK has high adoption of contactless terminals – plus highly concentrated banking & retail sector • All major mobile phone suppliers supporting NFC-type payments (ApplePay, SamsungPay, AndroidPay) • Apple Pay has higher spending limit than contactless credit cards • Tokenized transactions combined with geo-location insights allow payment services providers to create sophisticated security layers 2.2% of all UK card spend is now contactless
  12. 12. Wearables 12 Connecting Wearables with Payment Services Source: kerv.com Source: bPay, Barclaycard Ring Fob Wristband Sticker
  13. 13. Technology Acceleration Leads To Fragmentation 13© Aspire, 2017 Technology reduces entry barriers, increases competition, forces pricing down Retail Energy Financial Services Insurance • Rapid rise in fintech start-ups o Peer-to-peer lending o Peer-to-peer currency exchange o Low-cost payment services • Differentiation in channel and alignment with customer values (i.e. clean energy, SmartMeter technology) • Solar/off-grid generation • New entrants • New insurancetech entrants will shake up industry o Peer-to-peer insurance o AI-based underwriting • Rise of online marketplaces leads to increase in product proliferation • Declining store visits and spent time in shop leads to price pressure
  14. 14. InsuranceTech Is Coming… 14© Aspire, 2017 High Growth In InsuranceTech Start-Ups Trov – mobile-based property & casualty insurance
  15. 15. Trov – How It Works (1/5) 15© Aspire, 2017
  16. 16. Trov – How It Works (2/5) © Aspire, 2017 16
  17. 17. Trov – How It Works (3/5) © Aspire, 2017 17
  18. 18. Trov – How It Works (4/5) © Aspire, 2017 18
  19. 19. Trov – How It Works (5/5) © Aspire, 2017 19
  20. 20. “Now, faced with a combination of increased complexity and hyper- specialization, we are at a point where the desire for purposeful engagement is becoming a major issue.” Klaus Schwab – founder & CEO of World Economic Forum © Aspire, 2017
  21. 21. Communications Are Becoming Integrated Customer journey: pre-purchase process Customer journey: post-purchase process Business objectives Data-driven, personalised, multi-channel communications Source: InfoTrends, 2015 Evaluate Acquire Engage Advocate Find Learn Buy/Subscribe Engage Consume Retain © Aspire, 2017
  22. 22. Omni-Channel Requires Overarching Strategy Every touch needs to add value © Aspire, 2017 Customer Lifetime Value Time Lead Generation Lead Nurturing Conversion Offer Welcome Kits Prospect Inactive Customer Active Customer Lost Customer Customer Communications Interactions Onboarding Statements Newsletter / Emails Upsell / Cross Sell Loyalty Offers Reminders / Notifications Renewal Offers Lost Customer Returned Customer Contact Center Calls
  23. 23. 23 Marketers Are Getting More And More Interested In CCM Both visible in Europe and the United States © Aspire, 2017 “A few years ago I would only talk to the purchasing people, maybe 5 people max. I saw them again a few weeks ago, now they had 25 people in the room. Different departments, different needs. It’s customer service, marketing; purchasing is still there but not leading. They realize they need to find new ways of communicating.” (Sweden) “Talking about CCM and CX creates a lot of pull from CXOs and CMOs. “ (United States) What Services Providers Are Saying…. “If you’d asked me 5 years ago, I would have said that CCM is very low on the priority list of a CMO. Now, we’re seeing a clear shift. If you talk today with a CMO about customer journey mapping, using the whole journey to build better conversations with your customers, you will definitely get their attention” (U.K.)
  24. 24. How to Respond
  25. 25. Counter The Threat… QuickenLoans pioneering instant mortgage approval forcing incumbents to respond 25© Aspire, 2017
  26. 26. Communicate According to Channels of Choice Way of least resistance; expect older generations to shift to Mobile, Social too 26© Aspire, 2017 Source: Mary Meeker, 2016
  27. 27. Turn New Legislation Into Business Opportunities GDPR is impacting privacy laws in Europe; will apply to U.S. multi-nationals too 27© Aspire, 2017 Source: IBM Consent forms will (likely) change in 2018 Why not applying same concept to channel preferences?
  28. 28. Improve Customer Experience 28© Aspire, 2017 CX needs to be defined in terms of ease, effectiveness, and emotions Ease Effectiveness Emotions Easy to use interactions Relevant & efficient interactions Empathy in interactions Based on Forrester’s 3E’s of Customer Engagement
  29. 29. Personalized Videos Great Tool For Better CX Great case study from Geoffrey Insurance – mid-size UK insurance company 29 Empathy Ease Effectiveness
  30. 30. Recommendations 30© Aspire, 2017 How to be prepared for new technologies and change? 1. Modernize your CCM 2. Enable People; Put customers AND employees in control 3. Get Visibility into the overall Customer Journey
  31. 31. Characteristics of a Modern CCM system 31© Aspire, 2017 Modern systems are data, logic, format, and channel agnostic Data Agnostic • Support any data format Logic Agnostic • Business logic separated from design • Content pulled from central location Presentation Agnostic • Define output by function: message, document, webpage Channel Agnostic • Optimize output by channel, i.e. phone, tablet, e-mail, etc. Whatever new channel or technology emerges, modern systems allow you to adapt quickly and without disruption to the business
  32. 32. Become Digital First 32© Aspire, 2017 Digital-first has become an essential capability By 2019 demand for digital-related services will account for more than 70% of all external services growth - IDC Fast, easy HTML5 manipulation forexperience enrichment Design Interface Design Studio: ICP EngageOne Digital Designer
  33. 33. Enabling Business Users to Own Communications Business user enablement crucial in reducing cycle time and improving CX 33© Aspire, 2017 • Setup easy approval workflow processes, including mobile-based approving • Ensure that business users are in control of content changes • Drive simple content changes through online editors • Integrate natively with salesforce or business core systems EngageOne Interactive
  34. 34. Enabling Customers to Access Communications 24/7 Customers want to be in control 34© Aspire, 2017 • Use self-service solutions to turn customers into long-lasting, profitable relationships • Allow customers to access all of their customer communications • Use interactive communications – either through personalized, interactive videos or by sending dynamic content EngageOne Digital Self Service
  35. 35. Linking Communications With Customer Journey Creating performance measures, data analytics, visualizations 35© Aspire, 2017
  36. 36. Pitney Bowes - Transforming for a Successful Future Please read my article on LinkedIn; PB is a safe bet for the future 36© Aspire, 2017 • Change in top management • More streamlined software development process • Betting on the right trends for the future o CCM / CX o Data Analytics o Location Intelligence o Identification Software o Retail / shipping software o Payment services https://www.linkedin.com/pulse/latest-pitney-bowes-transformation-data-driven-future-kaspar-roos
  37. 37. Questions
  38. 38. Any Questions? Thank You! kaspar.roos@aspireccs.com Tel. +44 1923 605 526 Mob. +44 79 619 30 752

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