Phil brooks harris interactive - mrs paper - november 2014 v8 with notes
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This is the paper delivered to the MRS Financial Services Conference in November 2014, the deck is available to download and contains speaker notes. Happy reading!
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Phil brooks harris interactive - mrs paper - november 2014 v8 with notes
- 1. Tracking and analysing the customer journey to improve relationship management, to better meet the needs of consumers Phil Brooks: Harris Interactive
- 2. Tracking and analysing the customer journey Identifying key areas for improvement & adapting your strategy Discussion points Measuring satisfaction levels & examining emotional responses SO WHAT? Identifying key touchpoints along the customer’s lifetime journey © Harris Interactive 2
- 3. Mahatma Gandhi “A customer is the most important visitor on our premises, he is not dependent on us. We are dependent on him. He is not an interruption in our work. He is the purpose of it. He is not an outsider in our business. He is part of it. We are not doing him a favour by serving him. He is doing us a favour by giving us an opportunity to do so.” Clearly a visionary... in many different ways © Harris Interactive 3
- 4. First a little detour......... © Harris Interactive 4
- 5. MoTs Sales process Journey mapping NPS Customer effort I start mapping out all the different avenues I could go down... © Harris Interactive Communications Developing relationships Text analytics How to measure What to measure Personas Workshops Analysis 5
- 6. Then came the apprehension, nervousness and stress © Harris Interactive 6
- 7. The agenda came through.................... I got the graveyard slot! © Harris Interactive 7
- 8. ..... And slam dunk! © Harris Interactive 8
- 9. I'm gonna try with a little help from my friends ... said I © Harris Interactive 9
- 10. Every journey will involve a series of individual steps... highs & lows All have the potential to derail... 10 © Harris Interactive
- 11. 30% 20% 10% 0% © Harris Interactive How does the industry make consumers feel today? Sceptical Powerless Frustrated Disappointed Annoyed Worried Angry Satisfied Happy Secure Valued 65% Net Negative: Net Positive: 27% Disgusted Resentful Hostile Bitter Optimistic Confident Relaxed Reassured Appreciated Grateful Ashamed Sympathetic Perceptions are still overwhelmingly negative. Is it any wonder that some consumers don’t get engaged and make proactive choices? 11
- 12. Lack of knowledge / understanding Complex Products Time pressure / inclination Brand choice within financial services is a minefield: we don’t make it easy; a brand needs to succeed at a number of different levels © Harris Interactive What is the backdrop in financial services? Rational Needs Emotional Needs Personal Values Social Pressure Number of Products Too much choice Lack of trust Financial pressures on consumers The financial crisis 12
- 13. • Uncover experience • Explore motivations (root cause) • Understand behaviour (real customer journeys) • Bring findings to life • Add focus © Harris Interactive Qualitative Personas Personas help organisations to connect with customers emotionally, driving consensus, and saving both time and money 13
- 14. Claims On boarding: • Policy Docs • Providing NCD © Harris Interactive The customer journey Renewal / Cross sell Mid term: • Queries • Arrears • Complaints • Cancellations Ensure your focus isn’t too narrow. There is a need to explore and understand each stage, but what about those you don’t interact with? 14
- 15. © Harris Interactive So how does financial services perform overall? www.instituteofcustomerservice.com There have been gains, but given the focus and proliferation of surveys, should we not expect more? 15
- 16. © Harris Interactive Relationship Measurement: BANKING Relationship Score Emotional 16 Only by measuring how customers ‘think’ and ‘feel’ towards an organisation can we begin to fully understand consumer behaviour
- 17. © Harris Interactive So which banks have the best relationships currently? 1st 3rd 2nd The Fall from Grace Award 17 Although the retail banking sector overall has remained relatively static, there have been some notable changes within it
- 18. © Harris Interactive Relationship Measurement: BANKING Emotional • Service provided* • Understanding needs* • Range of products/services • Clarity of communications* • Listening to you • Staff professionalism • Ease of understanding products Relationship Score DRIVERS OF A STRONG RELATIONSHIP DERIVED IMPORTANCE 18 Quality of service is the most important; however, truly understanding consumer needs, and ultimately how they make you feel, is critical
- 19. © Harris Interactive Santander - the road to a higher state 2014 – Relationship Score 57 63 Rational 56 Emotional Intentional 59% Base: 251 UK adults, aged 18+, who have their primary bank account with Santander 19 Date 2013 (Aug) 2013 (Jan) 2012 (Jul) 2012 (Jan) Relationship Score 51% 45% 41% 43%
- 20. 2nd © Harris Interactive 2014 - Top 3 Rewards you for loyalty Communicate the way you want Service provided Quality of online banking Relevance of products to me Ranges of products Performance 1st 2nd 3rd 3rd 3rd 3rd 3rd Quality of mobile banking app Staff knowledge 3rd Competitive charges / fees 20 Santander - the road to a higher state Highest derived importance 20 Santander have built a solid platform for success; they now need to develop further the softer elements of the relationship
- 21. When comparing how different loyalty groups are made to feel by their bank – is it any surprise? 80% 70% 60% 50% 40% 30% 20% 10% 0% In control © Harris Interactive Valued Secure Confident Happy Supported Relaxed Grateful Optimistic Worried Depressed Sceptical Resentful Uninterested Net Negative: Net Positive: 24% Powerless Neglected Angry Frustrated Disappointed Apathetic None of these Fully Connected Disconnected All customers 21 Brand enhancers Brand destroyers 72% Sometimes when using words like dissatisfaction, we can overlook the true impact
- 22. Does channel make a difference? Size Segment Positive Negative None Characteristics 30% Branch 65% 31% 15% 27% Online & Branch 23% Online & Telephone © Harris Interactive Relaxed, but also more neglected, angry, powerless, sceptical and disappointed 15% Online 61% 22% 22% In control, but disappointed 5% Mobile 83% 33% 14% Relaxed, confident, happy, grateful but also frustrated and worried 78% 19% 11% Secure, in control, confident and supported 76% 20% 13% Supported, valued and optimistic Clearly, the way a customer interacts can have a significant impact on how a financial brand makes them feel
- 23. So what? • There is no ‘one size fits all’ approach • Compromises do need to be made, whether the budget is © Harris Interactive large or small • Do ensure a qualitative phase is used - generate personas: it helps tell a story, and generates an emotional attachment • We ARE PERFORMING WELL AS A SECTOR • Making improvements that are noticeable is not easy, but neither is it impossible • Learn from Santander, as well as from the Co-operative • Customer experience is not just about quality of service... it is more holistic than that 23