Phil brooks harris interactive - mrs paper - november 2014 v8 with notes

Tracking and analysing the customer journey to improve relationship management, to better meet the needs of consumers

Phil Brooks: Harris Interactive

© Harris Interactive2

Discussion points

Tracking and analysing the customer journey

Identifying key touchpoints along the customer’s lifetime journey

Measuring satisfaction levels & examining emotional responses

Identifying key areas for improvement & adapting your strategy

SO WHAT?

© Harris Interactive3

“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

Mahatma Gandhi

© Harris Interactive

First a little detour.........4


I start mapping out all the different avenues I could go down...

Communications

Journey mapping

Sales process

MoTs

Developing relationships

NPS Customer effort

Text analytics

How to measure

What to measure Personas

Workshops

Analysis

5


Then came the apprehension, nervousness and stress6


The agenda came through.................... I got the graveyard slot!7


..... And slam dunk!8


I'm gonna try with a little help from my friends ... said I9


Every journey will involve a series of individual steps... highs & lows All have the potential to derail... 10


How does the industry make consumers feel today?

Sceptical PowerlessFrustrated AnnoyedDisappointed

WorriedAngry

Satisfied

Happy

SecureValued

Optimistic

ConfidentRelaxed

ReassuredAppreciated

Disgusted ResentfulHostile Bitter

Perceptions are still overwhelmingly negative. Is it any wonder that some consumers don’t get engaged and make proactive choices?

AshamedGrateful

Sympathetic

30%

20%

10%

0%

Net Negative:Net Positive: 27%

65%

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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

What is the backdrop in financial services?

Rational Needs

Emotional Needs

Personal Values

Social Pressure

Number of Products

Complex Products

Too much choice

Lack of trust

Financial pressures on consumers

Lack of knowledge / understanding

The financial crisis

Time pressure / inclination

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• Uncover experience

• Explore motivations (root cause)

• Understand behaviour (real customer journeys)

• Bring findings to life

• Add focus

Qualitative Personas

Personas help organisations to connect with customers emotionally,driving consensus, and saving both time and money

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The customer journey

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

On boarding:• Policy Docs • Providing NCD

Mid term:• Queries• Arrears• Complaints• Cancellations

Claims

Renewal /Cross sell


So how does financial services perform overall?

There have been gains, but given the focus and proliferation of surveys, should we not expect more?

www.instituteofcustomerservice.com

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Emotional

Relationship Measurement: BANKING

Relationship Score

16

Only by measuring how customers ‘think’ and ‘feel’ towards an organisation can we begin to fully understand consumer behaviour


So which banks have the best relationships currently?

3rd2nd

1st

The Fall from Grace Award

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Although the retail banking sector overall has remained relatively static, there have been some notable changes within it


Emotional

Relationship Measurement: BANKING

• Service provided*

• Understanding needs*

• Range of products/services

• Listening to you

• Clarity of communications*

• Ease of understanding products

• Staff professionalism

Relationship Score

DRIVERS OF A STRONG RELATIONSHIPDERIVED IMPORTANCE

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Quality of service is the most important; however, truly understanding consumer needs, and ultimately how they make you feel, is critical


Santander - the road to a higher state

2014 – Relationship Score

57

63

56Rational

Emotional

Intentional

59%

Base: 251 UK adults, aged 18+, who have their primary bank account with Santander

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Date 2013(Aug)

2013(Jan)

2012(Jul)

2012(Jan)

Relationship Score

51% 45% 41% 43%


2014 - Top 3

Rewards you for loyalty

Quality of online banking

Communicate the way you want

Service provided

Ranges of products

Relevance of products to me

Performance

1st

2nd

3rd

3rd

3rd

3rd

3rd

2nd

Quality of mobile banking app

Staff knowledge

Competitive charges / fees3rd

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Santander - the road to a higher state

Highest derived importance

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Santander have built a solid platform for success; they now need to develop further the softer elements of the relationship


When comparing how different loyalty groups are made to feel by their bank – is it any surprise?

0%

10%

20%

30%

40%

50%

60%

70%

80%

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Dep

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Un

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Po

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Fully Connected Disconnected All customers

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Brand enhancers Brand destroyers

Net Negative:Net Positive: 24%

72%

Sometimes when using words like dissatisfaction, we can overlook the true impact


Size Segment Positive Negative None Characteristics

30% Branch 65% 31% 15%

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

Does channel make a difference?

Clearly, the way a customer interacts can have a significant impact on how a financial brand makes them feel

27%Online & Branch

78% 19% 11%Secure, in control, confident and supported

23%Online & Telephone

76% 20% 13%Supported, valued and optimistic


So what?

• There is no ‘one size fits all’ approach

• Compromises do need to be made, whether the budget is 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

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Phil brooks harris interactive - mrs paper - november 2014 v8 with notes

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