Robert Limb - Conference Innovators 2014/robert limb.pdf · Put customer desires over engineer’s...
Transcript of Robert Limb - Conference Innovators 2014/robert limb.pdf · Put customer desires over engineer’s...
Robert Limb CUSTOMER/CONSUMER BEHAVIOUR AND TRENDS
Welcome to the
Age of the Customer
IBANZ Conference, 2014
Building trust and adding value
(in a data driven, automated world)
IBANZ Conference, 2014
1. My belief: The Age of the Customer
2. Your industry: Looking in, survey results
3. Seven customer trends: What could impact you
4. Building Trust: New light through old windows?
50 minutes together
1. The Age of
the Customer
How committed are you to your
customers?
How do you see your customers?
Trust: The new gold
“Transparency may be the most disruptive and far reaching
innovation to come out of social media”
(Paul Gillian, The new influencers)
“Social media has transformed our world into one great
big small town dominated by the strength of relationships, the
currency of caring and the power of word of mouth”
(Gary Vaynerchuk, The Thank You Economy)
Intimacy as marketing strategy?
- Play the long game
- Tell the truth always
- Go the extra mile
- Make it always about the customer
- Understand what matters personally
- Take the blame
- Listen always and be interested
- Ask great questions
- Create shared agenda
David Maister: The Trusted Advisor
How do we win
intimacy?
Whose example will you follow?
Don’t just listen, understand
Put customer desires over engineer’s preferences
The Empty chair
Don’t settle for 99%
Respect today’s customer
Strive to create a customer centric company
Don’t be afraid to say sorry
Image source://wired.com/images_blogs/business/2011/09/amazonFIRE0011.jpg
Whose example will you follow?
Image source://wired.com/images_blogs/business/2011/09/amazonFIRE0011.jpg
Which path will you choose?
2. Where are you today?
Outside looking in:
Brokers Customers
“We have become
complacent”
“It’s been good
business but ugly
at times”
“So much harder to
sell on price –
fewer insurers
fewer options”
“Churn and burn
mentality creeping
in”
“ Fewer
relationships,
less satisfying”
“ The broker &
customer
relationship
is at the heart
of long term
success”
“ I still love the
relationships I
have built up”
“ Managing risk
couldn’t be a more
fundamental
responsibility to
take on”
“Wary and
more litigious ”
“Less trusting of
our industry”
“Want the best of
both worlds”
“Asking about what
value we add”
“Busier than ever,
less head space”
“Challenged by
technology and
compliance”
“Are we learning
or just doing?”
IBANZ Customer survey results
Online survey completed by over 60
attendees of the 2014 New Zealand
IBANZ Conference
Q1. Which statements did you agree with?
Approving our customer
experience is one of our
organisations top 3 priorities
3.8
MOST LEAST
Our customers expect more
from us 4.2 It is tougher to build
relationships 2.5
The mining of customer data
has become more important 3.9 Business is less personal 2.6
It has become harder to do
business 3.8 Brokers are less trusted 3.7
Q2. Looking ahead
1. Developing value added services (4.0)
2. We will be using data to target and pre empt behaviours (3.2)
3. Transparent pricing will be the norm within a year (3.0)
Q3. What are the biggest opportunities to improving
your business?
1. Growing economy
2. Growth from existing clients
3. Specialisation of services
Q4. What are the biggest threats to your business?
1. Direct competition, especially the banks
2. Commoditisation of SME insurance
3. Less underwriters
4. Talent management - training and retention
Two
questions
for the future
1. How will I
deliver value?
2. Do we have and execute
a clear value proposition?
“It takes far less energy to move from
first-rate performance to excellence
than it does to move from
incompetence to mediocrity”
Peter Drucker
"In our experience, the number one obstacle to
great service is the emotional unwillingness to
embrace weakness.
But it couldn't be clearer that to win in one area,
you must lose in another. Some part of your
service offering must be thrown under the bus.
Choosing bad is your only shot at
achieving greatness. And resisting it is a recipe
for mediocrity"
Frances Frei
UPS Foundation Professor of Service
Management at Harvard Business School.
1. Control
2. Data
3. Simplicity
4. Trust
5. Help before selling
6. The art of listening
7. Thank you
Myth
Image source://callofduty.wikia.com/wiki/AC-130
Reality
Connected customers are:
1. Complex
2. Nonlinear
3. Irrational
4. Emotional
5. In control
Source: “Meeting the changing needs of connected customers” (Forrester, 27th June, 2013)
#1 Control
Why self monitoring data will change your lives
Uber is a ridesharing service based in San Francisco, California, United
States. The company uses its own smartphone application to
connect passengers with drivers of vehicles for hire, whereby
customers use the app to request rides and track their reserved
vehicle's location. As of September 16, 2014, the service was
available in 45 countries and more than 100 cities worldwide,
and was valued at more than US$15 billion.
#2 Use data to
deliver personal
value
Image source://www.mediameerkat.com/blog/tag/nike-fuel-band/
“Spend less time using data to tell customers about you,
and spend more time telling them something
about themselves”
(Source: HBR Blog Network: Mark Boncheck, 3rd May 2013)
“You will make more friends in two
months by becoming interested in
other people than you can in two
years by trying to get other people
interested in you”
Dale Carnegie,
How to win friends and influence people, 1936
#3
#4 Trust
#5 Helping before selling
#6 Put
“Thank you” back to work
#7 Make listening
an art form
1. Control : How can I let go of more control and grow advocacy ?
2. Data: How can I use data to help my customers (as well as sell better)
3. Simplify: What will I simplify? Why?
4. Trust: How can I make trust a competitive weapon?
5. Help before selling: How can I proactively help my customers?
6. Listening: How can my value proposition be shaped by my customers?
7. Thank you: How am I demonstrating that I value my customers?
Some questions you could ask
4. Trust
…..a firm reliance on the integrity, ability or
character of a person or thing; a confident belief; a
faith.
“Structures and processes do not build trust.
People build trust”
(Source: Max de Pree - Leadership is an Art)
Trust and
Confidence
Relationships will
thrive
Relationships will
survive... and
potentially thrive
Relationships
will be vulnerable
Relationships
will die
Successful RM is about building trust,
not just technical knowledge
Technical Competence HIGH LOW
HIGH
TRUST Credibility + Reliability + Intimacy
Self Orientation
Source: The Trusted Advisor, Maister,
Green & Galford
=
Reliability
Reliability • Focus on managing expectations
• Always keep client informed
• Always return emails and calls quickly
• Make commitments around small things that you know you can deliver – and do it
• Send agenda and meetings notes in advance
• Make sure meetings have clear agendas and objectives
• Fit in with the way the clients likes to do things
• Always follow up
• Reconfirm events before they happen
• Don’t over promise
• Be there for your client
• Listen and playback
• Don’t blame others; take responsibility
Intimacy
Intimacy • Telling the truth – always
• Going the extra mile
• Providing insights and inspiration beyond core area of expertise
• Ask surprising questions
• Candor and challenge: expressing your opinion, having a point of view and asking the tough
questions (in the right way)
• Building shared agendas
• Empathy with your clients situation
• Noting feelings
• Opening yourself up
• Find the fun
Summary: If you want to win on customer
1. Customer: An asset not just an opportunity
2. Trust is gold: It is yours to own
3. Be clear about your value proposition: Play to your strengths
4. Business is personal: Don’t lose your ability to leverage that
Image source://gapingvoid.com/2007/05/19/technology-changes/
Thank you!
Data enabled. Creatively inspired. Customer obsessed.
Robert Limb, Managing Director
0274 790 040