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Stop Talking Customer-Centric, Start Being Customer-CentricWhat Every Business Needs to Know to Achieve Customer Centricity
WEBINAR
Cindy VandecasteeleVP, Product Strategy
NGDATA
2 Copyright 2017 NGDATA®, Inc.
Customers are in the Driver’s SeatYour customers are now in the driver’s seat.
3 Copyright 2017 NGDATA®, Inc.
The need to meet and exceed increasing customer expectations
Simple & Intuitive
DynamicCustomization
Easy for Any Device
Customer Empowerment
Data-Driven
Digital Innovators are constantly raising the bar for customer experience and channel preference
Simple and Streamlined
Empowering
Opportunities to Connect
Anytime, Anywhere
Continuously Improving
Adding Value
4 Copyright 2017 NGDATA®, Inc.
• It’s easy for customers to switch providers• Customer loyalty has decreased• Customer trust is a an all time low
“If Google, Amazon, Facebook or PayPal offered banking services, 40% of 18-34 year olds would be likely to bank with them.”
- Accenture
5 Copyright 2017 NGDATA®, Inc.
BUSINESS to CONSUMER CONSUMER to BUSINESS
• Product-centric • Few channels, one-way
communication • Mass-segmentation• Limited customer feedback• Decisions based on experience• Reactively respond to customer
needs
• Customer-centric, driving customer advocacy
• Bi-directional communication via customer channel of choice
• Segment-of-one • Rich, real-time customer learning• Decisions based on data• Proactively respond to anticipate
customer needs
6 Copyright 2017 NGDATA®, Inc.
Imagine a world where businesses could identify opportunities and concerns associated with each of their customers before they happen—and then take action by delivering relevant, valued messages and offers to them in real-time.
That’s the promise of customer centricity.
7 Copyright 2017 NGDATA®, Inc.
“Empowered customers are shaping business strategy. Simply put, customers expect consistent and high-value in-person and digital experiences. They don’t care if building these experiences is hard or requires a complex, multifunction approach from across your business. They want immediate value and will go elsewhere if you can’t provide it.”
- Forrester Research
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9 Tips to Achieve Customer Centricity
OFFERTHE RIGHT
PERSONTHE RIGHT TIME
THE RIGHT
CHANNELTHE RIGHT
LOCATIONTHE RIGHT
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It Starts From the Top
TIP #1
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• Vision and leadership are keys for success• Customer centricity requires that everyone be on board• “Movers & shakers” can start building “islands of customer centricity”• Departments are dependent on others to provide an exceptional customer experience
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It’s a Value and a Mindset -Ensure Employee Buy-In
TIP #2
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Customer experience: “The customer's perceptions and related feelings caused by the one-off and cumulative effect of interactions with a business' employees, channels, systems or products."
Customer experience management: “The practice of designing and reacting to customer interactions in order to meet or exceed customer expectations and to increase customer satisfaction, loyalty and advocacy.”
- Gartner
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• All employees are part of a larger system: the organization• Achieving customer centricity requires the right system and removal of barriers
• Remuneration• Information• Empowerment
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Customer-Centric by Design
NGDATA’s Lily Enterprise: One Solution Powering a Smarter Customer Experience
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You Get What You Measure
TIP #3
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Don’t Forget the Wider Eco-System
TIP #4
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Make your suppliers your partners:• Let them in on your customer-centric vision• Have your customer KPIs translated into their contracts• Empower and reward them to improve the customer experience
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Fortune 50 US Retail Bank
Merchant Funded Offers
• Client Objective:
o Increase credit card transactions, targeting 10M mobile users
o Enhance relationship with bank merchants, hoping to increase uptake on offers from more than 10K merchant ecosystem
• NGDATA Solution:
o Used Lily Enterprise to make offers based on preferences, propensities, behavior and location
Knowledge of customer preferences based on internal (card transactions, merchant information, mobile device logs (location)), and a variety of external sources, including social data
Recommendations made were relevant to the individual, at the right time and location
Realized LIFT between
50% - 100%
Significantly increased redemption rates
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TIP #5
Collaborate Cross-Functionally -Organize Around the Customer
21 Copyright 2017 NGDATA®, Inc.
“By 2020 you won’t call your bank accounts “checking” accounts. By 2022 banks won’t have a head of cards or a cards division. You won’t differentiate between small business bank accounts and retail banking — customer behavior is what will differentiate the use of a value store. A mortgage will be part of a home buying experience, not a separate experience. If you choose to own a car, you’ll order a car with or without financing, but you won’t ever sign a piece of paper — the only thing you’ll need to do is nominate how much you want to pay each month and where the money for those payments will come from.
This is going to take a complete, from the ground up, rethink of every product in the business as we re-task it for real-time engagement, and it has already started. 2017 is the year where bankers start to have to deal with it in earnest.
This is what disruption in banking really looks like…”
- Brett King, “Bank Products Are Dead. Long Live Experiences!”
22 Copyright 2017 NGDATA®, Inc.
CMO/CXO, CIO and CDO All Benefit From Lily Enterprise
Lily Enterprise Enables the C-Suite in Today’s Perfect Storm
CMO/CXO CDO
CIO
Maximize Value From the Customer
Relationship
Maximize Value From Data &
Analytics
Realize Value From Big Data Lake Investments
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TIP #6
Make Every Interaction a Connection
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The customer journey is no longer a linear process, but rather a more complex and convoluted experience with multiple channels and devices involved.
Every interaction with a customer should be seen as a “moment of truth.”
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Value Delivered from Customer Lifecycle Optimization
Lily Enterprise: Delivering Value Throughout the Entire Journey
Customer LoyaltyChurn reduction 16%
Overall Journey SatisfactionNPS +15 ptsMargin +4-5%
Advisor SupportCustomer Satisfaction +30%Support Cost -30%
Ad Targeting/Personalized AdsPrecision +65%Ad waste -58%
NBO/NBA Conversions x4-5
ExperienceSupport, Service
BUYMarket, Sell, Renew
Driver = Revenue
Driver = C-Sat/Advocacy, Efficiency
Personalization/CommunicationUpsell +25%
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TIP #7
Provide Opti-Channel Engagement
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Truly customer-centric organizations are opti-channel – they offer their customers a “beyond channel” customer experience: consistent, integrated and seamless, no matter which channel your customers choose to use along
their journeys.
That’s opti-channel. That’s customer-centric.
Lily Enterprise’s Living Customer DNA:Real-Time, Atomic Customer Profiles
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TIP #8
Use Your Data to Build Living Customer Profiles
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Data Silos
The Big Enterprise Challenge
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Lily Enterprise’s Living Customer DNA
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Living Customer DNA
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…Available for ALL of Your Customers
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Resulting in More Efficient & Effective Data-Driven Marketing Actions
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TIP #9
Learn From Customer Feedback
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Plan-Do-Check-Act
Aim for continuous learning, continuous improvement
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Interactions Decisions
Feedback
Alerts
Lily Enterprise: Closed Feedback Loop
Continuous Monitoring
Customer DNA
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Ready to Start Your Journey to Data-Driven Customer Centricity?
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Build Your Roadmap to Customer Centricity with NGDATA
The Use Case Roadmapis Underpinned by an Evolution
Use Case 1:
ACQUISITION & CROSS-SELL
“Personalized Banners”
WebInbound Targeting
Use Case 2:
CROSS-SELL &SERVICING
“Personalized Communication”
Online/Mobile BankingInbound Targeting
Use Case 3:
RETENTION
“At Risk Customer Calling”
Web Inbound Targeting
Use Case 4:
UP-SELL
“Personalized Offering Video”
EmailOutbound Targeting
Determine “Impact” vs. “Effort”
Start with ”Quick Win”
Gradually Bring in Complexity
USE CASEPRIORITIZATION:
1
2
3
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NGDATA Roadmap Methodology
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Become Truly Customer-Centric
Marketer View (ROI & Customers) Through Lily Enterprise
Get Single View of the Customer with Living Customer DNA
Get Insights to Trust with Smart Messaging
Get Dynamic, Actionable Segments with Real-Time Data
Get Precision-Targeting with Sets
Get Opti-Channel Customer Experience with Alerts & Triggers
Get Customer Journey Optimization with Multi-Channel Integration
Get Personalization with Multiple Use Cases
41 Copyright 2017 NGDATA®, Inc.
Thank you. Any questions?
NGDATA’s customer experience operating system (CX-OS), Lily Enterprise, is the central nervous system of the customer-centric organization, and a single solution to power your customer experience.
Connect With Us.
cindyv@NGDATA.com
www.NGDATA.com
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