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Customer retention

Customer retention. IT’S ABOUT TRUST aND SATISFACTION. Agenda. State of customer satisfaction is dismal. Customers have never had so much power. The status quo is not enough – they’re leaving. It’s a matter of trust …. Transform to gain retention from satisfaction:. - Listen intently.

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Customer retention

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  1. Customer retention • IT’S ABOUT TRUST aND SATISFACTION

  2. Agenda State of customer satisfaction is dismal Customers have never had so much power The status quo is not enough – they’re leaving It’s a matter of trust … Transform to gain retention from satisfaction: - Listen intently - Personalise - Engage - Connected - Quality

  3. Some thoughts from yesterday… • Shut its UK Insurance super-aggregatorlast year – far too impatient! • It’s Android OS could be used for dynamicriskpricing – they have the data! • Leader in AI - acquired DeepMind in 2014 • Investing heavily in Health, DrivererlessCars, Smart Technology – bought Smart Homes in 2014. • Has 5 products with a billion users. • Google • Working with Cisco to negotiate cybersecurityinsurance discounts for clients. • Offers limited insurance for it’s own products via AppleCare. • Operates payment platform ApplePay – US customers can pay health insurance premiums. • Investing heavily in biometric tools and health apps. • Apple • Usedbyinsurers to improve CUX e.g. chatbot integration, and data to create and segment customer groups (BoughtbyMany), or streamline quotes (DigitalFingerprint). • Insurers have tried to use Facebook data to pricerisks for 1st time drivers. • Has 2 billion users. • Facebook • >300 million customers. • Looks to sell “embedded” insurance – launched AmazonProtect in 2016 – cover for accidents. • Launched AmazonLending in 2011 - $1bn in loans provided in 2016. • Set to roll-out policyrenewal and amendments via Alexa. • Recruiting Insurance talent in the UK • Amazon

  4. State of customer satisfaction is dismal • “Less than one in four (23.9%) of risk and life policy holders were ‘very satisfied’ with their insurance company .. the lowest of all insurance types” • Roy Morgan’s Single Source survey Build Satisfaction across the value-chain • “It costs 13x more to attract a new customer • than to keep an existing one.” • (Reichheld and Sasser Need to keep hold & growthevaluableones • “70% of the reason customers leave a company • has nothing to do with the product.” • Forum Corporation Think in terms of experiences, emotions and trust

  5. Customers have never had so much power • Evolved expectations– customers know what they want, when and how • – same experience as from their e-retailer e.g. Amazon • Connected customers – easy product comparison (5bn linked to the internet by 2020) • Social media – no-where to hide mistakes • Ethics– demand ethical behaviour • Immaterial– it’s the experience that matters • Relationship– they want affinity, not be a by-stander • Value– know what value for money is • Easy to switch– digital channels and new competition is driving churn

  6. The status quo is not enough – they’re leaving • A CRM system • Customer Care Training • Newsletters • Discounting • Self-Service • Web-Sites • 24 Hour Contact Centres • Innovative Products

  7. It’s a matter of trust … • When customers trust a brand, 83% will recommend it; 82% will continue to use it. CONCERTO MARKETING GROUP AND RESEARCH NOW • Clarity of Vision– based on your customers • Solid foundation – enthuses competency • Engaged employees – delivering quality naturally • Transparent – honesty and integrity • Who you are • Practical benefits – clear, tangible, real, obvious • Consistency – high quality, any channel, any time • Relationship – userfirst, not product or transactional • Innovation – agile and never stands still • Simplicity– easy, quick, friendly and intuitive • What you deliver

  8. Transform to gain retention from satisfaction • 1) Listen intently – to what they want out of life, not just from you • 2) Personalise – anticipate, adapt & target what they want / need • 3) Engage simply – at every opportunity interact and build a relationship • 4) Connected service – high quality experiencein all channels • 5) Quality experience – make your advisors & customersyour advocates The future is already here.. It’s just not well distributed

  9. Unconstrained Thinking Exceptional Results THE PA PROMISE Clients choose us because we are committed to bringing them the right expertise – unconstrained by conventional thinking we deliver exceptional results with lasting impact. • THE RIGHT TEAM • We focus our expertise where you need it most. Committed to a common goal, we are free to pull together experts from across our whole firm to ensure you get the right team. • UNCONSTRAINED THINKING • You get team players driven to understanding individual needs and finding new ways of unlocking your business’ potential – challenging assumptions, unconstrained by conventional thinking. • EXCEPTIONAL RESULTS • Our experience and commitment to doing things right mean we will overcome every obstacle and together deliver exceptional results for you and your company. • LASTING IMPACT • Our work goes beyond getting the job done – we share our knowledge to create a lasting impact and a brighter future for your organisation, your people, your customers and you.

  10. World-ClassService Capability BUSINESS DESIGNWe transform industries through better business design. BUSINESS INTELLIGENCE AND ANALYTICSWe help our clients pinpoint valuable insight from complex quantitative data and qualitative information. DIGITALWe help our clients realise their digital ambitions STRATEGYWe help our clients identify, evaluate and develop strategies for substantive growth. IMPLEMENTATIONWe specialise in helping organisations shape and deliver out-of-the-ordinary transformation programmes. IT ASSURANCE AND DELIVERYWe make sure our clients’ complex IT programmes are delivered successfully. IT TRANSFORMATIONWe transform our clients’ IT capability for the future and optimise current IT performance. PEOPLEANDTALENTWe help our clients get the best out of their people. TECHNOLOGYINNOVATIONWe develop innovative products and manufacturing processes – optimising technology management and supply chain performance. TRANSFORMING OPERATIONAL PERFORMANCEWe help companies realise significant and sustainable performance improvements across their business functions.

  11. For More Information Surinder Raju Financial Services ExpertPA Consulting Group   10 Bressenden Place, London SW1E 5DN, United Kingdom Tel: DD: +44 207 798 2775 Mobile: +44 7966-55-37-88 E-mail: Surinder.Raju@PAConsulting.com • www.paconsulting.com

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