Improving the customer experience (CX) with increased personalization and needs based selling from all customer facing touch points.
Customers have come to expect a personalized, needs based selling approach in many different areas of their lives. The next product sale algorithm is the primary ROI driver for your CX program. The most sited goal of implementing a CX program is to gain a greater share of wallet with your customers. Your CX program needs to provide a personalized experience that builds both trust and then offers the appropriate product through the preferred service channel. The basic CX premise is solid. Implementation is very difficult. In fact in a survey conducted by DBR Research, 20% of banks identified the customer data analytics component of a CX program as their primary reason for failure.
Implementation of a CX program can seem intimidating at the onset. However, the project can be structured with a set of milestones delivered over time so that each step can build on the one before it. The development of a customer analytics platform that functions as the core driver of the program is a logical place to start. Integration of all the touchpoint to not only distribute content but to collect response/non-response data can be implemented in a logical series of steps. This step by step process not only provides learning that makes each subsequent step easier to implement but it can create a self-funding project where the incremental revenues from early steps help fund the later stages of the project
Four critical success activities/skills that should always be part of your campaign development process.
1. Conceptual Resonance and Campaign Relevance
You have to use campaign concepts that will resonate with your customers and prospects. Where do you get your ideas for marketing campaigns? Many small banks and credit unions take the safe route and/or follow the lead of their CEO, but this isn’t always be the best approach. It is important to build campaigns that focus on enhancing the customer’s journey with your institution. This means offering appropriate products or services with messaging that is consistent with their relationship with your institution.
2. Test, Learn and Evaluate Multiple Outcomes
For all campaigns, make sure to establish not only new business goals but “learning” goals as well. As you go through the process in step one — assessing your various campaign ideas — there will no doubt be debate on the best way to implement the campaign concept. Many times these debates can be decided by including a test to determine which of the campaign are the most effective.
3. Seize the Data
You must capture as much data from your campaign as possible. There are many places you can harvest useful data with any direct marketing campaign. Every time someone interacts with your institution, you are creating an event that impacts the customer somehow. Being able to capture customer reactions to these events is critical to growing your customer database and enhancing your customer journey.
4. Post-Op Analysis
The fourth and final fundamental step is undertake a formal campaign wrap-up. Once the campaign is completed and you are reasonably sure the response curve has reached its conclusion, it’s time to do a campaign evaluation or wrap-up. This evaluation looks at all aspects of the campaign from the results, learning, operational, compliance and any other factors that impact the results of your campaign.