Customer experience: 4 things you need to be doing10th August 2017
By the end of this year, 89% of marketers believe that customer experience will be the primary differentiator for their business (Source: Gartner).
Implemented well, this shifts customer perceptions, behaviour and also company performance.
Those businesses that invest in customer experience see their key reasons for doing so as being; improvement in retention, greater customer satisfaction and cross and up-sell.
How can your business help drive a better customer experience?
We believe there are 4 key elements to delivering a great engagement:
1. See the full picture
Create an individual customer profile which consolidates multiple data sources – typical disparate data sources include transactional, behavioural or even external enrichment data. Forming a single customer view provides real insight and understanding of customer needs.
2. Optimise conversion
Enable your business to optimise conversion across your customer journeys. Harness your data to drive increased personalisation and pre-population, making customers feel recognised and valued. Simpler, consistent journeys made easier. Create a single, seamless experience across all your channels (site, mobile, contact centre & branch).
3. Be where customers are
Embrace the consumer’s desire for integrated servicing across multiple channels, using all media (such as email, display, SMS, post, phone and social platforms) to foster engagement and build a valued relationship. Use technology to deliver a dynamic experience, responding to customer behaviour intelligently and in real-time.
4. Measure, evaluate and learn
Consolidated data enables real understanding, not just about the worth of the customer, but also their behaviour and journey. By taking advantage of new technology, you can create a flexible platform that can evolve and be continually optimised around the key journeys measured – understanding performance and listening to customer feedback.
What can you expect from having a better customer experience?
By placing the customer at the heart of your business, you can unlock the real value to be gained from fully protecting families and commercial customers.
Creating a dynamic user experience can provide many benefits for you and your business; increased customer value through improved conversion, cross-sell and upsell, and enriched growth and efficiency. Optimising the use of data – driving relevance and developing new touchpoints to engage with your consumers.
Alongside these, through enhanced digital self-service capability, propensity of use is increased and overall operational costs are lowered.
The opportunity is to take advantage of new technology, providing insurance product-agnostic capability that can work across any back-office system or rating engine. Establishing dynamic, data-driven environments that interface with existing technology stacks means no existing IT infrastructure needs to be changed and no previous investment is wasted.
These can also have in-built flexibility to allow continual optimisation of your customer experience – whether this is through launching new products or improving conversion of core sales or service journeys.
Increasing your speed to market whilst ensuring greater ease in deployment. Maximising the impact of your ‘change’ resource and lowering operational costs.
Providing a single, seamless brand experience that’s easy to use and always available.
HUGHUB can help your business
Let’s create a simply better customer experience within financial services. HUGHUB would be delighted to see how we can help you meet your business challenges today.