I am currently in the process of financing our new family home, and have been advised by my broker the only way to “beat the banks” is to make the switch. Peg large bank vs. little bank; traditional bank vs. financial institution — make them fight for my business. Which made me question: Why do we treat what could be a life-long partnership with an “us vs. them” mentality?
A recent survey of over 4,000 C-suite Executives across 70 countries indicates that banking and financial institutions do in fact want long-term strategic relationships with their customers. They highlighted their immediate priorities are to:
- Open up to customer influence;
- Pioneer digital-physical innovation; and
- Craft engaging customer experiences.
So what happened?
You may have seen me tweet this week about how unlikely it was for me to find inspiration for my blog at the supermarket. I was wrong!
With two sick kids and a husband away for the weekend, I was looking for a smarter way to do my grocery shopping. I decided to try out the new “Click & Collect” approach – that is to order my groceries online and pick them up in store the following day. Everything was going according to plan – the website knew who I was, and knew from their loyalty program the items that I purchase regularly and suggested I include them in my basket. It also made recommendations on products I might like based on items I had in my shopping basket. Feeling like the supermarket chain knew me and my shopping needs, I happily paid for my groceries and went to collect them the following day.
The problem was, even with all that analytics and insight, they forgot to act.
Today, I had to drop into my local post office to send a parcel. Waiting in line I couldn’t help but notice the array of seemingly random items in front of me. Footballs, mini hammers, DVDs, children’s books – not exactly mail-related items.
It got me thinking – we talk about retailers using analytics to target customers with campaigns and offers they are most likely to accept. But what if you don’t know who your customer is?
A customer calls the help desk and gets routed through to you. They are not happy with the service they are getting from your company. You have to decide whether to make them an offer to keep them, or let them leave to a competitor. They may or may not be a profitable customer. They may or may not accept one particular offer over another. You may or may not have enough money left in the promotional campaign budget to make an offer. You have 30 seconds to determine the fate of this customer relationship and the impact on your revenue targets. Your time starts….NOW!