30th October 2015

Part of LEXDEN’S MASTERCLASS IN FINANCIAL SERVICES CUSTOMER EXPERIENCE

BRAND

DIFFERENTIATING

CUSTOMER

EXPERIENCE IN FS

Presented by Christopher Brooks, Director, Lexden, Customer Experience Consultants

To differentiate on brand experience FS companies must:

1) Fulfil what matters most to customers 2) Be more appealing than all contenders 3) Deliver this through their core business

strengths and advantages

WHERE IT MATTERS MOST

WHAT WE DO BEST

LIK

E A

LL

OT

HE

RS

L

IKE

NO

OT

HE

RS

MAKE IT WORK ‘BRILLIANT BASICS’

MAKE IT BETTER ‘MOMENTS OF TRUTH’

MAKE IT MEMORABLE ‘DEFINING EXPRESSIONS’

FIX FIT

IMPROVE IMMERSE

WOW WON

In tune with customers AND stand apart from your contenders in a way they can only envy

LIKE ALL OTHERS

WOW

IMPROVE

FIX

LIKE NO OTHER

WON

IMMERSE

FIT

COMPANY LED CONSUMER LED

Operationally led CX change arrives at outcomes like all others will achieve if not now, soon. With brand at the table the business has a chance of keeping ahead

Many CX improvements focus on tech or efficiency, applying brand only cosmetically. When the gain for consumers (on what was perceived to already work) is marginal, adoption takes longer than tech ROI allows

Conventional NPD & improvement models are ill equipped for consumer led thinking. They result in lack lustre experience improvements. Consumers expect significantly more. Remember If you intend to leverage tech, remember how advanced consumer engagement is in this space – expectations exceed much of what the category delivers

Apart from price (no longer a primary driver of choice), what do these really offer our consumer in way of betterment?

Don’t just default to ‘effortless’ as a CX deliverable – consumers say ‘make it easy’ they also say ‘make it cheap’-

but they don’t calculate the trade off when they do so.

trade this risk

After this short ‘safety in mind’ path the walker has to negotiate traffic from three directions without a helpful crossing, so the previous piece of path where there was less danger is deemed as irrelevant. Therefore, they ignore the safety route because the risk beyond is greater anyway. Think about this in the context of customer journey improvements of FS products – what’s the point of having a first class app experience to get quotes if the customer purchasing system is manual and a messy?

understanding consumer

insight is very different to applying it

Chasing ‘effortless’ may be the new the race to the bottom. it’s easier to slip up (customer expectations are high and set beyond fs) and there is little room for brand, so it’s more expensive challenge to sustain

BRAND EXPERIENCE MEANS ENSURING QUALITY STANDARDS EXTEND TO WHAT YOU OUTSOURCE TOO

“I’M INTERESTED IN LIFE INSURANCE”

“<COMPLIANCE & INTRO> I’M GLAD YOU CALLED WE ARE

OFFERING A 20% DISCOUNT FOR QUALIFYING CUSTOMERS”

“I’M INTERESTED IN TRAVEL INSURANCE. CAN I GET A 20% DISCOUNT TODAY?”

“<COMPLIANCE & INTRO> NO. I’M SORRY WE NEVER OFFER DISCOUNTS ON THIS PRODUCT”

TWO CALLS. TWO MINUTES APART. SAME BRAND S A M E B R A N D

S A M E C O N S U M E R R E Q U I R E M E N T S A M E C H A N N E L

< T W O D I F F E R E N T T P A ’ S > T H E R E S U L T

R E L A T I O N S H I P D A M A G I N G E X P E R I E N C E N O T S P O T T E D I N A N Y F E E D B A C K S Y S T E M

HOW YOU APPLY IT MATTERS TOO AN EXAMPLE OF HOW TO DELIVER BRAND EXPERIENCE SOLUTIONS HELPING EMPLOYEES UNDERSTAND AND EMBED BRAND

CUSTOMER EXPERIENCE IMPROVEMENTS SHOULD NOT BE LEFT WITH THE ‘LEAN’ OR SPRINT OPERATIONALISTS. THIS WILL RESULT

IN EFFICIENT AND NEBULAS IMPROVEMENTS.

BY CREATING A FUN ENVIRONMENT WHERE LEARNING IS BRAND DIRECTED (SUCH AS THIS GAME WE DEVISED) RESULTS IN SMARTER,

MORE ON BRAND EXPERIENCES

PROVING POSITIONING WITH ACTION

CONTENT TAILORED TO MEMORIES AND AMBITIONS

Little Book of Wonders is your doorway to memorable experiences and inspirational articles that have been especially selected for eligible Barclays

clients. You can choose up to five complimentary events to attend each year, to enjoy with family and friends. You can also tailor your preferences so the

events and articles you see first are most likely to be of interest to you.

EXAMPLES OF BRANDED CUSTOMER EXPERIENCE

Branded Experiences demonstrating the brand difference through every customer engagement

LEXDEN’S MODEL FOR EMBEDDING, APPLYING AND DELIVERING BRAND DIFFERENTIATED EXPERIENCES

Products Channels Operations

Brand Experience Idea (an accessible idea aligned to our positioning which makes

our positioning meaningful to all)

Your brand positioning and values which expresses how we do this better

Your purpose and role in society

Branded Customer Principles A set of principles defining ‘consistently ‘What we do for

customers’ and ‘How it makes them feel’

Conventional Brand Activation Brand Experience Platform

Advertising

Segments Employees Marketing

Comms

Communication & Campaign Ideas

Advertising Marketing

Comms

GROWING WITH THE COMMUNITY

DISRUPTING PERCEPTIONS

EXAMPLES OF BRANDED CUSTOMER EXPERIENCE

PROFITABILITY POTENTIAL FROM CUSTOMER EXPERIENCE WILL BE COMPROMISED UNLESS…

BRAND IS ONE OF THE LEADING CUSTOMER EXPERIENCE DECISION MAKERS

+

BRAND NEEDS TO EMBRACE ALL EXPERIENCE AS EQUITY ITS ROLE IT IS TO PROTECT