vodw next level social media financial services
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What consumers expect from banks and insurers
Next Level in Social Media – June 8 2011
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Relationship with financial institutions has changed
Consumers are calling for
transparency and simplicity1
Consumers become more and
more self-directed2
Consumers rely on the wisdom of
crowds 3
Consumers are revaluing values4
Consumers prefer to be 'close’5
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Consumers' relationship has changed
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Consumers' relationship has changed
The key to restoring trust:
day to day customer experience
• Drivers related to day to day
customer service determine
40% of trust
• Financial stability determines
20% of trust
• Proof points:
- touch point performance
- customer facing employees
- ease of doing day to day
business
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Quality
of interactions
Frequency
of interactions
Pace in which
trust is restored = x
Consumers' relationship has changed
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1. Consumers call for transparency and simplicity
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1. Consumers call for transparency and simplicity
• One in five consumers is willing to pay extra for simplicity.
• The simpler the buying process, the higher the conversion rate
and enhanced customer satisfaction
• The simpler the product range, the less ‘purchase stress’,
which leads to higher response, less final disappointment.
• The simpler the product, the higher the appreciation, customer
satisfaction and recommendations to family, friends,
acquaintances and colleagues
• Simplification of products and services results in a 15% to 40%
increase in retention.
• The simpler the product, the more innovative the image of the
supplier.
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2. Consumers are more and more self directed
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2. Consumers are more and more self directed
• They value their independence. Have a critical
but fair attitude towards financial institutions. Show
relatively less brand loyalty.
• Like to be in control and make their own financial
decisions. Tend to rely firmly on their own
judgment. Value expert advice, but this does not
necessarily involve a person. Discuss money
matters with peers.
• Take a strong interest in their personal finance.
Are willing to invest the time and effort required to
manage their finances, gathering information from
a wide variety of sources. Look for a high degree of
transparency and competence.
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3. Consumers trust on the wisdom of crowds
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3. Consumers rely on the wisdom of crowds
• Majority of consumers who use social media do so in order to
obtain the opinion of friends and peers
• ‘People like me’ and ‘recommendations from friends/family’
are far better sources of trust than any branded form of
communication
• 64% of consumers who pick an insurer based on friends’
advice are satisfied with their choice.
• 59% of consumers using social media do so in order to get the
opinions of others who have already gone through the
purchase process
Forrester, BCG
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3. Consumers rely on the wisdom of crowds
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3. Consumers rely on the wisdom of crowds
Hotel Price Score Reviews
Hotel 1 € 175 5.5 100 x
Hotel 2 € 200 8 1 x
Hotel 3 € 225 8 100 x
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3. Consumers rely on the wisdom of crowds
• Percentage of claims paid in full
• Number of phone calls to get claim paid
• Time it takes for a decision to be made
• Time it takes to receive money
• Satisfaction rating
• Number of legal disputes
Insurance Prijs Score Reviews
Ins A € 1,000 5.5 100 x
Ins B € 1,150 8 1 x
Ins C € 1,300 8 100 x
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Social media as a facilitator
Transparancy &
Simplicity
Social
Media
Wisdom
of crowds
Values
Being
close
Self
directedness
Changed
relationships
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Back to the roots
Continuous
dialogue
Brand
fans
Promise
= proof
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Aligning social media and business challenges
Service Brand
Sales Proposition
1. Alignment with
business areas
2. Integration in
current mix of
activities
3. Use as a
platform for
innovation
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Aligning social media and business challenges
New sales channel Brand & product extensions
Service platform Continuous dialogue
Sales promotion Co creation
Web care Communication
Service Brand
Sales Proposition
Inspired by Ingmar de Lange et all
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1. New communication
platform in addition to
traditional media
2. Opportunity to engage
(communities of)
customers. Building
brand fans by relevant
dialogues
Brand – awareness, reputation and preference
Continuous dialogue
Communication
Service Brand
Sales Proposition
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Brand – communication platform
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Brand – continuous dialogue to create brand fans
Every 8
seconds
somebody
somewhere
recommends
First Direct to
a friend
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Brand – communities
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1. Use the crowd to
gather relevant
insights
2. Use social dynamics
to innovate products
and services
Proposition – co creation and product innovation
Brand & product extensions
Co creation
Service Brand
Sales Proposition
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Proposition – co creation
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Proposition – social dynamics for product innovation
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1. Use social media for
campaigns and sales
promotion
2. Build new sales
channels for specific
target groups online
Sales – sales promotion and new channels
New sales channel
Sales promotion
Service Brand
Sales Proposition
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Sales – sales promotion by social media
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Sales – Facebook as a new sales channel
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1. Web care as pro-
active service
channel; listen,
respond and solve
the problem
2. Use the crowd for
service innovation;
create platforms for
self service
Service – web care & service innovation
Service platform
Web care
Service Brand
Sales Proposition
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Service – twitter care
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Service – service innovation
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Conclusions
• Social media can serve as a crucial element in restoring trust.
It offers the opportunity for an open dialogue with customers.
• Alignment with relevant business areas, objectives and goals
is crucial. Social media is never a stand-alone theme.
• Measure impact and relevance. Social media thrives on the
quality of relationships and interaction. Not on quantity alone.
• Align and manage online with offline activities. Good customer
experiences are not created in silos.