When it comes to Digitalising your business we are often asked 3 “Key” questions:
- “Where do I start?”
- “How do I navigate my way through this myriad of change?
- “Is the pain worth the gain?”
“Where do I start?”
The businesses that start with a mindset of seeing data as an asset invariably accelerate their Digital progression faster & deliver stronger results.
Woman sketching a business plan on a placard at a creative office
It’s common sense really, structuring your data in a meaningful way is a “cornerstone” to any digital strategy. In fact I’d go further it’s a key component of what sets customer focused businesses apart from the rest. Get it right & you lay the foundations for using your data & business intelligence insight smartly with both your current & prospective customers. Skip this step & you’re setting your self up for failure & disappointment.
“How do I navigate my way through this myriad of change?
If it was easy, everyone would be doing it, but the transition really isn’t as difficult as you image, particularly if your a business that has Customer & Staff advocacy at the heart go your business values.
Our role is to help you set out a clear path so that the change is:
- Built on strong foundations
- Controlled & phased
- Focused on the priorities
- Embedded into your business
For some business starting this journey is intimidating, but typically once you have a clear framework around how you are going to go about this, it becomes:
Is the pain worth the gain?”
For those that get it right, unquestionably “yes”. Whilst digitalising your business is “not for the faint hearted”, the benefits once you’ve started on that journey far outweigh the costs involved (time, energy, & financial).
Shot of a group of businesspeople arranging sticky notes on a glass wall in a modern office
Businesses that have a clear Digital Strategy & transformation plan in place:
- Tend to attract higher acquisition multiples
- Attract in investments
- Think about how they can use & access their Data as a real asset
- Focus more on how they can enhance their customer journey
- Attract in Talent
- Attract Customers
- Typically enhance their customer loyalty
- Are best placed to use predictive analytics to win
- Gear themselves up to improve their efficiency
- Customer experience driven businesses tend to see better returns on investments & outperform others across a whole variety of Customer metrics including higher average order value, & improved acquisition & retention.
- A growing % of customers (particualrly in the 18 to 34 age bracket) are prepared to share their data in return for personalised experiences.
- Members of loyalty programmes generate up to 18% more revenue than non members.
- Customers who have high quality experiences are 2.7 times more likely to keep buying from a brand than customers who have low quality experiences.
- Customers who have better historical experiences with transactional brands spend 140% more compared to customers who had bad past experiences.
Customer expectations continue to evolve & being able to access information & engage through their preferred “medium” is central to winning in an increasingly “Digitalised world”.
Author Derek Findlayson
I’m often asked what is the right strategy for my business? Invest in digital or invest in people.
My response is simple, you’ve got to invest in both, but in a complimentary way.
In my experience, those businesses that are thriving in the rapidly evolving digital world blend the speed, ease of access, convenience & efficiency of digital services with the authenticity, experience, & expertise of talented empowered people. It’s about getting the mix & balance right.
If I think about how my children, who have grown up in an increasingly digitalised world, like to access products & services, they look for:
- Ease of Access
- The speed and convenience of digital services, particularly for straightforward administrative tasks,
- Supported by ease of access to talented people when they are looking for specific advice & guidance.
A selection of staff in some of my clients gave an interesting alternative perspective on the “dilemma”. Whilst some saw the advent of digital as a potential threat to their futures, the majority, saw it as an opportunity to:
- Strip out some of the inefficient, duplicated, & mundane processes they have historically had to do day in day out.
- Deliver a better, faster, & higher quality service to their clients
- Focus their skills on the areas where they can really add the most value to their customers
- Contribute positively to the culture that attracts high quality talent into the business.
As someone who is passionate about:
- Talent development
- Creating the culture to grow your people
- Building an exceptional customer experience
- Using Technology & Data as an intelligent Business enabler
it feels to me that those business that blend their digital & people strategies in a well thought through complimentary way are the most likely to:
- Grow their businesses faster & more profitability than the rest
- Create an environment that attracts in the best & most dynamic talent
- Stimulate a continuous improvement culture that uses technology & people expertise in the right proportions & in the most effective areas
- Deliver a dynamic & engaging customer experience
Author Derek Findlayson
Why is it some businesses see Technology as a real barrier to growth in their business & other’s see it as the platform to push forward at a different trajectory & win market share?
Well if there was an easy answer everyone would be doing it, but here’s a few pointers we see day in day out from working with some of the fastest growing & most successful business in the market:
What are some of the things the Winners do differently
- Structure – Invest in shaping & structuring their Data in a way which enables them to use it proactively as a valuable asset.
- Enrichment – Actively enrich their data with relevant 3rd party Data to elevate their insight to the next level.
- Segmentation – Segment their Customer data to target & personalise any marketing, communication, or cross & upscales activity.
- Alignment – Match their data to relevant stages of their Customer Journey
- Analysis – Analyse & interrogate their data to identify relevant patterns & insight
- Elevate – Use Machine Learning & artificial Intelligence at appropriate stages of the Customer journey to optimise their proposition & success
- Intelligent & Relevant Cross & Up Sales – Use their Data Intelligently to cross & up sell relevant products & services to their clients at the most appropriate stage of the customer journey.
Getting the most out of your Technology, Data, Customer knowledge, & Insight is increasingly setting the Winners apart from the rest.
Talk to us if you are interested in knowing more about our approach to helping businesses enhance their use & understanding of Technology, MI, Data, & Customer Insight.
Author Derek Findlayson
Old World or is it …
In what other industry would you regularly find examples where the contact between a client & their supplier (in this case a broker or an insurer) might be as infrequent as every 12 months – None I’d venture to suggest!! but incredibly even in today’s world that is the reality of some customer relationships particularly those loyal & highly profitable customers who never have the unfortunate experience of having a claim.
But times are certainly changing ….
New World …
We are fortunate enough to work with some great fast growth, customer focused businesses & what often sets them apart from the competition is their total focus on the customer & in particular the customer journey. Those that get it really right:
- Grasp ever opportunity they can to interact with their clients or their prospective clients
- Understand & engage with their customers at each stage of their customer journey
- Are obsessive about gathering data & insight about their customers at each stage of the customer journey
- Continually look for ways to enhance their customer experience
It won’t come as any surprise to most of you that these businesses tend to be the one’s that:
- Are growing faster
- Are more profitable
- Pull customers & people (talent) to them
- Invest in multi channels marketing
- Are really successful at increasing customer spend through relevant & targeted cross & up sale
- Are top scorers when it comes to customer & staff advocac
As a customer myself “new world” certainly hits the mark for me …
Speak to us today if your interested in a fresh approach to developing your & enhancing your Customer Journey.
Author Derek Findlayson
For those of you who think the pace of change has been quick in the insurance world, fasten your seat belts, as it’s about to accelerate to another level …
The end of separate “Siloed” markets?
For as long as I can remember the UK Insurance market has structured itself around how it wants to operate rather than “necessarily how customers want to operate”. Traditionally, Life, Healthcare, & General Insurance have been transacted in separate siloed businesses with at times complex processes, systems, & question sets that make the customer journey more complex than it could or should be & certainly less customer friendly than it is in some overseas territories.
Customers needs & expectations are changing & increasing
But interestingly, the worlds changing. A sizeable proportion of today’s customers, & a growing proportion of “Tomorrow’s customers” EXPECT:
- to be able to access all of their insurance needs in one place
- to access their insurance Solutions through their preferred communication channel
- a simpler & better customer journey using through using Data Smartly
Using Data smartly
The use of Big data & the Connected world creates a fantastic opportunity to enhance & reinvent the traditional insurance customer journey through:
- Reducing the question set the customer needs to complete where the information is available through another data source
- Using connected real time data to enhance dynamic pricing models
- Significantly reducing the impact of fraudulent activity in the market
and perhaps most importantly:
- Making it much more easy for customers to access all of their insurance needs at each lifecycle stage in one place …
Impact of Emerging Technologies
A final thought. New technologies are & will continue to have a significant impact on how Insurance products are, Designed, Distributed, Priced, Serviced, & delivered. Here’s a few that should be on your radar:
- Wearables will drive unique behavioural insights and help insurers design unique and personalised services
- The Internet of Things (IoT) will connect an ecosystem of devices and wearables to the Internet and allow enhanced decision making
- Drones will enable efficient claims management and processing
- Driverless cars will transform the way insurance is rated
- 3-D printing & Artificial Intelligence (AI) will help prioritise and replace things that need replacing, fast.
Those organisations, be they existing providers or new entrants, that grasp this as an opportunity will be the one’s that set themselves apart from the rest …
Author Derek Findlayson