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With more access to information, more sensitivity to price, and less sensitivity to advertising, consumers are getting harder to win and keep. Even as traditional marketing loses its power to bring prospects in through the front door, weak delivery against raised expectations for service and convenience sends unhappy customers out the back door. To compete in this environment, retail financial services firms need to dramatically raise the bar on the customer experience they provide. What stands in their way? Industry tunnel vision that fails to look beyond the parity efforts of immediate competitors; siloed channels and business units that provide a disjointed, inconsistent experience; and self-centered design efforts that produce channels tailored to the likes and dislikes of execs, not customers.
How can financial services firms break down these barriers to build and sustain a long-term competitive edge based on superior customer experience? By mastering the three principles of experience-based differentiation:
- Obsess about customer needs, not product features. Rather than racing to bring new product features to market, companies need to refocus on the needs of their customers — who might even want fewer features.
- Reinforce brands with every interaction, not just communications. Because traditional brand messaging is losing its power to influence consumers, branding efforts need to expand beyond marketing communications to help define how customers should be treated.
- Make customer experience a competence, not a discrete function. Delivering great customer experiences isn't something that a small group of people can do on their own — everyone in the company needs to be fully engaged in the effort.
Key Questions This Forum Will Answer:
- What customer experience strategies are disrupting the status quo in the financial services industry?
- Which retail financial services firms are beating competitors today with superior customer experience?
- How should firms change their organizations, process, and culture to compete effectively?
At this Event, Forrester analysts and industry speakers will share their views on providing superior customer experience within three distinct tracks:
- Understanding Customer Needs. To satisfy your customers, you must first understand their underlying wants, motivations, and behaviors. But this deep insight won't come from traditional tools like surveys, focus groups, and data mining. In this track, we will explore new best practices for understanding — and taking advantage of — consumer insight.
- Building Brands Through Customer Interaction. Each time you touch your customers, you either build up your brand — or tear it down. And in today's world of empowered consumers, how you interact with your customers is much more important than what you say to them. In this track we will look at best practices for designing and delivering interactions that create brand equity with your customers.
- Developing Customer Experience Skills. It's easy to understand the power of great customer experience but hard to deliver on that promise. The magic ingredient needed to make it happen: skills in disciplines like interactive marketing, online security, content management, and marketing analytics. In this track, we will look at organizational and process changes that firms should make to achieve experience-based differentiation.
Who Should Attend?
- Senior-level financial services executives who are responsible for setting organizational strategy.
- Business executives who set objectives for driving consumer sales and profitability
- Executives who lead eCommerce and user experience initiatives.
- Marketing, planning, and strategy executives charged with understanding the needs and behaviors of their consumers.
- Technology executives responsible for integrating channels and systems to better serve consumers.
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