Becoming a Psychic Brand: Moving from Concept to Reality to Grow Value
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The document discusses the concept of becoming a 'psychic brand', which focuses on leveraging predictive analytics and customer insights to enhance customer experiences and build loyalty. It emphasizes the need for proactive outreach based on customer behavior rather than reactive strategies, highlighting the benefits of improved customer experiences, stronger loyalty, and higher profitability. The presentation also outlines steps and capabilities required for companies to achieve this level of engagement, including leadership commitment and integrated processes.
Becoming a Psychic Brand: Moving from Concept to Reality to Grow Value
- 1. 1 Becoming a Psychic Brand: Moving from Concept to Reality to Grow Value COPYRIGHT ©. ALL RIGHTS PROTECTED AND RESERVED. December 11, 2013 #customerstrategy
- 2. 2 Today’s Speakers Elizabeth Glagowski Editor-in-Chief Customer Strategist Journal Ron Wince President & General Manager Peppers & Rogers Group
- 3. 3 Event logistics Please turn off your pop-up blocker You will not be able to participate in today’s survey Download a PDF of today’s slides Click the green resource widget Have a question for the presenters? Click the red Q&A widget Helpful tools Click the gold question mark for help with technical issues Enlarge slides when needed Twitter Hash tag: #customerstrategy
- 4. 4 Agenda Why Be Psychic? TeleTech Psychic Research Study Results How to Become More Psychic Q&A
- 5. 5 Why Be Psychic?
- 6. On your way to the airport, your flight is cancelled 6 Why be psychic? • Your airline proactively books you on the next available flight, and • Also updates your car and hotel reservations • …Saving you from long lines and headaches
- 7. 7 Why be psychic? Your car is about to reach 60,000 miles • Console screen prompts you • You need to find a place to schedule a service appt from the vehicle to eat that will impress your client • The car sends diagnostic data • Get recommendations from directly to service department your friends who know the neighborhood • Your preferred car rental ready • At your fingertips – when you arrive reservations, directions and the daily specials • …You’re back on the road in minutes
- 8. 8 Why be psychic? You are close to reaching your mobile data limit • Your mobile provider reaches out to warn you of the potential overage • It switches you to a cheaper plan that better matches your usage pattern • And sends a list of new releases each Friday afternoon • …You enjoy a movie without worrying about data usage
- 9. 9 Steps to Being Psychic Adding individual insight and empathy to predictive models that isn’t data-driven and may originate from outside the company to enhance value and relationship Combining data from across the company to develop predictive models that will feed relevant,proactive outreach that builds value Reaching out to customers first based on behavior or value triggers, typically developed in one department (care, marketing, retention) Reactive Reacting to customers based on their behavior or explicit feedback Proactive Predictive Psychic Capabilities
- 10. 10 What do psychic brands have in common? • They create frictionless customer experiences • They reinvent processes from the outside- in • They capitalize on new technology • They empower employees • They combine their predictive data and tendencies with a human/emotional touch
- 11. 11 Benefits to being psychic 1. Better customer experiences 2. Stronger customer loyalty 3. Higher profitability 4. Increased trustability 5. Improved efficiencies • Your client is impressed It’s just good business…
- 12. 12 $$$ It costs more $ BAD CUSTOMER EXPERIENCE GOOD CUSTOMER EXPERIENCE to deliver a bad customer experience than a good customer experience It’s good business
- 13. 13 Psychic brands in action Psychic interactions are beginning to happen… …but to truly be psychic, companies must untangle the maze of channels, broken processes, and legacy infrastructure to tap into the flow of customer insight that’s out there. • Your client is impressed Hyundai’s BlueLink system sends drivers periodic diagnostic reports Google Now answers questions before you ask them
- 14. 14 Psychic gaps Gaps exist between brands and their consumers’ perceptions about psychic powers
- 15. 15 Psychic Brands Research Study
- 16. 16 Psychic brands research study
- 17. 17 Psychic brands research study
- 18. 18 Psychic brands research study
- 19. 19 Psychic brands research study
- 20. 20 Psychic brands research study
- 21. 21 Psychic brands research study
- 22. 22 Psychic brands research study Brand Readiness
- 23. 23 Psychic brands research study Brand perception:
- 24. 24 Psychic brands research study Weaknesses: Top gaps in psychic powers vary between groups
- 25. 25 Psychic brands research study
- 26. 26 Most companies are nowhere near psychic Adding individual insight to predictive models that isn’t data-driven and may originate from outside the company to enhance value and relationship . Combining data from across the company to develop predictive models that will feed relevant proactive outreach that builds value Reaching out to customers first based on behavior or value triggers, typically developed in one department (customer care, marketing, retention) Reactive Reacting to customers based on their behavior or explicit feedback Proactive Predictive Psychic Capabilities
- 27. 27 How to Become More Psychic
- 28. 28 What does it take to get psychic powers? * • Leadership and commitment • Strategy aligned across the business • Ability to capture and leverage data • Integrated processes and channels
- 29. 29 How to become more psychic •Capabilitiy X •Capability Y •Cross-departmental data •Propensity models •Capabilitiy X •Capability Y •Trigger-based rules •Capabilitiy X •Capability Y Reactive •Data warehouse •CRM systems •Customer behavior data •Customer value data Proactive Predictive Psychic Capabilities Ron, please fill in capabilities
- 30. 30 Q&A Session Elizabeth Glagowski Editor-in-Chief Customer Strategist Journal Ron Wince President & General Manager Peppers & Rogers Group
- 31. 31 Ron Wince President and General Manager [email protected] +1.203.989.2200 Tom Schmalzl Director of Business Development [email protected] +1.203.989.2208 @peppersrogers