This document provides an overview of a webinar on customer experience management. It introduces the speakers and discusses the changing mindset of new digital customers. It outlines capabilities around understanding the new customer, retention strategies, customer acquisition, and the role of advanced analytics. Specific case studies are presented on guiding investor emotions, retention strategies through customer profiling and nudges, and optimizing a retail bank's credit card acquisition journey. The webinar argues that customer journeys need to be managed from an emotional and purpose-driven perspective using tools like machine learning, nudges, and journey optimization.
2. WELCOME TO OUR WEBINAR!
MICHAEL RENZON
CEO & Co-Founder
inQuba
UPENDRA DHARMADHIKARY
Vice President
Tech Mahindra Consulting
3. MEET YOUR NEW CUSTOMER!
• I am Digital
• I can Navigate
• I am Creative
• I am Empowered
• I have Choice
• I make well-informed Decisions
• I will be treated Fairly
• I have a Social Conscience
4. WE’RE AT A CROSSROADS…
ARE WE READY FOR THEM?
CAPABILITIES
Understanding the new customer
mindset
Enabling you to anticipate behaviour and
deliver proactive experiences
Retention moves to the fore
Businesses have to win back what
they’ve lost
Customer acquisition &
conversion
The sales funnel is dead and new
engagement strategies are needed to
drive conversion in the new marketplace
You get me!
Advanced analytics
and AI
5. WE’RE AT A CROSSROADS...
ARE WE READY FOR THEM?
But…
Customer Journeys
are the realm of the
CX Professional
Not the Marketing Professional
8. PAIN POINT MATRIXNEW CUSTOMER. NEW MINDSET.
CREATE POSITIVE MEMORIES
Apart from focusing on creating
experiences, organization’s focus
should be on moments that have
emotional and significant impact on
people
ACT WITH PURPOSE & AUTHENTICITY
Humans are truly motivated by finding meaning in their lives. Instead of focusing on
monetary benefits, companies should focus on sharing the purpose of their effort which
will help in increasing commitment and loyalty
CULTIVATE DEEP EMPATHY
Successful people experiences are
based on an in-depth understanding
of their behaviours, feelings,
motivations and proactively satisfying
their needs
Seamlessly connects
Humans & Technology,
Physical & Digital Channels
& Moments of Truth
2
Solves problems - for
Humans, therefore
businesses
3
Upholds authenticity,
contextual relevance,
delivering to promise,
empathy, needs, ease, style,
sense of control & creation,
being listened to.
1
10. NEW CUSTOMER. NEW MINDSET.
Investor
journey
Sprint 1: wks 1-6 Sprint 2: mos 2-12 Sprint 3: yr 1-4 Sprint 3: yr 4+
Onboarding Maintenance Change / withdrawal Maintenance
How we want
investors to
feel?
Knowledge / understanding Assurance Equip beyond product Long-term relationship
Acknowledgement
Investor
engagement
tool box
Key content:
Saving for retirement
Different retirement products
The role of financial advice
Key content:
Investor Portal
Personalized Investment
returns
Investment seminars
Key content:
Key milestones
Offshore products
Life cover etc.
How to save more
Key content:
Ensuring a sustainable lifestyle
Accounting for inflation
What we want
investors to
do?
Retirement / withdrawal
12. Explore Buy Use Pay Change Get Support Leave
RETENTION
Interested
Happy
13. CASE STUDY: RETENTION
Deep understanding of clients
at risk & advanced retention
orchestration strategies
OBJECTIVE
14. RETENTION MOVES TO THE FORE
Which groups
of customers are at
risk?
Who?
1
What
are the specific
nudge strategies for
each group?
What?
2
When
should the nudges be
triggered?
When?
3
16. RETENTION MOVES TO THE FORE
Who?
Which groups of customers
should be targeted for
nudging?
1 2
What?
What are the specific
nudges for each group?
3
When?
When should the nudges be
triggered?
Archetype 1: Lapse
intervention
High risk, low advocacy,
medium affordability
Archetype 2: Proactive
maintenance
Medium & low risk, medium
affordability
Archetype 3: Low
affordability
High/medium/low risk, low
affordability
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18. CUSTOMER ACQUISITION & CONVERSION
Characteristics Scenarios Human Behavior
INSIGHT
ASSUMPTIONS
Market Segments –
Sizing and high-level
attributes
Personas – A
demographic of a
customer
Personas + Scenarios –
Capturing reaction in a moment
in time
Now it’s about understanding
Characteristics
Personality / Traits
Attitudes
Motivations
Brand / Service perceptions
Beliefs
Lifestyle
Lifestage
Micro / Macro Situation
Needs
19. CASE STUDY: RETAIL BANK CARD ACQUISITION
• Reduce NTU’s
• Move the customer to the next node or point in
the acquisition journey
• Test ML and how it can enhance this journey
• Best offer first
• Operational and cost efficiency
OBJECTIVE
20. Customer
Applies for a
Credit Card
Customer
Accepts
Quote
Customer
Receives
Card
Customer
activates and
spends
Application
incomplete
Quote
pending
Quote
declined
NTU
Card not
activated
No spend
after
activation
Delivery
Experience
Sales
Experience
Application
fulfilled
Documents
outstanding
Case management
Stall Points
JOURNEY MANAGEMENT MACHINE LEARNING
Feedback collection
ML
VoC data
Transactional
data
Credit data
21. Card Activation Initiate Spend Not Taken Up
Intervention No Intervention
Intervention
No Intervention
Journey Optimization Performance
7-month period
1X
2.08X
1X
1.98X
JOURNEY OPTIMIZATION PERFORMANCE
29. JOURNEY ACCELERATOR
3 simple steps
1
Schedule your 2-hour
interactive, virtual
workshop
WHAT WE’LL DO
• Map your customer journey
• Define customer profiles
• Identify nudge opportunities
• Identify data requirements
• Quantify the ROI
WHAT YOU’LL GET
An Accelerator Pack to start your Journey discovery:
• High level Journey Design
• Step 2 documented
• Journey ROI Modeller
2
3
info@inQuba.com Subject: ‘SUMMIT Accelerator’
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30 SEP 2020
90% Economy, New
Rules! How can CX
Professionals survive
and thrive?
28 OCT 2020
Make Better CX
Decisions & Convert
Customers with Data
Science
25 NOV 2020
The Marketing role of
the CX Professional
27 JAN 2021
Journey Acquisition,
Retention, and
Optimization
#INQUBACXSUMMIT
WEBINARS
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“novel mindset” is cue
