It’s not uncommon for financial services market researchers to have to share results that are not what clients and their stakeholders were hoping to hear. And yet speaking research-driven truths is an imperative when developing products and improving the customer experience.
This is especially true when consumers see a client’s product as a “commodity,” meaning something all financial services providers offer that are pretty much interchangeable in terms of features, benefits and costs. This is particularly tough when the client’s product team is involved because it can feel like a non-starter, as though there’s nothing they can do to differentiate the offering.
This couldn’t be further from the truth.
Having just spent a long weekend in Central Oregon, I saw first-hand the haze of smoke from numerous forest fires filling the sky and listened to locals’ concerns about the progress of fires nearest them. This brought the routine news stories featuring a succession of natural disasters—from tropical storms along the Gulf Coast to wildfires across the Pacific Northwest to flooding in southern California—into sharp focus. Despite the certainty that these events will occur, forecasting when and where has become a multi-billion dollar business challenge for the US insurance industry. But one thing remains constant—each claim is experienced one household at a time by customers who never expected that it would happen to them.
Retailers that can’t deliver a personalized experience are at serious risk of becoming irrelevant soon. According to a study from Accenture, 75% of shoppers are more likely to do business with companies that recognize them by name, offer relevant recommendations and remember their purchase history.
This study highlights that we’re in the midst of a paradigm shift in the shopper-retailer relationship. With mobile technology and a wealth of information at their fingertips, shoppers want an experience that’s tailored to their individual needs and desires. They crave a one-to-one relationship with the retailers they do business with—and they’ll happily switch brands if that expectation isn’t met.
In the race for personalization, digital natives have an early lead. That’s because they’ve built infrastructure and business models that enable the real-time collection of data and the delivery of customer needs. But both incumbents and newcomers in retail need to realize that personalization isn’t simply a technology problem—it’s an insight problem that revolves around the customer journey.
To get personalization right, retailers need to take a step back, start from the beginning and look at the big picture. It requires understanding not just the logical aspect of purchases, but also the emotional triggers that convince shoppers to buy.
In the rapidly evolving healthcare marketplace, the role of a primary care physician (PCP) is changing. Healthcare organizations are working to surround PCPs with broader care teams—nutritionists, mental health professionals, social workers and physical therapists—to provide PCPs time to focus on the most critical patients. In addition, PCPs provide a valuable link in referring patients to a healthcare organization’s specialty care offering, leveraging the power of a unified electronic medical record, driving pay-for-performance reimbursements, and strengthening patient loyalty. It’s probably not surprising, therefore, that health systems we work with are seeking to learn more about the patient/provider relationship.
Amazon recently announced that its Amazon Lending service surpassed $1billion in small business loans over the past 12 months.
Wait, Amazon? Small business loans? Amazon isn’t a bank, but that doesn’t seem to matter. And that got me thinking, could Amazon be a bank for consumers, too?
Most likely, yes. Trust is the foundation of any relationship, especially when money is involved. Market Strategies’ financial services market research reveals that half of consumers would trust a company that does not specialize in banking to provide their banking. Of those, 26% would trust Amazon, 22% would trust Apple, 21% would trust Google and a whopping 63% would trust PayPal. Not surprisingly, younger consumers (58% of those 18-34) are even more likely to trust a non-bank to provide their banking.
How Customer Service is Being Transformed by the Growth of Mobile Messaging
The world watched in astonishment a few weeks ago as a video surfaced of a United Airlines passenger being physically dragged from a plane after he refused to give up his seat on an over-booked flight. The airline’s initial response was almost as catastrophic a PR disaster as the actual event, going into detail on the policies and procedures, but showing none of the human compassion that all of us would expect from a brand that purports to care about its customers.
The Role of the Patient-Physician Relationship in Marketing Healthcare
Editor’s Note: This is a first look at findings from our recent omnibus study that examines the patient/provider relationship. Also read our latest post for a full analysis and download the report, Commitment to the Patient/Provider Relationship.
Many of our health system clients have begun to investigate more deeply the patient-physician relationship—a relationship that is complicated, multi-faceted and, for many, vitally important. For example, we’ve uncovered information people rely on when selecting a new provider, the most appealing characteristics of a physician’s practice and aspects of the patient-physician encounter that matter most. These studies are important given an employed primary care provider’s critical role in referring patients to a health system’s specialty care, leveraging the power of a system’s EMR capabilities and improving employed providers’ HCAHPS scores.
Technology is disrupting the insurance industry, including the claims arena, from new claims management systems and mobile apps that enable consumers to submit loss reports to a remote adjuster to the use of drones to efficiently gather structure damage data. But are the benefits all one-sided or do customers perceive value in these innovations, too?
Market Strategies conducts numerous thought leadership studies for our clients. These studies are often released under the client brand so you may not even know they were conducted by us when you read about them in the New York Times or The Wall Street Journal, or hear about them on CNBC. While we can’t give away specific findings from our studies, we can tell you that the most recent studies have been impacted by a fascinating polling phenomenon—optimism. Continue reading
Editor’s Note: Our Consumer & Retail team is launching a blog series for the retail and FMCG industries. In the coming months, we’ll share our thoughts on recent advancements—backed by real-world examples—around the consumer journey from innovation and personalization to channel attribution/interaction and omnichannel marketing. Subscribe to FreshMR now so you don’t miss any updates.
The retail and FMCG industries face an uncertain marketplace where prior known certainties can no longer be relied upon. In that reality, there is nothing quite as exciting in product development research as helping clients discover the products of the future.
One notable example is the number of clients who have asked us to help them develop “company-specific norms.” Many clients have relied on ‘generic’ norms for their simulated market testing, but they’re now ready to move in a different direction. Why? One client responded quite clearly, “We’ve found ourselves developing concepts to ‘beat’ the testing process to move forward, rather than to actually meet consumer and market needs.” The tail was wagging the dog, and potential new products were being designed to beat the process. As a result, the process had become more important than the outcome. Changing the way they looked at normative data was just one way in which this company was trying to reassess their innovation journey to change success/failure outcomes.