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
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.
The world is always changing, and the pharmaceutical industry is no exception.
The Way Things Were
Customer experience research in pharma used to be heavily centered on sales representative performance because they were the “face” of the pharma company and the primary touch point with physicians. They had significant opportunity to form close, personal relationships. Research studies focused on whether sales reps were knowledgeable and professional, respected the physician’s time and helped enable physicians to better take care of patients. But a lot has changed in the past few years…
I recently sat down Don Hodson, head of customer experience (CX) at Georgia Power (GPC), to discuss how GPC is maximizing the effectiveness of its CX program. For energy brands that are working hard to create a positive, seamless experience for its customers, Don’s insight might just spark an idea that can be applied to your company’s strategy. Enjoy!
Can you explain GPC’s customer experience goals and the specific issues you’re trying to solve with research insight?
Don: Georgia Power has a strong reputation with our customers already so there is little value focusing on improving a customer sat score from 8.5 to 8.6. Rather, we look at all the interactions customers have with GPC—the channels they use, the issues they have—to identify where there are barriers to resolution or where we force them to make extra effort. Then we focus on how to mitigate those issues to reduce customer effort. Not only does this improve customer sat but, in many cases, it also identifies opportunities to decrease operational costs.
Hockey legend Wayne Gretzky once attributed his uncanny ability to read plays to, “I skate to where the puck is going to be.” That concept applies to utility chief customer officers and CX professionals; those who are tuned into consumer expectation trends understand where their “puck” is going to be.
Cogent Reports’ Utility Trusted Brand & Customer Engagement (UTBCE) study is designed to understand customer engagement from a holistic perspective encompassing brand trust, product experience and operational satisfaction, but this blog post offers a simpler framework for customer experience. First up is marketing, which allows you to tell your customers what they can expect of you as a utility. Second, and just as important, is the actual experience customers have interacting with you—and where they judge whether your marketing was truthful or just blowing smoke.
We recently released our 2016 Utility Customer Champions, which awards gas, electric and combination utilities nationwide that have the highest scores on our proprietary Engaged Customer Relationship index. Among this list are 26 utilities that have “three-peated,” meaning they’ve been designated as a Customer Champion every year since we started these awards in 2014.
Here’s what sets these utilities apart, and what your utility can do to get on the path of enduring customer engagement: