Over the past decade, digital executives and teams at banks have made strides in digital selling by upgrading and improving their public websites — and more recently their mobile apps and sites. But conversion rates on many banks’ websites remain low — in some areas, well below 10% — even as consumers’ expectations for digital experiences rise.
To take their digital selling to the next level, digital marketing and sales teams at banks should look outside the banking industry for fresh thinking. One area to look for inspiration is retail: By adapting digital tactics that best-in-class retailers use, banking digital teams can make adjustments to their websites and mobile apps that boost conversion rates and sales overall. Forrester has just published a new report that outlines “What Banks Can Learn From Retailers' Websites.” Here are just three of the ideas we discuss in the report:
Merchandise around customers’ needs and journeys rather than product silos. Retailers have found success by merchandising entire site sections, and even microsites, around customer journeys and events. Yet our research finds that virtually all banks still use products as the organizing principle on their websites. In 2013, Wal-Mart created a complete "back to college" microsite with digital marketing on key landing pages. As a result of this and other digital merchandising efforts, Wal-Mart increased the number of back-to-school products sold on its website by 30% year-over-year.
Contact center agents have a huge impact on customer experience. Unhappy contact center agents equal unhappy customers. It's that simple. Contact center agents who feel disengaged, unhappy with their job or their lot in life, or are simply having a bad day can make a customer's contact center experience seem like root canal surgery. Given that, measuring how happy and engaged agents are and then improving the agent experience should be a priority for any company focused on driving improved customer experiences.
We’ve written before about the new breed of contact center agents and what types of tools they need to succeed at their job. Technology, however, represents just a piece of the puzzle. Firstly, not all contact center tools drive positive agent experience. For example, tools too focused on making the agent experience efficient risk allowing agents to just breeze through tasks and disengage their mind — and their judgment — from the processes of serving customers. Secondly, while tools are important, they are not the only issues that influence the agent experience.
Of course, improvement begins with measurement and benchmarking. Our research shows that, to date:
Agent surveys have not provided contact center pros the insight into agent experience they need. Using HR-style surveys turns up the usual array of woes: bad bosses, bad coworkers, or bad coffee. Contact center pros cannot tackle these issues, even though they may be important to the overall work environment. On the other hand, targeting surveys to technology issues provides actionable insights on how to improve the contact center experience.
Today we released an update to our Forrester Wave™ on social relationship platforms. Forrester defines social relationship platforms as technologies that help marketers publish organic posts to social networks as well as monitor and respond to customer posts on social networks.
We identified the 11 most significant vendors in the category — Adobe, Expion, Falcon Social, Hootsuite, Oracle, Percolate, Salesforce, Shoutlet, Spredfast, Sprinklr, and Sprout Social— and researched them, analyzed them, and scored them on 41 criteria. Clients can find the full report, including some very detailed product reviews and scores, here.
One of the things we looked for in our evaluation was vendors’ ability to automate key SRP functions. We know — automation remains a dirty word in social media. No brand wants to repeat the automation-driven mistakes of Coca-Cola or Bank of America. But marketers say one of their top social challenges is hiring and training enough qualified staff. In this environment, the greatest value that social relationship platforms can offer their clients is lightening their workload.
One week ago today, we Bostonians enjoyed a picture-perfect opening day at Fenway Park. The sun was shining, temps finally warmed up after an abysmal winter, opening ceremonies paid tribute to local heroes like the Richard and Frates families,* and our beloved Red Sox beat the Washington Nationals 9 to 4.
What I love about opening day at Fenway is the optimism, the sense that anything is possible. A new season means a clean slate; the less-than-stellar 2014 baseball season is all but a distant memory.
The biggest change in our new approach is the way we judge CX excellence. To hit a home run, the 299 brands we studied had to do more than make customers happy. They had to design and deliver a CX that actually helps the business by creating and sustaining customer loyalty.
This is a guest post by Samantha Merlivat, a researcher serving B2C Marketing Professionals.
Programmatic advertising is revolutionizing the way online display is traded. It is set for high growth in 2015 across all of Europe and is a top item on marketers’ list of tech to investigate this year. After an initial take-up limited to direct-response, brand marketers are showing growing interest in programmatic buying and dedicating larger budgets to programmatic display campaigns. They embrace the ability to leverage first-party data to reach customers online and understand that therein lays their competitive advantage in the world of online display.
At the same time, European publishers – eager to meet brand marketers’ demand for more targeted, automated deals – are increasing the amount of premium inventory available through exchanges, primarily through private marketplaces. “In Europe, we see inventory and programmatic deals that are becoming more premium – even more so than in the US at moment,” notes Jerome Underhill, vice president of services and operations EMEA at AppNexus. These trends will fuel the growth of online media advertising spend, which will continue to expand at an annual rate of 12% in Western Europe until 2019.
Empowering a central team to set digital strategy, provide common platforms, and provide specialist resources can help business units develop their digital maturity by embracing a set of common standards while still tailoring their customer experience to their specific market needs. Yet many central teams run into difficulty. They fail to clearly communicate their purpose and remit, they struggle to navigate the realities of corporate politics, and they forget to demonstrate their successes through clear metrics. CIOs looking to accelerate their firm's digital journey by building a digital acceleration team should first assess their organization's readiness and appetite (see Figure).
Nokia and Alcatel-Lucent have entered into a memorandum of understanding under which Nokia will make an offer for Alcatel-Lucent in an all-share transaction. The deal values Alcatel-Lucent at €15.6 billion: Alcatel-Lucent shareholders will own 33.5%, with Nokia shareholders owning 66.5%.
Is this a “marriage of desperation” or two network solution vendors coming together to work on a broader vision for an increasingly connected world? The combination of two relatively small network solutions vendors won’t automatically translate into the formation of a new network solutions powerhouse. Most importantly, will the new Nokia truly differ from its main rivals Huawei and Ericsson as an end-to-end carrier network solution provider? Nokia’s competitors will not only face a larger new competitor but also experience the formation of a different one. This deal will mean that:
Nokia joins the small club of converged network solutions vendors. Customers expect experiences that support multiple screens and applications; equipment vendors must deliver solutions for the Internet of Things (IoT) and industrial Internet requirements by offering next-generation network technology and services. Nokia can’t cater to this market demand alone.
Nokia rejoins the premier league of network solutions providers. The deal means that Nokia’s total pro-forma 2014 revenues will more than double to €25.9 billion. The new Nokia will be the second-largest provider of carrier-grade telecoms networking solutions, with revenues in this segment of €25.0 billion, just behind Ericsson (€25.1 billion) but ahead of Huawei (€23.5 billion). With its newfound size, Nokia will gain access to scale benefits.
The global mobile revolution is still in its early stages! Forrester forecasts that there will be nearly 3.5 billion individual smartphone users among more than 5 billion individual mobile subscribers by 2019. Mobile will clearly be the new battleground where you must win, serve, and retain your customers globally. Mobile is no longer simply a digital channel; it is an opportunity to transform customer experiences and to invent new businesses. It will be the hub of new connected experiences in mature economies but the ultimate “converged” medium in emerging ones.
To move away from simply shrinking and squeezing their desktop PC websites and ads onto mobile, many B2C marketers have embraced the notion of “mobile-first”. They are starting to design websites and marketing campaigns with mobile in mind instead of simply retrofitting their approach to mobile. More often than not, mobile-first still implies that you consider mobile as channel. While you must design with mobile in mind and adapt your content to smaller screens, this approach won’t be enough to fully address the upcoming global mobile revolution.
Marketers must now leverage mobile to transform their customer experience and to act as a catalyst for business disruption.
■ B2C Marketers must transform the overall experience to win in customers’ mobile moments . . .Marketers must stop thinking about mobile as a goal or a strategy and start thinking about how it can help them achieve their overall marketing and business objectives. Only 14% of the companies we surveyed have started down this path, and only 4% of them have allocated the resources, budget, and organization needed to undergo their own mobile mind shift. Those that are investing in the mobile mind shift are pulling ahead.
It’s impossible to have great customer experiencewithout digital transformation in the age of the customer. Most of us think first about the front-end experience when challenged with improving digital customer experience. We naturally gravitate toward the direct human interface: web features and functionality, design, native mobile apps vs mobile web and more. This is the glitz of digital customer experience and there is no relaxing here—your competitors and peers continue to raise the bar.
Look at online retailers for example. Companies like Amazon and Etsy scored high on our Customer Experience Index, and both have done so being customer obsessed--not only in their behaviors but in the digital experience they deliver.
But that’s Amazon and Etsy, both digital-only brands you’d expect are creating great digital customer experiences. How about a company you wouldn’t necessarily expect? Take Grainger, a B2B seller of construction and maintenance products, that is driving significant company growth through digital success.In 2014, ecommerce made up 36% of the its revenue and accounted for nearly all of its sales growth.Over the past couple of years, it has invested in the front- and back-end: it launched a new website and mobile app while expanding its products online over 1.2 million and constructing a one-million square foot distribution center in Illinois. Grainger’s revenue and profit growth are the direct result of new, preferable digitally-based customer experiences rooted in operational excellence.
There’s a particle accelerator in the basement of one of the most celebrated art museums in the world — the Louvre. It's a piece of technology in the most unlikely of places that produces helium and nitrogen beams from a single source to reveal layers of work that are invisible to the human eye.
Why would the Louvre have invested in and put such unconventional technology to work? The better question is, “Why not?” Rather than go on a competitive hunt for more masterpieces, the Louvre devised a strategy to make the most of the assets it had. Staff members were determined to put themselves in the mind of the masters, to think outside in, and to imagine how their artists might have used their precious (and difficult-to-come-by) canvases in more ways than one. Could they discover new treasures that would fuel the Louvre’s leadership in the art world?
Putting its strategy to the test, the Louvre used the accelerator to undercover five lost images from the masterpieces of famous artists from Picasso to van Gogh. The device revealed several layers of images that had been painted over in the final version of the painting. No one knew they were there. By putting an unconventional artist-centric strategy in place, the Louvre harnessed its greatest assets. It armed that strategy with the right technology and a scientific approach to uncover the hidden story that lay beneath the surface of a painting.
In the same way, it’s time for CMOs to lead the transformation of their firm's strategic planning process to an outside-in perspective focused on the customer.