Experience is THE NEW PRODUCT!

Ah…. What a piece full week it has been (yes, right, not peaceful) – we have been working on putting the pieces together for the right customer experiences…. Continuing from last week’s article …

As we started working on “Customer Experience Framework” for you (Consolidation of our experience from multiple engagements), we realized that our key focus has to be about Company Maturity Journey in Customer context. And that it takes time – you have your legacy – processes, culture, technology, and people – to deal with.

That thought led us to shift our biz tech insights focus to your transitioning journey – from where you are today to where you want to be – where your customers become your ultimate evangelists…

So, what’s that journey all about? What are those transitioning steps – As in Level 1 to Level n? Here you go!

At a very high level, we see the journey to be a 4-step process:  

  1. Becoming more efficient from Company/Customer Context, while continuing with Inside-out focus – With focus on setting your current shop right, it’s all about all those things that need your attention and improvement. Only when you feel better, you understand the other dimension better!
  2. Conscious Shift of Focus to Customer Centricity – getting into their viewpoint. What’s most important & what’s mostly valued by them.
  3. From Customer Centricity to Engaging with the Customer – going beyond their viewpoint and engaging in their lives – around their needs beyond insurance, their sentiments, touch points etc
  4. And finally, transcending from the transactional mindset – the ultimate strategic shift – where it’s no longer about what they insure with you. It’s about them, including common goals, interests, and shared purposes. 

Where is the market today, in terms of Customer Experiences?

In general, we see companies touching the first 3 stages (with a rare breeze through into stage 4). However, most of the times, it’s not through conscious planning, implying continuing with fragmented/siloed approach. 

So, what should we do? Here are our thoughts (we are not covering planning here – you have to decide based on need, value, time & money)

  • Start with a high-level vision for the shift in thinking around Customer, Product/Service, Value (within & beyond)
  • Review current state and make the Org. more efficient through
    • Identification of focus areas for Self-Service, Straight through processing, Elimination of redundant processes, Automation of repeat manual processes, Documents Management (Inward & Outward), Communicating right etc – Business Context
    • Consideration of Web Portals, Mobile Apps, Chatbots, RPA, Workflow, Digitizatalization etc – Tech Context
    • Benefits: better transparency, ease of connect, ease of access and ease of use etc

Remember: You will still continue with fragmented experiences for customers. But that’s ok!

  • Initiate putting the dots together for transitioning from periodic to continuing customer engagement (Focus is “Customer Viewpoint” now)
    • Identification of focus areas for understanding & elimination of redundancies/duplication in customer experiences – Business Context
    • Consideration for ease of doing business, easy access, availability – Anytime, Anywhere – across all customer touch points + context specific services around Locations, Service Providers, Partners etc
    • Consideration of Mobility, Analytics, APIs, Microservices etc – Tech Context
    • Benefits – Satisfied customers (everything else is incidental)
  • Shift Focus now into immersing experiences navigating to Engagement space – where:
    • The primary focus is end-to-end experiences – very specific to each customer. You focus on engaging with them, as they navigate through their life
    • Coverage mapping is to the needs, Anytime, anywhere – through medium of my choice, my convenience, my comfort (you see yourself transitioning from beyond customer centricity)
    • Use of AI/ML based predictive analytics, E2E Digital Platforms etc – Tech context
    • Benefits – You have exceeded customer expectations!
  • Extend the focus on building value brand – where the communities are deeply connected with you and with each other, for purpose. That purpose could be anything: safety, security, passion etc. For example:
    • What are those rides that we can explore and what’s the readiness around planning, tracking, maintaining? For example: When my rides are tracked (especially tough terrains), my family feels safe & secure
    • What about exercising together, that entails rewards & discounts?
    • Benefits: You are no longer thinking about customer expectations, as your thinking is beyond

If we can build that level of engagement within the market not restricting to just policy holders, but beyond, you are essentially building deep loyalty. Your loyal customers are your evangelists. The ultimate purpose of your existence – building profitable business – becomes a by-product.

There is a lot that tech can do to help you traverse in this direction – too big a subject. Again, for another day!
 

Biz Tech Insights Team Manomay

Disclaimer: The views and findings expressed in this material are for informational and educational purposes only. It is not intended as a guideline, recommendation or a substitute to any form of Professional (Consulting or Technology) advice. Under no circumstance shall we bear a legal responsibility for the use or reliance of any information mentioned in this article.Unless otherwise specified, the views, case studies and findings expressed herein are our own. The content displayed here is the Intellectual Property of Manomay Consultancy Services (India) Pvt Ltd. You may not reuse, republish or reprint any of the aforementioned content without our written consent.