All Customers Are Not Created Equal
All Customers Are Not Created Equal October 24, 2014
Facilitated by: Bryan Yetman First Durham Insurance
All Customers are not Created Equal Date: October 23, 2014 Location: IBAO Convention Facilitator: Bryan Yetman Proudly Sponsored By: AVIVA Canada
AGENDA •Introduction ! •Meet the usual suspects ! •Defining service standards ! •Consumer contact strategy ! •Action plan & next steps
OBJECTIVES 1. Learn how to identify your ideal client 2. Build a service model that better reflects your Clients/“Usual Suspects” 3. Develop a “Consumer Contact Strategy” that better reflects Clients/“Usual Suspects”
OBJECTIVE #1 LEARN HOW TO IDENTIFY YOUR IDEAL CLIENT
MEET THE USUAL SUSPECTS
BOB
JR.
BOB
EMILY
BOB
DUDLEY
BOB • Long Term Loyalty (3 yrs+) • Likely over 40 • Cannot buy more Insurance • Good Loss History • Good Payor • High Revenue Client • Likely Busy Complicated Lifestyle
• Values Advice • Is a connector • Grounded expectation of service • Raises concerns with you and you first • Give you a chance to “make it right”
BOB JR.
BOB JR. • Multiple Lines but could have more • Higher than Average Revenue but not as much as BOB • Between 30 - 40 & Established • Life becoming complicated • Juggling a Financial Plan
• • • • • •
Good Loss History Good Payor Values Advice New Customer Like BOB BOB’s Friends or Buddies May like e-commerce more • Will share concerns with you & others
EMILY
EMILY • Move frequently • More price sensitive • Values relationship but not like BOB & Jr’s. • Good payor, • Good loss history • Good Risk, Simple Risk • Just the facts please !
DUDLEY
! ! • Can be set upon 2 paths ways: • Bob Jr. - Through advice, education & good experience • Dudley - through complacency
DUDLEY • Wastes Time • Wastes Money • Impossible to Please • Frequent Claims • Bad Payor • Not Loyal
EXERCISE - IF YOU HAVE $100 • If you had $100 • WHO would you invest it in? • WHY would you choose that individual? • WHAT would you do with it?
YOUR CSR
YOUR CSR • All comers culture • Calls & Emails for endorsements, claims, quoting, re-marketing, ITV’s… • Different rules for different companies • Different ways to do the same thing • Reactive not Proactive
DISCUSSION
WHAT PREVENTS US FROM FOCUSSING ON BOB, BOB JR. & EMILY?
EXERCISE - SEGMENTATION SEGMENTATION BOB !
Identify a Bob in your office? What defines him?
Emily !
Identify a Emily in your office? What defines her
BOB Jr. !
Identify a Bob Jr. in your office? What defines him?
Dudley !
Identify a Dudley in your office What defines him?
CONCLUSION • Every Customer Brings Value • But not necessarily the Same Value
! So then why do we often end up treating them all the same?
OBJECTIVE #2
Build a service model that better reflects your Clients/“Usual Suspects”
DISCUSSION
Customers expect different benefits depending on their loyalty True or False?
WHOSE CALLING • BOB CALLS • BOB JR. CALLS • EMILY CALLS • DUDLEY CALLS -
DEFINING YOUR SERVICE STANDARD BOB !
CURRENT
Emily !
CURRENT
FUTURE
FUTURE
BOB Jr. !
CURRENT
FUTURE
Dudley !
CURRENT
FUTURE
OBJECTIVE #3
Develop a “Consumer Contact Strategy” that better reflects Clients/“Usual Suspects”
CUSTOMER CONTACT STRATEGY 1. Update database to include emails 2. Ask your clients how they prefer communicating (update database) 3. Leverage the full functionality of your BMS 4. Determine what you want to achieve & develop a plan 5. Segment your client base ~ then further segment 6. Develop service standards for each category of client
3 THINGS TO ASK - ALWAYS! • What will it take it make this happen successfully? • What challenges might you be faced with? • How do we overcome these obstacles?
EXERCISE - GROUP
• Step 1 - Update database to include emails • Step 2- Ask your clients how they prefer communicating (update database)
EXERCISE - GROUP • Step 3 - Leverage the full functionality of your BMS • What do you know already? • How can we use what we know to better meet expectations?
EXERCISE - BREAKOUT
EXERCISE - BREAKOUT Step 4 -‐ Determine what you want to achieve & develop a plan. Who will you Contact?
What will you say?
• Retain a Customer
• Referral Campaign
• Acquire a new customer
• Inform
• Cross sell or upsell coverage
• Win back a lost customer
EXERCISE - GROUP
Step 5 - Segment your client base - then further segment
EXERCISE - GROUP
Step 6 -‐ Develop service standards for each category of client
IBAO.ORG.CONNECT
CONCLUSION All Customers are not the same •Who are your usual Suspects? •What Value do they bring? •Who is your ideal client?
CONCLUSION Should we treat all customers the same? We MUST sit down and think about service standards that • Reflect the client • Drive engagement with the right clients • Work to move clients along the spectrum
CONCLUSION • You can’t talk to all customers the same? • You MUST sit down and think about your communication plan? • Define what motivates each customer segments? • What are you trying to achieve?
Set expectations of what you need to get there as well as when
QUESTION Do you feel that upon returning to your office you would be better able to: • Identify your ideal client • Build a relevant service model that serves customers more appropriate to their segment • Utilize some of today’s exercises to develop a more strategic communication strategy
1 KEY LEARNING What is one key learning that you will implement immediately?
THANK YOU LOLA THAKE Director of Education 416.488.7422 x112 l 905.802.6292 [email protected] l www.ibao.org
Facilitated by: Bryan Yetman First Durham Insurance
All Customers are not Created Equal Date: October 23, 2014 Location: IBAO Convention Facilitator: Bryan Yetman Proudly Sponsored By: AVIVA Canada
AGENDA •Introduction ! •Meet the usual suspects ! •Defining service standards ! •Consumer contact strategy ! •Action plan & next steps
OBJECTIVES 1. Learn how to identify your ideal client 2. Build a service model that better reflects your Clients/“Usual Suspects” 3. Develop a “Consumer Contact Strategy” that better reflects Clients/“Usual Suspects”
OBJECTIVE #1 LEARN HOW TO IDENTIFY YOUR IDEAL CLIENT
MEET THE USUAL SUSPECTS
BOB
JR.
BOB
EMILY
BOB
DUDLEY
BOB • Long Term Loyalty (3 yrs+) • Likely over 40 • Cannot buy more Insurance • Good Loss History • Good Payor • High Revenue Client • Likely Busy Complicated Lifestyle
• Values Advice • Is a connector • Grounded expectation of service • Raises concerns with you and you first • Give you a chance to “make it right”
BOB JR.
BOB JR. • Multiple Lines but could have more • Higher than Average Revenue but not as much as BOB • Between 30 - 40 & Established • Life becoming complicated • Juggling a Financial Plan
• • • • • •
Good Loss History Good Payor Values Advice New Customer Like BOB BOB’s Friends or Buddies May like e-commerce more • Will share concerns with you & others
EMILY
EMILY • Move frequently • More price sensitive • Values relationship but not like BOB & Jr’s. • Good payor, • Good loss history • Good Risk, Simple Risk • Just the facts please !
DUDLEY
! ! • Can be set upon 2 paths ways: • Bob Jr. - Through advice, education & good experience • Dudley - through complacency
DUDLEY • Wastes Time • Wastes Money • Impossible to Please • Frequent Claims • Bad Payor • Not Loyal
EXERCISE - IF YOU HAVE $100 • If you had $100 • WHO would you invest it in? • WHY would you choose that individual? • WHAT would you do with it?
YOUR CSR
YOUR CSR • All comers culture • Calls & Emails for endorsements, claims, quoting, re-marketing, ITV’s… • Different rules for different companies • Different ways to do the same thing • Reactive not Proactive
DISCUSSION
WHAT PREVENTS US FROM FOCUSSING ON BOB, BOB JR. & EMILY?
EXERCISE - SEGMENTATION SEGMENTATION BOB !
Identify a Bob in your office? What defines him?
Emily !
Identify a Emily in your office? What defines her
BOB Jr. !
Identify a Bob Jr. in your office? What defines him?
Dudley !
Identify a Dudley in your office What defines him?
CONCLUSION • Every Customer Brings Value • But not necessarily the Same Value
! So then why do we often end up treating them all the same?
OBJECTIVE #2
Build a service model that better reflects your Clients/“Usual Suspects”
DISCUSSION
Customers expect different benefits depending on their loyalty True or False?
WHOSE CALLING • BOB CALLS • BOB JR. CALLS • EMILY CALLS • DUDLEY CALLS -
DEFINING YOUR SERVICE STANDARD BOB !
CURRENT
Emily !
CURRENT
FUTURE
FUTURE
BOB Jr. !
CURRENT
FUTURE
Dudley !
CURRENT
FUTURE
OBJECTIVE #3
Develop a “Consumer Contact Strategy” that better reflects Clients/“Usual Suspects”
CUSTOMER CONTACT STRATEGY 1. Update database to include emails 2. Ask your clients how they prefer communicating (update database) 3. Leverage the full functionality of your BMS 4. Determine what you want to achieve & develop a plan 5. Segment your client base ~ then further segment 6. Develop service standards for each category of client
3 THINGS TO ASK - ALWAYS! • What will it take it make this happen successfully? • What challenges might you be faced with? • How do we overcome these obstacles?
EXERCISE - GROUP
• Step 1 - Update database to include emails • Step 2- Ask your clients how they prefer communicating (update database)
EXERCISE - GROUP • Step 3 - Leverage the full functionality of your BMS • What do you know already? • How can we use what we know to better meet expectations?
EXERCISE - BREAKOUT
EXERCISE - BREAKOUT Step 4 -‐ Determine what you want to achieve & develop a plan. Who will you Contact?
What will you say?
• Retain a Customer
• Referral Campaign
• Acquire a new customer
• Inform
• Cross sell or upsell coverage
• Win back a lost customer
EXERCISE - GROUP
Step 5 - Segment your client base - then further segment
EXERCISE - GROUP
Step 6 -‐ Develop service standards for each category of client
IBAO.ORG.CONNECT
CONCLUSION All Customers are not the same •Who are your usual Suspects? •What Value do they bring? •Who is your ideal client?
CONCLUSION Should we treat all customers the same? We MUST sit down and think about service standards that • Reflect the client • Drive engagement with the right clients • Work to move clients along the spectrum
CONCLUSION • You can’t talk to all customers the same? • You MUST sit down and think about your communication plan? • Define what motivates each customer segments? • What are you trying to achieve?
Set expectations of what you need to get there as well as when
QUESTION Do you feel that upon returning to your office you would be better able to: • Identify your ideal client • Build a relevant service model that serves customers more appropriate to their segment • Utilize some of today’s exercises to develop a more strategic communication strategy
1 KEY LEARNING What is one key learning that you will implement immediately?
THANK YOU LOLA THAKE Director of Education 416.488.7422 x112 l 905.802.6292 [email protected] l www.ibao.org
