Moderator: Tim Waterlow – Affinia Partners
Experts: Tony Crane & Kevin Mountford - PBF Solutions
- FS businesses still spend much more time trying to find new customers than trying to keep them. In a world where switching and moving providers is getting easier and easier. Companies need to spend more time working out what will make their customers stay.
- Don’t think about the product think about the objectives of the consumer and tap into their emotional drivers.
- Digital is about simplifying the “complex” and making it easy for the customer.
- Old customer segmentation models are no longer valid as consumers need to be also segmented by the ability to use modern technology. There is a danger that some customers will be left behind in an ever increasing tech world. Your business needs to decide if this is acceptable or not?
- The risk is that tech leads to a race to the bottom as we use this simply to cut prices. FS brands need to create other reasons for buying their brand other than price and create emotional connections with their customers.
- The removal of advice has created inertia – somehow we need to get FS moving again. Inertia has led to laziness in CRM. With the millennials coming through this is a very risky strategy longer term for big business.
- Find an emotional connection even in complex areas that link back to the real lives of consumers (eg for customers with a mortgage, give them a three month payment holidaywhen they have a child).