The customer experience game has been forever changed. But is it for the better?
A recent Forbes article by author, Alicia Kelso, titled, McDonald’s Has Created A New Team To Focus On Customer Experiences, discusses the ever so crucial new role that customer experience is playing within the quick service restaurant (QSR) space and how it has been influenced by the digital shift which has been accelerated by the pandemic.
“This abrupt shift to digital perhaps makes ‘customer experience’ trickier to perfect. According to new research from the Kellogg School of Management at Northwestern University NWE -0.1%, companies now need to ensure that the online customer experience is ‘just as carefully designed as the in-person one … COVID has forever changed the customer experience.’”
We couldn’t agree more.
The digital movement is impacting every industry, not just QSR, and at the center of it all is the idea that customer experience and really owning the relationship with the customer is the ultimate differentiator.
McDonalds was one of the first to embrace digital transformation. Remember about 6 years ago when those self-service ordering kiosks started popping up? Now they span every location across the U.S. Self-service kiosks revolutionized the customer experience at McDonalds, providing an all in one quick and convenient ordering solution. Digital enhancements like these are what drive returning customers. Now compare that to the last time you spoke with your cellphone or insurance provider.
Speaking of insurance, InsurTech is a new vertical that has risen to account for the gaps and inefficiencies within the traditional insurance model. It emphasizes the use of innovative technology to smooth out the customer journey through digital means.
The downside of FinTechs, InsurTechs, and many other digitally-based industries, is that not only is our physical presence being taken away, but largely, the emotional aspect is too. We see this with emerging InsurTechs like Lemonade, Hippo, and Metromile, whose increasingly digitized processes work to smooth out inefficiencies, cut costs, and create seamless in and out experiences.
What’s the tradeoff? Human interaction.
Self-directed sign up, applications, and quote tools, are leading the InsureTech web lead generation strategy, and although this process may be convenient for some, for others, the human interaction they desire is lost.
In terms of customer experience, the insurance space may not necessarily benefit from extreme digitization including the automation of most processes. After all, insurance is an emotional purchase. When you take the human aspect away, you also lose the personability and reassurance that a sales representative could bring to nudge prospects to follow through. That’s why we’re seeing high drop off rates within and following quote tools/applications. If it’s that easy to get a quote and checkout, then it’s just as easy to go to a competitor and see what they offer. Now, bring in a live sales representative who can encourage the prospect, validate their purchase decision, and guide them through to a sale.
By combining digital and human elements throughout the customer journey, companies can optimize customer experience.
Combatting Digital Challenges Through Sales and Customer Experience
When dealing with high drop off rates, the last thing you want is to invest more marketing dollars to fill the top of your funnel. Bringing in new leads won’t solve your problem, however, re engaging with prospects who already engaged with your marketing and responded will. S&P Data Digital’s CASH solution does just that. Our Customer Acquisition Sales Hub provides an omni-channel sales ecosystem for a fast revenue injection into your business. We apply additional retargeting and omni channel outreach to drive additional yield out of marketing spend you already invested, and move prospects from sign up to paid customer.
CASH: Omnichannel FinTech Case Study
Our client, a leading Canadian FinTech, had 52% of their pre-qualified loan prospects each month, not starting their applications. This represented a significant revenue opportunity as the internal underwriting teams were focused on HOT prospects, ultimately delivering a mere 16% of NET new customers vs. total pre-qualified prospects.
What did we do?
We applied our omni-channel CASH product to engage with the remaining 84% of pre-qualified prospects with the objective of driving incremental revenue. We channeled our retargeting efforts via email with call and chat CTAs and closed customers through traditional OB calling to support the emotional aspect of the purchase.
Within 30 days we saw an 18% increase in total funded applications, followed by a 22% increase at 60 days, and a 26% increase at 90 days.
Tired of watching your marketing spend wash out on customers who never generate revenue?
Even in our increasingly digital landscape, the challenge to master customer experience still exists. As companies continue to digitize and automate processes, it will be crucial to keep in mind that humans are just that, humans. Thus, we inherently desire live interaction that can provide us with the necessary emotional support and reassurance when making purchase decisions. Companies that leverage the power of sales programs coupled with a strong digital strategy will see the most success as digital continues to take over.
Interested in driving additional yield out of your existing marketing spend?