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Insuring America’s Mul1genera1onal Workforce. REHUMANIZING THE ONLINE BUYER JOURNEY Prepared for Workplace Benefits Summit, Orlando 2015.
Insuring America’s Mul1genera1onal Workforce.
REHUMANIZING THE ONLINE BUYER JOURNEY
Prepared for Workplace Benefits Summit, Orlando 2015.
THE POWER OF PERSONALIZATION :
THE CHALLENGE IN 2015 :
Exchanges and Enrollment portals are largely product based. They take no account of the major demographic and psychographic differences between customers.
They don’t get to know your customers and allow their ac1ons to shape their customer experience.
Most “personalizing” is simply macro-‐segmen5ng visitors based on their age, loca5on, gender and income to deliver more relevant products.
PERSONALIZATION:
Most “personalizing” is simply macro-‐segmen1ng visitors based on their age, loca1on, gender and income to deliver more relevant products. Products and price define s5ll define most buyer journeys.
PERSONALIZATION:
Most “personalizing” is simply macro-‐segmen1ng visitors based on their age, loca1on, gender and income to deliver more relevant products. Products and price define s1ll define most buyer journeys. Targe5ng visitor experiences in this way is segmenta5on, not personaliza5on.
PERSONALIZATION:
Most “personalizing” is simply macro-‐segmen1ng visitors based on their age, loca1on, gender and income to deliver more relevant products. Products and price define s1ll define most buyer journeys. Targe1ng visitor experiences in this way is segmenta1on, not personaliza1on. Targe5ng visitor experiences based on their ac5ons, behavior or previous purchases is personaliza5on. Period.
PERSONALIZATION:
Psychographics is the study of personality, values, opinions, a[tudes, interests, and lifestyles. True personaliza1on uses psychographic, demographic, purchase and behavioral data to convert even casual website visitors into loyal and profitable customers.
TRUE PERSONALIZATION:
Personaliza5on requires real-‐1me data analy1cs and the ability to dynamically change your messaging, your journey, content, products and your sales engagement process for each customer. This rehumanizes the online buyer journey and drama1cally increases sales and loyalty.
PERSONALIZATION:
WHY DOES IT MATTER?
:
Individual life insurance 1960 -‐72% -‐ today 44%
THE DIGITAL NATIVE GENERATION :
THE DIGITAL NATIVE GENERATION :
The genera1on who have grown up in the technological age are demanding the same seamless insurance buying experience as the best retailers like Amazon and Ebay.
Percentage of UK adults that are digital na1ves. Source: PWC
PERSONALIZATION DRIVES CUSTOMER ENGAGEMENT AND SALES:
80% of consumers cited more personalized service as important or very important in their decision to switch to a new insurer**.!
“82 percent of respondents say that personal interac5on is what drives policy holder enrollment.” **
**Accenture survey February 2014
A staggering 77% of shoppers abandoned their cart before making a purchase last year . That’s three out of every four shoppers who never completed their purchase.
YOU WOULDN’T DITCH YOUR CART IN THE MIDDLE OF THE SUPERMARKET SO WHY DO IT ONLINE? ONLINE?
ABANDONEMENT:
ENGAGE YOUR CUSTOMERS ON THEIR TERMS. SELL MORE FINANCIAL PRODUCTS. IT'S THAT SIMPLE.
PERSONALIZE:
INFORMATION:
/ ”
▪ People are more emo1onal more than they
are ra1onal, and personality and empathy hugely increases engagement and sales.
▪ It’s the reason why one-‐to-‐one sales always deliver the best results.
▪ Today’s technology allows you to understand and empathize with each unique buyer as if you were in front of them.
PERSONALIZING THE CUSTOMER EXPERIENCE:
PERSONALIZATION :
.
PERSONALIZATION MEANS: Shaping the customer experience around each buyer, and more importantly around their ac1ons. Gaining trust, empathizing, communica1ng in a manner and tone that each customer relates to. Knowing and understanding them, adjus1ng to their unique demographic and psychographic behavior.
.
PERSONALIZATION MEANS: Asking relevant ques1ons and responding by name why a male of 35 with 2 children age 4 and 8 (not applicant or child 1, 2 etc.) specifically needs life insurance or any other relevant product. Measuring individual behavior and ac1ons and using self-‐learning algorithms to op1mize each buyer journey.
.
DATA, DATA, DATA…. Integrate known customer data with ‘live’ real-‐1me behavioral data. Analyze this data in real-‐1me and use it to gain insights and to op1mize each buyer journey to create a unique streamlined, highly personalized customer experience. An experience that measures all ac1vity around the buyer.
Millennials make their own rules and present
themselves and communicate differently than older genera1ons.
They no1ce and appreciate their individuality.
Millennials are in a hurry. They believe that every transac1on should be as quick and painless as buying something from Amazon or iTunes. Be concise and to the point. Divulge and disclose everything.
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PERSONALIZATION -‐ MILLENNIALS:
Millennials love freebies and giveaways and
instant gra1fica1on. They want educa1on, guidance and advice rather
than a sales pitch.
Peer orientated – ‘people like me’. Millennials overes1mate the cost of life insurance by 213%, Millennials overes1mate the cost of life insurance by 213% (Gen x by 113%)
.
PERSONALIZATION -‐ MILLENNIALS:
Babyboomers – concerned over complexity, too
many decisions, takes too long. Least sa1sfied with the online experience means
lowest engagement. 50+ women wield more spending clout than any other -‐ $19 trillion.
Convenience, func1onality speed, and
informa1on security is paramount. loves freebies and giveaways and instant
gra1fica1on They want educa1on, guidance and advice rather
than a sales pitch.
.
PERSONALIZATION -‐ BABYBOOMERS:
Men value speed and convenience over choice,
even if it costs more. So reduce the comparison op1ons to no more than 3 products with limited op1ons.
Women would rather con1nue to shop in the hope of finding a perfect solu1on.
Women are more selec1ve and do much more
research. So provide much greater choice, detail and research and provide mul1ple op1ons.
Convenience, func1onality speed, and
informa1on security is paramount. 4 seconds delay on consent screen means
abandonment. loves freebies and giveaways and instant
gra1fica1on They want educa1on, guidance and advice rather
than a sales pitch.
.
PERSONALIZATION – MEN VS WOMEN:
.
BEHAVIORAL INSIGHTS:
.
COUNTRIES WITH THE BIGGEST LATINO POPULATIONS: 1. MEXICO 108.7M 2. UNITED STATES 50.5M 3. COLUMBIA 44.4M 4. SPAIN 40.4M 5. ARGENTINA 40.3M 6. PERU 28.7M 7. VENEZUALA 26.0M 8. CHILE 16.3M
.
PERSONALIZATION – HISPANICS: Hispanic consumers don’t want to be sold to, they want to connect with brands and service that embrace their culture and commit to long-‐term and trustworthy rela1onships. Family orientated, eager to find customized life insurance solu1ons. Adopt imagery and language that speaks to their their culture to gain trust.
.
PERSONALIZATION – MINORITIES: In Texas, California, Hawaii, New Mexico and the district of Columbia minori1es account for more than 50% of the popula1on. In 10 States, Texas, California, New Mexico, Mississippi, Maryland, Georgia, Florida, Arizona, Nevada, the share of children who are minori1es has already passed 50%.
▪ If you don’t know who you’re talking to, it’s almost impossible to be relevant.
TRUTHS OF CUSTOMER ENGAGEMENT:
THE SOLUTION :
BUILD A PERSONALIZED USER JOURNEY:
Over 65’s -‐ increase font size Mobile -‐ change layout and reduce copy for mobile
BUILD A PERSONALIZED USER JOURNEY:
Behavioral preference, speed. More info, less info. Language varia5ons. Imagery. Tone of voice
BUILD A PERSONALIZED USER JOURNEY:
Relevance -‐ almost 50% of women <35 have a taxoo Behavioral /context based videos An5cipa5ng drop offs-‐ triggering -‐ call center interven1on 800 numbers / free call back for high earners
A four second delay on the consent screen signals abandonment. Security is a major concern – especially for baby boomers -‐ so iden1fy them and reassure them when they stall. Iden1fy your at risk customers & trigger an immediate call back or live chat.
UNDERSTAND BUYER CONCERNS:
BUILD A PERSONALIZED USER JOURNEY:
Measure and change everything in real 1me to op1mize sales conversions. Like good sales people, websites should change their pitch and tone for every person they speak to.
BUILD A PERSONALIZED USER JOURNEY:
“Only marketers who are customer obsessed and adapt to changing customer behavior in real-‐1me will succeed.”
Forrester research.
LESSONS FROM OUTSIDE THE US:
Understanding the consumer is key: – Data, Data, Data! – Market Segmenta1on – Data Analy1cs / Predic1ve Modeling ■ Products must be simple, low cost and relevant ■ Integrated mul1-‐channel approach ■ Strong ‘test and learn’ discipline ■ Digital Marke1ng & Personaliza1on is in infancy stage
THE FUTURE IS BRIGHT:
■ There is a big opportunity to re-‐engage buyers based on their unique demographics and psychographics. ■ These people would like to buy but don’t relate to the current ‘product focused’ buying processes. ■ A non-‐tradi1onal approach is required, where innova1on is the driver. ■Personalized web portals and technology are major enablers.
The key message is that each web visitor has uniquely personal emo5ons, needs and desires.
SUMMARY
Rehumanizing the customer buying experience will significantly increase your sales and reten5on. Your customers will love you.
SUMMARY
Real 5me data / analy5cs allow you to op5mize your marke5ng messages and sales methods to each customer based on their unique behaviour, interests and needs. !
SUMMARY
Your ability to influence real-‐5me customer buying behaviour will create measurable and significant ROI.
SUMMARY
Cloud based technology can do this today by extending not replacing your exis1ng systems.
Convert your poten5al buyers into loyal customers by rehumanizing their online buyer journeys.
SUMMARY
AFINIUM LTD 83 CAMBRIDGE STREET LONDON SW1V 4PS, UK
www.afinium.com
403 GREENWICH COURT NEW HOPE, PENNSYLVANIA, 18938, USA
00 1 (0) 215 862 3080 00 1 (0) 703 862 5715
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