A CUSTOMER EXPERIENCE STRATEGY IS VITAL
A common statement that we hear from our clients is, “We want to win with the customer.” What spurs this conversation is, usually our client observes their customers' changing behavior, like switching to a competitor or they’re making more infrequent transactions. While there may not be a clear indicator of why this behavior is occurring, what all of our clients know intuitively is that the first step to winning with the customer starts--very simply--with better understanding the customer. As behaviors and markets change, understanding where the customers’ needs are now and where they are going is vital to an organization’s ability to thrive over time.
Last Thursday, at a VisionPittsburgh event, I had the opportunity to hear Bill Demchak, PNC Chairman, President and Chief Executive Officer, discuss his company’s relationship with the customer. Bill described his organization as deeply dedicated to its customers; and as one that is embedded in the communities it serves, helping them survive and thrive, which allows the bank to continue to survive and thrive.
The challenge, as Bill described it, is that PNC is facing a sea change in the way their customers behave. Bill stated that 50% of PNC’s customers now identify as primarily digital (i.e., they do not visit bank branches). He went on to say that the banking industry was built on the premise that the customer relationship runs through the branches. The supporting infrastructure of call centers, mobile and online banking was developed solely as a set of secondary tools to support the branches. For half of PNC’s customers, that model has flipped, and, to meet this demand, Bill stated that his team has to constantly improve its technology and offerings.
In order to address business challenges, like the ones facing the banking industry or other industries where customer behavior is changing rapidly (for example, think about how the value proposition of a traditional cable subscription is evolving), it’s imperative to orient a company’s offerings to the way the customers want to do business. For several years, as more companies are adopting a customer-centric approach, we have been able to connect our clients with their customers and develop the strategies that help them win.
Over the next several months we will be talking about some of the tools we use that help companies more deeply understand their customer.
In the meantime, if you'd like to talk about what you can do to better understand your customer, please don’t hesitate to reach out: email@example.com or 412-471-8484 ext. 512.