Connected CRM. An interactive discussion with the Insurance & Wealth Management team

Transcription

1 Connected CRM An interactive discussion with the Insurance & Wealth Management team

2 Agenda Introductions Session Format Connected CRM Framework Table Discussions Customer Strategy Experience Delivery Financial Management Organization Infrastructure Wrap up 2

3 Introductions Meet your Merkle Insurance & Wealth Management Leadership Team

4 Introductions Merkle Team Aaron Tellier VP, Consulting Wealth Management David Magrini VP, Consulting Healthcare Dan Bernard VP, Consulting Insurance Ed Forman SVP, Analytics Yanni Kotziagkiaouridis VP, Analytics Shiv Gupta Senior Director, Analytics Shambho Krishnasamy VP, Chief Solution Architect Ozgar Dogan SVP, Data Solutions Matt Naeger EVP, Digital Solutions Marc Ruggiano SVP, Merkle Consulting Group Leah Van Zelm Principal Consultant, Merkle Consulting Group Jay Crowson VP, Business Development John Dambach VP, Business Development 4

5 Introductions Guests 5

6 Connected CRM Framework Applying the framework to real business issues facing the Insurance and Wealth Management industries

7 Connected CRM Framework The foundation of Connected CRM is a clearly rationalized strategic framework that is widely adopted at all levels of the organization and forms an ongoing process Enterprise segmentation, which includes value and lifecycle dimensions, forms the foundation of CCF Segment Strategy Customer Strategy Portfolio Strategy Program Strategy What data, systems, tools and technologies will be necessary? Infrastructure These strategies are then translated into actionable media and channel plans that result in highly personalized, targeted experiences Experience Delivery Media Planning Channel Planning Targeting & Personalization Experience delivery performance is continuously attributed across media and channels which, in turn, drives optimized budget allocation Financial Management Measurement & Attribution Budget Allocation Financial management informs customer strategy and experience delivery decisions as a closed loop process Organization How do we organize and what capabilities and business processes will be necessary? 7

8 Connected CRM Framework Customer Strategy Scenario: Segment Strategy Customer Strategy Portfolio Strategy Program Strategy These strategies are then translated into actionable media and channel plans that result in highly personalized, targeted experiences A P&C insurance marketer currently employs a segmentation based on current policy value. They believe that there is significant value to be derived by understanding the needs and attitudes of their customers at a more granular level. They would like to formulate a detailed and actionable plan that allows them to optimize the customer experience and business results based on these new insights. 8

9 Connected CRM Framework Customer Strategy Customer Strategy Portfolio Strategy Segment Strategy Program Strategy These strategies are then translated into actionable media and channel plans that result in highly personalized, targeted experiences Discussion Questions: How does your organization create and use: Segmentation Value/Lifetime value analysis Incremental measurement What are the barriers to creating these strategies? What value are you deriving from the use of these strategies? What are the challenges of not having those strategies in place? Are you tracking campaign response and attributing results back to your segments? 9

10 Connected CRM Framework Experience Delivery Scenario: Media Planning Experience Delivery Targeting & Personalization Channel Planning Experience delivery performance is continuously attributed across media and channels which, in turn, drives optimized budget allocation A wealth management company engages their clients through traditional channels such as , direct mail, the contact center and their web site. Leveraging these communication channels they have started to create multi-touch, multi-channel client experiences for certain moments of truth. However, they are seeing other industries and recently some of their direct competitors start to employ new client experiences in the digital and social media. 10

11 Connected CRM Framework Experience Delivery Experience Delivery Media Planning Channel Planning Targeting & Personalization Experience delivery performance is continuously attributed across media and channels which, in turn, drives optimized budget allocation Discussion Questions: How does your organization define the ideal customer experience? To what extent is your customer experience: Documented Standardized Measured In what channels do you feel your organization s experience delivery is strongest? In what experience delivery channels do you feel your organization is most in need of improvement? How do you quantify the value of expanding or improving your customer experience? 11

12 Connected CRM Framework Financial Management Financial Management Measurement & Attribution Budget Allocation Financial management informs customer strategy and experience delivery decisions as a closed loop process Scenario: A healthcare payer has a broad based marketing program across multiple media and channels. Budget constraints are forcing them to look for efficiencies in their spend. While they have many reports that give them details about individual campaigns by media and channel, the CMO lacks a clear view of how each component of their total marketing spend influences their ability to meet their overall acquisition goals. 12

13 Connected CRM Framework Financial Management Discussion Questions: Financial Management Measurement & Attribution Budget Allocation Financial management informs customer strategy and experience delivery decisions as a closed loop process How does your organization measure the results of your marketing activities? Acquisition Customer growth Retention Do you have a holistic view of the customer event stream? What components of the marketing spend are the most difficult to measure? How are you attributing marketing success? Last touch Business rules Modeled attribution To what extent do your measurements actually inform marketing spend by segment and by media channel? 13

14 Connected CRM Framework Organization Scenario: A life insurance marketer sees an opportunity to transform their business through an innovative new approach. However, organizational silos are making it difficult for them to achieve the alignment necessary to execute on the vision. There is a belief that if they could clearly articulate the benefits of this new approach they could obtain the buy-in of senior leadership to make it happen. Organization How do we organize and what capabilities and business processes will be necessary? 14

15 Connected CRM Framework Organization Discussion Questions: How are you organized to identify, serve, and retain customers based upon their value? Do you know if you are better than your competitors in orchestrating customer interactions? Is your organization optimally structured to Organization How do we organize and what capabilities and business processes will be necessary? Improve financial results? Create competitive advantage? Drive shareholder value? What would it take to achieve optimal organizational alignment? 15

16 Connected CRM Framework Infrastructure Scenario: A marketing organization has made various investments What data, systems, tools and technologies will be necessary? Infrastructure in data solutions, marketing technology and analytic software over the past decade. According to the industry research they have, most of the best-in-class tools available to them, but usage of these assets seems suboptimal. They are not sure how to get the most value out of these investments, or whether it might even be time to rethink the entire infrastructure. 16

17 Connected CRM Framework Infrastructure Discussion Questions: What would you most like to improve about your data? What data, systems, tools and technologies will be necessary? Infrastructure Nothing. It s perfect! Completeness Cleanliness Access Ability to derive actionable insights What marketing/sales tools and technologies do you find most useful? What tools and technologies are you exploring? 17

18 Thank you!