Customer Engagement

Customer Engagement is the big buzz phrase now and it applies to almost all industries.

Companies are explaining that their biggest goal now is to better connect and engage with their customers to keep from losing them and to better understand their needs for additional services.  Even Finance is on board with this movement as they understand that it is more expensive to acquire a new customer, than to keep a current customer satisfied.

A major reason for this focus is that “The Pie” is not getting bigger for many industries.  The customer base is either shrinking or competition is increasing from new areas all over the globe.

Successful customer marketers from subscription based industries like telecommunications are now in high demand.  CRM marketing that addresses customer engagement, customer loyalty and rewards marketing are now even being utilized in industries that used to know very little about their product end user.  Individuals who are strong in these areas of CRM also have the best chance of being able to move into a different industry which is something that is appealing to many these days but find difficult to do because of their work experience or lack of industry experience.

In addition to competition increasing, technology has assaulted some industries in the form of a super competitor.  Anyone ever heard of Amazon, Uber or Airbnb?

Many believe that the banking sector will be next to come under attack.  User friendly technology as well as consumer friendly finance companies and private equity companies that are looking for safer investments are all expected to help disrupt the status quo.  The customer banking experience may finally be elevated for all. 

The last domain after that will likely be the insurance industry.  I learned firsthand last week how far away this industry is from customer engagement.  My insurance company suddenly cancelled one of my three policies that I have had with them for over 12 years.  I was left scrambling for coverage after never having a claim, while the company happily renewed my other two policies.  I was literally speechless after that experience.  Even for regulated industries like this, judgement day will be coming.

So as we are likely to hear going forward about redundancy downsizing within sectors like banking , let us at least be satisfied that with these unfortunate layoffs, customer experience will likely improve, because if it does not, the consumer will continue to be presented with other alternatives.

Farewell,

Mike