Case Study: Investing in the Voice of the Customer With increased regulation and a volatile economy, it is important now more than ever to be connected to and collaborate with your customer in the financial services industry. In this session, learn what it means to truly tap into the voice of customer and where companies in the past have gone wrong. Then hear how major financial services brands are creating an ongoing connection with their customers to foster breakthroughs with a series of case studies. Presented by: Mike Dumbroski, Vice President of Client Services, Communispace & Jen Reddy, Senior Vice President, Global Marketing, Communispace www.bdionline.com

1. MARCH 19. 2013
Investing in the
Voice of the Customer

2. “May you live in interesting times…”
2

3. A thought for my fellow CEOs: Of course, the immediate
future is uncertain; America has faced the unknown
since 1776…“There was a lot of hand-wringing last year
among CEOs who cried ‘uncertainty’ when faced with
capital-allocation decision… If you are a CEO who has
some large, profitable project you are shelving because of
short-term worries, call Berkshire. Let us unburden you.
-Warren Buffet
Source: http://www.berkshirehathaway.com/letters/2012ltr.pdf

4. 67%
of financial services companies are using
Twitter
&
59%
of financial services companies are
using Facebook
Source: http://www.forbes.com/sites/tomgroenfeldt/2011/08/29/finance-firms-financial-are-going-to-twitter-and-social-media-with-mixed-results/

5. CLIENT
SHARED
PURPOSE
Talk with each other
CUSTOMERS CUSTOMERS

7. Unique Considerations for Financial Services insights communities
Legal & Regulatory
Initial Recruit Continued Engagement
Compliance
Involve legal and
Identify the right Create social glue compliance early in
community purpose among members planning process,
and composition and leverage high- and build in extra
(i.e., customer vs. touch facilitation approval times;
prospect?) (speak their Executive Champion
language) can help
High quality, Clearly map out
Involve executives to
High quality and
personalized
ensure members’ ground rules and
outreach to invite
personalized escalation
voices are heard;
outreach to into
members invite
consider investor processes, and any
community
members into ongoing approval
benefits
needs
community
7

8. Business Challenge:
Engage a new audience (Gen X-ers)
ENGAGE + EXPLORE + SHARE = IMPACT
New relevant marketing
messages and creation of a
high yield checking account
product resulted in:
300
Gen X-ers are not
focused on 56%
retirement; they increase in
want help managing
expenses NOW, Gen X customers
using language they within 6 months
Gen-Xers; understand.
non-customers

9. Business Challenge:
Co-create with consumers to optimize product
ENGAGE + EXPLORE + SHARE = IMPACT
88%
increase in new
accounts as a result of
300 new credit card offer
“Room” in wallet for
a card with more
53%
relevant rewards lift in
Priority Club & response rate
Priority Club
Rewards Visa
Category: Embracing

10. Business Challenge:
Increase student banking and improve brand
perception during a difficult time
ENGAGE + EXPLORE + SHARE = IMPACT
Campaign improvements for
HS students resulted in:
+40% Sales
With students over the
previous year
300 High school +27% Growth
students want to be in student portfolios
financially able,
but lack information
+30%
in unaided brand
and services that awareness
High school appeal to them.
students +40%
in brand favorability
+13%
in brand consideration
2010 Research
Innovation
& Financial Services
Gold Winner