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Welcome to Customer Insights, a weekly digest of the most important stories about online reviews, customer feedback, and customer experience. This week: We explain how companies from the finance, healthcare, insurance, and hospitality industries can better connect with their customers.
Segment Customers by Knowledge
A report from EY suggests that banks should segment their customers by technological and financial knowledge as opposed to basic demographic information, such as age and profession. The key customer segments from the report are “digital stars,” “pros,” “traditionalists,” and “financial stars.”
This type of segmentation — by level of financial and digital understanding — allows for a stronger connection to client needs.
“Marketing strategies based on standardized assumptions (rather than deeper insights about life stages, behaviors, attitudes, interests, lifestyles, and other psychological factors) are destined to fall short,” according to the report.
These new findings signify the need for banks to better understand customers at an emotional level, which requires the consistent analysis of customer data. Customer journey mapping (drawing the various stages at which your customers engage with your brand) is crucial to providing an experience in which customers feel like banks care about them.
Anticipate Rather Than React
Daniel Burrus, CEO of Burrus Research and author of the upcoming book, The Anticipatory Organization: Turn Disruption and Change into Opportunity and Advantage, says leaders should anticipate disruptions before they occur rather than just reacting to them. He says in an interview with a Forbes contributor, “If we continue to solve problems after they happen, we’ll only struggle to keep up with more and more disruptions as they come.”
Consumers are also taking more control over their healthcare options, and this is a trend that’s already taking place. Online research is a key moment in the customer journey and social proof plays a significant role in whether or not a patient is going to choose a provider.
Focus on Local SEO
Online research is a key moment in the customer journey. While more and more consumers are researching companies online, it’s not always clear how these consumers use local search. That’s why we decided to do some research.
We found that 62 percent of consumers say online reviews are influential or highly influential when choosing a new local insurance agent. Make sure agents are being found online: implement a customer feedback management system as part of your local SEO strategy.
Are you using Data?
The restaurant industry is in a slump.
The good news is that restaurants can create better guest experiences with data. In an interview with the New York Times, Erik Oberholtzer, founder and chief executive of quick-service chain Tender Greens, says he wants to use technology to do the same things his team would do if they had one “little restaurant and were there all the time and knew every customer by name.”
On the other hand, you can’t create better experiences if customers can’t find you. Online research is a key moment in the customer journey and restaurants should optimize for local search to bring customers into their locations.