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Transcript
The importance of communications agility in the face of regulatory change and rising customer expectations Presentation to The Future of Superannuation Conference 30.05.2012 Three viewpoints …. One message We always overestimate the change that will occur in the next two years and underestimate the change that will occur in the next ten. Three viewpoints …. One message We always overestimate the change that will occur in the next two years and underestimate the change that will occur in the next ten. Everyone has a plan until they get punched in the mouth. Three viewpoints …. One message We always overestimate the change that will occur in the next two years and underestimate the change that will occur in the next ten. Everyone has a plan until they get punched in the mouth. As they were hyper-focused on improving and slowly evolving their products, they lost sight of their market as it went through a massive revolution. It doesn’t matter how good you are at evolutionary iteration; no amount of evolution will make up for a revolution. Punch One: Regulatory change and potential government uncertainty New super reforms in Australia: • Superstream - 1 July 2011 • Future of Financial Advice (FoFA) - 1 July 2012 • MySuper/Stronger Super - 1 July 2013 Source: Australian Budget Paper No. 1: Budget Strategy and Outlook 2010-11 By improving efficiency and reducing risk, Thunderhead can help you cope with an increasing regulatory burden and the growing threats to revenue streams brought about by consolidation. Punch Two: Industry Consolidation and the rise of SMSF’s Punch Three: The population is ageing and taking its money with them Punch Four: General dissatisfaction with the industry 2011 ASFA, Consumer attitudes to superannuation and super policy issues, Ross Clare Punch Five: How do I get my members to engage? Opportunity : Lead Greater Consumer Engagement With Their Super Tuning into super – Australian Institute of Superannuation Trustees 2011 Why it matters? When you are communicating it is not good enough Poor communication or lack thereof is a common cause of member dissatisfaction. Many respondents say their fund doesn’t keep them engaged or informed. • "I don't feel that they communicate enough with the members and I do not know how they compare with other super schemes" (Male respondent, aged 67, WA, Industry) • "Lack of engagement & proactive communication by the fund" (Male respondent, aged 35, NSW, Retail) • “Poor communication ..only once or twice a year. and high fees considering you don't seem to hear from them much." (Male respondent, aged 41, NSW, Corporate) 2010 ASFA, Spotlight on Super, prepared by brandmanagement ©2010 Do you know who I am? “Service providers are not meeting customer demand for personal communication” Two-way communication “Consumers’ preferences are not being recognised and they are not receiving communications by their preferred channel.” Potential for churn “The wider impact of not addressing customers personally could result in churn.” What can be done? “Good customer communication feeds directly into customer service, which impacts heavily on customer satisfaction.” What do we do today? Enriching Superannuation Communications Why is Thunderhead.com relevant? FORRESTER RANKED THUNDERHEAD #1 in Multi-Channel Support #1 in Business Empowerment #1 for Product Strategy #1 for Number of New Customers’ Added #1 in Interactive and On Demand Applications OVUM: “Thunderhead should be considered by financial institutions that are looking to shift customer communications to digital channels.” Daniel Mayo, OVUM, February, 2012 Market Trends: Insurance VerticalSpecific Software Thunderhead is a market disrupter in the market for software for distribution in insurance. Market Disruption Experience based relationships Social media landscape