The Bankwatch

Tracking the consumer evolution of financial services

Forrester | ‘Experience Based Differentiation’

Am attending the Forrester Research Financial Forum, and it turns out this is the 10th anniversary. Its interesting to reflect on the evolution of the forum through channel, marketing, organisation, to todays theme of customer experience. It has been a long time coming.

Bruce Tempkin spoke of three key elements.

– obsess about customer needs
– re-inforce brand with every interaction
– treat customer experience as a competence

“Interacting with target customers in a manner that consistently builds loyalty”

One example given was the Disney family cell phone. It has online preferences, where the parent set the phone to turn off during school hours, block numbers etc. For financial services, he suggested why not a teen credit card. It could have parent set limits, turn off during the week, limit merchants where the card works, etc.

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Written by Colin Henderson

June 25, 2007 at 09:23

2 Responses

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  1. Hey Colin, I’m here too! I really liked the Disney example, too. Great example of how to know your customer and respond with products that eminate from them, not a “product idea” that starts within a company and expected to succeed through marketing.

    Ed Terpening

    June 25, 2007 at 09:53

  2. Examples outside of Financial Services have got to be good indicators.

    Colin

    June 25, 2007 at 10:21


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