Ben Williams, Global Chief Experience Officer at R/GA London
We are living through an era of generational change. The last twelve months have been defined by uncertainty, and as we stepped into uncharted territory we witnessed society shift and consumer behaviour change occur at breakneck speed.
For businesses, the speed and scale of this change has felt at times daunting. There are questions at every corner. How do we navigate working from home? When will we return to normal? How are the lives of our customers changing? How are the lives of our employees changing? What are the rules of the new normal? How does this affect our proposition? Are we changing fast enough?
But just as uncertainty creates anxiety, change creates opportunity.
To help financial brands and the commodities industry navigate this uncertainty and focus on opportunity, we at R/GA have highlighted five key areas of focus. These pillars allow financial services and commodities brands to transform the mundane into magic, adapting to surpass consumer expectations and rise above the competition.
View your brand as an operating system
The core DNA of a brand shouldn’t just be a poster in the cafeteria, or slapped onto a brand’s website and as a message to the world. The brand’s active purpose should truly inform all the different ways a brand shows up, across physical and digital and inform things like service offerings, business decisions, as well as marketing messages. Those words in a mission statement should mean something, and be proven in how a business operates and engages with people. With consumer expectations at an all-time high, people expect it. The world expects it.
Understand the power of experience and use it to differentiate
Don’t underestimate the power of an elevated experience – regardless of industry. By focusing on the needs of your people, customers and employees, challenges quickly open up and become areas of opportunity.
Creating a category defining experience often means looking outside of your own category – just as consumers will do. When a service or experience is elevated in any category, it has a huge impact on expectations of people. This experience sets the bar, and consumers will then expect similar levels of service, innovation and thoughtfulness to be applied to all aspects of their life from any brand they interact with. When people see something better, they want everything to be better. This is the concept we call ‘Service Transference’ – and it is defining how brands are experienced in the modern world.
Commodity based industries have a huge opportunity to differentiate themselves from their competitors through an elevated and differentiated experience when engaging with the brand, product or service.
For years, computers were a commodity, some were a little faster, some had better/minor features, but for the most part the differences were minimal. Apple changed the game by focusing on the experience. It differentiated itself beyond the speed of chips and processors. Insurance and other commodity-based industries should look to do the same. Insurance companies, as an example, could look to understand people dynamically through technology, and respond with services and experiences that can tailor solutions to serve their individual needs.
Innovate at all scales and for all people
Innovation has become a term thrown around as a catch-all for teams or people thinking about what is next. Too often however, teams fall in love with the idea of being credited and becoming famous for the next idea that changes the world.
Instead, brands should focus on elevating some of the smaller things. This means taking a deep-dive into the fundamentals, giving time to the less sexy things, because these are often the factors which have the most impact on people’s experiences with brands and their lives.
Beyond the emotional value, there is a functional value insurance companies can, and should be delivering. The experience of engaging with an insurance brand should go well beyond filling out a form. It should know me, who I am, my goals, my personal or family situation, and adapt accordingly over time. It should respond to the world around me, and to my life as it happens. Enabling your service offering to be tailored and customized will provide real functional value that what they are paying for is exactly what they need and want. Responding to real human needs and events as they happen is the clearest way to show you care.
Recognise that life has changed.
Brands that can adapt and be there for people will ultimately win. Insurance is an industry founded on the principles of being there for people when life happens. And life is happening right now.
Insurance brands have to deliver emotional value by supporting customers. To do this, brands need to strike the right balance between being active and present in a customer’s life, and knowing when to get out of the way. Beyond the annual insurance payment reminder, ask yourself, “When are the other moments throughout a year, or in someone’s life that they should feel supported?”
Insurance brands have a huge opportunity to shift what they are famous for and how they show up in the world. Given the changes we have seen in consumer expectations, the industry itself and the technology landscape, insurance brands that want to win should be focusing on delivering peace of mind and offering customers agency over their own solution.
Always dream big and act small
For commodities businesses, the opportunity for blue sky thinking is massive. But don’t forget that often the most meaningful change comes from innovating some of the smaller, more foundational pieces of your business and experience. The impact you can have on someone’s life, especially at times when they most need support, should never be underestimated – or mismanaged from an experience perspective. Listen to people, their needs and what they want. Your customers, and the world will thank you.
