REPORT

The Healthcare Shift: The Transformation to Customer-Centricity

Patients want to be treated as participants in their health. They need to be empowered, engaged and enabled.

The Transformation to Consumer Centricity

Today’s healthcare world belongs to the ‘e-consumer’. The ‘e-consumer’ is the result of increased access to information, enhanced consumer experiences in other industries and uncontrollable rises in healthcare costs.

‘E-consumers’ need to be treated as powerful participants in their own health in partnership with healthcare organizations. They need to be empowered, engaged, equipped and enabled. For the e-consumer, moments of health are just as important as moments of sickness.

To create empowered, engaged, equipped and enabled consumers, healthcare organizations must develop products, services and experiences that align with consumer needs. The only way to do this is to become consumer-centric. Consumer centricity in healthcare requires that every team, service line and department exist to serve the consumer in a remarkable way, at every stage of the healthcare journey.

To understand what the healthcare industry is currently doing and can to do to reshape itself, Prophet conducted in-depth interviews with over 60 organizations around the globe, including large hospital systems, payers and pharmaceutical, medical device and digital health companies in the U.S., Asia and Europe.

During our conversations, Prophet set out to understand what these organizations are currently doing to be consumer-centric, where they would like to be in the future and the challenges they face in getting to their ideal state. From these interviews, Prophet identified five key shifts that organizations can make now to become more consumer-centric tomorrow. The shifts are universal to transformation, spanning the entire healthcare ecosystem and geographies around the world.

Our research revealed that not enough organizations have begun to make these shifts, and those who have started, haven’t made significant progress. In fact, less than 15 percent have made full progression on any of these necessary changes, revealing a massive opportunity for improvement.

Our most recent research has uncovered how payers, providers and pharma can accelerate their transformation to become more consumer-centric. Download the category research:


Payers

Providers

Pharma

Download Making the Shift to Consumer Centricity in Healthcare – Part 1

*Fill in all required fields

Thank you for your interest in Prophet’s research!

Download Making the Shift to Consumer Centricity in Healthcare – Part 2

*Fill in all required fields

Thank you for your interest in Prophet’s research!

BLOG

If You’re Not Working on Customer Experience, You’re Working on the Wrong Thing

CX needs to stem from tech-enabled intelligence, offering surprise, delight and empathy.

Consumer expectations are constantly being reset. And, with digital technologies and new data-driven value propositions disrupting markets seemingly on a daily basis, it can be hard to determine what is working for successful businesses today. But, when we take a hard look at what is helping companies achieve sustainable growth, we see one common characteristic: a focus on delivering a better customer experience.

“Companies that offer exceptional customer experiences are the fastest-growing, healthiest businesses.”

Prophet’s Brand Relevance IndexTM (BRI) confirms that companies that offer exceptional customer experiences are the fastest-growing, healthiest businesses. People don’t just admire these high-experience brands; they find them indispensable in their lives. And they are drawn to these companies not for the promises they make, but for the experiences they create.

Customer Experience Drives Relevance

Improving your existing customer experience and creating new, engaging ways to interact with customers should be your number one priority. And while there are countless ways to enrich an experience, we’ve found the changes that make the most impact can be categorized in two simple ways:

1. Make It Easy

Make using your product or service easy by streamlining the experience with simple processes, fewer steps and clear functionality. Changes should be intuitive and promote seamlessness and speed. Amazon, one of the most highly ranked brands in our BRI, is perhaps the best example, churning out ordering, payment and device innovations that have redefined what it means to shop.

2. Make It More Engaging

Enhance your connection with customers by adding new moments, personalization and content. Richer experiences intensify the relationship between people and products, and new ideas encourage discovery, loyalty and even advocacy. Netflix, another highly relevant brand from our Brand Relevance Index, achieves its off-the-chart levels of engagement with its exclusive, binge-worthy programming.

Doing at least one of these–and preferably some aspects of both–demonstrates that you understand what truly matters in people’s busy lives and that you’re able to provide products and services that keep pace as their needs and interests change.

Beyond Insights to Understanding

To create customer experiences that fuel growth, it’s important to have a holistic vision, one that helps you understand what matters in peoples’ lives beyond just their path to purchase. Creating a great customer experience is not just about removing the pain points along the customer journey (though that matters too!).

Rather, it is about seeing the big picture of what is important to consumers in their daily lives: how they interact with other people (and other brands), use technology, and spend their time, money and attention beyond their interactions with your product or service.

While what happens at any given touchpoint with your brand matters, a bigger picture emerges from a combination of those encounters:

  • Where are your consumers coming from?
  • What they are trying to accomplish?
  • What is really interesting to them?

Awareness and understanding of this context should shape the interactions consumers have with your products, services, people or messages, which in turn will shape perceptions and feelings about your brand–it allows you to form a relationship with the customer beyond the transaction.

The right research can help uncover what is most valuable to customers–in their daily lives and in their experience with you. New tools, such as social media mining, purchase history data, and search, web and mobile analytics, allow you to get beyond surveys and ethnographies in order to see what is really driving consumer behavior.

Armed with this deeper understanding of the customer, businesses can start looking for ways to do more than make incremental improvements to the customer experience. There is an opportunity to transform the experience, creating a greater business–and brand–impact.

Transformational Customer Experiences

Our engagements with hundreds of companies have taught us what is important when creating the kinds of experiences that establish relevance and drive business growth. How you address these key considerations, however, is constantly evolving as new competitors, technologies and techniques emerge.

5 Questions to Consider About Your Customer Experiences

It is important to ask these five key questions as you evaluate existing customer experiences or contemplate creating new, more engaging ones:

  1. Are we bringing rigor to our customer experience? Ideas should be grounded in consumer insights and business realities, and ensure improvements are linked to the business metrics that matter most.
  2. Does the experience show empathy for customers? This requires looking past what is happening in the moment. It goes beyond the path to purchase, technology and pain points to see the human side of the customer experience, both for customers and employees. Great experiences are the enabler of great relationships.
  3. Does it take into account the role brand plays in shaping the customer experience and vice versa? In this age of technological disruption, brands are now built by the experiences they create. It’s a virtuous cycle: As brand characteristics inform the experiences, experiences increasingly define the brand.
  4. Do your innovations surprise and delight? The currency of keeping customers engaged in an experience is keeping it new. But newness alone is not enough—changes also have to be useful in order to build relevance.
  5. Does it leverage tech-enabled intelligence? We believe the best experiences are not static solutions but something that are living and dynamic. This is why we help companies embrace the power of AI, advanced analytics, and big data to build experiences that are more contextual, adaptive, and personalized — to powerfully engage customers, again and again.

Operationalizing these dimensions will help you create brand experiences that matter. Interactions that are easier, more responsive, richer and more personalized drive relevance and sustainable growth.

Is Your Organization Ready?

An ambition to create great customer experiences will be unfulfilled if your organization is not prepared to develop and deliver them. And beyond technological readiness, what is needed is a customer experience strategy that pulls in operational expertise and customer insights from different parts of an organization that are often forgotten and not connected or coordinated in how they interact with customers, the market or each other.

My colleague, Charlene Li, Principal Analyst at our research company, Altimeter has just published a research report on the topic of “A Next Generation Customer Experience Strategy” for “next generation customers.” In it she describes the necessary inputs for developing compelling experiences that drive deep relationships with customers and the required organizational involvement from across the enterprise. She has also developed a maturity model that companies can use to assess their organizational readiness for adopting a more customer experience-centric approach to their business.


FINAL THOUGHTS

It is vital that organizational capabilities and operational implications are top of mind from the inception of a customer experience strategy, through concept development and deployment. Technological capabilities must be paired with organizational commitment and preparedness in order to effect relevance-driving experiences.

It is time for organizations that espouse customer-centricity to embrace the development of customer experiences as the primary means of realizing that goal.

BLOG

How Stadiums Enhance the Sports Fan Customer Experience

People are hungry for events that are friendly, fun and enriched with unexpected partnerships.

Nothing energizes sports fans like a brand-new stadium and behind-the-scenes access. So who better for Prophet to partner with to talk about customer experience than the Atlanta Braves, who made enriching the fan experience the focal point of their newly opened SunTrust Park?

A few weeks ago Prophet hosted approximately 40 clients and guests from companies like Coca-Cola, Equifax, UPS and Yahoo at SunTrust Park. Starting out in the expansive Hank Aaron Terrace, we took in a spectacular view of the ballpark from left field. Then we toured the dugout, clubhouse and even the ritzy Delta SKY360 Club, with behind-home-plate seating that offers the best game views in the Major Leagues.

Put the Fan Experience First

The $622 million park made a great spot to talk about what Prophet calls “next-generation customer experience,” especially as it’s lived by the Atlanta Braves staff. As the organization has been preparing for the move from Turner Field to the new park over the last four years, its also been rethinking what it wants a baseball game to mean to fans, adding exciting new elements to its rich game traditions.

This guests-first approach grew out of research that 40 percent more people in the Atlanta area rate the fan experience at a Braves’ game as ‘friendly,’ compared to other Atlanta sporting events, says Greg Mize, the Braves’ director of digital marketing, and Chandler Faccento, the guest services manager.

Enhance the Fan Experience with New Technology

People also rate the Braves as better value and more innovative. So the team is working to strengthen this notion with helpful new apps, such as a partnership with Waze and Uber that provides up-to-the-minute traffic and parking info and helps shuttle fans from parking to seats.

And it has also created a new, proprietary app called “Remedy,” which enhances the fan experience and provides guests with better customer service during games. In past years, the Braves would only hear about guest complaints at the ballpark in the days and weeks after an incident occurred. Now with Remedy, fans can report issues via the app in real-time, so the Braves and its guest services department can find a way to help the fan in the moment.

“If someone didn’t have an experience at SunTrust Park that met his or her standards, or our standards, it’s an opportunity for them to raise their hand, and for us, an opportunity to “remedy” the situation,” said Mize.

“If someone didn’t have an experience at SunTrust Park that met his or her standards, or our standards, it’s an opportunity for them to raise their hand, and for us, an opportunity to “remedy” the situation,” said Mize.

These digital connections go a long way toward enriching customer experience and resetting people’s expectations, says Peter Dixon, Prophet’s Chief Creative Officer. “Customer experience is the holistic end-to-end set of interactions–and resulting emotions and perceptions–that customers have with brands,” he says. That includes all the waypoints on the path to purchase, from how people buy tickets and park right down to the best mustard for their hot dogs.

But experience improvements have to extend beyond the obvious. “Brands need to understand what the customer is experiencing in all aspects of their lives and especially in the use of–and engagement with–their products and services,” he says. “This richer view of the customer experience will enable companies to provide greater customer value and drive sales impact.”

5 Critical Traits to Improving the Sports Fan Experience

When trying to improve customer experience, Prophet’s work with some 500 brands has shown that there are five critical traits:

  • Discipline: Customer experience won’t improve with hit or miss initiatives, but requires thorough and exhaustive efforts to reach every touch point.
  • Empathy: Putting yourself in people’s shoes means thinking about their entire lives, not just the few moments they interact with your brand.
  • Relevance: What will make your customers feel like your brand is indispensable?
  • Innovation: Brands must be constantly finding new ways to surprise and delight customers.
  • Intelligence: Leveraging tech-enabled data throughout the customer experience will make the experience more personal and more valuable.

And while some of these considerations are functional, the underlying emotional components can’t be overlooked.


FINAL THOUGHTS

The Braves are well aware of that, and it’s no accident that they’ve made Walter Banks, who has been an usher for Braves games for 52 years, a sort of fan experience ambassador. He was on hand at the event to explain how important it is to show people to their seats with warmth. He says:

“I ask them where they are from, and how they are liking Atlanta… It’s so important that when they leave here, they think we are friendly and easy to get along with.”

No wonder the Braves have summed up their expectations with a simple two-word slogan. Welcome home. At SunTrust Park, that says it all.

BLOG

Three Ways Innovation Can Keep Your Brand Relentlessly Relevant

New ideas should explore ways to create more value for people, targeting loyal customers for fast learning.

On their mission to stay relentlessly relevant, the best brands are constantly scrutinizing their innovation goals, objectives, approach and track record. They are obsessed with what their competitors are doing and what their customers are yearning for. They know that without innovation, their organizations will not be able to grow and thrive.

While innovation may once have been the sole purview of R&D, the best companies pursue innovation through a much wider lens. They look for transformation everywhere—in new experiences, channels, value propositions, content and communications.

“Digital technology has rewritten many of the rules of innovation, enabling brands to get ideas from new sources in nonlinear ways.”

Where should we look for models of success? In Prophet’s Brand Relevance Index®, we see brands like PlayStation, WeChat and Apple rise to top as examples of brands that aren’t resting on their laurels. They push the status quo, engage with customers in new and creative ways and find new ways to address unmet needs.

To drive innovation and transformational change, companies must embrace three important traits:

  1. Pursue a higher calling.

Many companies are boxed in by constraints of their own making—stubborn ideas about who they are and how they should compete, based solely on what they’ve done in the past. That rigidity crushes breakthrough innovation before it can even be considered. But when leaders understand the why of their businesses—their higher purpose—new ideas surface and push aside old assumptions.

Evernote, for example, is continually improving the way it organizes people’s personal and professional lives by synching information across devices. (Showcased in the total revamp of its version 8.0 which cleaned up the app by making it faster and simpler to use.)

Even established brands, such as Walt Disney, can deliver exceptional results when it stays true to their higher purpose. Witness Walt Disney’s sweeping My Magic+ digital upgrade to its parks, which is pumping up customer satisfaction by creating a happier, more memorable experience for its guests.

These companies don’t innovate just for innovation’s sake. Instead, they ensure every potential initiative will create value for customers. They make smart decisions based on their companies’ higher purpose, and by doing so they achieve relentless relevance for their brands.

  1. Stake the future on the unknown.

Innovation requires opening the aperture, taking a broader, deeper and potentially longer view of your customers’ underlying wants and needs, even the ones they can’t articulate yet. And while history and past performance should influence an organization’s decisions, free-thinking companies don’t allow that legacy to squash new ideas. They step beyond their past, finding new ways to interact in the marketplace.

In some respects, it’s easier for newer companies to do this. A company such as Birchbox can be nimbler than, let’s say, 3M. But that doesn’t matter when a company’s leadership commits to empowering a more innovative culture. Beginning in the 1950s, 3M urged its employees to spend 15% of work hours pursuing their own ideas, many of which became viable new businesses. This strategy has inspired many tech companies, including Apple’s BlueSky and LinkedIn’s InCubator. Because these companies push employees to think outside of the traditional framework of their roles, they’re more open to new ideas.

Additionally, digital technology has rewritten many of the rules of innovation, enabling brands to get ideas from new sources in nonlinear ways. Companies such as GE pioneered open innovation, and open development has become the norm for Silicon Valley.

As companies embrace ideas from external sources, they are shaking up internal structures in response, as well. Often, that involves expanding the reach of the marketing team. But, as a 2014 U.K. study found, a solid majority of marketers (77%) believe their innovation was blocked by a risk-averse culture. This may be a current organizational reality, but since marketers are often closest to customers’ pain points as well as competitors’ moves, they must increasingly make the effort to break down silos and propel their organizations to progress.

  1. Apply lessons quickly, confidently and continuously.

Only the most innovative companies—and, yes, those with the most digital dexterity—have truly mastered a test-and-learn approach. As an innovation speeds through iterative cycles, the company gathers valuable input at every stage.

This fast learning usually comes from the company’s most loyal customers. Video-game makers preview new titles with the toughest reviewers. Fashion brands offer influential bloggers sneak peeks of new collections. And craft beer makers organize “insider” tastings.

That feedback creates a virtuous cycle, providing an unparalleled level of confidence. The conviction of knowing what customers want at a deeper level makes these companies more agile.


BLOG

5 Strategies to Improve Retail Customer Experience

Even small changes can make shopping more fun, immersive, rewarding and convenient.

There is no doubt that Amazon is upending the retail landscape.  The number of retailers filing for Chapter 11 bankruptcy protection in 2017 is headed toward its highest annual tally since the Great Recession. Brands like HHGregg, The Limited, Wet Seal and Gander Mountain have already filed, and Sears recently stated it doesn’t know how much longer it can survive.

Consumers’ love for Amazon is echoed in Prophet’s Brand Relevance IndexTM, which ranks Amazon as No. 2 among more than 300 brands.

But a closer look at our research reveals that many brands are, in effect, making themselves Amazon-proof. They gain relevance by excelling at aspects of retailing that Amazon—for all its pragmatic brilliance—just can’t touch. (At least not yet.)

Sephora, for example, places 10th overall but moves even higher on our measures of customer obsession. So does Costco (No. 30). And while Etsy is No. 23, it zooms to No. 2 when ranked on the sentiment “makes me feel inspired.” Only Pinterest did better.

These brands are making themselves relevant to consumers in ways Amazon finds difficult since it is still (at the time of print at least!) primarily an online retailer.

5 Strategies to Improve Retail Customer Experience

Here are five lessons retailers—and in fact, many brands—can adapt to protect themselves against the Amazon effect:

1. Create a More Immersive, Engaging Customer Experience

The bliss of Amazon Prime, of course, is getting exactly what you want in a few clicks. But sometimes, people want to spend more time shopping, not less, and brands that understand that are way ahead of competitors. This is where retailers need to up the ante with customer experience.

Women want bras that fit, for instance. Based on that insight, Victoria’s Secret (No. 43) equips all associates with a tape measure, training and plenty of product solutions. Nike (No. 7) hosts weekly run clubs out of its stores, while Lululemon offers in-store yoga classes.

This engagement extends beyond the store, too, with digital technology that makes shopping more meaningful. For example:

  • Sephora uses augmented reality to let women experiment with false eyelashes or learn how to use contouring makeup. Lowe’s has created holographic rooms for DIYers to explore layouts, fixtures and colors before they pick up a sledgehammer.
  • Nike stores include run analyzers and basketball courts to photograph people in action, using the images to make more specific product recommendations.
  • At The North Face (No. 46), IBM Watson’s AI capabilities help customers find the perfect product. Mirroring in-store conversations, Watson can take unstructured text such as “I need a jacket for biking in Chicago winters” and deliver personalized recommendations.

2. Reward the Treasure Hunters

Some shoppers love to think of themselves as treasure hunters, with each trip to a favorite store giving them a chance to “win” by finding something unexpected, beautiful, rare or maybe just a tremendous value.

Knowing how to reward these dedicated hunters is what fuels the success of brands as diverse as Etsy, Costco, Target, eBay and T.J.Maxx. These brands make the chase meaningful by constantly showcasing new merchandise, sharing valuable content about its source and making it clear that it won’t be available forever.

Target is reimagining its store with two entrances, each with a specific guest need in mind. For the guests that want to browse and discover, they’ll be able to enter through one entrance to find displays of exclusive brands and inspiring seasonal moments.

3. Inspire Consumers

The ability to distinctively inspire consumers is one of the four key drivers of relevance, and it is nearly as powerful as pragmatism. Specialty retailers have an innate advantage here because they’re steeped in passion points that no mass brand can match. The smart ones fuel those passions.

Visitors to the North Face stores, for example, get a chance to experience a world-class hiking experience through a virtual reality headset. At L.L.Bean, shoppers can watch speckled and rainbow trout swim in a vast aquarium.

Meaningful content creation also inspires, from the deeply educational (like Lowe’s how-to videos) to advocacy and purpose (such as Patagonia’s messages about protecting the planet). Content creates emotional connections. Retailers can learn from storytellers about building those bonds, and then stay current by delivering them on the best digital platforms: Victoria’s Secret is using 10-second clips to create stories on Snapchat, for example.

4. Shopping is Social, So Make It More Fun

Often, people want to share their shopping experiences with friends and family. A Chicago Nordstrom has added a bar to its menswear department, for example, making it even more fun to linger over that tie selection. Digitally, this works too: Smart mirrors in stores make it easy to send an image from a dressing room to a BFF for a second opinion.

5. Find New Ways to Save Customers’ Time

There’s no denying that the retail industry is undergoing painful contractions, due in large part to the scramble toward omnichannel retailing. Large department stores have spent aggressively to build up their e-commerce sites, and many are doing too little, too late—and they can’t match Amazon’s prices anyway. (While it’s still early, Walmart may be the exception.)

But that doesn’t mean there aren’t plenty of ways to save people time and that retailers shouldn’t be trying to aggressively close the gap with Amazon. Besides trying to establish itself in the “order online, pick up in store” grocery space, Walmart is exploring ways to save and enhance time in stores, too. A deli kiosk lets customers select meats and cheeses, choose the quantity either by weight or number of slices and select the thickness preference of each slice. Customers then can continue shopping while deli staff fill the order and place it in a special cooler next to the kiosk where the customer can pick it up.

Will it work? Eventually, we think, it will. “We’ve always been about saving people money,” a Walmart exec recently told investors. “Now we’re about saving people time.”


FINAL THOUGHTS

It’s often said that Amazon is devouring the retail universe. While there is some truth to that statement, there are plenty of ways retailers – and other brands – can carve out a niche to stay relevant to consumers in the age of Amazon.

BLOG

Building Relevance in Financial Services – It’s All About Customer Experience

People crave the kind of holistic experiences that can only come from cross-collaboration and plenty of data.

We believe relevance—how meaningful brands are in people’s daily lives—is the single biggest determining factor of a brand’s long-term success. It’s what makes companies like Amazon, Android and Netflix, which are at the top of Prophet’s Brand Relevance Index™ (BRI), successful. They have made themselves so indispensable that their fans can’t imagine a day without them. But relevance is a currency most financial brands just don’t have. Only three financial services companies crack our top 50: PayPal, TurboTax and Visa. And the bottom of the list is a different story – it is jammed with banks, insurance companies and wealth-management firms that struggle to achieve meaningful engagement with their customers.

The Pragmatism of Financial Brands

The BRI, which is based on a survey of 15,000 U.S. consumers, measures what we believe are the four drivers of relevance: customer obsession, distinctive inspiration, pervasive innovation and ruthless pragmatism. Financial brands scored the best in ruthless pragmatism—as they should. Pragmatism is measured by consumer responses to statements like “I know I can depend on this brand,” “it makes my life easier” and “it’s available when and where I need it.” Consumers are sending the message that basics matter: if a bank can’t handle mobile deposits or an insurance company doesn’t pay claims, what good is it?

But this pragmatism doesn’t stand on its own, and for the brands that ranked higher than most,  pragmatism was coupled with high levels of customer obsession. Meaning they took the millions of data points at their disposal and translated them into relevant services, products and experiences that make consumers’ lives run a little more smoothly.

Examples of Successful Financial Customer Experiences

The financial brands that embrace ruthless pragmatism and customer obsession can be just as fiercely beloved as those in other categories. Let’s look at three brand examples:

  1. Most people only turn to TurboTax once a year, but they love how it makes a difficult task in their lives easier. More people in the U.S. said TurboTax “meets an important need in my life” than any of the 300-plus brands we measured.
  2. Visa is an “old reliable” that has become a digital-first thinker.
  3. PayPal, which emerged as a super-dependable way to make online payments when it was still on the eBay platform, is safer and faster than ever.

All three excel in mobile technology. And most of all, they understand that they are not in the business of creating financial products. They know their role is enabling better customer experiences.

Build Experiences, Not Products

In our work with financial companies, we push toward experience-led thinking by asking our clients to reimagine the industry and what their brand would look like if they were starting from scratch today.

It would probably look something like Mint, Intuit’s personal finance software, which lets customers see all their money and expenses in one place.

It would likely include something like Venmo, the PayPal-owned payment app millennials love so much, or SnapCash, the payment platform preferred by Gen Z.

It might even borrow elements from WeChat, which ranks as the second most relevant brand in our Brand Relevance Index in China. (Started as a chat app, WeChat added digital payments, e-commerce, fundraising and microloans.) From this platform, what’s needed next is translating all that information into personalized products, services and experiences.

It’s the Holy Grail. No one has done it yet, and many branding experts can’t believe mainstream financial services companies, with all that marketing muscle, are still so behind the curve.

“Internally, there is no unified view, which makes creating one for their customers very difficult.

That’s a little glib. Those of us working in the industry know that the obstacles are real. For one thing, changing regulations, like the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, have created challenges. For another, unlike start-ups from Silicon Valley that can get away with years of losing money, the investors who own these established companies demand profits, not losses.

But the biggest problem they face is their own organizational structures. Historically, each type of product—retail banking, mortgages, retirement, and various policies—are housed in distinct silos, governed by separate profit-and-loss statements. Internally, there is no unified view, which makes creating one for their customers very difficult. And the reality is that employees are incented to focus on products, not experiences, in order to meet their product sales goals.

Think Holistically About Customer Experience

Solutions can only come from thinking holistically. At companies that are becoming more customer-obsessed, there’s a growing understanding that “brand” isn’t something that comes from the marketing department. It develops and grows in every department—sales, distribution, product, and technology. Similarly, the mindset throughout the organization needs to shift from “what can we sell?” to “what value exchange can we create?” In building long-term relationships with customers, what types of products and services make people say, “This brand isn’t just out to make a quick sale—it really has my back?”

This requires taking giant steps away from “business as usual” thinking. Ford CEO Mark Fields, for example, shook up the automotive world with the announcement that the company is striving to be “a mobility company,” not just a car manufacturer. This has enabled it to develop brand-new approaches to the way today’s consumers think about urban transportation. What will be the equivalent shift in financial services?

The most important step financial companies can take to gain relevance is getting every division on the same page: Improving customer experience and engagement. And that can only come from customer obsession, constantly pushing all departments to work harder to see things from the consumer’s point of view.


FINAL THOUGHTS

Most financial companies aren’t able to do this yet, but they are trying. That’s evident in the widespread acceptance of multichannel offerings, with banks understanding that customers expect to be able to have their needs met no matter where they are or what time it is. And many are closer to making their offerings channel-agnostic, with ultra-pragmatic mobile solutions.

Sometimes, companies ask us about increasing the other drivers of relevance– distinctive inspiration and pervasive innovation. We discourage them unless they are already performing well on more pragmatic measures and customer obsession. If a bank is staffed by surly tellers or brokers who provide confusing statements, even the best performance on other measures can’t help. These may seem like table stakes, but our rankings prove otherwise.

For today’s consumers, relevance requires delivering useful and engaging experiences powered by technology. The only thing that will work is improving the experience at every touchpoint, providing relevant content and taking the broadest view of customers. It’s not about making a better financial product. It’s about making consumers’ lives better. Relevance doesn’t come through branding. It’s built on these rewarding experiences.

BLOG

Patient Experience: Rethinking the Healthcare Journey

Our new research reveals why patients–especially younger ones–are so unhappy with healthcare providers.

Providers and insurance companies are scrambling to adapt to a new landscape fraught with changing government regulations and growing consolidation pressures. But many are so focused on their own survival that they’ve missed the biggest change: consumerism. The same revolution that’s reshaping the way people buy financial services and airline tickets is finally underway in healthcare. Consumers—especially millennials—are unhappy with what they’re getting, and want more control.

“Consumers—especially millennials—are unhappy with what they’re getting, and want more control.”

For more insight into this power shift and its impact on the healthcare industry, Prophet and GE Healthcare Camden Group dove into the minds of providers and patients in a study titled “The State of Consumer Healthcare: A Study of Patient Experience.”

Here’s what we learned about the patient experience:

[Click here to see the full results of the study]

  • Providers are aware the situation is bad…it’s just worse than they know. Providers are somewhat aware that people aren’t thrilled with their healthcare experience, but our research found an alarming perception gap. About 81 percent of consumers say they are dissatisfied with their healthcare experience, yet providers overestimate the overall quality they give patients by more than 20 percent.
  • Gen Y is really unhappy. Discontent is highest among millennials. And while providers often argue that Gen Y has minimal financial impact since younger people are healthier and spend less on healthcare, they also realize these consumers will soon account for 50 percent of the workforce. And payers need the younger, healthier generation as members to ensure they have a diversified and financially healthy member base. It’s simple: This generation has different expectations. They value traditional care less than previous generations, relying more on input from friends and family, and less on their provider. [clicktotweet]Only 28 percent of millennials visit a doctor for existing conditions, compared with 53 percent of Baby Boomers.[/clicktotweet] And just 22 percent of millennials visit a doctor for a new condition, versus 45 percent of older patients. Gen Y also values convenience and digital ease and adores brands like Uber, Starbucks, Zappos and Square that provide it. So companies like ZocDoc, Oscar, and WebMD, which provide health-related solutions people can access on their own terms, are among their favorites. Millennials are also the most open to alternative sources of care, with 73 percent willing to use on-demand medical centers, 64 percent retail clinics, and 52 percent telemedicine.
  • Providers struggle to make the case for investing in experience. With companies under enormous financial pressure, it’s very hard to make investing in patient experience a priority. But such investments generate real ROI. Improving patient experience drives increased capacity and access for consumers, creates leverage with payers, and improves efficiency. It also boosts employee retention. And it builds a brand and a reputation that encourages people to consolidate their care within one system, which increases its revenues. By crafting a distinct brand, providers will be able to build an identity special enough that consumers will embrace and be loyal to them. Progress is slow. But the smart healthcare systems are realizing that happy patients are essential to their survival.

Read the complete study hereFor information on how Prophet and GE Healthcare Camden Group can help your organization improve its patient experience, contact us today or view the State of Consumer Healthcare webcast.


FINAL THOUGHTS

Our research proves two unhappy truths. First, patients are overwhelmingly dissatisfied with their healthcare, with 81% saying they’re not happy. Yet healthcare providers are fooling themselves into thinking they’re doing well, and overestimate the quality of their care. It’s time to invest in patient experiences, understanding it’s essential for increasing loyalty.

BLOG

4 Ways Customer Experience Drives Business Growth

New fans matter. But it’s real secret is deepening relationships with its most devoted customers.

How Customer-Led Experiences Drive Business Growth

Customer experience used to have a clear beginning, middle and end. And most customers followed a similar path. But traditional customer journeys no longer exist. Today, these experiences are non-linear, unpredictable, and shared; and only a few companies are taking advantage of this new reality. Most still view customer experience through a traditional lens: What’s wrong, and how can we fix it? But for those willing to widen the aperture and obsessively follow customers in all directions, experience-led thinking is creating new value, revenue growth and profit.

Customer experience (CX) is at a tipping point: The only brands winning love and loyalty are those taking engagement to a deeper, more complex level. In fact, digital has given companies the power to easily add new moments and touches, and remove steps, streamlining the experience. By following customers through the crisscrossing network of real-world, social and digital experiences, organizations find a deeper understanding of people, as well as opportunities to use those insights to create signature moments that drive relevance, word-of-mouth, and loyalty.

With the blending of digital and physical worlds and virtualizing of brands, customer experiences are being transformed while becoming even harder to control.  This means that authenticity has become critical.  As emotional decision-makers, customers are constantly seeking experiences that go beyond function.

Transformation requires seeing customer experience differently. Customer experience is no longer just an output or something brands create and exclusively own. It’s also an input, a valuable conduit. It is a collection of all the moments and interactions that build and shape customer expectations. It is a series of experiences that engage and inspire – strong empathy compels customers to share those experiences with others.

Non-Linear Customer Journey

While experiences may once have been linear, today they are unpredictable. People may stumble across you on their tablet at 3:00 am, dismiss you while reading reviews on their phone, only to rediscover you in an enthusiast’s blog. Customer experience is now the sum–the collection–of all those moments and it is imperative that companies engage and inspire through those moments.

Some experts describe the journey itself as broken, but we prefer to think of it as rerouted—it’s now part helix, part labyrinth, and part maze. People interact with brands across many touchpoints, and they determine their own path to purchase. And whether they are in the pre-purchase, post-purchase or ongoing-use mode, one thing is certain–they are no longer spectators or co-creators. They are in the driver’s seat.

Customers are continually talking with other people about brand experiences–those that thrill and those that disappoint. And they’re doing it publicly, and on social media. Given these shared experiences, the most important part of the experience is fast becoming not just what impacts one particular person, but all the potential customers around them.

Industries that have been the most disrupted by technology seem to understand this better. In travel, for example, airlines are increasingly recognizing that mobile technologies are everything to frazzled travelers. But brand parity has made physical comfort more important than ever—look at Delta’s renovated JFK Terminal, which includes spa services and better food (a Shake Shack, for example), more security lanes, and a lounge luxurious enough to make layovers more bearable.

“Companies that are truly customer obsessed put peoples’ needs and aspirations ahead of technology, business operations and other processes.”

Healthcare is another example. As consumers, providers, hospitals, and insurers have become increasingly disenchanted with the status quo, smart companies are pioneering powerful experiences via patient portals, telemedicine and even virtual doctors.

Four Essentials to Grow the Customer Experience

What successful companies have in common is that they’ve adopted an experience-led mindset that allows customers to lead the way. Reaching this higher level of thinking requires following four principles:

1. Customer obsession

Customer experience efforts are routinely based on insights, but the most successful companies are those that gather intelligence at a ferocious pace, and constantly put customers at the center. They are tireless in their quest to understand and think like their customers. They invest time–lots of time–listening, watching, and interacting with people to plumb their “absolute truths” and build insights.

Sephora, the beauty retailer allows consumers to build in-depth profiles of their skin tones and favorite products – yielding a wealth of intelligence but also allowing them to deliver a seamless transition between online and store.

And Starwood Hotels & Resorts, with intense analysis of its weary business travelers, uses its obsession to create experiences customers didn’t even know they wanted, such as Keyless Entry to streamline getting to the hotel and entering the room

Creating a breakthrough experience starts with the customer. Companies that are truly customer-obsessed put peoples’ needs and aspirations ahead of technology, business operations and other processes. This is not about just conducting customer research­­–it’s about allowing people to co-create and join in the development cycle. Customers are the independent variable that comes first. Everything else comes later.  As obvious a point as it may seem, customer experience is about customers and if you do not understand customers deeply it is hard to achieve successful growth.

2. Ruthless pragmatism

Companies need to stay focused on essential objectives, prioritizing investments that add the most value. It’s important to understand what part of the experience truly matters to customers and then align that to feasibility and operational efficiencies.

“Some experts describe the journey itself as broken, but we prefer to think of it as rerouted.”

This also means adopting a test-and-learn mentality that allows piloting the most promising ideas, as well as metrics to kill initiatives that aren’t working. Google conducts thousands of tests every year, but on very small groups of users. Relatively few go on for additional testing. This hard-nosed thinking is critical to determine where to focus investments: Which areas matter most, and have the greatest impact?

3. On-brand authenticity

Fueled by customer insights, it’s important to shape experiences that are consistent with a brand’s core equities, translating them into signature touches. What are the brand attributes that need to be reflected in every aspect of the experience? Patagonia excels at authenticity, making high-quality, multifunctional clothes that “last a long, long time.” It delivers on its purpose in inspiring ways, from the “Better than New” truck that repairs items, the “Worn Wear” campaign that celebrates the stories “we wear” and by featuring interestingly sourced materials (such as recycled plastic soda bottles) in its products.

Tesla is another, with customer advocacy that extends beyond its interactive, educational showrooms into its hassle-free servicing. With a vow to never have service as a profit center, most repairs are completed remotely through “over the air upgrades.” And when a car does need dealer attention, Tesla provides a loaner, delivered directly to the owners’ doors.

4. A Connected Mindset

This is often the most difficult and involves working across silos, bringing people together around a shared goal in effective cross-functional teams. Aligning incentives and processes allow people to think outside of their functional groups and business units, because to consumers, that’s all irrelevant. Tech companies often have an inherent advantage, simply because they’re newer and less entrenched in their respective silos. From PayPal to Facebook to Amazon, they’re known for pulling together for bold moves.

But any company can learn to work this way. GE Healthcare, a Prophet client, traditionally led from its own engineering prowess. But by working across departments, it switched its focus to the crushing dilemmas of large hospitals. To streamline purchasing and maximize machine use to improve care and lower costs, it allowed its customers to lead it to a new selling focus, one that elevated it from a vendor to a true partner.


FINAL THOUGHTS

To win in today’s competitive marketplace companies must adopt experience-led thinking to drive growth. At Prophet, we’re working with clients every day to make such leaps, and with our ability to leverage brand as a key asset for the company, we are pushing past the basics of customer experience to develop signature moments and enhancing experiences at every possible touchpoint. Customers can lead the way to this expanded mindset if brands are willing to follow them.

If you know you need to focus on customer experience but don’t know where to begin, speak to Prophet who can help you to move your organization forward.

BLOG

From IoT to IoC: The Elephant in the Room

People are consuming content not just on phones and laptops, but on wearables, appliances and in cars.

There is an elephant in the room when it comes to the Internet of Things. There is a critical element inherent to just about any IoT application that hardly ever sees the light of day in industry coverage of the topic. Some would say it’s because it’s just not as sexy, it’s a given, or it falls outside of the IoT deployment purview. But they would be wrong.

The role of content in the Internet of Things cannot be understated. By extension, the role of a culture of content has never been more important. In our report, we define and address the institutional imperative to meet the growing internal and external demand for content by fostering an authentic ‘culture of content;’ one that establishes evangelizes, and streamlines how brands use content to express themselves. As brands in every industry embrace how to better leverage sensors to enhance and streamline customer experience across any connected interface, it is content itself that becomes the ever more critical brand unifier.

From IoT to IoC: The Emergence of “Things” as Content Platforms

The Internet of Things introduces an entirely new ecosystem for content– one that historically has been offline, static, perhaps crinkled up and thrown into the trashcan. In the Internet of Things, content (paid, owned, earned media) and product can converge; that is, when [connected] products serve as dynamic content platforms. Here emerges a new channel, for owned, earned, and paid content activations. Enter the Internet of Content.

Products as content platforms are an extension of ‘mobile’ platform proliferation we have seen across smartphones, tablets, wearables, etc. When our cars, our thermostats, our appliances, our homes are connected, they transcend a life of stagnant hardware and become new vehicles through which brands can convey messages, even services. In fact, as connected product lifecycles transform to become enhanced, smarter, and more personalized over time, the content will increasingly define, even evolve how consumers interface with their products.

“We define and address the institutional imperative to meet the growing internal and external demand for content by fostering an authentic ‘culture of content.’”

A more connected world not only serves content more frequently, even in real-time, but it also generates more demand for content. Consumers themselves generate demand for content by interacting with brand properties/infrastructure such as beacons, kiosks, or a connected mirror in a fitting room, for example. The success of augmented reality applications -– agnostic to the platform -– are contingent upon rapid content accessibility, personalization, and integration with other systems. Additionally, products themselves may create more demand for content through automated algorithms or data-informed services, such as product malfunction notifications, troubleshooting guides, support channel options, or suggestions for upsell.

A Connected Brand Experience Requires a Connected View of Content

Many marketers already view content as the ‘atomic particle’ of all marketing, but the Internet of Things ushers in a new era in which content becomes the atomic particle of just about any brand interaction– sales, service, support, R&D, experience. As the Internet of Things gives products, events, even media itself a voice (i.e. a contextual data stream), content becomes the very glue or connective tissue connecting any brand experience across any platform.

Furthermore, as IoT forces historically separate constituencies to partner, even share data, assets, and experiences, content also serves a nuanced role of continuity in recognition. For example, when a shopper walks into a mall, the beacon-triggered notification they receive on their smartphone could be driven by any number of players– brand, manufacturer, telecom provider, the mall itself or holding company, etc. As each player vies for customer engagement, content serves as the cornerstone of brand recognition regardless of dynamic contextual elements such as location, time, or platform.


FINAL THOUGHTS

Ultimately, a culture of content doesn’t just help brands organize around content, it helps crystallize the very brand message; a culmination of stories that convey brand identity. Aligning internal processes, behaviors, and needs to a single brand manifestation will only grow in importance as brands embrace new ways of connecting with customers.

Your network connection is offline.

caret-downcloseexternal-iconfacebook-logohamburgerinstagramlinkedinpauseplaythreads-icontwitterwechat-qrcodesina-weibowechatxing