Echo Sites - Part 1

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Information about Echo Sites - Part 1
Finance

Published on May 20, 2013

Author: ksohi

Source: slideshare.net

Description

(c) Kiran Sohi. All rights reserved. Many retailers are building sites that are product centric rather than customer centric including those in banking. Customer situation, demographics, behaviour and experience should all be taken into account before designing a site that serves products/services. This document provides a point of view and analysis on how to ensure that your site is customer-centric.

Kiran Sohi kiranpal.sohi@gmail.com Inspired by Survey: Consumers and Mobile Financial Services, March 2012, Board of Governors of the Federal Reserve System, http://www.federalreserve.gov/econresdata/mobile-device-report-201203.pdf Kiran Sohi© All rights reserved. May 20, 2013

Defining the Problem Product Centric Sites Product Centricity leads to conclusions that do not apply to the way Customers use Internet or Mobile Apps “We are trying to replicate our retail stores online.” - Retailers Kiran Sohi© All rights reserved. “Hey…I get measured based on how much traffic comes to my product site. I can’t place my product on other internal company sites!” - Product Managers “Mobile strategy? Don’t you mean Mobile Apps?” - Mobile Channel 2

Defining the Problem SWOT Analysis of Product Centric Site • • New revenue opportunity Lower cost to serve customers than physical entity Free up time for customers and make it convenient anytime and anyplace Present targeted options of products • • Threats • • • Loss of revenue to disruptive technologies Customer disillusionment “You don’t know who I am!” US companies have $s and volume to justify the spend Weaknesses • • • • • High cost of technology Bound to annual budgeting process Thinking one year at a time rather than building a business for next 5- 10 years Working on one product at a time ROI is difficult to prove w low adoption Opportunities • Think Customer Centric • ECHO • Situational • Demographic/Psychographic • CONTEXT • Behavioral • Experiential Kiran Sohi© All rights reserved. Strengths 3

Addressing Weaknesses Asking the Right Questions Weaknesses Hypothesis High cost of technology • Can we sell more products to fewer ‘e’ adopters? Increase Revenue per Customer • Bound to annual budgeting process • Can we build multi-transaction front-end sites/apps centered around customer needs rather than one technology transaction at a time? Reduce cost per Build + Re-Work Thinking one year at a time rather than building a business for next 5- 10 years • Dealing with one product at a time rather than working on customer-centric products portfolio • • • Can we request spending for one large program with iterative ‘build & sell’ rather than one noncohesive application at a time? Are we addressing barriers that hold customers from adopting sites or apps ? Kiran Sohi© All rights reserved. • Improve ROI Improve Client Centricity 4

Definitions sites that keep bringing buyers back drive buyers to love & share • Situational – Technology centered on a ‘set of circumstances, a state of affairs’* (i.e. Travel; Life events – marriage, birth, death, retirement, etc.; Medical) • Demographic – Define desirable/unaddressed demographics and address their needs (i.e. Youth, Unbanked/Under-Banked, High Income Bracket, etc.) • Behavioral – Drive applied behavior systematically to improve socialization of technology and address weak perceptions (Proof: People who use mobile banking are more likely to report that it is safe.)** • Experiential – Making emotional connections to individual’s state (i.e. Debt Management, Spending Habits, New Home Ownership) Kiran Sohi© All rights reserved. contextual drive echo sites Addressing Opportunities 5

echo sites sites that keep bringing buyers back Kiran Sohi© All rights reserved. Addressing Opportunities

Customer Centric Sites Situational- Technology centered on a ‘set of circumstances, a state of affairs’ “I am planning to go to Hawaii. I want to do all my buying on one site. I hate going to multiple sites to get what I want.” - A Traveller “I am planning for long term care for my mother and I don’t know where to start.” - A Care Giver “I don’t want to use boring sites with too much regulatory information.” - Youth seeking Entertainment Kiran Sohi© All rights reserved. Customers do not think about products randomly when they see it…they search for it when they need it onLine / onMobile 7

Situational- Technology centered on a ‘set of circumstances, a state of affairs’ Plan Activities Document Prep (ID, Passport, Travel Visas) Notify Family & Friends Prepare Itinerary (Align Interac locations for $s) TRAVEL Medical advice & Insurance Choose a Location Make a Budget, Open an Account, Save for Trip Travel advice & stores that accept Visa, MC Create sites that are relevant to your customers’ situations Medical Insurance Managed Care Prep Find a Doctor Kiran Sohi© All rights reserved. echo Addressing Opportunities MEDICAL Government Resources Medical Tax Advice Healthy Living 8

Demographic– Define desirable/unaddressed demographics and address their needs Managing Debt Saving for a Home Manage Loan for Education YOUNG ADULTS Financial Literacy Learn to Invest Entertainment Spend Retirement Planning Job Search Advice Create sites that ‘know’ your customers Planning RESP Investment Mgmt Retirement Planning (Re)Finan cing for Home INCOME >$100K Managing Debt Financial Planning for Family Kiran Sohi© All rights reserved. echo Addressing Opportunities Life Insurance Budgeting/ Loans for Luxury purchases 9

Demographic– Define desirable/unaddressed demographics and address their needs Changing your behavior apps Mobile Payments Use of “Virtual Wallet” – Manage Money Becoming Credit Worthy UNBANKED & UNDERBANKED Pay back expensive debt Increasing Education Level Medical Insurance Alternatives Kiran Sohi© All rights reserved. echo Addressing Opportunities 10

Definitions sites that keep bringing buyers back drive buyers to love & share • Situational – Technology centered on a ‘set of circumstances, a state of affairs’* (i.e. Travel; Life events – marriage, birth, death, retirement, etc.; Medical) • Demographic – Define desirable/unaddressed demographics and address their needs (i.e. Youth, Unbanked/Under-Banked, High Income Bracket, etc.) • Behavioral – Drive applied behavior systematically to improve socialization of technology and address weak perceptions (Proof: People who use mobile banking are more likely to report that it is safe.)** • Experiential – Making emotional connections to individual’s state (i.e. Debt Management, Spending Habits, New Home Ownership) *answer.com **Consumers and Mobile Financial Services, March 2012, Board of Governors of the Federal Reserve System Kiran Sohi© All rights reserved. contextual drive echo sites Addressing Opportunities 11

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