Customer Engagement 2.0

A usual start of the day: Cycle in the pouring rain to work, your computer doesn’t start and the office is out of coffee…. Too stressed to start working right away, so let’s steal a couple of minutes from the boss to check out some personal stuff online. But these minutes easily become 10, 20 minutes, because first you want to see the news, your personal email, watch a YouTube movie to make you feel good and oh, don’t forget to check out the weather, the sun might show up today!

The initial minutes become half an hour, because you have to go to each site separately, load it, sign in, skip the advertorials and commercial messages and do this 4 different times, for all your favorite sites.

Wouldn’t it be great (for your boss as well), if you could have all your most relevant sites combined in one site? No surfing, browsing, URL-typing needed, just one site that brings it all?

A lot of sites do offer some kind of automated personalization, based on predefined criteria like geographical area (IP recognition), the page you came from or click behavior. But till recently, all these sites were about customization of the site by the website-owner (they predefine the criteria), but only since recently you see sites where consumers themselves are in the drivers seat to create their own personalized websites, based on their criteria. This type of rich internet applications are called ‘Rich Portals”.

This is a big mind shift for a lot of companies. This is really about what the customer wants, and not what the company is offering. This trend is also taking place on the web and in my opinion this is definitely part of the Web2.0 trend: the consumer is in charge! Let’s look at a couple of examples.

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Many people have different opinions of what ‘Customer Engagement’ exactly stands for. In this article I don’t want to create yet another definition, but I’d like to elaborate on our understanding of Customer Engagement. In my opinion, it’s all about: how do we give what the customer wants (and maybe something more), giving them a positive feeling about the brand/product/service, so they are likely to become more loyal to the brand.

But then of course, the next question will be: How do we (the marketers of a brand/product/service) persuade our customers that we are worth their time, effort, money and commitment? We won’t be able to engage everyone, and we must accept that those who do engage with us will do so to different degrees and in different ways. Customer engagement isn’t a nirvana that can be reached; it is a process of developing and nurturing relationships.

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When at the Forrester Financial Marketing event in New York, I had the pleasure to meet with Alyson Clarke, a principal Analyst at Forrester.  We sat together to discuss and share some ideas about Online Advice Tools. We talked about collaborative tools, simple tools like financial calculators, product selectors, and advice tools. She brought her analyst perspective and I shared my perspective as a technology vendor building richer interface solutions to many of the financial institutions.

Alyson’s take is that people are desperate for financial advice and that their needs are not met today. “Firms should focus on delivering a better customer experience starting by giving clients access to financial advice”, she told me. “The need for advice is amplified by new and complex taxes, pension reforms, turbulent markets, and complicated financial products. Most people can’t afford expert advice so most of them are shifting to the Internet in search for advice.” But advice delivery has not caught up.  Sure you can view your accounts, access general information, apply for a credit card or for a mortgage, and do some transactions, but where is the advice - the personal touch that people need – the collaboration?

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In the July 14th issue of DMNews, Dana Kevish, Interactive Marketing Manager for acehardware.com, chats about her most recent collaboration with GSI Commerce—the “choose your location” component using geo-location technology. In layman terms, the “choose your location” component is an Ajax-based Rich Internet Application (RIA) feature that gives visitors the option to search for local Ace stores depending on address or location. By using geo-location technology, the Ace website identifies your approximate location so you don’t have to enter an address. Because the store locator is a mashup, Ace store locations are automatically displayed on Google Maps. There are two benefits for doing this: first, Ace didn’t have to develop their own mapping component; and second, users are greeted with a familiar user experience.

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Because most mortgage shoppers get information online nowadays, traditional mortgage lenders need to improve the online customer experience. Therefore I set out to compare the websites of six large traditional lenders: Bank of America, Chase, Citibank, Countrywide, Washington Mutual and Wells Fargo. To give it some focus, I decided to focus on payment calculators, as Forrester thinks those are the most important. For an international comparison, we’ll be looking at the Moneyou calculator, a subsidiary of ABN AMRO.

The Test Scenario

A couple in California is looking to buy their first home in the next year, so they want to find out how much they can afford. They each make about $7000 a month and they have approximately $60k available for a down payment. They estimate they can pay approximately $4000 a month for their home.

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