AANA presents the latest episode of Marketing Dividends featuring Mark Reinke, Chief Customer Experience Officer at Suncorp, in which he discusses the challenges of creating customer experiences across a portfolio of brands and how businesses can adapt to keep up with continual change.
He describes how Suncorp has ‘re-architected’ its business to put customers at the centre and deliver new customer experiences through a platform strategy.
“We’ve moved from a series of vertical businesses to a platform, removing the barriers to a customer getting the services and solutions they want,” Reinke said.
“Our customers are feeling overwhelmed with change, complexity and choice and we want to ensure we’re available, whether it’s in a store, by phone, on a digital device. However they want to do it, we’re setting up our business to respond.”
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Reinke believes that businesses need to re-invent themselves in response to an ever-faster changing market.
“In the past, companies have been more focused on making one big change. The challenge today is that customer behaviour changes so quickly that businesses risk being left behind and that’s something that CEOs and Boards are mindful of,” he added.
“In the 1960s, the average business span was 60 years, yet today it’s only 16 years – one of the reasons being customers behave differently and so it is important that companies respond to those changes and have that as a key mantra. You have to make really fundamental and difficult changes to get to the customer which can be very expensive for shareholders and very difficult to get started.”
Reinke added the challenges facing Suncorp are not unique to Australia.
“We’re an Australian New Zealand business but the forces shaping our business are global. We’re working with partners in the US looking at the psychology behind how people are now differently attached to money, particularly millennials.
“We’re working in Spain on how online reputation translates to offline behaviour. We’re looking at the UK to see how financial services businesses have been able to completely re-platform digital services for their customers. And we’re going back to basics with behavioural economics to understand how and why people make decisions. We’re looking across the world to bring it all together in Australia to create unique experiences for our customers.
“Take AAMI, for example. At the moment it provides a range of needs around insurance. In 2017, you’ll start to see AAMI provide a range of expanded services for health, for teaching your kids to drive, buy a car, build a business. And we’ll be creating pathways across brands to help our customers find solutions from (one of our) other brands,” Reinke concluded.