Low cost marketing innovation – 4 essentials to success


It’s tough to be a marketer. It’s hard to allocate cash for innovation, but at the same time rapid consumer behaviour changes and increased competition make it a bit tricky to stand out.

All is not lost. We can once again get our creative juices flowing without breaking the bank (sorry…). I recently took a look at the world of Financial Services and it’s safe to say a few obstacles need to be overcome; the allure of the non-banks and a heck of a lot of expectation from the customer.

With that in mind I recently caught up with Simon Clarke, Head of Online Banking Suncorp.

Simon and the team have a clear focus: “We’re delivering our new core banking capability. It is a major strategic initiative for us and will enable a new generation of customer experience through our simpler and more agile platform.”

“At more of a group level, we are constantly looking at ways we can improve the customer experience across our key areas of banking, life and insurance. We want to ensure that customers have a consistent experience no matter what product they have and touch point they engage us from.”

The team have a smaller budget than the major banks, encouraging (sometimes forcing) Suncorp to think outside the box to build and optimise customer experience. This approach can often far outweigh consultation and reading through insight all day.

So how exactly are they doing this? Here’s Simon’s recipe to success:

Sweat the small stuff

“Post GFC, innovation has been always associated with research and development. But in more recent times, people and customers have come to realise that innovation isn’t always about the newest technology or gadget. It’s often just tapping away to remove a step or part of a process.

“We often find in banking that we build, design, rebuild and redesign technologies very quickly due to tech improvements and resilience. But we often neglect to review the process which the technology facilitates. That often leads to a slick looking application underpinned by a very long, frustrating seven-step process to do something that should only take two.

“We have a goal in which we constantly go through customer journey maps and ask: ‘Does that need to be there? Is it just because it’s always been there?’ As we optimise our websites, online banking platforms and mobile channels, we have the opportunity to challenge and improve the process. We also blend with user experience design so every word, click or tap culminates in a simple, easy to use engagement.”

What to do today: Innovate incrementally. Start with a small pain point with your product, system or process. Pull it apart and put it back together 2% at a time. Overtime, these 2% add to 20% very quickly and culminates in achieving high customer satisfaction at low cost and risk.

Mix it up

“We often find it amusing the costs that come out of delivering innovative technology or simply keeping up with customer demand. All of our banking platforms are designed and built in-house.

“This allows for very tight ‘product teams’ to form with a mix of business and IT people to take a challenge, sketch it, design it, user-test it, build it, secure it and get it out the door within a few days. We have feedback forms that are monitored and answered by product owners so every idea, complaint or comment goes straight to the person who can make a decision and execute on that idea or fix that problem.”

What to do today: Speak constantly to your team to understand roadblocks and attack them one by one to form a lean, effective team. Take the time to also listen to your customers. They should influence and be a part of your strategy and execution, not just an end user.

Look past the fancy reports

“From a design and UX perspective, again we use the same tools that a small business might to perform UI online tests, surveys and lab tests using basic video conference equipment.

“Some of these tools can cost $150 to run and the feedback and insight we get is amazing compared to a $10,000 report. We love using these ‘guerrilla tactics’. From an execution side, it allows us to try a lot of new things and if some don’t hit the mark, there isn’t a swollen budget sitting at the other end.”

What to do today: If you need insight, there’s plenty of it out there for free. Form an idea, build it out with creative and knowledgably colleagues and put it to the test. Learn fast and do it cheap. If the idea doesn’t hit the mark, gather your learnings and put it towards your next opportunity.

Persist

“Having a ‘fail fast and learn’ culture can be difficult to achieve and persist. But with the right attitude, enthusiasm and decision-making capability, we can strive to build the easiest-to-use websites and online banking platforms and see the effects through direct feedback.

“I think the biggest challenge is building the right culture and acknowledging that innovation doesn’t need to be cutting edge development. Simple touches each day accumulate to building an innovative model that customers can appreciate each time they engage us.”

What to do today: Build a safe working environment that allows your staff to thrive in generating and testing ideas. Isolate risk adversity so that it is managed but not impacting your ability to innovate and drive user experience.

Join Simon at Digital Financial Services 2014, he’ll be delivering the Case Study ‘Banking Channels at Speed through Lean Innovation’.  Visit www.digitalfinancialservices.com.au or tweet @digifinance

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