Four Pro-Tips For Building a Customer Experience Business Case in Superannuation
Like many superannuation funds, legalsuper has had to quickly adapt to increased customer demands in response to legislation change and economic and global events like COVID-19. Like many businesses, legalsuper did its best to adapt to the increase in demand, but knew there was a better way to provide outcomes to its customers.
The answer? Customer Experience! The business used real-time intelligence to react quickly to COVID-19 demands, which enhanced customer experiences through the pandemic and beyond.
Elizabeth Swartz, legalsuper’s Manager of Insights and Service Design, shares how her team built a business case for a customer experience platform, and how this helped their brand adapt and evolve to a changing industry.
Pro-Tip #1: Establish Financial Linkage
The most compelling part of the business case was financial linkage. Swartz focused on the value of a customer feedback loop and drew a line back to ROI. She knew if the business could reach detractor customers and recover them from churning, it would help impact legalsuper’s bottom line and make sure members are happy with the service they receive.
Pro-Tip #2: Show the Impact Your Program Can Have by Explaining Top-Line Growth
Top line growth and increased revenue from an experience management perspective looks like retaining existing customers, finding new customers, discovering opportunities to cut the costs involved with serving customers and establishing sustainable, recurring revenue.
Pro-Tip #3: Describe the Coaching and Performance Impact to Your Call Centre
A CX program can involve real-time insights that help your front-line staff become more efficient. In legalsuper’s case, the business was able to save the contact centre from pulling lists and analysing insights, as this was now done automatically in the platform.
The Results? Direct and Immediate Business Value
Whilst the program is still new, Elizabeth says that it’s easy to see the value. Every time a new part of the program is implemented, the value is clear right away. Some of the immediate improvements to the business have been:
- Customer satisfaction scores increased by seven percent, exceeding customer experience targets
- Survey response rates increased by 8.5 percent over twelve months
- Customer feedback is reviewed and responded to within two business days
Interested in learning more? Read legalsuper’s full story here: https://inmoment.com/en-au/resource/legalsuper-improves-member-experiences-through-real-time-intelligence/
