say little, do more

[email protected]

Say Little – Do More [email protected]

Say Little – Do More

Waves of Change Oceans of Opportunities 7 – 8 October 2013 Hilton Kuala Lumpur Hotel

Good Afternoon. My name is SURAJ.

Work: 23 years experience in banking, asset management and insurance.

Job: Last 3 jobs > CEO for Prudential Fund Management in Singapore, Middle East and Malaysia (now called Eastspring)

Education: MBA (Finance), B.Com (Hons), Chartered Wealth Manager (CWM), MFP, CIPM.

Suraj Mishra MBA, B.Com (H), CWM, MFP, CFP 23 Years – Experience Ex-CEO Prudential SG, UAE, MY Author, Winning-the-Wealthy

Day-to-Day Customers: 5 Children, ranging from 24 to 3 years old. Different strokes for Different folks.

What now? Speaker, Author, Trainer and Consultant. Work on what I enjoy.

48 Years


Different Volks Different Folks

for


3


9

This Volkswagen.

26 2013

Unnawears. My husband bought these nerdtron Edison boxers from ‘The Gap’ a few days ago.

I like them. The end.


CHOICE What do consumer want?

What did the consumer need?

UNDER WEAR


Traditional Purchase Process Traditionally, there have been three critical junctures within a customer’s purchase process where product must be successful: “stimulus”, “shelf”, “experience”.

Second Moment of Truth

Experience

(Experience) - Once home with the product, the consumer uses it and forms

an opinion of his or her purchase.

First Moment of Truth

At shelf In-store

The consumer, driven by an advertisement or knowledge, visits your office and the combination of product

packaging and salesperson claims, results in a purchase.

Stimulus This is the moment when an

advertisement/knowledge connects with a consumer in such a way that pushes

him or her to visit a start the discussion.

Advertisement

Stimulus Advertisement

First Moment of Truth At shelf In-store

Second Moment of Truth Experience


Something else happening ….


Experience


At shelf In-store

Stimulus

Advertisement

?


Online research forever changed the game Query Volume, January 2008 – January 2012!

Automotive+262%

Real Estate+253%

Travel+211%

Legal Services+233%

Source: Google Internal Data, 2011.


Ad location

TV 58%

Shop/business 57%

Magazines 48%

Posters / Billboards 36%

66%

have performed a mobile search after

seeing an ad

Source: Google and ipsos, “Our Mobile Planet: Understanding the Mobile Consumer, May 2012

Offline ad exposure leads to search


So what does all this online research mean to us?

There is a new “Moment of Truth” to consider.



Experience

First Moment of Truth Stimulus

New Paradigm

At the Bank or Meeting the Relationship Manager

Experience Pre-Shopping / Evaluating Opening the Bank Account

Advertisement or Call or meeting with Relationship

Manager

Zero Moment of Truth Zero Moment of Truth

Stimulus


TESTIMONIAL

When you were considering purchasing {PRODUCT}, what sources of information did you seek out to help with the decision?

Source of Information (Banking)

40%!36%!

30%!28%! 28%!

61%!59%! 58%!

48%!

36%!

51%!

43%!39%!

31%!

Ad o

n te

levi

sion

Mai

l fro

m B

ank

Read

info

rmat

ion

Emai

l fro

m b

ank

Not

iced

ad

onlin

e

Stimulus 40%!

36%!

30%!28%! 28%!

61%!59%! 58%!

48%!

36%!

51%!

43%!39%!

31%!

ZMOT

Bank

web

site

Sear

ch e

ngin

e

Frie

nds/

fam

ily

Com

paris

on

onlin

e

Revi

ews

onlin

e

Talk

ed w

ith b

anke

r in

-per

son

Read

bro

chur

e in

ba

nk

Talk

ed w

ith c

ust.

serv

ice

on p

hone

Look

ed a

t sig

nage

in

Ban

k

40%!36%!

30%!28%! 28%!

61%!59%! 58%!

48%!

36%!

51%!

43%!39%!

31%!

FMOT

Source: Google/Shopper Sciences, Zero Moment of Truth Study – Banking, Apr 2011

75% 91%

79%

45%!42%!

39%!

32%!29%!

75%!

64%!60%!

53%!

40%!36%!

60%!

53%!

Source of Information (Insurance) When you were considering purchasing {PRODUCT}, what sources of information did you seek out to help with the decision?

Ad o

n te

levi

sion

Mai

l fro

m In

sura

nce

Com

pany

Read

info

rmat

ion

Com

pany

w

ebsi

te

Emai

l fro

m

Insu

ranc

e C

o.

Not

iced

ad

onlin

e

Sear

ch e

ngin

e

Frie

nds/

fam

ily

Com

paris

on

onlin

e

Revi

ews

onlin

e

Talk

ed w

ith c

ust.

serv

ice

on p

hone

Talk

ed to

Re

pres

enta

tive

in-p

erso

n

Stimulus

ZMOT FMOT

Source: Google/Shopper Sciences, Zero Moment of Truth Study – Insurance, Apr 2011

Cus

tom

er

serv

ice

onlin

e

79%

94%

79%

56%!

38%!

33%!

23%!21%!

54%!

49%!

41%!39%!

30%!

23%! 22%!

26%!24%!

21%! 20%!

Source of Information (Credit Card)

Emai

l at w

ork

Mai

l at H

ome

Read

info

rmat

ion

Com

pany

w

ebsi

te

Ad o

nlin

e

Ad o

n TV

Sear

ch e

ngin

e

Frie

nds/

fam

ily

Com

paris

on

onlin

e

Revi

ews

onlin

e

Talk

ed to

Re

pres

enta

tive

in-p

erso

n

Stimulus ZMOT

FMOT

Source: Google/Shopper Sciences, Zero Moment of Truth Study – Credit Card, Apr 2011

Cus

tom

er

serv

ice

onlin

e

Read

com

men

ts

Talk

ed to

Cus

t. se

rvic

e on

line

in-p

erso

n

Sign

age

at

Bank

Broc

hure

at

Bank

84% 81% 47%


This is the new World of ZMOT

50%� 49%� 38%� 36%� 31%� 22%� 22%� 18%�Searched

online Talked with

friends /family

Compared product online

Sought info. from

manufacturers’ website

Read product reviews

Sought info. From retailers website

Read comments

Became friend/

follower/ ’liked’ a brand


Average Number of Sources

Google Confidential and Proprietary

5.8 7 7.3 9.8 8.6 8.9 10.2 10.8 11.7

14.8 18.2

14.7

Res

taur

ant

CP

G H

ealth

/B

eaut

y

CP

G G

roce

ry

OTC

Hea

lth

Cre

dit C

ard

Inve

stm

ent

Trav

el

Ban

king

Insu

ranc

e

Tech

Aut

omot

ive

Vote

rs

Average # of Sources Used by Category

Shoppers can range from using an average of 5.8 sources when choosing a Restaurant to a high of 18.2 sources used by Automobile shoppers.

Shoppers use a range of sources, depending on type of decision

Q2 When you were considering purchasing [PRODUCT], what sources of information did you seek out to help with your decision? Base:N=5,003

Source: Google/Shopper Sciences, Zero Moment of Macro Study, Apr 2011 www.google.com/think/insights

Investor use 10.8 and 11.7 sources respectively, when choosing a Banking and Insurance product. [Based on research in the USA]

Source: Google/Shopper Sciences, Zero Moment of Macro Study, Apr 2011. www.google.com/think/insights. Google Confidential and Proprietary material.


Gen X | Gen Y : Average Number of Sources

Source

14.5 ZMOT

99% Source

11.2 ZMOT

90% Source

6.0 ZMOT

83%

Source

13.5 ZMOT

94% Source

12.4 ZMOT

93% Source

9.6 ZMOT

96%

Source

13.5 ZMOT

91% Source

5.5 ZMOT

79% Source

7.4 ZMOT

74% Source: Google/Shopper Sciences, Zero Moment of Truth Study – Apr 2011

18-34! 35-49! 50+!

Banks!

Insurance!

Credit Card!

Mobile as ZMOT will only grow in importance

61% of smartphone users call a business after searching

45% of all consumers use smartphones for in-store product research

Source: Google TheMobilePlaybook.com 2012


WHAT IS "HAPPENING


640 Tweets per second!March 2006! 340 million

Tweets per day!500 million

registered users!IPO*!

$10-11 billion!Market Value!

*based on $17 per share private sale. Less than 10 years!


If Facebook was a country.


CHINA 1.3 billion

INDIA 1.1 billion

USA 300 million

Brazil 190 million

Facebook 1.1 billion

It will be the second largest populated country in the world.

Feb 2004!

1.11 billion active users,

globally.!

Market Value!Crossed $100

billion in August 2013!

Less than 10 years!


0!

100!

200!

300!

400!

500!

600!

700!

800!

900!

1000!

1110!

Aug' 04! Aug'08! Apr'09! Sep'09! Feb'10! Jul'10! Jan'11! May'11! Sep'11! Apr'12! Oct'12! Mar'13!

First !4 years!

Next 1 Years;!added 150 m.!

Next 1 Years;!added 200+ m.!




Feb 2005! 4 billion views per day.!

100 hours


NINETY-FIVE.The percentage of companies using LinkedIn to find and attract employees. 59% use Facebook and 42% use Twitter.

14

Dec 2002!

244 million monthly unique

visitors!

Market Value!US$ 32.56 billion!

Waves of Change Oceans of Opportunities 7 – 8 October 2013 Hilton Kuala Lumpur Hotel © faberNovel 2013 ••• 6

IT’S THE FASTEST GROWING TALENT NETWORK.

Source: “LinkedIn’s Road to IPO” – Mashable.com

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

2 new members every second

Mem

bers (in millions)

LinkedIn – Is Acquiring 2 members/second

§  What are they doing?

Waves of Change Oceans of Opportunities 7 – 8 October 2013 Hilton Kuala Lumpur Hotel That’s 13X more than the LIBRARY of CONGRESS


THESE WERE ALL SOCIAL MEDIA COMPANIES.


WHAT HAVE THEY DONE!?


WHAT ABOUT

DIGITAL COMPANIES ?


§  Online Money Transfer (2000, USA) §  Oct 2002 > acquired by ebay for US$ 1.5 billion §  In EU, Paypal operates as a Lux-based bank.

As of 2012 §  Payment volume : US$ 145+ billion; §  194 markets; §  232 million accounts. §  Customers can sent, receive and hold in 26 currencies worldwide.

PayPal


§  Online Money Transfer (2000, USA) §  Oct 2002 > acquired by ebay for US$ 1.5 billion §  In EU, Paypal operates as a Lux-based bank.

As of 2012 §  Payment volume : US$ 145+ billion; §  194 markets; §  232 million accounts. §  Customers can sent, receive and hold in 26 currencies worldwide.


AMAZON.COM It is the world's largest online retailer!

| 152 million |


Did you know: Market cap

US$ 105 billion 1.7 X market cap eBAY

Customers

152 billion 4 X # customers GROUPON

Employees 51,300 13 X # more than FACEBOOK

Revenue US$ 48 billion 27% more than GOOGLE

Retail Brand #1 Better than WALMART

In 15 years Amazon went from 1 category (books) to 16 main categories


Jeff Bezos

Every step was for Customer.

“Be afraid of our customers, because those are the folks who have the money. Our competitors are never going to send us money.”

§  CUSTOMER FOCUS §  FRUGALITY §  INNOVATION


Will pay $5 to Walk-Out of Stores Empty-handed.

§  Scan the bar code of the product or !

§  Take a picture & type the product’s name, or !

§  Say the name of the product !

The customer will receive the search results and the user can decide if Amazon and its merchant partners offer the same product, including the price and the discount.!


Different Folks for

Different Volks


How about financial industry ?


Car Insurance


How about Banks?

FRANK.

EXPRESS YOURSELF WITH

Easily manage your money !through Online Banking!

Keep track of your spending automatically!

Setup sub-accounts for Savings Goals!

See how other people like you manage their money!

Easily manage your money !through Online Banking!

Keep track of your spending automatically!

Setup sub-accounts for Savings Goals!

See how other people like you manage their money!

Many more , over 100 designs.

New branch offers paperless transactions, digitablets, financial literacy workshops & more “Bank by day, financial playground by night, ” “I-Designed-A-Bank” contest, former students from the NUS School of Design and Environment designed the DBS Remix branch. DBS Remix takes on a brand new platform. §  It offers all financial capabilities like most other branches, §  It also serves as a learning zone for the youth. §  It is an avenue to network, share ideas and spread creativity. The branch, §  Digital guest book available for customers and clients to provide comments and feedback. §  No marketing brochure. Paperless branch, DBS Remix will send by email. §  Embrace social media. Facebook. Everything, from the latest news to cyber advertising, in Facebook. §  Digitablets, touch screens, an e-queue system and an infotainment screen, have all been installed to make the experience

a memorable one.


needs; but on wants must focus not just on

The ORGANISATION


The CONSUMER


GEN X Y Z You have heard of


C The birth of

Generation Control

Content Communicate

Creativity

Channel Creative Class

Community

Connected

Co-Creators Cash

Consumer 2.0

Conversation


The consumers today are


I post on blogs and BBS because I can express myself to millions of people at once. I like the rush, and I feel empowered.

“ ”

Source: http://china.seekingalpha.com/article/30979


I believe the bloggers and their ideas. They are my friends and will tell me the truth,

unlike advertisements.

“ ”

Source: http://china.seekingalpha.com/article/30979


Fortunately, banks are in a position to take advantage of

BIG DATA & ANALYTICS to generate new revenue and amazing customer relationship.


personalized offers targeted cross-sell improved customer service


BIG DATA & ANALYTICS

Spending Pattern

Behaviour Channel Usage

Product Portfolio

“

“

Bank Interaction

Credit Information

Social Media

Customer Profitability

“deliver offers at point of decision” More insight Deeper insight Faster insight


§  sad

Mr. Ahmed

Leading Bank

Mr. Ahmed is a customer

Housing Loan

Checking Account

Saving Account

Credit Card


Mr. Ahmed is renovating his kitchen

And he buys a new set of chef Knives

The bank recognizes that Mr. Ahmed has made a number of household purchases lately, and

analyzes his financial and transactional data, including …………


Shares dinning experiences

Likes 6-ring Gas cooker

Visits gourmet restaurants

Loves to cook

Spending Pattern

Income

Saving Balance

Available Credit

Loans

Credit Score

⏏ Level of Risk

Social Media

Bank will also look at Mr. Ahmed’s related activities in Social Media (Public Information)!


Using BIG DATA predictive analytical, the bank has the following information to take a decision:

1.  Mr. Ahmed wants a 6-ring Gas Cooker

(Professional Quality) 2.  Stove will cost around USD 2,500 3.  Credit History of Mr. Ahmed has been

good 4.  He has exhausted his credit limit, due to

the latest kitchen renovation. 5.  There is good possibility that the

appliance store will offer Mr. Ahmed credit (Store Credit – Courts).

6.  The banks compares with other individuals similar to Mr. Ahmed’s profile.

The bank wants to ceased this business opportunity before the store credit is offered to Mr. Ahmed. The bank send Mr. Ahmed an offer to extend his line of credit:

OFFER

$2,500 at 0%

for purchases

made in the

next 24 hours.

Review Terms Accept


Mr. Ahmed uses the additional credit to buy the 6-ring Gas Cooker (Professional Quality).


The bank offers to hold in custody the copy of the receipt and the warranty.

OFFER

Protect your

purchases!

Extend your

warranty for

$100 for 2 years

Review Terms Accept

ALERT

Protect your

purchases!

Archive receipts

and warranty

with us.

OK to Proceed

The bank offers an extended warranty for a $100 for 2 additional years.

[email protected]

Say Little – Do More [email protected]

Say Little – Do More


§  Meeting expectations is “boring”.

§  Customers view products/services as “commodities”. We need to offer innovative and “engaging experiences” that will consistently excite and delight customers.

§  Customers expect to receive greater value for their loyalty, heightening their wants and expectations for products, services and overall experiences.

M E E T I N G VS. EXCEEDING

EXPECTATIONS


The most successful companies recognize that they are engaged

in a continuous battle for the hearts and minds of customers.

Deliver not just what you promised;

the key to deliver more than they were expecting.

X Y C Z Recognize

EXPECTATION EXPECT


Thank You have a “great evening”

Suraj Mishra [email protected] +65 97916144

say little, do more

Economy & Finance

ring gas cooker

2012 payment

mishraaprikot

change oceans

26 currencies

savings goals

credit card

googleshopper