Are you equipped to satisfy “the fast and the curious”? – CRM Magazine

Image representing iPad as depicted in CrunchBase

Image via CrunchBase

It won’t come as a major surprise that I am thinking, first and foremost, about insurance brokers engaged in “advising” enterprises from SME to Global Corporate! The message is simple…this is not just about competition but SURVIVAL! If you don’t do it someone else will”.

“It is easier to understand that you face competition than obsolescence”

The world has already changed. And it would be dangerously naive to believe that price is and will continue to be the main differentiator in the Corporate decision-making process. So, instead of looking down your nose at Aggregators and dismissing the possibility that valuable lessons can be learnt from the evolution of Personal Lines, you would be well advised to consider the wise words of Alvin Toffler:

“The illiterate of the 21st century will not be those who cannot read and write, but those who cannot learn, unlearn, and relearn.”

There is much to learn, even if your existing clients are (currently) content with the what and how of dealing with you, it is only a matter of time before the “wisdom of the crowd” may sweep them away! The crowd says that they want better, faster and (in terms of Financial Services) more transparent. Ironically, with budgets under severe pressure, there has been a real “flight to quality”: away from price, to value and Values. 

No business can ask for more than a clear message as to what its customers want. The why and how should not require a great deal of thought! THE question is…are you listening?

The speed at which customers are changing their behaviours and expectations is unprecedented. And the faster they adopt technology, the more curious they are to see what they can do with it. Need proof?

On Christmas Day 2011, 7 percent of total online sales were made via iPad.

The number of adults in the United States who own tablets and e-readers nearly doubled from mid-December 2011 to early January 2012, according to a Pew Research study.

Just one week before Christmas, one quarter of American consumers had not yet begun their holiday shopping, according to Consumer Reports. When they did shop, it was for more of these mobile devices.

In short, a device that is just two years old drove 7 percent of all online purchases on a day that most people wouldn’t have even imagined shopping just a few short years ago.

These points illustrate the dramatic changes in consumer behaviour. Small businesses must change as well…

via The Fast and the Curious – CRM Magazine.

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