3 Steps to Kick-start a CX Conversation for Business Growth
By: Dave Gruber, Divisional AVP, Great American Insurance Group Specialty Equipment
Great customer experiences (CX) are a critical business growth tool to increase customer retention, drive loyalty, promote positive brand reputation and so much more. After all, as consumers ourselves, we’ve been conditioned to expect them in our personal lives.
But you can’t rely on the same old methods that customers used in the past to access your financial product. You need to consider the lessee’s wants, needs and preferences to create a great customer experience.
Getting there isn’t always an easy task. Think about the investments your business makes, your service model and the tools that you use. Each of these can impact the customer experience, and lining them up is no small feat.
If you’re stuck or complacent, don’t fret. Regardless of your organization’s size, there are actionable steps you can take to fuel progress with your customer experience strategy to help grow your business.
Here are three key topics to kick-start a CX conversation for business growth at your organization:
- Legacy investments
- Organizational adaptability
- Future technology strategy
Legacy investments
The starting point is simple – what legacy investments has your business already made that must be considered? What detracts from a positive experience? What slows things down? Understanding pain points will prepare you for important conversations when you’re ready to problem solve.
To uncover this, map your current leasing lifecycle, inclusive of steps, tools, resources and technology that fuel the current customer experience. This sample table can help you organize thoughts and facilitate productive conversations.
| Step in process | Quote | Acceptance | Booking and Funding | Service |
|---|---|---|---|---|
| What does the customer do? | ||||
| What does the customer expect? | ||||
| What is the experience today? | ||||
| What tools, resources or tech enable this? | ||||
| What are the gaps? |
Organizational adaptability
Changing your customer experience brings changes to your business. And we all know change can be hard. Take time to gauge how adaptable (or not) your organization might be. Doing this will help you anticipate and plan your path around obstacles.
Start with a stakeholder mapping strategy. Think through key decision makers, influencers and teammates. What do they care about? What are their requirements and keys to success? How engaged are they? What are the potential pitfalls of change? These insights can help you build a plan for change management as you drive a CX roadmap strategy forward.
Future technology strategy
Once you’ve documented your customer journey and you understand the appetite for change, it’s time to consider the role that future technology may play. This is where a CX roadmap can start to take shape. Ask yourself, what technology might be a fit for us in the future given our current processes, tools and investments?
You’re not alone in this process. Keep an eye on what other businesses like yours might be doing. Engage any current technology vendors in a conversation to gather insight. It’s also important to think outside of your current technology stack, and research vendors in the equipment leasing and finance space with whom you can collaborate to bring your goals to fruition.
Tying it all together
Whether your organization is big or small, steps can be taken to build positive customer experiences that can lead to business growth. Getting the ball rolling with these three initial conversations will build positive momentum to help you get there.
Brainstorming solutions for the gaps you uncover is a great way to tie it all together. Then plot these solutions on an effort/impact spectrum to determine your priorities. The lowest effort items with the highest impacts are great places to start. From there, your strategic roadmap for a great customer experience will begin to take shape.
About Great American Insurance Group, Specialty Equipment
Great American’s Specialty Equipment Division goes beyond physical damage insurance to provide embedded insurance solutions to businesses across the U.S. and Canada. Dedicated to speed, ease and trust, Great American Specialty Equipment leverages digital solutions, a team-based consultative approach and 40+ years of industry expertise to create valuable customer experiences across your entire leasing lifecycle. In the US, policies are underwritten by Great American Insurance Company, Great American Assurance Company and Great American Spirit Insurance Company, authorized insurers in all 50 states and the DC.
Note: The information provided in this article is for educational purposes only. Click here for more information about Great American Specialty Equipment.
© 2024 Great American Insurance Company, 301 E. Fourth St., Cincinnati, OH 45202. 5547-SES-NEFA (09/24).
