Change is the only constant.
It’s a theme that permeates through all sectors and for the superannuation industry, it’s certainly not just about regulatory change.
Super Funds and providers are in the midst of transforming their service models for their respective members and clients, which leads me to the session – “The Perils of Misreading Changing Customer Preferences” chaired by our very own, Brian Peters.
Yes, that’s one mouthful of a title, however what a fascinating talk by Tom Armstrong from the New York Times. They had a colossal challenge…changing their business model from print media to digital media. It seems easy from the onset – how hard could it be to create web pages full of content, throw in some ads (lots of ads actually) and voila job done… not exactly.
With news content for free, it was the ads that brought in the revenue and hence the problem that over time digital ads actually generated less revenue with volume and scale at speed leading to inferior customer experience – so how did they turn it around?
The new business model introduced paid subscription however the product “had to be worth paying for” and so the product changed immensely. The news stories essentially came to life with a combination of content and rich video and I have to say – I was digitally engaged.
It made me think of our industry and what we need to re-invent. There’s no doubt the Australian superannuation system is a success story, however, I’m drawn back to my opening line: change is the only constant. For me, it’s “whole-of-retirement” planning and living. That’s the challenge to nail.
Super funds have until January 2020 to get their draft outcomes assessment plan in place but……what plan will super funds have to produce? (more…)
As a Product Owner, your role involves:
- Taking accountability for the success of a product
- Prioritizing items on the product backlog
- Maximizing the value of the product
You are the key decision maker on what features and capabilities the final product will have. This means ensuring that the successful outcomes of both the customer and business are aligned and achieved in all aspects of the product implementation. And how do you define success for your customer? By understanding who the customer or user is, what needs they have, and then solving for the needs. All this, while meeting the objectives of the business. And this is where the challenge begins!
Often, we experience a trade-off between customer and business needs – and too often, business wins.
As Peter Drucker said way back in 1954: “There is only one valid purpose for a business, creating a customer.” It is simple! If we don’t meet the needs of our customers, we don’t have customers, and if we don’t have customers, we don’t have a business. If you live by this philosophy, there is suddenly no longer a trade-off.
How Outside In are you?
As a Product Owner, it is critical to start with understanding customer value and then direct the building of product features and capabilities to ensure that those needs are met. An effective Outside-In Product Owner recognises what customers think they want, and then uses insights gained through data, organisational observation and interactions to translate those into real needs and key customer outcomes. These become meaningful epics and user stories in the Agile world.
It’s about anticipating the next best thing, innovating around the needs that your customers didn’t even know they had and delivering a differentiated minimum viable product to market. Once you have delighted them with your insights, get feedback, refine and improve. Simple, right?
Right! There is a simple recipe you can follow to guarantee that you and your team are putting the customer at the heart of everything. Book a seat for the next Accredited Customer Experience Masters (ACXM) training course, and we will show you how.
The ACXM is a 4-day practical, relevant and interactive course coached by CX specialists to guide you towards the achievement of an internationally recognised certification. It really is a great way to learn, giving you practical tools and techniques in a proven, structured approach that enables real Outside-In thinking and integrates seamlessly into an agile world, leading to great products aimed at delighting customers.
To read more or enrol, visit: http://www.iqgroup.com.au/customer-experience-management-method-course/
Written by Lizette Akker & Kerry Thomas from IQbusiness South Africa
Read the original article here.