Ray Andrew

  • Dean posted an update in the group Group logo of Relationship Centricity Relationship Centricity 4 years ago

    A long time ago I had a run-in with an old employer of mine. It’s a small bank in a suburban town in Wisconsin. They aren’t very big, and when I left the town they didn’t seem like they were doing too great. This was all before the recession, so I thought they were wiped out when the markets crashed. I went back home over the weekend and saw the…[Read more]

    • I’d say they probably had some pretty dedicated customers who were loyal to them. Small places like that can save a ton by cutting stuff and not having to pay for big expenses like insurance or anything like that. So small businesses have the advantage when it comes to cutting costs and only using the bare minimum on a daily basis.

    • Well, that’s quite a surprise to hear a small business stuck around through the recession. They must be doing well now if they survived! But that’s how it works, the strong will make it through and they’ll be there to get all the customers that are left behind when everyone else closes 😉

  • Ever realize how theme parks make such great environments? You spend money just to be there like it’s an exclusive club. I think banks can do the same and make it feel like you really are a part of something special, like by net worth or income maybe. You can make the bank nicer with artwork and furniture to make it seem upscale. Maybe that can…[Read more]

    • I believe that this works because theme parks play on the concept of selling an experience and activities that go along with it. On the other hand, banks and financial institutions sell products and services directly associated with their trade – money. These are things that are maintained over long periods of time, and thus cannot necessarily be…[Read more]

      • Obviously I replied to the wrong post, but anyways, I don’t really think that it’s worth the investment. It’s a big charge just to make things a little nicer and maybe bring in new people. Personally, I wouldn’t see it as worth the expense or risk of implementation.

        • There are always situations where it may be more expensive to actually implement a new concept. However, if you can weigh out the costs and benefits then you can evaluate whether or not it is worth the risk. In this case, I agree that there is quite a bit on the line in terms of money that probably would not be worth it in most cases. I still…[Read more]

    • While I do agree that this is a novel way to attract customers, I must concur with James and point out that this is a strategy that has a great deal of upfront investment that may not generate a sufficient return. Physical presence for a business, while an important representation of the culture and face of the company, is an aspect of traditional…[Read more]

      • Dean replied 4 years ago

        So are you saying that it wouldn’t ever work for businesses to grow by making their stores more attractive? I was thinking it would be the same as a regular remodel.

        • There is potential that this will have a positive impact upon the business, but that impact is marginal compared to other methods that can be used. For the banking industry, it may be more worthwhile to invest in talent, personnel, and services. However, a traditional remodel can be effective, it just may have limited success.

    • Aaron replied 4 years ago

      Great idea, and while we’re at it we might as well hand them free products and services as well. Really, who would spend all that money to build up a nice bank when your customers don’t even come in the doors? The issue isn’t making the place nicer so that people come in – it’s about giving them a reason for them to be there in the first place. If…[Read more]

      • Dean replied 4 years ago

        Same as what I said above, I don’t get how it wouldn’t work. People would go see places that are new or interesting because it will catch their eye. I was thinking it would be the same sort of deal and people would come to the bank looking to see what’s new, then being sold on new products.

  • Dean posted an update in the group Group logo of Customer Experience CultureCustomer Experience Culture 5 years, 1 month ago

    I really am liking how a lot of companies are changing things up. We had some consulting company come in to evaluate how our business is running and they were really focusing on making things better for the customer. They redid the layout of the store and everything. But is this something that is going to be done over and over again across all…[Read more]

    • I do not believe that this is a phase of business that can be so easily commoditized for the simple fact that it is a change that is vastly expensive in terms of both money and human resources. It is difficult to overhaul a business to be more relationship centric, so many companies will opt to avoid this option of improving operations. There will…[Read more]

    • Money is king when it comes to businesses, If it’s something expensive we’re sure to see people drop it in favor of keeping money in the bank. I know I would. So yeah, if you make the investment you’ll get some returns and you won’t have everyone changing over all at once. Some people will, some people won’t. It’s up to the business owner and…[Read more]

    • I am not sure that many companies would invest in reestablishing their culture and workforce in a more relationship centric fashion. For mature companies, overhauling their operations so such an extent would probably be more detrimental overall despite the long term benefits. Dramatic changes would involve a lot of reassessment of value and worth…[Read more]

    • Aaron replied 5 years ago

      Well of course it’s gonna be a problem. You think that companies are gonna ignore what is going to make them money? My advice – save your money and stay the course like a sensible business owner. You’ll make all that money the rest of them are losing while they try to “innovate”

  • So what would be a good experiential environment? Like, what would be an example of one? I want to have an idea of a model to follow if I try to come up with new ideas.

    • This is not one that I believe you will be able to gain a great deal of insight from, but I recently was at Six Flags and was pleasantly surprised by how well they were able to create this experience of being in a different themed area. In particular, I am speaking of Camp Snoopy. In addition to the rides (in this case, their services), they…[Read more]

      • You know, it doesn’t really make that much sense for the banking industry but I get the idea with what you’re talking about. In the end, we just want to immerse the customer and them to feel like they are actually part of the world we make. So, banking is profession, amusement park is childish.

        • That is the main goal. We want to be able to create a situation where we become immersed in the environment. This allows us to fully enjoy and feel what it is that we are experiencing. Rather than engaging a single sense, we are unconsciously feeling every single aspect of our environment.

    • An environment that I fondly remember is reminiscent of a museum – constantly changing but consistently flawless in presentation. There was a real estate office that I used when I purchased my first home that captured the idea of an experiential customer environment. It was similar to an Ikea in the way that their areas were furnished, but these…[Read more]

  • Dean posted an update in the group Group logo of Experiential Innovation Experiential Innovation 5 years, 5 months ago

    So it’s been a long time but what are some companies that do have experiential innovation? It looks like no one is doing anything different right now to me.

    • I think the same thing sometimes. I don’t really practice it all that much at work. It’s not like we have a lot to do with it anyways. Sure I keep my clients happy and make sure they’re comfortable with what I advise, but nothing too different than what everyone else is doing. Doesn’t seem like this is a big thing for me.

    • Large corporations are usually the most visible of all businesses, and it is much more difficult to implement a new form of experiential innovation in that setting than in a smaller business. Often times you will see them field test new ideas in small offices. I believe this is why we are not seeing sweeping changes in the industry. Then again,…[Read more]

    • Because it isn’t different. How can you expect people to believe the fads about all of this. Look, you need to get that whats really happening is that we meet expectations and people walk away happy. It isn’t some big scheme to get people to experience new things. We just give them what they want and they come on back.

    • I believe that we are doing things differently, just it is on a very gradual progression so we are not seeing the sort of dynamic innovation that has come in the past. Everything has been moving so quickly with the new technology and trends, but now that things are beginning to settle we are seeing less change and more businesses simply adapting…[Read more]

    • Deano! Have you heard a company called Nike? Big ol swoosh? Of course you have! 😛 Now they may not do it everywhere, but in the biggest stores they’ve got some seriously innovative stuff. We’re talking treadmills, virtual driving ranges, football ladders. The whole nine years so you can try out your gear before you buy it. If that isn’t…[Read more]

  • ThumbnailLast week, Apple announced that it had agreed to acquire Beats Music and Beats Electronics for $3 billion. I thought to myself, “Why is it that a company known for its computers, iPod, and iPhone would be willing […]

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