On March 1st through 3rd, Genius Avenue had the opportunity to exhibit at the "Workplace Benefits Renaissance" in New Orleans, Louisiana. Being first time attendees of this event, we were not sure of what to expect. At the very least, we went into the conference looking to catch up with some old friends with the hope of making some great new ones along the way. After several days down in New Orleans, what we gained is so much more.
Times, they are a changing
While the industry has been historically slow moving as a whole, organizations are looking to evolve quickly so as to not be left behind. They are continuing to look for operational efficiencies to streamline their distribution and ongoing support through technology solutions that not only provide a positive user experience but importantly are modern, flexible, responsive, scalable, and usable for the long term.
The devil is the details (or in this case the data)
Many of the folks we spoke with expressed the need to control and interpret their customer data so they could have the necessary business intelligence to better understand their customers but lacked a tool to do so. They felt having the ability to control their data would allow them to provide their customers with products and services they not only want but need.
Consumer engagement (or lack thereof)
A common theme that continued to be expressed was the lack of a real connection with the end consumer. Not only were organizations struggling to interpret the data to better understand their customers but they did not engage in regular communication with them outside of the initial product enrollment. This was alarming to them as they were not able to control the consumer experience which impeded their ability to impact brand loyalty and retention.
Enroll and retain
Organizations are not only in need of a mechanism to help engage and empower their customers at point of sale but to need to have the ability to communicate with them post-sale to help develop a long-term relationship that will provide lifetime consumer value, thus retaining them for life.
There is a real need for the business processing outsource solutions that Genius Avenue provides. We can be that conduit between the product providers and their distribution partners to provide consumer engagement, enrollment, and administration while providing the business intelligence they need to positively impact consumer acquisition and retention.