ceb buyer profiles

CEB Financial Services

28-July-2016

Know Your Buyer

Profiles of Financial Services Technology ShoppersWebinar17 November 2016

28-July-2016

A Framework for Member Conversations

The mission of CEB Inc. and its affiliates is to unlock the potential of organizations and leaders by advancing the science and practice of management. When we bring leaders together, it is crucial that our discussions neither restrict competition nor improperly share inside information. All other conversations are welcomed and encouraged.

Confidentiality and Intellectual Property

These materials have been prepared by CEB Inc. for the exclusive and individual use of our member companies. These materials contain valuable confidential and proprietary information belonging to CEB, and they may not be shared with any third party (including independent contractors and consultants) without the prior approval of CEB. CEB retains any and all intellectual property rights in these materials and requires retention of the copyright mark on all pages reproduced.

Legal Caveat

CEB Inc. is not able to guarantee the accuracy of the information or analysis contained in these materials. Furthermore, CEB is not engaged in rendering legal, accounting, or any other professional services. CEB specifically disclaims liability for any damages, claims, or losses that may arise from a) any errors or omissions in these materials, whether caused by CEB or its sources, or b) reliance upon any recommendation made by CEB.

3© 2011–2016 CEB. All rights reserved. TGEV167035PR

28-July-2016

ROADMAP FOR THE PRESENTATION

Roles in Buying

Decisions

Buyer Profiles

Decision Maker

Characteristics

Effective Tactics


28-July-2016

A COMPLEX BUSINESS ENVIRONMENT

“ Customers are canceling capital projects without notice.”

VP, High Tech Industry

“ Banks are now more analytical and thorough in who they want to partner with. Compared with 2005 they need to meet regulatory compliance

and investment scrutiny.”

EVP, Marketing Financial Services Software Industry

“ Customers are asking us to cut 10% off of existing contracts before we can even say hello.”

SVP Sales, North America Software Industry

“ There is a new level of self-service before engaging a sales rep. Online research, trial products, ratings and

reviews.”

VP, Marketing Software Industry

1. Decreased Capital Spending

3. Risk Aversion/ Consensus

2. Increased Price Pressure 4. Access to Information

Other Stakeholders

Peers

Sales Leaders

Seller Other Stakeholders

Customer

The Internet Industry

Insiders

Sales Conversation

ConsultantsRegulators

Manager

The Internet

Project # 16-5404

Catalog # TGEV165404PR

Year Range 2016

Source: CEB analysis.


28-July-2016

A DIFFERENT KIND OF DECISION MAKINGDecision-Making Timeline

Needs Well-Scoped

Priorities Set

Requirements Mostly Defined

Providers Compared

Prices Benchmarked

Due Diligence

Begins

First Outreach to Provider or

Partner

Purchase Decision

Completed

57% Complete



28-July-2016

40% Executive

11% Contributor

49% Manager

35% Small

24% Large

41% Medium

67% North America

15% Europe

18% Asia-Pacific

METHODOLOGYProgram Area

Region

Firm Sizea

Role Title

43% Retail Banking

31% Wealth Management

25% Commercial Banking

n = 1,021.Source: CEB 2016 Financial Services Technology Survey.


n = 1,021.Source: CEB 2016 Financial Services Technology Survey.a Firm Size: Small = Less than $5 B; Medium = $5 B–$50 B;

Large = More than $50 B.



28-July-2016

DECISION-MAKING TEAM SIZES VARYSize of Decision-Making Team

36% 1–3

18% More Than 10

19% 6–10

28% 4–5n = 1,021.Source: CEB 2016 Financial Services Technology Survey.


28-July-2016

NUMBER OF DECISION MAKERS BY PROGRAM AREA

Retail Banking, 10 or more

Commercial Banking, 5

Wealth Management, 3



28-July-2016

LARGER BUDGETS MEAN MORE DECISION MAKERSNumber of Decision Makers by Budget Size

Less Than $5 M

$20 M to Less Than $50 M

$5M to Less Than $20 M

More Than $50 M

1 to 4

5 or More



28-July-2016

ROLES INVOLVED IN BUYING DECISIONS


FinanceLine of Business

IT Compliance and Risk Operations

53% 52%

46% 44% 33%


28-July-2016

LIKELY DECISION MAKERS BY TEAM SIZE

Team of Five or More Decision Makers

Team of Three to Four Decision Makers

Team of One to Two Decision Makers

Finance

Finance

Finance

Line of Business

Line of Business

Line of Business

IT

IT

Compliance and Risk

Operations


28-July-2016


Roles in Buying

Decisions

Buyer Profiles

Decision Maker

Characteristics

Effective Tactics


28-July-2016

PROFILE: LINE OF BUSINESS, STRATEGY

Mission

Responsible for stewardship of overarching mission and vision, target market definition, long-term financial plan, long-term strategic priorities, and annual corporate priorities. Lead strategy project execution such as analysis and recommendations related to emerging industry trends, expansion opportunities, competitive threats, and internal business performance improvement.

Skills and Competencies

■ Ability to identify and define business questions and issues

■ Develop strategic, analytical, and financial frameworks to conduct analysis

■ Creative, out-of-the-box thinker who is intellectually curious

■ Highly motivated and possess vision; exceptional ability and enthusiasm

■ Experience working within a consumer practice or with consumer products/retail clients

■ Ability to make decisions quickly and effectively influence others

■ MBADevelopment Goals

■ Prioritizing growth bets ■ Scenario planning ■ Defending growth bets ■ Identifying growth options ■ M&A decision making

Key Priorities

■ Work with executive, functional, and operating management to drive overall corporate, function, and business-specific strategies.

■ Lead industry and competitive analysis, issue prioritization, and solution development by working with a diverse group of associates.

■ Assess and drive new growth opportunities for company, with a focus on both organic (i.e., build) and inorganic (i.e., acquisition) opportunities.

■ In pursuing acquisitions, lead the entire M&A process through strategic development, target identification, valuation, diligence, and contract negotiations.

■ Focus on growth, profit enhancement, and operating effectiveness. ■ Work closely with line management, the director will better understand strategic imperatives and requirements, leading to appropriate strategic plans.


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PROFILE: LINE OF BUSINESS, STRATEGYCommon Pitfalls Preventing Readiness-Based PrioritizationIllustrative

StrategistGoal

Pitfalls

Feasibility Stakeholder+

Executives fixate on risk downside, forcing strategy to focus on

market analysis

Limited direct experience prevents

true understanding of capability needs

Ability to prioritize investments is limited by absence of stakeholder

engagement

Over-Reliance on Market Risk Assessments

Underestimate Capability

Gaps

Inadequate Stakeholder Engagement

Market-Based Prioritization

Current Readiness-Based

Prioritization

Desired

Strategist’s Imperative

Risk ReadinessDemonstrate the

ability to mitigate the impact of market forces

Capability ReadinessValue opportunities based on certainty of execution, not by

market attractiveness

Stakeholder ReadinessPre-empt hidden resistance to new

investment priorities



28-July-2016

PROFILE: LINE OF BUSINESS, STRATEGY

Implications for Technology and Service Providers

■ In this complex business environment, a strategist’s goal cannot be implemented without stakeholder involvement. The LOB professional is not the only decision-maker to satisfy.

■ This role has the potential to be a strong advocate on behalf of your solution, if they can understand the benefits to growth, profit enhancement, and operating effectiveness.

■ As the LOB professional is concerned with corporate priorities, stress the regulatory advantages.


28-July-2016

PROFILE: LINE OF BUSINESS, CUSTOMER EXPERIENCE

Mission

Charged with taking a 360-degree view of customer relationships and leading cross-functional efforts to ensure an engaged, knowledgeable, and active customer base. Develops business relationships that maximize lifetime customer value and minimize attrition, and systems that serve for fast, efficient, and value-adding interactions.


■ Strategic and visionary thinker with experience driving cross-functional improvement programs

■ Ability to lead large programs that affect the company’s long-term goals

■ Tenacity and energy to drive change ■ Exercise independent judgment in methods, techniques, and evaluation criteria for obtaining results

■ Excellent presentation and communication skills with high level of business acumen

■ Experience in Customer Experience, Strategy Consulting, or Enterprise Project Management

■ Ability to make decisions quickly and effectively influence others

■ MBA

Development Goals

■ Providing a seamless experience across multiple customer service channels (i.e., Omni-channel) to better meet growing customer expectations

■ Consolidating multiple streams and increasing volumes of customer information to improve customer interactions and serve the customer

■ Planning for, integrating, and successfully executing technology transitions (e.g., customer relationship management; enterprise resource planning) to take advantage of technological advancements and deliver higher-quality service

Key Priorities

■ Create an authoritative view of the customer experience, by mapping the key touch points and need states for customers throughout the engagement process and create a common language and set of definitions.

■ Partner with finance, marketing, IT, BI/data science to establish dashboard that measures customer success at each step.

■ Real-time issue (such as complaints and outages) trending and tracking and response policies.

■ Unify the company around a common process for customer satisfaction surveys and “voice of the customer“ activity.

■ Institute a formal process for capturing, analyzing, and acting on customer feedback, including leveraging social media channels to better respond to customer needs/requests.


28-July-2016

PROFILE: LINE OF BUSINESS, CUSTOMER EXPERIENCE

Summary Vendor Review ScorecardAttribute Score1. Strategic and Corporate Fit 5.0%

2. Engagement Governance Model 10.0%

3. Cost Benefits 50.0%

4. Technology 10.0%

5. Infrastructure 5.0%

6. Process Maturity 5.0%

7. Culture 5.0%

8. Customer Satisfaction 10.%


■ Customer Experience professionals see value in technological tools to achieve a 360-degree view of the customer.

■ Frame messaging to emphasize how information collected through banking solutions can be leveraged to better serve the customer.


28-July-2016

PROFILE: FINANCE

Mission

To ensure professional and ethical financial practices and a cohesive finance service offering within a division that is aligned with business strategy and group finance strategy, so as to ensure the functionality and sustained profitability of the division.


■ Exceptional analytical ability ■ Proven business leadership and acumen

■ Professionalism ■ Integrity ■ Accountability ■ Resilience ■ Problem solving skills ■ Results orientation ■ Ability to communicate effectively at all levels

■ Sound judgment and decision making skills

■ Chartered Accountant ■ MBA

Development Goals

Large Cap Companies ■ Strengthening finance team ■ Cutting costs across the enterprise ■ Implementing finance technology systems

■ Optimizing shared service centers

Middle Market ■ Driving the execution of firm strategy ■ Implementing finance technology systems

■ Increasing finance process efficiency ■ Organizing data to support decision making

Key Priorities

■ Direct and oversee all aspects of the Finance & Accounting functions of the division.

■ Manage and minimize the company’s financial risk exposure by developing and maintaining systems of internal controls, liaising with Corporate Internal Audit and Risk Management functions as appropriate.

■ Establish and maintain strong relationships with senior executives so as to identify their needs and seek a full range of business solutions, providing accurate and relevant advice.

■ Oversee and manage the process around legal contracts which the division enters into.

■ Formulate short and long-term strategic financial objectives for the division, in line with the overall business strategy of the division, as well as the overall financial strategy of the company.

■ Provide recommendations to strategically enhance financial performance and business opportunities.


28-July-2016

Top Performance Metrics Tracked by Revenue BandPercentage of Controllers

n = 26.Source: CEB analysis.

Variance of Budgeted to Actual as a Percent of Budgeted

Cycle Time to Complete Reports

Percentage of Accounts Reconciled

Average Days to Pay Invoices

Functional Cost as a Percent of Revenue

Other

Accounts Payable Costs per Invoice

Number of Error Correction Entries as a Percent of Total Entries

Number of Accounts in Business Unit’s Chart of Accounts

Cycle Time to Prepare Budgets

Total Financial Budgeting and Analysis Department Cost as a Percent of Revenue

PROFILE: FINANCE

0% 50% 100%

82%63%60%

45%50%20%

36%38% 60%

45%38%20%

36% 63%0%0%

88%0%27%

50%0%18%

0% 20%0%

13% 40%9%13%0%

0%13%0%

$1 B–$5 B $5 B–$10 B $10 B–$25 B


28-July-2016

PROFILE: FINANCE


■ Determine if there is budget pre-allocated for the project

■ Finance professionals are, above all, evaluated on their ability to keep budgets on track.

■ This decision-maker needs to see a strong ROI to sign-off.

■ Make it easy for finance professionals to understand the benefits by providing a compelling business case.


28-July-2016

PROFILE: IT

Mission

To propose budgets for programs and projects, purchase and upgrade equipment, supervise computer specialists and IT workers, and preside over IT-related projects.


■ Proven capability to use time, money, and human resources to deliver valued outcomes

■ Strong understanding of technical IT environments

■ Strong strategic thinking abilities ■ Service-oriented ■ Adaptable ■ Self-governing, self-motivated ■ Co-operative ■ Ability to negotiate to lead to desired outcomes

■ Ability to cope with many simultaneous projects/initiatives

■ Degree/post-grad degree in Business and/or ITDevelopment Goals

■ Aligning IT performance metrics with business outcomes ■ Driving better information quality and integration ■ Building a best-in-class, standardized risk assessment framework ■ Restructuring organizational models for infrastructure operations and service delivery

■ “Industrializing” infrastructure through automation, more effective processes, and metrics

■ Producing enterprise information management strategies and roadmaps

Key Priorities

■ Responsible for planning, directing, leading, and managing all Information Systems, Technology, and Communications (voice and data) services for all business entities.

■ Develop a governance framework to a degree that will allow Executives and Directors to satisfy themselves that all modern IT diligence standards are adhered to.

■ Provide strategic systems and technology leadership, including advisory to senior Executives.

■ Oversee and manage the process around legal contracts which the division enters into.

■ Consult with internal business unit management and staff to anticipate current and future information, systems, and technology requirements.

■ Develop and ensure the integrity of all data security, business continuity, and disaster recovery plans.


28-July-2016

PROFILE: ITTop-Five IT Sourcing ChallengesPercentage of Respondents


0%

30%

60%

44%42%

54% 54%

33%

Defining a Sourcing Strategy

Establishing Vendor

Selection Criteria

Coordinating Multiple Vendors

Implementing Effective Vendor

Management

Monitoring Vendor Risks

Sourcing Strategy Sourcing Execution


28-July-2016

PROFILE: IT


■ IT professionals have the expertise to evaluate the specifics of your tech. They expect detailed technical information on your solutions.

■ In sourcing, IT professionals struggle most with coordinating multiple vendors and effective vendor management. Emphasize the ways in which your solution can reduce burden on the IT department.

■ Overall business goals also concern IT professionals. Use this as a secondary messaging theme.


28-July-2016

PROFILE: COMPLIANCE AND RISK

Mission

To develop and implement the corporate risk management framework to ensure that the Business Units have processes in place to identify, measure, monitor, mitigate, and report on risks and associated mitigation strategies consistent with this policy and corporate risk tolerances.


■ Bring a ‘big picture’ perspective ■ Understand business issues ■ Ability to measure and compare risk and reward

■ Communicate risk issues to employees and corporate stakeholders

■ Technical risk management skills (i.e., risk measurement and modeling)

■ Ability to influence the Board on risk strategy

■ Strong background in finance

Development Goals

Prioritize Risks That Matter Most ■ Spend more time dealing with overarching strategic risks, rather than financial, operational, and compliance risks.

Cope with Flat Resource Pool ■ Find ways to improve productivity, reduce low-value activities, and rely on outside resources.

Improve GRC Tools ■ Move from Risk Assessment to Risk Management ■ Allocate more resources to risk monitoring and mitigation rather than risk identification and assessment.

■ Cybersecurity threats are a top concern

Key Priorities

■ Ability to influence the Board on risk strategy ■ Verifying and validating that Business Unit risk tolerances and limits have been established consistent with corporate direction.

■ Ensuring the company’s internal audit programs and practices are appropriately risk-based.

■ Independently overseeing and assessing risk management and mitigation programs within and routinely reporting to the CEO, CFO, and Board of Directors, material changes in the corporate risk profile, internal audit results, and policy, limit, and procedural exceptions.

■ Driving a culture of risk awareness and discipline.


28-July-2016

0% 20% 40%

40%

23%

21%

16%

4%

PROFILE: COMPLIANCE AND RISKWhich of the Following Are Common Triggers for Concern or “Red Flags” During the Third-Party Risk Assessment Process?Please Select All That Apply


The Third Party Provides Conflicting Answers

Throughout the Assessment

It’s Clear Someone Unfamiliar with Specific Processes Asked About in

the Assessment Filled it Out

The Third Party Has Recently Garnered Poor Press or

Media Attention

The Third Party Takes Too Long to Fill Out the Assessment

Other


28-July-2016

PROFILE: COMPLIANCE AND RISK


■ Compliance professionals are meticulous in their scrutiny of vendor partners, and are committed to overall corporate strategy.

■ Focus on any risk mitigating benefits of the technology.

■ Avoid the number one compliance red flag by providing consistent information throughout the assessment.


28-July-2016

PROFILE: OPERATIONS

Mission

Plan, direct, and coordinate organizational operations. Responsible for ensuring and improving the performance, productivity, efficiency, and profitability of departmental and organizational operations through the provision of effective methods and strategies.


■ Proven track record in driving change and delivering IT implementations

■ Ability to prioritize and adapt quickly to shifting priorities, demands, and timelines

■ Ability to challenge current processes and identify effective solutions

■ Demonstrated analytical mindset and innovative problem-solving capabilities

■ Excellent written and interpersonal communications skills

■ Good understanding of banking operations processes and products

■ Strong stakeholder management skills in the interactions with various internal business partners across different seniority levels

■ Experience in change and project management

Development Goals

Focus on the end customer ■ Building a truly customer-centric mindset with staff ■ Creating and sustaining a low-effort customer experience

Automation and digitization ■ Accelerating automation and straight-through processing initiatives ■ Integrating Operations and IT strategy to drive deeper “digitization” and efficiency

■ Securing investment to modernize/digitize capabilities

Key Priorities

■ Manage day-to-day operations of a service delivery platform with supervisory authority over multiple Team Leads.

■ Collaborate with others across multiple departments and lines of business. ■ Identify, implement, and oversee process improvements across departments. ■ Work directly with client peers and vendor management team to maximize the client relationship, identify or implement best practices, and ensure the timely resolution of issues as they relate to Operations Fulfillment.

■ Develop strategies in a fast-paced environment where new variables are constantly emerging.

■ Manage staffing and financial budgets.


28-July-2016

PROFILE: OPERATIONSOperations’ Current and Planned Use of Each TechnologyPercentage of Respondents

n = 122.Source: CEB 2016 FS Agenda Poll.

Note: Percentages may not equal 100% due to rounding.

0%

50%

100%

6%

29%

26%

16%

24%

19%

40%

13%

20%

8%

18%

28%

17%

23%

14%

24%

36%

15%

16%

9% Not Using and Have No Plans to Do So

Not Using but Exploring the Possibility

Have a Formalized Plan to Use in the Next 24 Months

Currently Piloting

Have Implemented the Technology

Predictive Analytics

Artificial Intelligence

Robotic Process Automation (RPA)

Blockchain


28-July-2016

PROFILE: OPERATIONS


■ Highlight the benefits of technology expenditure as gains in customer experience and process efficiency.

■ Align messaging to operations professionals as collaborators and problem-solvers.

■ Operations professionals see value in emerging technologies, such as robotics, AI, and Blockchain.


28-July-2016


Roles in Buying

Decisions

Buyer Profiles

Decision Maker

Characteristics

Effective Tactics


28-July-2016

DECISION MAKERS BY BUDGET SIZEDecision Maker Type by Team Size

n = 758.Source: CEB 2015 Financial Services Technology Brands Survey.

Like

liho

od

to

Be

Pre

sent

0%

35%

70%

Primary Decision Maker

Heavy Influencer

Slight Influencer

1 to 3 4 to 5 6 to 10 More Than 10


28-July-2016

EASE OF SWITCHINGPrimary Decision Makers

Slight Influencers

Heavy Influencers

54% Easy

28% Neither Easy nor Difficult

20% Easy

50% Easy

23% Difficult

52% Difficult

25% Difficult



n = 758.Source: CEB 2016 Financial Services Technology Survey.




28-July-2016

PRIMARY DECISION MAKERSIn the Past, Recommended Supplier to Other Financial Institutions


Note: Percentages may not equal 100% due to rounding.

Agree to Recommended

Neither Disagree nor Agree to Neutral

Disagree to Did Not Recommend

0%

50%

100%

11%

30%

59%

12%

38%

51%

17%

43%

39%


Non-Primary Decision-Maker, but Influence

Decisions Heavily

Non-Primary Decision-Maker, but Influence

Decisions Slightly


28-July-2016

PREFERRED SALES COLLATERAL


49% 49% 61%

42% 38% 43%

37% 37% 36%

36% 33% 29%

34% 24% 26%

33% 31% 28%

30% 25% 22%

30% 19% 21%

28% 27% 24%

26% 17% 17%

24% 22% 23%

19% 13% 11% Slight Influencer

Heavy Influencer


Promotional Items (Gifts)

Customer Testimonials

Business Website

Software Trial Versions

Sample Business Cases

White Papers

Case Studies

Virtual Demonstration

Marketing Brochures

Data Sheets

Multimedia

Live Demonstration


28-July-2016

Primary Decision Maker Heavy Influencer Slight Influencer

Tenure High Mid Low

Budget Sizea All Budgets Mid High or Low

Ease of Switching Easy Easy Difficult

Willingness to Pay Premium

Modest Premium or Market Price

High or Modest Premium

High or Modest Premium

Time Spent with Sales Rep in a Quarter

1 to 3 Hours 2 to 6 Hours 2 to 6 Hours

Likelihood to Recommend to Potential Customers

More Likely Moderately Likely Less Likely

Sales Collateral PreferredLive and Virtual Demos

Case StudiesLive and Virtual Demos

Software TrialsLive and Virtual Demos

Software Trials

DECISION-MAKER CHARACTERISTICS

Source: CEB analysis.a Budget Size: High = More than $50 M; Mid = $20 M–$49 M; Low = Less than $49 M.


28-July-2016


Roles in Buying

Decisions

Buyer Profiles

Decision Maker

Characteristics

Effective Tactics


28-July-2016

Project # xxxxxx

Catalog # CCC5802816SYN

Year Range xxxx–xxxx

Project # xxxxxx

Catalog # CCC166544PR


SEVEN TYPES OF CUSTOMER STAKEHOLDERS


Go-Getter Skeptic Friend

STOP

BlockerClimberGuideTeacher

Focused on organizational

improvement and prone to champion new ideas and their

implementation

Effective at rallying others to action, but

weak on process management

Willing to share information

unavailable to others to demonstrate credibility

and status

Focused largely on personal advancement

irrespective of organizational success

Strongly oriented toward the status quo and generally averse

to change

Open to new ideas, but moves forward

cautiously after much deliberation

Receptive to supplier meetings and willing to network reps with

colleagues


28-July-2016

Project # xxxxxx

Catalog # CCC5802816SYN


Project # xxxxxx

Catalog # CCC166544PR


MOBILIZER™ CUSTOMERS GET THE DEAL DONELi

kelih

oo

d t

o D

rive

Org

aniz

atio

nal A

ctio

n

Highly Likely

Highly Unlikely

The Go-Getter

1.00x

The Teacher

0.89x

The Skeptic

0.66x

The Guide

0.23x

The Friend

(0.20)x

The Climber

(0.22)x

The Blocker

(0.95)x

“Mobilizers” “Talkers”


Note: Respondents were tested on their likelihood and ability to initiate change and drive agreement in their organization around complex purchases and changes.

Individual customers who fit the mobilizer profile are much more likely than others to push their buying group towards a consensus purchase decision if they are properly engaged.


28-July-2016

HOW TO FIND THE MOBILIZERS™

Do they prioritize the organization (“we”) or themselves (“me”)?

Do they speak about facts or share opinions?

Verify Mobilizers by requesting they conduct research or tasks, or suggest next steps to you.

Do they share useful information?

Commercial Teaching

2a. Interested in Greater Good 2b.

3. Communication Style

4. Next Steps

Lead with Thought-Provoking InsightIf engaged, do they ask challenging,

thought-provoking questions?

1. Healthy Skepticism

Yes

“WE” “ME”

NOYES

STORIES AND OPINIONS

FACTS AND TASKS

NO

STOP

BlockerGuideFriendClimberTeacherSkepticGo-Getter

Use for information, but not to drive action.


Project # xxxxxx

Catalog # SEC0313111SYN



28-July-2016

IMPLICATIONS FOR VENDORS

■ As the size of the decision making team increases, a wider variety of businessroles become involved. Understand the agenda of each role and preparemessaging that resonates with the goals and objectives of each department.

■ Larger decision making teams are more likely at larger firms or with projectsthat have a widespread impact and bigger budget. Map relationships andcreate profiles for each of your customer contacts to better understand thetrue decision makers and influencers.

■ Slight influencers are more likely to appreciate the significant commitment oftechnology buying decisions, whereas decision makers and heavy influencersare more likely to think it is easy to change suppliers.

■ Influencers say they are more willing to pay a premium than the actual decisionmakers. As you are likely communicating with influencers, be aware that theirbosses are looking to pay market price or a modest premium.



28-July-2016

EFFECTIVE TACTICS IN FINANCIAL SERVICES SALES

Gather Information

Tailor Messaging

Target Decision Makers

■ Understand your firm’s prior relationship with the prospect, if any.

■ Map decision makers and influencers to follow their roles within the companyand their relationships to one another.

■ Focus on a refined, targeted story specific to a decision makers‘ prioritiesrather than dense marketing collateral that includes all of a solutions’ benefits.

■ Encourage collaboration between sales, pre-sales, and marketing to createmessaging building blocks configurable based on decision maker type.

Identify who the top decision makers and influencers at each stage (RFP, shortlist and final choice) will be and determine their customer type.


43

FULL CUSTOMER EXPERIENCE VENDOR EVALUATION CRITERIA

Attribute Criteria Evaluation PointsRaw Score Raw ScoreVendor A Vendor B

1. Strategic andCorporate Fit

Vendor’s vision, values, and mission

Vision statements, strategic goals, and objectives

History Years in businessOrganization structure and profile

Organization chart; management team

Client profile Key clients, segments, and industriesIndustry recognition Industry awardsLegal Pending legal disputes; legal dispute

historyThought leadership Examples of proactive solutionsFocus on ethics Enforcement of ethics in the organizationProtecting clients’ IP Processes in place to protect clients’ IP

rightsGrowth strategy Plans for future growth (market

segments, services, etc.)Key services and differentiators

Unique features, products, or services

Profitability and financial management

Viability of the business; auditor information

Sources of revenue Revenue by geographies, businesses units, products, and services

Location Locations of contact centers and ease of travel to sites

Attribute Average


FULL CUSTOMER EXPERIENCE VENDOR EVALUATION CRITERIA (CONTINUED)


2. Engagement GovernanceModel

Governance model Description of governance models used for similar engagements

Benefits of the model Derived benefitsTrack record Client case studies with emphasis on

similar activities and geographiesCustomer experience profile

Sample profiles of what entails relevant customer experience activities

Attribute Average

3. Cost Benefits Pricing models Experience with various pricing models—per agent hour, risk reward models, etc.

Ability to deliver cost benefits

Structural advantages that allow it to achieve lower costs

Flexibility Innovative pricing models

Attribute Average


44



4. Technology Resource profile Access to technology experts

Technology integration Compatibility with our systems and integration experience

Technology road map Approach toward institutionalizing new technologies

Technology Licensing Access to updates licenses

Technology Advice Expert advice available

Troubleshooting Access to technology helpdesk

Technology road map Approach toward institutionalizing new technologies

Attribute Average

5. Infrastructure Vendor Customer Service

Vendor competency at addressing technology/ software issues

Communication infrastructure

Communication infrastructure details (Internet connections, firewalls, e-mail, video teleconferencing,telecommunications, etc.)

Network infrastructure Details including, network redundancy

Security procedures Security processes in place (physical security at contact center, card-based access, etc.)

Business continuity plan Business continuity and disaster recovery plan. Is it certified by a third-party auditor?

Attribute Average

© 2011–2016 CEB. All rights reserved. TGEV167035PR 45



6. Process Maturity

Knowledge transition Methodology for knowledge transfer, training, etc.

Demonstrated benefits Measured benefits of quality processes and customer benefits

Approach to metrics Approach to metrics collection; monitoring and reporting mechanisms

Escalation procedures Escalation procedure definition

Communication List of communication mechanisms

Attribute Average

7. Culture Change management What is the approach toward change management?

Work culture Description of the organization’s work culture

Cross cultural adaptability

How does the vendor impart cross-cultural adaptation?

Attribute Average




8. Customer Satisfaction

Processes used Steps enforced by the vendor to ensure customer satisfaction

Third-party feedback/survey results

Analyze reports for the past several years

Repeat business Repeat business as a percentage of annual revenues for past years

Referrals Current customers and recent customer departures

Attribute Average


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