Following meetings with the Director of IT and Retail Operations of Lloyds, we were invited to audit their latest retail format. The conclusions following the brand audit aimed to build a format and communications strategy around money/meaning relationships, helping to move a transaction-based financial services operation to a relationship based retail business, shaping the Lloyds proposition around customer insight, based on ideas and for life-needs solutions.
Branches are becoming more sales and advice-oriented hubs at Lloyds TSB.
When our audit team interviewed David Cox, Branch Manager of Lloyds Cheapside, David said the branch should be designed to enable staff to interface with customers as they enter the branch. “We need all members of staff to be on the sales floor between the hours of 12 noon and 2.30pm. We want to act like retailers not like bankers.”
Consequently, we base the development of a customer journey within the branch on shopping missions rather than the property style. We produce visual material during the concept stage of a project in order to discuss issues like orientation points, sight lines, information streams, marketing, pathway turning points, flexibility for change and costs. This helps the development team focus on the sales potential of the customer journey rather than constraints of the property.
Think like a customer.
We can help improve growth by deploying strategies to transform the branch network into sales and advice outlets where they become more productive than today and their costs will be lowered.
New digital channels will also be designed for customers, thereby capturing these channels’ full sales potential.