Image source: discovery-logo | Web-lingo

A Touch From Discovery

Discovery, a South African financial services firm, operates across diverse sectors including healthcare, life and short-term insurance, long-term savings, banking, and wellness markets.

My knowledge of Discovery ensure at an insurance brokerage. I was pleasantly surprised by the positive perception our staff held of Discovery Insurance. This goodwill was reinforced by Discovery’s practice of rewarding top-performing sales consultants with gifts and sponsoring company-wide events.

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The brokerage industry generates substantial revenue for insurance companies. At the brokerage where I worked, we represented multiple insurers, but Discovery stood out as the sole provider offering zero excess at the time. This attracted clients who were less likely to cancel their policies, a major benefit for insurers.

In the fiercely competitive financial services sector, where superior deals are constantly accessible, it’s important for companies to continually add value and seek a competitive edge over their competition.

Now, Discovery Limited has a variety of subsidiaries and below I discuss the main points of contact across the business.

Discovery’s Key Touchpoint

To ensure positive customer interactions, Discovery prioritizes various touchpoints across its subsidiaries. Four primary touchpoints, likely serving as initial points of contact for customers, include employees, the website, marketing communications, and existing customers. For these touchpoints to operate optimally, Discovery emphasizes comprehensive coverage of brand, product, and industry training during induction for all staff.

Selling, crafting marketing communications, or designing a website for a company requires a deep understanding of their brand, product offerings, and operating landscape.

Given that Discovery employees are also clients, it’s crucial for them to deliver services and solutions they themselves would appreciate. For instance, conversations in the workplace often revolve around frustrations with the timing of salary deposits across different banks. With the introduction of Discovery Bank, employees likely enjoy immediate salary deposits. Furthermore, ongoing engagement activities aligned with brand values, such as discounts at Discovery Soccer Park, access to padel centers, and reduced gym fees, contribute significantly to high morale.

In a quest to build brand champions, Discovery offers numerous entry points into their organization through various programs aimed at attracting top talent. [View programs here.]

In a recent test, I evaluated the experience of speaking to a service agent, which turned out to be exceptionally pleasant. Although I initiated the process on their website and didn’t complete it, I wanted to assess whether they would follow up on the lead. True to form, they did, accommodating my preferred time for the call, with no background noise typically associated with call center interactions.

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Word of mouth is a powerful, uncontrollable touchpoint that significantly impacts service-based businesses, as negative experiences tend to spread faster than positive ones. Negative word of mouth, often stemming from customer service issues or claims processes, can lead to loss of customers and business. To mitigate this, organizations like Discovery must ensure staff feel appreciated, well-trained, and supported by effective management.

While Discovery Health has received some negative reviews on platforms like Hellopeter, Discovery Insure enjoys positive feedback. However, the accumulation of negative reviews can tarnish the company’s reputation overall. Addressing concerns promptly and effectively is crucial to retaining customers and maintaining brand reputation.

Now, the growth of Discovery as a company is a testament to the general happiness of their customers, so much so that Discovery has been able to expand their service offering into other financial services. This would not have been possible without employees. It is well said that from the fullness of the heart does the mouth speak, this is so true in many aspects. It would have been impossible for Discovery to grow without employees that offer exceptional service, a research team listening to what the customers need, a product development team willing to push the boundary and keep trying out new things.

Brand Contact Cohesion Strategy & Managing Brand Contact Cohesion

Discovery is committed to encouraging customers to make better life choices, and in return they try to save them money. That is the unique selling point of their products and services. Everybody wants a good deal but the way this is put forward to the customer is what puts Discovery a cut above the rest. You can view the example of this from their advert below.

In managing brand contact strategy, it’s essential to empower managers who enforce the company’s vision by prioritising employee satisfaction through perks like gym discounts, on-site amenities, bonuses, and morale-boosting activities. This fosters employee engagement and transforms them into influential brand advocates.

Employees who experience brand contact points firsthand are better equipped to provide valuable feedback and reviews. Ultimately, belief in the brand is crucial for effective promotion. If employees don’t believe in the brand, it’s challenging to authentically promote it to others.

References

Discovery, Investor relations, About iUS
https://www.discovery.co.za/corporate/investor-relations-about-us

Hellopeter, Discovery Health
https://www.hellopeter.com/discovery-health

Hellopeter, Discovery Insure
https://www.hellopeter.com/discovery-insure

YouTube, Get the credit card that rewards you for living well with Discovery Bank
https://www.youtube.com/watch?v=WsDISOzx8fY