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Vice President of Marketing – Individual Products and Solutions at Nationwide Financial
Nationwide has an 80-year heritage of helping clients prepare to live in retirement. With a long-term approach to investing and the support of the insurance side of its business, Nationwide has continued to successfully grow across changing market and economic conditions. Its unique structure ensures its clients have the tools they need to solve even the toughest retirement challenges. Through a commitment to the customer, Nationwide has developed a comprehensive support structure, including a consultative team with deep knowledge on the toughest retirement topics, strategies and tools to help clients break down and simplify solutions to retirement challenges and competitive solutions across a suite of annuity, life, retirement plan and mutual funds products that give clients choices to match complex needs. Tiffany Grinstead, Vice President of Marketing for Individual Products and Solutions, says the role of marketing is to advocate for member and partner experience and to ensure Nationwide is consistently delivering on its value proposition.
While there are many definitions of loyalty, Tiffany defines loyalty as the creation of impassioned ambassadors of the brand. “I think of loyal customers as the people who not only want to stay with you, but also want to expand their relationship with you and share their experience with others,” she says. “This concept holds in both the B2B and the B2C space.”
From a B2B financial services perspective, Nationwide sells a lot of products through financial advisors, agents and banks. Strong relationships there are imperative because those advisors are making recommendations in the best interest of their customers, and ultimately will bring new customers to Nationwide if they know Nationwide will deliver on their customers’ expectations.
At the same time, strong B2C relationships ensures that customers go to their advisors with a positive experience with Nationwide and a desire to stay with them.
“Loyalty is built into our DNA,” she says. “We're a mutual company, so that means we're actually owned by – and accountable to – our customers. In fact, we call them members, because not only do they belong to Nationwide, they truly are the owners of Nationwide. To become a customer of Nationwide is to join with something meaningful. And that's really the heart and soul of loyalty.”
The jingle, “Nationwide is on your side,” is more than a jingle, and she is amazed at how many Nationwide members sing it back to them. “Hearing our jingle sung back to us is a sign of the connection people feel emotionally with our brand,” she says. “This stems from the fact that our customers know that the needs of the customer drive every single product we create.”
An example of the Nationwide difference is seen through a key insight the team gained: customers were struggling as they moved into retirement with the resources they needed to make critical decisions. While in working life, many companies have a concierge service that helps to advocate on queries around medical bills or future planning, but once people retire, they lose access to that.
As such, many advisors were telling Nationwide that they struggled to have those kinds of conversations with customers and recognized that those resources were direly needed. In response, Nationwide came up with a new offering called “Care Concierge,” which is offered to all owners of all Nationwide annuities, free of charge.
From a data standard and privacy perspective, Nationwide has a very high commitment to protecting its members and has made significant investments in infrastructure and training around data privacy. At the same time, insights are instrumental to driving products and programs that will make a difference in customers’ lives.
To read the full interview and many more, check out our Loyalty that Lasts report here.