The Customer Experience Revolution: Unveiling the Secret Behind First Direct's Success
First Direct's CEO Chris Pitt prioritizes bolstering the bank's infrastructure over marketing expenditures, aiming to enhance its low awareness score and ensure superior customer experience
Chris Pitt has achieved remarkable success as a marketer, ascending to the prestigious position of CEO. Formerly serving as the head of marketing for four years at HSBC, the parent company of First Direct, Pitt assumed the role of CEO in 2020, making him the first ever to hold this position in the 34-year history of the business.
According to Pitt, First Direct's unwavering dedication to customer service is ingrained in the company's DNA. He emphasized that despite the complexities inherent in the financial services sector, consumers simply desire functionality and efficiency. Therefore, prioritizing the customer is paramount at First Direct.
Pitt remembered a time when he was questioned about the existence of First Direct's 'customer experience team' at an event. He chuckled and replied, "We do not possess a customer experience team." Instead, the company has integrated customer experience into every department and has received numerous accolades for its exceptional customer service, as recognized by entities such as KPMG and Times Money Mentor over the years.
"It is ingrained in First Direct's DNA to ensure the proper delivery of these aspects," he stated. According to him, this principle is conveyed through the business's internal communication, which focuses not on the number of accounts sold, but on the stories shared by customers.
In 2022, First Direct experienced its "most significant growth" to date, but Pitt acknowledged that the brand still has a considerable distance to cover. "We have achieved growth and provide excellent customer service, yet our existence remains largely unknown," he appended.
The business has a brand awareness score of 4 out of 100, placing it towards the lower end of the scale. First Direct intends to approach its parent company and request additional investment to enhance brand awareness and consideration. Pitt emphasized the significance of allocating funds to engage with existing customers as a primary focus, stating that spending money on marketing has not been prioritized in previous years.
Chris Pitt, CEO of First Direct, mentioned that his experience at our Website's Festival of Marketing sparked memories of his own marketing background. However, he admitted that the demands of his current role have overshadowed his focus on marketing.
First Direct has put marketing efforts on the backburner, according to the CEO. The company has been neglecting marketing for years, resulting in a lack of investment. However, the CEO believes that the success of the business lies in customers discovering it through platforms like Money Saving Expert. Pitt, the CEO, understands the challenges of asking for additional funding and the need to justify it. Even with a substantial investment of a few million pounds, he admits that the business will struggle to progress without more significant financial support.
“To be honest, there are internal things we want to do with our infrastructure to make sure that when we do [invest] we can scale and deliver as well as we always have done,” he said.
