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Contact Center Purchase Intent Drivers

Previously we explored which service attributes will yield the most ROI in terms of driving purchase intent.

Previously, we also explored the relationship of specific sales and service behaviors to purchase intent.

Cross Tabulation By Purchase Intent

Greeting Increased Purch Intent Decreased Purch Intent
Greet by identifying the name of the institution 99% 97%
Greet by identifying themselves 100% 97%
Ask name 78% 71%
Ask how they could assist 100% 98%

 

Hold Increased Purch Intent Decreased Purch Intent
Ask permission to be placed on hold first 85% 73%
Give the reason for being placed on hold 100% 88%
Give an estimate of how long you would be on hold 56% 27%
If the actual hold time exceeded the estimate, representative returned to the call to of the status 88% 50%
Thank for holding upon returning 96% 81%

 

Transfer Increased Purch Intent Decreased Purch Intent
Explain the reason for the transfer 99% 98%
Ask permission to transfer 84% 65%
Stay on the line until the transfer was answered by another representative 53% 33%
If hold time exceeded 60 seconds, return to explain delay and ask if you want to continue to hold. 35% 7%

 

Service Increased Purch Intent Decreased Purch Intent
Listen attentively 100% 88%
Use name at least once during the call 66% 44%
Use proper grammar 11% 96%
Speak clearly 98% 72%
Allow customer to speak first and finish your thought 99% 93%
Clarify all requests prior to processing the transaction 100% 80%
Maintain a friendly demeanor and pleasant voice throughout the call 100% 91%
Describe products or services in a manner that was easy to understand 100% 70%
Suggest additional products and/or services 71% 34%
Avoid bank jargon or other technical financial terms 100% 95%
Ask for business 88% 47%

 

Conclusion Increased Purch Intent Decreased Purch Intent
Thank for calling 98% 92%
Ask how else they could assist 95% 65%
Thank for choosing the institution 92% 66%

 

 

 Mean Attribute Ratings Increased Purch Intent Decreased Purch Intent
Job knowledge 4.9 4.0
Friendliness/Courtesy 4.9 4.3
Interest in Helping 4.9 3.8
Explaining products in understandable terms 5.0 3.9
Level of confidence in the representative 4.9 3.2
Valuing as a customer 4.9 3.5
Professionalism 4.9 4.0

 

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Drivers of Purchase Intent in the Contact Center Experience in Retail Banking

What impresses customers positively as a result of a call to your call center?

Call Center Mystery Shopping

To answer this question, Kinesis conducted research into the efficacy of the bank contact center sales process by observing a battery of sales and service behaviors through the use of mystery shoppers. The objective of this study was to identify which sales and service behaviors drive purchase intent. (See the insert below for a description of the methodology).

The table at the end of this post shows the relative frequency in which each behavior was observed in shops where the shopper reported positive purchase intent as a result of the call, compared to shops with negative purchase intent.

The seven behaviors with the strongest relationship to purchase intent are:

  • Invite to visit a branch
  • If on hold, thank for waiting
  • Express appreciation for interest/thank for business
  • Offer further assistance
  • Mention/refer to website
  • Listen attentively to your needs
  • Offer to send material

Each of these behaviors is at least three times more likely to be present in shops with positive purchase intent compared to those with negative purchase intent.

Two observations jump out from this first group of behaviors:

First, integration of other channels into the sales process appears to drive purchase intent. Inviting the shopper to visit a branch was observed 6.4 times more frequently in shops with positive purchase intent compared to negative. The branch still has a role in the sales process; other research consistently points to the convenience of branch location as a driver of selection of a primary financial institution. If contact centers leverage the branch during the sales process, they have a significantly better chance to advance the sale. Additionally, when the agent incorporated the website into the sales presentation, they also have a better chance of advancing the sale. Mentioning the website was 3.3 times more likely to be present in shops with positive purchase intent compared to negative.

Secondly, the balance of these key behaviors all revolve around personal attention (thank for waiting on hold, offing further assistance, listening attentively, offer to send material) and interest in the customer’s business (express appreciation or thank for business).

Nine more behaviors were at least twice as likely to be present in shops with positive purchase intent:

  • Product knowledge
  • Ask for name
  • Ask for your business/close the sale
  • If on hold, check back in 1 minute
  • When thanked respond graciously
  • Ask probing questions
  • Explanations easy to understand
  • Explain the value of banking with bank
  • Thank for calling

The themes most common in this second group of behaviors that appear to influence purchase intent are competence (product knowledge, easy to understand explanations), personal attention (asking name, checking back on hold, probing of needs) and interest in the customer’s business (ask for business, express value, thank for calling).

So…what drives purchase intent as a result of a call to a contact center? Integrating other channels into the conversation, and sincerely expressing interest in the customer broadly drive purchase intent.

Frequency Behavior Observed in Shops with Increased and Decreased Purchase Intent:

Increased Decreased
Invite to visit a branch 64% 10%
If on hold, thanked for waiting 97% 20%
Express appreciation for interest / thank you for business 92% 20%
Offer further assistance 85% 25%
Mention/refer to website 66% 20%
Listen attentively to your needs 80% 25%
Offer to send material 97% 31%
Product knowledge 98% 35%
Ask for name 68% 25%
Ask for your business/close the sale 76% 32%
If on hold, check back in 1 minute 94% 40%
When thanked respond graciously 98% 42%
Ask probing questions 94% 42%
Explanations easy to understand 99% 45%
Explain the value of banking with bank 88% 43%
Thank for calling 99% 50%
Friendly demeanor / pleasant voice 100% 60%
Clear Greeting 95% 60%
Avoid bank jargon 98% 68%
Use name 96% 67%
Mention other bank product 99% 75%
Good pace 98% 75%
Wait for response before placed on hold 100% 80%
Demonstrate understanding of question 100% 81%
Answered in 3 rings 99% 88%
Speak clearly 99% 88%
Professional Greeting 98% 89%
Avoid interrupting 100% 95%

 

Methodology

To evaluate the state of the in-branch sales process, Kinesis mystery shopped five banks with significant North American footprints. Among the objectives of the study were to:

1) Define the sales process among different institutions.

2) Evaluate the effectiveness of specific sales behaviors.

Shoppers were asked a mixture of closed-ended questions to evaluate the presence or frequency of specific behaviors, and open-ended questions to gather the qualitative impressions of these behaviors on the shoppers – in short the how and why behind how the shopper felt. Finally, to provide a basis to evaluate the effectiveness of each sales behavior, shoppers were asked to rate their purchase intent as a result of the visit. This purchase intent rating was then used as a means of evaluating what behaviors tend to be present when positive purchase intent is reported as opposed to negative purchase intent.


Click Here For More Information About Kinesis'; Bank Mystery Shopping

Aligning Cross Channel Behaviors

Customers do not care nor understand why the experience of interacting with an organization through one channel is different than another.  Be it via in-person, contact center, chat, or website, customers expect a seamless and consistent experience.  Cross-channel alignment presents managers with a series of complex issues. This post focuses on the issue of sales and service behaviors, and outlines a methodology to align channels into a consistent set of cross channel behaviors.

Define Overall Experience

It should go without saying that the first step in aligning sales and service behaviors across channels it to define the elements of the experience for the entire organization.  This sounds fairly obvious, but I’m always surprised by how many clients do not have agreed upon cross channel customer experience requirements.

Cross_Channel_Image

Starting at the beginning, the first step is to define the customer experience in terms of dimensions or attributes which make up the desired experience.

For example, a financial institution may decide they what their customer experience to be comprised of four dimensions:

  1. Relationship building
  2. Sales process
  3. Product knowledge
  4. Customer knowledge

Define Dimensions In Terms of Attributes

The next step in building a consistent set of behaviors across all channels is to define each of the desired service dimensions in terms of attributes, which support each dimension.

In keeping with the above example, a financial institution may define each dimension in terms of the following set of attributes.

Dimension Attributes
Relationship building Establish trustCommitment to customer needsPerceived as trusted advisor
Sales process Referral to appropriate partner
Product knowledge Understanding of a range of productsUnderstand features and benefitsExplain benefits in ways that are meaningful to customers
Customer knowledge Needs analysis

Map Behaviors Across Channels

Once each dimension is defined in terms of specific attributes, the next step is to identify specific behaviors for each channel that support each attribute.

Keeping with the above example, the financial institution may decide that establishing trust is made up of a set of five behaviors mapped across each channel.

Relationship Building: Establish Trust

New Accounts Teller Contact Center
Maintain eye contact Maintain eye contact
Speak clearly Speak clearly Speak clearly
Maintain smile Maintain smile Sound as if they were smiling through the phone
Thank for business Thank for business Thank for business
Ask “What else may we assist you with today?” Ask “What else may we assist you with today?” Ask “What else they could do to assist you today?”
Encourage future business Encourage future business Encourage future business

Note this behavioral map assigns behaviors based on their appropriateness to each channel.  So, for example, while the in-personal channel may be expected to maintain eye contact, obviously that would not apply for the contact center.  Or the in-person channel may be expected to maintain a smile, while for the contact center this behavior may be modified for the phone channel to sounding as if they are smiling through the phone.

Measurement and Reinforcement

Key to maintaining consistent behaviors across channels is monitoring the experience.  The two most common methodologies to monitor cross channel alignment are post-transaction surveys and mystery shopping.

How customers feel about the organization, and the extent to which each service dimension and attribute is perceived within the customer’s mind are best measured with post-transaction surveys of customers.

Measuring specific behaviors is best performed with mystery shoppers, where specially trained researchers observe the presence of each behavior using predetermined scenarios.


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