customer service and the financial professional
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C O R P O R A T I O N. Customer Service and the Financial Professional. MPS CPE Day. September 13, 2013. Ice Breaker Opener. The Value of a Penny. The Financial Impact of Customer Service. - PowerPoint PPT PresentationTRANSCRIPT
Customer Service and the Financial Professional
C O R P O R A T I O N
September 13, 2013
MPS CPE Day
The Value of a Penny
Ice Breaker Opener
Nearly six in ten (58%) consumers will spend more with companies they believe provide excellent service. – American Express Global Service Barometer
Price is not the main reason for customer churn, it is actually due to the overall poor quality of customer service. – Accenture Global Customer Satisfaction Report
Poor service increases operating costs due to additional contacts the customer has with the organization. These include additional labor time (time is more expensive with each move up the ladder) and sometimes compensating the customer.
The Financial Impact of Customer Service
Percentage of unhappy customers that don’t complain – 1st Financial Training Services Percentage of those unhappy customers who will leave
and never come back – 1st Financial Training Services Percentage of the buying experience based on how the
customer feels they are being treated – McKinsey Percentage of customers who would pay extra to
guarantee better service – Defaqto Research
Important Facts About Customer Service
Source: Return on Behavior Magazine – Home for marketing and customer service professionals
Anticipate and Exceed Customer Needs
Make Every Impression Count
Communication and Teamwork
What is good customer service?
Know your customers and their needs
Know your customers◦ When we remember them, they’ll remember us
Know their needs◦ Talk with customers◦ Question them about their needs◦ Listen to what they say
Anticipate and Exceed Customer Needs
What are your customers’ needs?(could be internal or external customers)
Anticipate and Exceed Customer Needs
VIP = _______ ________ ________
Anticipate and Exceed Customer Needs
Meet versus exceed their needs
Meeting customer basic needs Customers have a choice What does “exceed” mean? How can you do it better?
Anticipate and Exceed Customer Needs
How can you exceed your customers’ needs?
Anticipate and Exceed Customer Needs
Customers have a choice-are they choosing you?
Personal touch – know customer / VIP Consistent quality – meet and exceed
expectations
Anticipate and Exceed Customer Needs
Harvard Business ReviewSeptember 2013The Truth About Customer Experience
How Many Touch Points Does It Take To Hook Up New Customer Utility?
Make Every Impression Count
The touch point is any contact or interaction with the customer: in person, via phone,
email, service call, sales call, survey, feedback mechanism, product or service
delivery, complaint, resolution, etc.
Make Every Impression Count
Customers form their own opinions and customers’ perception is everything
You have the power to influence customers
Make the most of every opportunity because every customer encounter leaves an impression
Make Every Impression Count
Be Courteous and Friendly
What does courtesy look like? Smile Make them feel welcome Answer their questions Pleasant voice Giving them your attention
Make Every Impression Count
Have a positive “can-do” attitude
Willing to help customer Develop alternatives Be realistic
Make Every Impression Count
Be Approachable – aware of body language
Make Every Impression Count
Perceived Communication
Verbal (words)Vocal (voice tone)Visual (body language)
What kind of message are you sending?
People return because of people (not just a product)
Be courteous Be friendly Have a “can-do” attitude Be approachable
Make Every Impression Count
To the customer, everyone is the company
Working together
Communicating well
Delivering best image for organization
Communication and Teamwork
What does Team mean? T = E = A = M =
Communication and Teamwork
Characteristics of good teamwork
Communication and Teamwork
Good team communication
Improves efficiency Increases productivity Prevents miscommunication
Communication and Teamwork
To the customer, everyone is the company
Work as a TEAM Understand each job Good communication delivers results
Communication With Team Players
Anticipate and Exceed Customer Needs
Make Every Impression Count
Communication and Teamwork
Good Customer Service
What are the consequences of not providing good customer service?
Why Companies Lose Customers
Return on Behavior Magazine – Home for marketing and customer service professional
A dissatisfied customer will tell between 9-15 people about their experience. Around 13% of dissatisfied customers tell more than 20 people.
– White House Office of Consumer Affairs It takes 12 positive experiences to make up for one
unresolved negative experience.– “Understanding Customers” by Ruby Newell-
Legner Happy customers who get their issue resolved tell about 4-
6 people about their experience.– White House Office of Consumer Affairs
If you fix it fast, 96% will stick with you. – Becky Saunders, former Nordstrom Exec and
author of Fabled Service
Return on Behavior Magazine Home for marketing and customer service professional
Why Companies Lose Customers
How do you handle customer complaints?
Ways to Handle Problems
Ways to Handle Problems
Develop and outline the “Official Policy” on how various types of problems are handled.
Publish these policies in a way that it is quick and easy for everyone to access these policies.
Develop and implement training that outlines the process for following these policies.
Reward people for following the policies, write up when they don’t.
Make sure the policies show people how to fix it, fix it fast, fix it right, and follow up.
Ways to Handle Problems
Companies lose customers when employees don’t care
Unhappy customers tell others Always be professional and customer
focused Fix problems quickly Set up policies to guide the team
Ways to Handle Problems
Hire people with service focus Train so every team member knows what
good service is, how to deliver it, and their authority to deliver it
Allow room for people to make mistakes Eliminate barriers to complaints and
comments Measure and track complaints
“If you can’t measure it, you can’t manage it.”
Culture of Outstanding Service
Everyone is responsible for service: accounting, finance, warehouse, sales, delivery,
customer service, marketing, receptionist, CEO
Culture of Outstanding Service