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Why Old School Self Service Is Hurting Your Customers

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Presentation: Why Old School Self-Service Is Hurting Your Customers. Featuring IntelliResponse Systems, Top 10 North American Bank CIBC, and Forrester Research.

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Why Old School Self Service Is Hurting Your Customers

  1. 1. Welcome to the WebinarStart time: 1:00PM EST, Feb. 10, 2010.Why “Old School” Self-Service isHurting Your Customers…And What you can do about itHosted by: IntelliResponse Systems Inc.Featuring:
  2. 2. Today’s Agenda• Introductions• Presentation from Dr. Natalie Petouhoff, Forrester Research• CIBC Case Study with Fraser Mackay• Q&A
  3. 3. Housekeeping Minimize webinar console here Use chat window to submit questions at any time during the session!Copyright © 2009, IntelliResponse Systems Inc. All rights reserved. The trademarks identified herein are the trademarks or registered trademarks of IntelliResponse Systems Inc. or other third party.
  4. 4. IntelliResponse- On Demand, Multi-Channel “Answer Suite”- More than 200 live, customer facing implementations- Answering 75 million+ questions with One Right Answer Financial Services Consumer & Corporate Higher Education 4
  5. 5. One Answer, Any Channel Answer Suite Shared Knowledgebase 5
  6. 6. Today’s Guests Natalie L. Petouhoff, Ph.D. Senior Analyst Fraser Mackay Senior Director Internet & Mobile Channel Mike Hennessy Vice President 6
  7. 7. Why “Old School”Self-Service is HurtingYour Customers…And What you can do about itNatalie L. Petouhoff, Ph. D.Senior AnalystForrester ResearchFebruary 10, 2010
  8. 8. Agenda1. Customer experience data shows companies must change2. “Old School” KM and Self-Service are not working3. The explosion of Social media and use of Mobile Devices has tipped the scales for change4. Knowledge management is key to providing better customer experiences8 Entire contents © 2010 Forrester Research, Inc. All rights reserved.
  9. 9. The state of customer experiences are in flux and companies must adapt new strategies.9 Entire contents © 2010 Forrester Research, Inc. All rights reserved.
  10. 10. Customer experience has a direct impact on the bottom line.10 Entire contents © 2010 Forrester Research, Inc. All rights reserved.
  11. 11. Customers with good experiences buy more Source: April 24, 2009, “The State Of Customer Experience” report.11 Entire contents © 2010 Forrester Research, Inc. All rights reserved.
  12. 12. Customers with good experiences are more loyal Source: April 24, 2009, “The State Of Customer Experience” report.12 Entire contents © 2010 Forrester Research, Inc. All rights reserved.
  13. 13. Customer Experience Directly Affects Revenue Buy more = $43M Are more loyal = $51M $94.2M March 2008 “The Business Impact Of Customer Experience”13 Entire contents © 2010 Forrester Research, Inc. All rights reserved.
  14. 14. Customer Experience Directly Affects Revenue Buy more = $29.7M Are more loyal = $41.8 M $71.5M March 2008 “The Business Impact Of Customer Experience”14 Entire contents © 2010 Forrester Research, Inc. All rights reserved.
  15. 15. Executives say customer experience is important to their business.15 Entire contents © 2010 Forrester Research, Inc. All rights reserved.
  16. 16. 89% say customer experience is a critical initiative16 Entire contents © 2010 Forrester Research, Inc. All rights reserved.
  17. 17. 80% of Companies Want To Lead Their Peers In Customer Experience17 Entire contents © 2010 Forrester Research, Inc. All rights reserved.
  18. 18. However, there is a gap between the importance companies put on customer experience and Actual customer satisfaction18 Entire contents © 2010 Forrester Research, Inc. All rights reserved.
  19. 19. And this often occurs at the First Point of Contact19 Entire contents © 2010 Forrester Research, Inc. All rights reserved.
  20. 20. Customers are disappointed in their experiences • Knowledge management and the self-service channels it supports are often the first touch-point • Poorly implemented knowledge management is the “under pinnings” of poor customer experiences • Companies often get knowledge management & self-service wrong – They confuse content management with knowledge management – Not understanding the differences causes mistakes, wasted money and poor customer experiences20 Entire contents © 2010 Forrester Research, Inc. All rights reserved.
  21. 21. Dissatisfaction: Self-Service • Can’t get what you need, so you pick up the phone… • ROI for self-service is gone… – Website search returns poor results – IVR is confusing… Source: August 29, 2008, “Why Talking to Your Customers Is Ruining Your Business” report.21 Entire contents © 2010 Forrester Research, Inc. All rights reserved.
  22. 22. Poor site design & service flaws drive customers from websites I was convinced the info I sought was not available on the site 28% I just didnt care to look on the site anymore 28% I had difficulty navigating the website 27% I couldn’t find contact info for the appropriate person(s) at the company 20% There was just too much content for me to review, just to find what I was looking for 19% I was interrupted by someone/something unrelated to the website 16% I couldn’t reach a customer service representative over email/text chat to answer my question 12% The number of site search results I found were too overwhelming 11% I wanted to visit the website of another company 10% Other 2% I have never left a site without first finding the information I was seeking 13% 0% 20% 40% 60% 80% 100% Percentage of customers22 Entire contents © 2010 Forrester Research, Inc. All rights reserved.
  23. 23. Customer frustration leads to website abandonment Leave the website and go to a competitive website 45% Be less likely to visit the site again 45% Be less likely to buy from them online 40% Leave the website and give up 24% Contact customer service via e-mail 24% Have a more negative overall perception of the company 21% Site visitors are more likely to opt for an alternative site than botherContact customer service via phone regarding my experience 18% to contact customer service Be less likely to buy from them offline 18% Tell others about my negative experience 16% I have never been dissatisfied 4% 0% 20% 40% 60% 80% 100% Percentage of customers 23 Entire contents © 2010 Forrester Research, Inc. All rights reserved.
  24. 24. Customers are frustrated by company’s website search capabilities Cannot understand my real question 44% Provided unrelated results 35% Requires registration in order to use it 33% Insufficient outputs Provided too many results 28% Results are confusing 23% Unsure what keyword to use 21% Input obstacles Unsure how many keywords to use 12% Results cannot be saved 9% There are no disadvantages 17% 0% 20% 40% 60% 80% 100% Percentage of customers24 Entire contents © 2010 Forrester Research, Inc. All rights reserved.
  25. 25. Key obstacle to online sales success: lackluster online customer service service is lacklustre Pass = 70/100 Points Average scores: Retail: 69 Travel:60 Financial Services: 5225 Entire contents © 2010 Forrester Research, Inc. All rights reserved.
  26. 26. Social Media & Mobile have shifted the customer service paradigm... There is no turning back… Change must happen…26 Entire contents © 2010 Forrester Research, Inc. All rights reserved.
  27. 27. It’s Truly a Multi-Channel World27 Entire contents © 2010 Forrester Research, Inc. All rights reserved.
  28. 28. 4 OUT OF 5 AMERICANS USE SOCIAL MEDIA. Forrester, The Growth Of Social Technology Adoption, 200928 Entire contents © 2010 Forrester Research, Inc. All rights reserved.
  29. 29. Twitter Facts• Twitter age demographic 25-34 - 20% 35-49 - 42% 55+ - 17% • 72.5% of the 44 million users joined in first 5 months of 2009 • There are more women on Twitter 53% Women 47% Men • >100 companies using Twitter to interact/ Customer Service Issues Source: Mashable.com and Time Magazine29 Entire contents © 2010 Forrester Research, Inc. All rights reserved.
  30. 30. Facebook Facts • > 250 million active users • > 120 million users log on to Facebook at least 1/ day • > 2/3 of Facebook users are outside of college • Fastest growing demographic: 35 yrs old & older • ~70% of Facebook users are outside U.S. Source: Mashable.com30 Entire contents © 2010 Forrester Research, Inc. All rights reserved.
  31. 31. Going Mobile 9/10 Americans already own a mobile phone They get a new one every 18 months Source: New York Times and GSM World31 Entire contents © 2010 Forrester Research, Inc. All rights reserved.
  32. 32. FACT: Consumers are going mobile – and bringing their customer service questions along with them32 Entire contents © 2010 Forrester Research, Inc. All rights reserved.
  33. 33. We must evolve…33 Entire contents © 2010 Forrester Research, Inc. All rights reserved.
  34. 34. Knowledge Management & Self-Service enhance customer experiences34 Entire contents © 2010 Forrester Research, Inc. All rights reserved.
  35. 35. Part of getting the basics right is deciding what kind of experiences you want to create… What Are UDesigning?35 Entire contents © 2010 Forrester Research, Inc. All rights reserved.
  36. 36. Companies often get knowledge management wrong – They confuse content management with knowledge management – Not understanding the differences causes mistakes, wasted money and poor customer experiences36 Entire contents © 2010 Forrester Research, Inc. All rights reserved.
  37. 37. What is knowledge management? • Knowledge management systems – Focus on getting an “answer.” – It uses a range of search technology to: • Search/index and • Find content relevant to a user’s specific question. – Help users navigate through large bodies of content (in the closet).37 Entire contents © 2010 Forrester Research, Inc. All rights reserved.
  38. 38. What is Enterprise Content Management?• ECM systems: – Are about documents and document control. – They are “closets” or online storage areas for all of a company’s documents.38 Entire contents © 2010 Forrester Research, Inc. All rights reserved.
  39. 39. Differences of ECM and KM • Knowledge management focuses on relevance – Using the most effectively use that content: How users interact with content – Capabilities that help users locate specific information residing in many locations – Managing content at the “answer” level – Using technology to enable the content to be mapped to user issues and queries – Using business rules to increase the relevancy of answers and help the user recognize the answer as relevant.39 Entire contents © 2010 Forrester Research, Inc. All rights reserved.
  40. 40. Where’s the confusion? • It’s all in the “use” of the technology… – Take web and database management systems for content generation… •Would customer or agent use them as a source of information about a customer’s transaction history or profile? •No, because the information they need is not there….40 Entire contents © 2010 Forrester Research, Inc. All rights reserved.
  41. 41. Where’s the confusion? • Knowledge management and content management are frequently confused • Organizations expect content management to serve the knowledge management & self-service functions.41 Entire contents © 2010 Forrester Research, Inc. All rights reserved.
  42. 42. Sites have content, but hard to find “the” answer Source: May, 2009 “The ROI of Online Customer Service Communities” Forrester report42 Entire contents © 2010 Forrester Research, Inc. All rights reserved.
  43. 43. Piles and piles and piles of content • Leads to poor productivity of: – Agents – Customers • Poor productivity leads to frustration • Frustration leads to agent and customer attrition43 Entire contents © 2010 Forrester Research, Inc. All rights reserved.
  44. 44. Use of content / technology • Using it for a purpose its not suited for will cause: – Rapid decline in effectiveness •Self-service customers who cannot easily find answers to questions on the company’s site • Agents who spend a long time to find answers…44 Entire contents © 2010 Forrester Research, Inc. All rights reserved.
  45. 45. Wrong use of content / technology • Leads to: – Rising costs – Lower customer dissatisfaction – Lower agent satisfaction – Agents attrition – Customer defection – Loss in revenue and profits45 Entire contents © 2010 Forrester Research, Inc. All rights reserved.
  46. 46. Recommendation: Take the Multichannel Customer Service Best Practices Assessment Contains more than 150 best practices Source: January 13, 2009, “Forrester Customer Service Innovation Framework and Self-Assessment ” Forrester report46 Entire contents © 2010 Forrester Research, Inc. All rights reserved.
  47. 47. Benchmark knowledge management best practices Where would your company score? Source: January 13, 2009, “Forrester Customer Service Innovation Framework and Self-Assessment ” Forrester report47 Entire contents © 2010 Forrester Research, Inc. All rights reserved.
  48. 48. Join the knowledge management revolution! Source: April 6, 2009, “How to Win Funding for Your Customer Service Project ” Forrester report48 Entire contents © 2010 Forrester Research, Inc. All rights reserved.
  49. 49. Thank you Natalie L. Petouhoff, Ph.D. +1 310.919.8467 npetouhoff@forrester.com www.forrester.com Follow me on twitter: www.twitter.com/drnatalie49 Entire contents © 2010 Forrester Research, Inc. All rights reserved.
  50. 50. Case Study: CIBC Bank• Canadian-based global financial institution• 38,000 employees worldwide• 11 million clients• One of the 10 largest banks in North America 50
  51. 51. Online Customer Experience“Committed to creating an unparalleled online banking experience for our clients” 51
  52. 52. Deploying “Next Generation” Self ServiceKey Business Drivers:•Improve Self-Service across multiple channels•Enhance the Customer Experience Online•Reduce Burden on the Contact Center (deflection of calls/e-mails) 52
  53. 53. Vendor: IntelliResponse 1. Multi-Channel Multi-lingual Knowledgebase 2. Ask Questions in Natural Language 3. One Right Answer Result 4. Dynamic Ranking of Top 10 and Related Questions 5. Real-time Answer Rating System Click to play movie 53
  54. 54. ResultsTangible Benefits:• 29% reduction in e-mail volume during launch day• 49 % average reduction in public e-mails• 25% reduction in calls• Outstanding Real-time “Voice of the Customer” feedback 54
  55. 55. Next Step: CIBC Mobile & Agent Desktop 55
  56. 56. Q&A Session Please use the chat window to submit your questions.Copyright © 2009, IntelliResponse Systems Inc. All rights reserved. The trademarks identified herein are the trademarks or registered trademarks of IntelliResponse Systems Inc. or other third party.
  57. 57. Thank you for joining us! HAVE A QUESTION? Email: mike.hennessy@intelliresponse.com Visit our web site: www.intelliresponse.comCopyright © 2009, IntelliResponse Systems Inc. All rights reserved. The trademarks identified herein are the trademarks or registered trademarks of IntelliResponse Systems Inc. or other third party.

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