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This presentation is brought to you by: Missed this session? Visit  Business Process Excellence for Financial Services Onl...
Understanding Customer Perception  of Your Product/Service  to Improve the Way You  Measure and Manage Customer Satisfacti...
Objectives <ul><li>Ensure the correct value perception of your product or service </li></ul><ul><li>Push your offering’s r...
Principles Who knows what is most important to customers? Your company’s Executives Your company’s Sales team Marketing R&...
Voice of the Broker Research <ul><li>Silver Hill Financial is a small balance commercial mortgage lender </li></ul><ul><li...
Principles What affects “importance”? Price Brand Quality Convenience Visibility Packaging HR Experience
Voice of the Broker Research <ul><li>Silver Hill Financial’s marketing team created a customer survey based on the factors...
Principles How do you know  what is important? Focus Groups Surveys Mystery Shopper Sales Data Online Traffic Eyeball Trac...
Principles <ul><li>Behaviors ← Quants </li></ul><ul><li>↑ </li></ul><ul><li>Beliefs ← Anthropologists </li></ul><ul><li>↑ ...
Principles <ul><li>Behaviors ← Buy only necessities, based on price </li></ul><ul><li>↑ </li></ul><ul><li>Beliefs ← I will...
Principles <ul><li>Behaviors ← Buy that shampoo again </li></ul><ul><li>↑ </li></ul><ul><li>Beliefs ← It must be the shamp...
Principles <ul><li>Behaviors ← Advocate for that company </li></ul><ul><li>↑ </li></ul><ul><li>Beliefs ← Wow, they really ...
Objectives <ul><li>Identify the experiences that directly affect beliefs and impact behaviors  </li></ul><ul><li>Quantify ...
Collect Emotional Incidents <ul><li>Attend an event that will attract the type of people who would be your customers. </li...
Gain Executive Buy-In <ul><li>Cross-functional senior management teams are scheduled to sort the transcribed answers to qu...
Voice of the Broker Research <ul><li>Darin Phillips interviewed 160+ brokers </li></ul><ul><ul><li>“ Tell me about the bes...
Voice of the Broker Research <ul><li>1. Tell me ‘why’ </li></ul><ul><ul><li>I need to know why Silver Hill made a decision...
Voice of the Broker Research <ul><li>2. Deliver as promised </li></ul><ul><ul><li>Deliver against the expectations that yo...
Voice of the Broker Research <ul><li>3. Respect and care about both me and the borrower </li></ul><ul><ul><li>Listen to me...
Voice of the Broker Research <ul><li>4. Know your stuff </li></ul><ul><ul><li>I want a knowledgeable rep </li></ul></ul><u...
Voice of the Broker Research <ul><li>5. Process files in a consistent manner </li></ul><ul><ul><li>I want smooth, consiste...
Voice of the Broker Research <ul><li>6. Return my calls </li></ul><ul><ul><li>If I call you, call me back  immediately </l...
Voice of the Broker Research <ul><li>Less frequently noted: </li></ul><ul><li>7. I want a lender who will treat me with in...
Encourage Attention to Stories <ul><li>Provide formal feedback to affected (mentioned) teams </li></ul><ul><li>Follow up o...
The Survey <ul><li>Is your TA knowledgeable about this business and industry?  How about your salesperson? </li></ul><ul><...
Encourage Attention to Talent <ul><li>Selection – assess and interview for price of admission competencies (hard wired and...
Selection <ul><li>Job Simulation </li></ul><ul><li>The applicant gets to “test drive” the job during a typical customer tr...
Objectives <ul><li>Identify the experiences that directly affect beliefs and impact behaviors  </li></ul><ul><li>Quantify ...
Darin Phillips, PhD <ul><li>Darin is a classically-trained industrial/organizational psychologist.  His specialties are st...
This presentation is brought to you by: Missed this session? Visit  Business Process Excellence for Financial Services Onl...
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Understanding Customer Perception of Your Product/Service to Improve the Way You Measure and Manage Customer Satisfaction

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Ensure the correct value perception of your product or service

Push your offering’s relevance and importance, over and above that of your competitors

Evaluate how your company currently creates and delivers value

Published in: Business, Technology
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Understanding Customer Perception of Your Product/Service to Improve the Way You Measure and Manage Customer Satisfaction

  1. 1. This presentation is brought to you by: Missed this session? Visit Business Process Excellence for Financial Services Online for your chance to question our speaker and hear them present again
  2. 2. Understanding Customer Perception of Your Product/Service to Improve the Way You Measure and Manage Customer Satisfaction ( Emotional Incident Methodology) Darin Phillips - VP of Customer Experience
  3. 3. Objectives <ul><li>Ensure the correct value perception of your product or service </li></ul><ul><li>Push your offering’s relevance and importance, over and above that of your competitors </li></ul><ul><li>Evaluate how your company currently creates and delivers value </li></ul>
  4. 4. Principles Who knows what is most important to customers? Your company’s Executives Your company’s Sales team Marketing R&D Call Center Store Clerks HR Customers
  5. 5. Voice of the Broker Research <ul><li>Silver Hill Financial is a small balance commercial mortgage lender </li></ul><ul><li>Though Silver Hill enjoys a strong, positive relationship with brokers they do not have as much repeat business as they want </li></ul><ul><li>The sales team gives three key reasons: </li></ul><ul><ul><li>Rate </li></ul></ul><ul><ul><li>Appraisal value </li></ul></ul><ul><ul><li>Flexibility </li></ul></ul>
  6. 6. Principles What affects “importance”? Price Brand Quality Convenience Visibility Packaging HR Experience
  7. 7. Voice of the Broker Research <ul><li>Silver Hill Financial’s marketing team created a customer survey based on the factors that the company’s executive knew were most important </li></ul><ul><li>Prior surveys had been created at great financial expense by a high profile marketing agency, but they were abandoned when the executives realized that the questions were not as market-leading as Silver Hill was </li></ul>
  8. 8. Principles How do you know what is important? Focus Groups Surveys Mystery Shopper Sales Data Online Traffic Eyeball Tracking Anthropologists Subjects tell you what they think you want to hear Quants The past predicts the future if nothing changes
  9. 9. Principles <ul><li>Behaviors ← Quants </li></ul><ul><li>↑ </li></ul><ul><li>Beliefs ← Anthropologists </li></ul><ul><li>↑ </li></ul><ul><li>Experiences ← Lean Six Sigma and Process Improvement for Customer Experience Summit people </li></ul>
  10. 10. Principles <ul><li>Behaviors ← Buy only necessities, based on price </li></ul><ul><li>↑ </li></ul><ul><li>Beliefs ← I will run out of money </li></ul><ul><li>↑ </li></ul><ul><li>Experiences ← Laid off </li></ul>
  11. 11. Principles <ul><li>Behaviors ← Buy that shampoo again </li></ul><ul><li>↑ </li></ul><ul><li>Beliefs ← It must be the shampoo </li></ul><ul><li>↑ </li></ul><ul><li>Experiences ← Attractive person says, “Your hair looks great” </li></ul>
  12. 12. Principles <ul><li>Behaviors ← Advocate for that company </li></ul><ul><li>↑ </li></ul><ul><li>Beliefs ← Wow, they really care about me </li></ul><ul><li>↑ </li></ul><ul><li>Experiences ← The first employee you talked to listened to and addressed your concerns </li></ul>
  13. 13. Objectives <ul><li>Identify the experiences that directly affect beliefs and impact behaviors </li></ul><ul><li>Quantify those experiences and measure them for your organization and your competitors’ </li></ul><ul><li>Measure and act on trends </li></ul><ul><li>Repeat as necessary </li></ul>
  14. 14. Collect Emotional Incidents <ul><li>Attend an event that will attract the type of people who would be your customers. </li></ul><ul><li>Alternate the following questions (1 question/potential customer): </li></ul><ul><ul><li>“ Tell me about the best experience you ever had with your product or service type ” </li></ul></ul><ul><ul><li>“ Tell me about the worst experience you ever had with your product or service type ” </li></ul></ul><ul><li>Record the emotional responses and transcribe them. (There are usually significantly more emotional responses to question 2.) </li></ul>
  15. 15. Gain Executive Buy-In <ul><li>Cross-functional senior management teams are scheduled to sort the transcribed answers to questions 1 and 2. </li></ul><ul><li>These teams define the categories and label each using their own language. </li></ul><ul><li>Compare and contrast the labels: </li></ul><ul><ul><li>Start with full agreement </li></ul></ul><ul><ul><li>Next work on similarities </li></ul></ul><ul><ul><li>Discard random piles (insight or accident?) </li></ul></ul><ul><li>Document the final master list of categories and descriptors for each. </li></ul><ul><ul><li>Distribute to the teams who met to sort the comments </li></ul></ul><ul><ul><li>Invite feedback: add, delete, modify </li></ul></ul>
  16. 16. Voice of the Broker Research <ul><li>Darin Phillips interviewed 160+ brokers </li></ul><ul><ul><li>“ Tell me about the best experience you ever had with a lender” </li></ul></ul><ul><ul><li>“ Tell me about the worst experience you ever had with a lender” </li></ul></ul><ul><ul><li>Emotional reaction = the experience had a lasting impact (89 stories) </li></ul></ul><ul><li>Seven groups across four offices categorized the stories </li></ul><ul><ul><li>13 Themes </li></ul></ul><ul><ul><li>Three surprises: </li></ul></ul><ul><ul><ul><li>Rate was only mentioned 3 times </li></ul></ul></ul><ul><ul><ul><li>Appraisal was only mentioned 3 times </li></ul></ul></ul><ul><ul><ul><li>Flexibility was only mentioned 2 times </li></ul></ul></ul>
  17. 17. Voice of the Broker Research <ul><li>1. Tell me ‘why’ </li></ul><ul><ul><li>I need to know why Silver Hill made a decision </li></ul></ul><ul><ul><li>I need to know why Silver Hill took a specific action </li></ul></ul><ul><ul><li>I need to explain it to my client </li></ul></ul><ul><ul><li>I need to manage my client’s expectations </li></ul></ul><ul><ul><li>Clearly tell me what to expect </li></ul></ul><ul><ul><li>Help me identify what I don’t know or misunderstand </li></ul></ul><ul><ul><li>Take the time to explain everything </li></ul></ul>
  18. 18. Voice of the Broker Research <ul><li>2. Deliver as promised </li></ul><ul><ul><li>Deliver against the expectations that you have set </li></ul></ul><ul><ul><li>Do exactly as you say you are going to do </li></ul></ul><ul><ul><li>Don’t promise anything that you cannot deliver </li></ul></ul>
  19. 19. Voice of the Broker Research <ul><li>3. Respect and care about both me and the borrower </li></ul><ul><ul><li>Listen to me </li></ul></ul><ul><ul><li>Respect me </li></ul></ul><ul><ul><li>Be professional </li></ul></ul><ul><ul><li>Help me be successful </li></ul></ul><ul><ul><li>Take ownership of the deal no matter what your job is </li></ul></ul><ul><ul><li>Identify how I prefer to communicate (phone vs. email) </li></ul></ul><ul><ul><li>Go the extra mile </li></ul></ul>
  20. 20. Voice of the Broker Research <ul><li>4. Know your stuff </li></ul><ul><ul><li>I want a knowledgeable rep </li></ul></ul><ul><ul><li>I only want to work with people who know what they are talking about </li></ul></ul><ul><ul><li>You must know the Silver Hill product in order to effectively manage my expectations </li></ul></ul><ul><ul><li>I don’t trust people who can’t keep their facts straight </li></ul></ul>
  21. 21. Voice of the Broker Research <ul><li>5. Process files in a consistent manner </li></ul><ul><ul><li>I want smooth, consistent processing of my files </li></ul></ul><ul><ul><li>I want a predictable experience </li></ul></ul><ul><ul><li>No surprises </li></ul></ul><ul><ul><li>Consistency = reliability </li></ul></ul><ul><ul><li>Admit and correct mistakes immediately </li></ul></ul><ul><ul><li>Consistently apply policies </li></ul></ul><ul><ul><li>Treat my deal the same in the middle of the month as you do at the end </li></ul></ul>
  22. 22. Voice of the Broker Research <ul><li>6. Return my calls </li></ul><ul><ul><li>If I call you, call me back immediately </li></ul></ul><ul><ul><li>If I call you, call me back, don’t send me an email </li></ul></ul><ul><ul><li>I want to reach my sales rep quickly </li></ul></ul><ul><ul><li>I like to talk to a live human </li></ul></ul><ul><ul><li>Don’t leave me hanging </li></ul></ul>
  23. 23. Voice of the Broker Research <ul><li>Less frequently noted: </li></ul><ul><li>7. I want a lender who will treat me with integrity, honesty, and fairness </li></ul><ul><li>8. I want a lender that makes timely actions and decisions </li></ul><ul><li>9. Provide me with frequent status updates </li></ul><ul><li>10. I want to build a relationship with a single point of contact </li></ul><ul><li>Very rarely noted: </li></ul><ul><li>11. Give me low rates </li></ul><ul><li>12. Be flexible </li></ul><ul><li>13. I need a clear appraisal </li></ul>
  24. 24. Encourage Attention to Stories <ul><li>Provide formal feedback to affected (mentioned) teams </li></ul><ul><li>Follow up on fixes and preventative strategies </li></ul><ul><li>Follow up on how strengths are leveraged and reinforced </li></ul><ul><li>Create a vehicle for ongoing, actionable stories </li></ul>
  25. 25. The Survey <ul><li>Is your TA knowledgeable about this business and industry? How about your salesperson? </li></ul><ul><li>Has your TA explained Silver Hill’s actions and decisions to you? How about your salesperson? </li></ul><ul><li>Is your TA returning your phone calls and emails promptly? How about your salesperson? </li></ul><ul><li>Is your TA following through on their commitments to you? How about your salesperson? </li></ul><ul><li>Does your TA care about your borrower and you? Do they really want to get the loan closed? How about your salesperson? TA Salesperson </li></ul><ul><li>Do you have any other comments about Silver Hill’s service? </li></ul>
  26. 26. Encourage Attention to Talent <ul><li>Selection – assess and interview for price of admission competencies (hard wired and commodity) noted by your customers </li></ul><ul><li>Training – provide knowledge and skills that can only be gained internally and that matter to your customers (need to know vs. nice to know) </li></ul><ul><li>Assessment – monitor performance by asking customers if your employees missed, met, or exceeded their expectations in the major categories </li></ul>
  27. 27. Selection <ul><li>Job Simulation </li></ul><ul><li>The applicant gets to “test drive” the job during a typical customer transaction </li></ul><ul><li>Interpersonal skills that customers commented about are graded using behavioral rubrics </li></ul><ul><ul><li>repeating what you understood = exceeded expectations for listening </li></ul></ul><ul><ul><li>everything in between is met expectations </li></ul></ul><ul><ul><li>interrupting = missed expectations for listening </li></ul></ul><ul><li>Behavioral Interview </li></ul><ul><li>Tell me about a time when you spoke with a customer who was upset about a decision that your employer made </li></ul>
  28. 28. Objectives <ul><li>Identify the experiences that directly affect beliefs and impact behaviors </li></ul><ul><li>Quantify those experiences and measure them for your organization and your competitors’ </li></ul><ul><li>Measure and act on trends </li></ul><ul><li>Repeat as necessary </li></ul><ul><ul><li>Net Promoter Score increased from 6.40 to 8.78 due to projects that increased consistency and accuracy at every touch point </li></ul></ul><ul><ul><li>Reduced customer criticisms of SHF from 46.94% of those surveyed in 01/07 to 13.33% in 12/07 by improving talent management </li></ul></ul><ul><ul><li>Sudden pipeline growth from $80MM to over $100MM and 20% reduction in cycle time due to constructive competition created by site-based performance reporting </li></ul></ul>
  29. 29. Darin Phillips, PhD <ul><li>Darin is a classically-trained industrial/organizational psychologist. His specialties are strategic human capital management and performance improvement. By being his employer’s chief brand champion and focusing on improving talent and processes, he found himself in charge of the customer experience. </li></ul><ul><li>Darin’s career has included leadership positions at Pennzoil-Quaker State, Royal Caribbean Cruises, and Bayview Financial, where he is the VP of Customer Experience. </li></ul><ul><li>Darin Phillips </li></ul><ul><li>[email_address] </li></ul><ul><li>305.644.4634 </li></ul>
  30. 30. This presentation is brought to you by: Missed this session? Visit Business Process Excellence for Financial Services Online for your chance to question our speaker and hear them present again

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