The Human Element: Sales and Service, Banks's Last Link in the Marketing Chain
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What if I told you that after all your efforts with marketing (product, positioning and price), there is a one-in-ten chance the branch representatives will undermine the sale? This deck contains research into impact customer facing personnel have on the sales and marketing process.
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The Human Element: Sales and Service, Banks's Last Link in the Marketing Chain
- 1. Kinesis CEM, LLC The Human Element: Sales and Service, Bank’s Last Link in the Marketing Chain https://blog.kinesis-cem.com/2015/03/31/the-human-element-sales-and-service-banks-last-link-in-the-marketing-chain/ Eric Larse is co-founder of Seattle-based Kinesis, which helps companies plan and execute their customer experience strategies. Mr. Larse can be reached at elarse@kinesis-cem.com. http://www.kinesis-cem.com http://www.kinesis-cem.com/bank_customer_experience.shtml kinesis-cem.com 206.285.2900 info@kinesis-cem.com The Human Element: Sales and Service, Bank’s Last Link in the Marketing Chain
- 2. What if I told you that after all your efforts with marketing (product, positioning and price), there is a one-in-ten chance the branch representatives will undermine the sale? The Human Element
- 3. 10% of in-branch sales presentations observed by mystery shoppers result in negative purchase intent. Our Research
- 4. What do these failed sales presentations look like? 10%
- 5. Here are some quotes describing the experience: 10%
- 6. “There was no personal attention. The banker did not seem to care if I was there or not. At the teller line, there was only one teller that seemed to care that there were several people waiting. No one moved with a sense of urgency. There was no communication materials provided.” Quote:
- 7. “It was painfully obvious that the banker was lacking basic knowledge of the accounts.” Quote:
- 8. “Brian did not give the impression that he wanted my business. He did not stand up and shake my hand when I went over to his desk. He very rarely made eye contact. I felt like he was just going through the motions. He did not ask for my name or address me by my name. He told me about checking account products but failed to inquire about my situation or determine what needs I have or might have in the future. He did not wrap up the recommendation by going over everything nor did he ask for my business. He did not thank me for coming in.” Quote:
- 9. In contrast, what do shops with positive intent look like: Positive Purchase Intent
- 10. “The appearance of the bank was comfortable and very busy in a good way. The customers were getting tended to and the associates had the customers’ best interests in mind. The response time was amazing and I felt as if the associate was sincere about wanting me as a customer, but he was not pushy or demanding about it.” Quote
- 11. …after all the effort and expense of a strategic cross-sell strategy, which of the above experiences do you want your customers to encounter? Now…
- 12. Time and time again, in study after study, we consistently observe that purchase intent is driven by two dimensions of the customer experience: reliability and empathy. Reliability & Empathy
- 13. Customers want bankers who care about them and their needs and have the ability to satisfy those needs. Reliability & Empathy
- 14. our research suggests the following behaviors are strongly related to purchase intent: Specifically,
- 16. Greeting/ Stand to Greet/ Acknowledge Wait Purchase Intent Behaviors
- 17. Interest in Helping/ Offer Assistance Purchase Intent Behaviors
- 23. Personalized Comment (such as, How are you?) Purchase Intent Behaviors
- 25. It is Incumbent on the institution to install appropriate: Customer Experience Training…
- 26. on the institution to install appropriate Sales and Service Monitoring… It is Incumbent
- 27. It is Incumbent on the institution to install appropriate Incentives…
- 28. It is Incumbent on the institution to install appropriate Rewards Structures...
- 29. It is Incumbent …to motivate sales and service behaviors which drive purchase intent