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

Thank You