CO2@Home 2020 | Taylor Olson | If You're Not First, You're Last
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This document discusses the importance of exceeding customer expectations in an on-demand economy. It notes that 64% of people believe customer experience is more important than pricing. It then discusses how to improve the customer experience by ensuring 24/7 availability, impressively fast response times across channels, optimizing customer service representative utilization, and using technology and automation to save time and focus on customers. Specific metrics and best practices are provided around lead response workflows, the "golden window" for contacting leads, and tools that can help meet customer demands and preferences.
CO2@Home 2020 | Taylor Olson | If You're Not First, You're Last
- 1. If You're Not First, You're Last Taylor Olson, CEO
- 2. Today, we will cover... ā Customer expectations in an on-demand economy ā What our data says about customer experience today ā How to exceed customer expectations and increase sales
- 3. Being first looks different Customer engagement is a different ball game in todayās on-demand economy. According to Gartner, 64% of people believe customer experience is more important than pricing.
- 4. What does customer experience look like for your customers today?
- 5. What does your lead process look like? ā Who is answering your calls? ā What about business hours? ā How long are your customers on hold? ā Are you set up to respond to web chat and text messages?
- 6. Types of lead response workflows ā Round robin ā Shark tank ā Top producer ā Assigned territories
- 7. How many customers do you think youāre losing due to missed or late responses? ā 25% of sales happen after hours ā Fewer than 1 in 5 leave a voicemail 2+ Million Customer Interactions
- 8. What is the golden window? ā 10x decrease in response rates after 5 minutes ā First 5 minutes are 21x more effective than calling after half an hour has elapsed ā 3x higher conversion if called within 3 minutes ā First vendor that talks to the lead has a 74% close ratio (Forrester) ā Only 37% of businesses responded within an hour (Harvard Business Review)
- 9. Above and beyond customer experience expectations
- 10. What it takes to exceed expectations ā 24/7 sales and service ā Response times that impress ā The Goldilocks of CSR utilization ā Save time and stay focused with tech and automation
- 11. 24/7 Sales and Service More than half of customers believe businesses should be available 24 hours a day.
- 12. Response Times that Impress Average response times by channel ā Text - 90 seconds ā Chat - 160 seconds ā Phone - 5 seconds ā Email - 90 minutes ā Social - 5 hours
- 13. Goldilocks of CSR Utilization Defined as the amount of an employee's available time that's used for productive, billable work, expressed as a percentage.
- 14. Too Cold! ā Overstaffed ā Unproductive ā Overpaying ā $100-$150k/year
- 15. Too Hot! ā Poor morale and dissatisfaction ā High recruiting costs ā Overtime ā Slow response ā CSAT & referral drop
- 16. Just Right! ā 70/30 to 80/20 SL response ā 30 - 45 seconds for inbound calls ā 5 minutes for web leads ā 75% CSR utilization
- 17. Whatās most common? 48% is the average CSR Utilization rate worldwide.
- 19. Save time and stay focused with tech and automation
- 20. 1ā 83% customer satisfaction rate for webchat ā 42% customers prefer live chat over other forms of business communication ā 90% average open rate for texts Meet customers in the channel they prefer
- 21. 2Meet big demands without burning out your employees According to Business Wire, automation can help improve customer satisfaction by up to 92% Consider hiring a third party to handle different parts of your business like after hour calls.
- 22. 3Use data to prepare for busy and slow seasons Look at your historical data and make sure youāre prepared for when business ramps up and slows down.
- 23. Speed-to-lead is the single largest driver of lead conversion in the first two minutes after a lead is generated
- 24. Any Questions? Taylor Olson, CEO at Slingshot [email protected]