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5 ways to get revenue via outbound calling August 6, 2024 Despite calls to the contrary, outbound sales is far from dead. Inbound sales might be “easier,” but it won’t always bring you the right kind of customer or enough customers to increase your overall revenue.Engaging in outbound sales means you can target the exact type of customer you want, rather than waiting for them to discover your brand, engage with your content, and request a consultation. B2B companies are already doing what works.Outbound sales may feel slimy to the uninitiated whose mindset is mostly informed by stereotypical portrayals of “cold-calling.” But we have to remember that the average deal can take on more than 18 phone calls, and that’s if you can find an interested party. Outbound sales are a commitment. If we expect to play the long game, we can remove high-pressure, creep-out sales tactics and focus on building relationships. That mindset and these tactics will ease the way for sales teams and increase revenue in the long run. Here are five strategies to get you started Set Specific Targeting CriteriaDefine what your ideal customer looks like. This doesn’t mean all of your customers have to fit this profile, but it does mean everyone you spend time targeting with outbound sales should match. Why repeat something you know isn’t going to work? Don’t waste your time targeting prospects that are less likely to close.Make your customer profile as detailed as possible, and base it on actual users and advocates of your product. Which employee/title/company size/industry is your product best suited for, and how do these factors determine the way people use your product? What did the path to purchase look like for these customers, and can you attempt to replicate that?Recognize KPIs and regular agent performanceMake utilization of the key performance indicators to set up the standards for the representative’s performance and track how your sales agents can be gauged. The common KPIs for the outbound calling campaigns enclosed the representative schedule standard, conversion rate, and average handle time.The schedule adherence is the complete time of the representative available divided by the amount of time which is mainly scheduled to work on. This KPI can assist in managing the cost of staffing for an outbound calling campaign.Conversion Rate is how many conversion or sales your representatives make divided by a complete number of calls done. This KPI enables us to check which agents can effectively and quickly bring some new customers.The average handle time is the amount of time which representative spends on the call including hold and transfer time too. Thus, to make most of the outbound calling campaigns, you are required to ensure that agents are managing requests effectively.Invest in automated dialer softwareEnsure that your outbound sales representatives work at peak efficiency with the automated dialer software. The predictive dialer or automatic dialer sees when the representatives become available and automatically dials the prospects on the list. Your representatives are not required to call on every number individually. Thus, there is not any downtime among the calls.Work Accounts, Not Just LeadsAccount-based marketing is more than just a buzzword; it’s a full strategy that requires research, attention, and personalization. ABM also requires collaboration between sales and marketing teams. While the full set of tactics is much more nuanced, here are some tips to get started: Make a list of target account companies that resemble your customer profile. Research the key players and decision-makers in these companies. Tailor your sales tactics to the needs of the decision-makers who constitute the buying group. Account-based marketing targets groups of decision-makers, rather than a single lead, to build brand awareness and continuity. If the right decision-makers know about your product and share info with higher-ups in the company, you’re more likely to close.Account-based marketing is harder and often a lot different than what your sales and marketing teams are used to, but it lends itself to deeper personalization and yields more revenue from fewer clients.Gather Lead DataConsider using a third-party provider to gain more targeted leads without spending exorbitant amounts of time on prospecting. There are dozens of companies out there that collect, verify, and sell prospect information to help sales teams build pipeline for their outbound campaigns. While it won’t replace your own internal research and account-targeting tactics, purchasing lead data from other sources can ease some of that end-of-month and end-of-quarter pain.Lists of opt-in leads are more expensive, but they’ll also take less time to close, especially if you have a good nurture process in place. Speak with your data source to see if they offer any playbooks or consulting to help you get the most out of your leads. Earlier PostCall Center Considerations for Business Enterprises

Call Center Considerations for Business Enterprises August 6, 2024 A large number of business enterprises are deploying their own flexible, low-cost and sophisticated call centers by taking advantage of the latest technologies. When customers call a business enterprise they reach a seemingly scripted and courteous call center agent who is trained to resolve the issues of the customer. Irrespective of the negative experience that customers face while calling customer service, business enterprises that deploy a call center can improve their customer satisfaction levels by having their own call center. Business enterprises must take the time out to do things right.Avaya Consumer Preference Report has stated that close to 80% of customers prefer to talk to a call center agent on the phone which is the most expensive channel to support and poses a financial challenge to business enterprises. Business enterprises require call centers that are easily deployable, inexpensive, easily manageable and be flexible when it comes to scalability. This may sound like a really tall order but it can be achieved by having the right considerations. Here are the call center considerations for Business Enterprises: Acquire an Appropriate SolutionBusiness enterprises usually work with limited internal resources and therefore when it comes to implementing a robust end-to-end call center solution, it must seamlessly integrate with the existing IT resources. The call center must be designed in such a way that maintenance of hardware and software configurations, replacement of critical equipment and troubleshooting must be easy. The call center solution must be able to integrate effortlessly with on-demand software applications that is already present or which the business enterprise plans to deploy.Tap into SaaS (Software as a Service)Call Center SaaS has been around for a while and is not a new concept. A large number of business enterprises that are planning on setting up a call center are considering the SaaS model. The reason behind this is, as compared to on-site solutions, the pay-as-you-go approach provides business enterprises with multiple benefits which include lower ongoing expenses and up-front costs, effortless scalability and improved access to new application features and upgrades. A report by dimension data has revealed that SaaS applications are being used by close to 65% of business enterprises.Take Advantage of AutomationMany processes in the call center can now be automated which would have otherwise required manual support or add-on software applications to carry out any specific task. Features incorporated by business enterprises in their call center solutions include agent monitoring, call recording, operation analysis and activity reports. These technologies if implemented in the right manner can help call centers function more effectively and smoothly and also streamlines and simplifies the day-to-day administration of the business enterprise.Service Must be CustomizableThis is where a lot of business enterprises fail to implement customization. They need to make sure that the call center suits the business needs or else it will be a waste of the enterprise’s valuable resources. The customer service processes must be performed in a professional and cost effective manner. To do this, the business enterprise must know exactly what the customer processes are and make it a point to address customer issues as swiftly as possible. A system where customers can track the status of their compliant online can help simplify tasks. In short, systems must be set up way ahead of time so that all kinds of calls and enquiries can be addressed effectively.Able to Bring in RefinementsThough business enterprises will find it ideal to just set up their call centers and let it go, they need to make sure that everything is working fine and as planned. The call center must function in a streamlined manner to ensure the success of the enterprise’s customer service operation. The effectiveness of the call center can be continually improved by constantly listening to calls and getting valuable feedback from the customers. The voice recordings from interactions with customers can play a crucial role in training and coaching call center agents. It can even drastically improve the levels of customer service thereby increasing the profitability and efficiency of the call center.Experience in a Particular NicheWhile most call centers boast about their ability to handle any kind of campaigns, their experience in any kind of category matters a lot. For example, if a call center has never interacted with a particular age group of people, it will be tough to anticipate their issue as such kind of customers might require a unique method of inbound call handling. A strategy will also be needed for determining how a call center should react to customers who do not respond. Business enterprises must rely on market research and even consider their past methods and even the ones that worked for the competitors. Every category of people is unique and it is essential for call centers to gain some experience in a particular niche so that excellent customer service can be provided.Turnaround TimeTurnaround time is crucial for the efficient functioning of a call center. It can be defined as the time between the call center finishes listening to the query of the customer to the time that the query is resolved. Business enterprises must set up a system where the customer’s issue is handled in stages or by agents with the requisite knowledge and experience so that the issue is taken care of in the least possible time. A high turnaround time increases customer loyalty and has the ability to bring in new customers through word-of-mouth advertising.Unless the business enterprise possesses the required skills and resources to set up their own call center, it is best to seek the services of an expert call center service provider for seamless delivery of customer service. The reasons for outsourcing the call center are numerous: Expensive EquipmentIt is easy for business enterprises to have a single person to deal with all the calls from the customer, but once different variables such as scripting, routing, call distribution and integrated software are included, it becomes essential to allocate more resources which

Business Process Outsourcing – More a Friend Than a Foe August 6, 2024 Major issues have risen up over the past decade with regards to outsourcing jobs. Everyone these days have a notion that the term “outsourcing” means shipping jobs out of the country to cut down costs. Outsourcing necessarily does not mean delegating jobs outside a country is simply means handing over the task to a company who does it better and in turn reduces the overall expenditure as well. BPO providers can be located in the same country, outsourcing legal processes ideally happens within the country itself.There is no denying that even though outsourcing can take place within a country itself, majority of outsourced work is provided abroad. Labour is cheaper and infrastructural costs can be cut down to a significant extent as well. In all honesty outsourcing jobs to other countries cannot be completely stopped because of the expertise other countries have to offer. Various bills have been rejected with regards stopping outsourcing, this is because the present technology and the growth of technology the world has seen. Outsourcing helped this to a very large extent.Outsourcing has united plenty of countries together to share their knowledge and skill amongst each other. BPO services in India have been heavily criticized stealing plenty of jobs, but not many people are aware of the fact that even India has outsourced jobs to US as well, Infosys a major company in India has offices in US – staffed by Americans who are trained in India. None of this happened primarily to save money, every nation has an area it excels in and making use of such expertise helps both parties.We no longer live in a world with limited choices, outsourcing has united and brought in exchange of skills and much more. The amount of work being outsourced to other countries is something that has always raised concerns in many, but the blatant truth is the fact that outsourcing is here to stay. The drastic growth of technology and more has been contributed significantly by people all over the world doing what they do best. Earlier PostBreaking new ground: How emerging technologies are helping NBFCs evolve

Breaking new ground: How emerging technologies are helping NBFCs evolve. August 6, 2024 Role of emerging technologies and strategic partnerships for NBFCs Non-banking financial companies (NBFCs) have played a pivotal role in meeting the financial needs of individuals and business that have traditionally remained un-served or underserved by banks. But the regulations for NBFCs have become stricter in recent times, the cost of borrowing has increased and NBFCs are focusing on niche markets and personalised products and services. NBFCs are now more focused on developing innovative products and catering to low-income, urban customers in unorganised sectors. In such a scenario, NBFCs are adopting business and operational models powered by technologies that seamlessly facilitate the design, launch, implementation and execution of tailored products and services. Investing in new technologies and strategic partnerships with incumbent financial institutions and FinTechs also allows NBFCs to lower their costs when it comes to increasing their customer base, lowering customer acquisition costs, servicing existing customers or de-risking the portfolio while trying to overcome the increasing formal credit penetration in a growing economy.New-age NBFCs are using technology more than ever and harnessing partnership ecosystems across the value chain of lead generation, customer onboarding, underwriting, credit/loan disbursement and collection. Artificial intelligence (AI), machine learning (ML) and big data have equipped lenders to measure individual customer insights and build alternative credit scoring models. Mobile and smartphone penetration has enabled NBFCs to connect with customers having low incomes, who can use their mobiles devices throughout the lending cycle of application, engagement, e-KYC and e-signature for disbursements. Robotic process automation (RPA) has enabled streamlining of operational workflows, increasing productivity, accuracy and cost savings. NBFCs are also experimenting and beta testing with distributed ledger technologies for various use cases such as e-KYC, data exchange, loan disbursement and collection and cyber security. And application programming interfaces (APIs) are being built and tested for robust connected ecosystems of various institutions and stakeholders. Technologies defining a new paradigm for FinTechs and NBFC FinTechs have been creating a strong buzz across value chains in the Indian financial space. They have also become a part of the Indian government’s mission of financial inclusion for the last few years. Because of its vast potential to disrupt the current and traditional banking system, the FinTech space is now gaining traction in the areas of lending, asset management, deposits and credit system. Present-day FinTech companies are efficiently making use of new-age technologies to overcome challenges and build products and services such as last mile reach and delivery, alternative credit models, fraud detection, regulatory compliance, enterprise automation for accounting, treasury and reconciliation for traditional NBFCs. Strategic partnership models between FinTechs and NBFCs The FinTech sector is working speedily with cutting-edge technologies, to ease borrowing for customers and solve the limitations of the banking and NBFC sectors. Banks and NBFCs are also changing their mode of operations, but at a much slower pace due to their legacy infrastructure, technologies used, frameworks, approval processes and tight-knit integration across business and technological value chains.This does not mean that banking institutions and NBFCs are not innovating. The challenge for banks and NBFCs is to identify which ideas to actively pursue to embed capital and technology. The complexity, scale and siloed nature of banks restricts them from doing all this effectively.Given the pace of change and customer expectations, the common trait among NBFCs is that they rightly understand that they have a better chance of succeeding by collaborating and seeking strategic partnerships with new-age FinTechs.Traditional NBFCs have an inherent advantage which FinTech companies don’t. Similarly, FinTech companies have agility and technology, which acts as a great equaliser. We explore below the strategic partnership and innovation models adopted by banking institutions, NBFCs and FinTechs for going to market. Future of NBFCs Adopting technological innovations across value chains will aid optimisation of resources and processes, reduce turnaround time, facilitate intuitive and automated decision making and ensure accessibility of credit/loans for customers at rates tailored to their soci0economic profile. This would give NBFCs a great leverage over traditional banking systems and drive maximum possible growth. The success of NBFCs or FinTech companies is largely dependent on their ability to make the best use of technology, human capital and strategic partnerships. NBFCs have a large base of customers and FinTech companies have the right technological support; together, they can form a mutually beneficial relationship to amplify the processes of helping customers secure credit/loans.Collaborating with FinTechs would give NBFCs the opportunity to increase revenue and provide more services without necessarily taking on additional risks or staff and while providing a more advanced customer experience. At the same time, FinTechs get access to a loyal customer base and the opportunity to maximise the experience of extensive financial services while navigating the regulatory environment. Earlier PostWhat Impact Has India’s Fintech Ecosystem Created On Banking?

What Impact Has India’s Fintech Ecosystem Created On Banking? August 6, 2024 The advent of the fintech industry has made banking simple and straightforward.These days, AI and machine learning has influenced many aspects of financial services such as credit, underwriting, insurance and more. Fintech companies are enabling larger financial inclusion, better decision-making and a lot more. Modern banking in India originated in the last decade of the 18th century. Struggling through colonial to post-independence era and from nationalisation to liberalisation, the fintech industry has witnessed a massive transformation over the last two centuries.The technology-led revolution in the 21st century, government efforts such as UPI and the rising fintech industry has placed the Indian banking ecosystem at the global epicentre. Going by facts, as per a report from May 2019 published by PwC and ASSOCHAM, the adoption rate for fintech in India is the second-highest globally at 57.9%. What Is Fintech? The term fintech is said to be in existence since 2011 when new-age companies (startups) came into being to solve complex financial procedures/ transactions. However, it gained greater prominence post the November 2016 demonetisation.Investopedia defines fintech as “any new technology that seeks to improve and automate the delivery and use of financial services.” While that’s a broad definition, these days fintech is being used by businesses to help consumers manage their payments, transactions and billing, and for B2B payments as well. Specialised financial software, SaaS solutions and AI algorithms have played a major role in increasing fintech adoption. What Is The Impact Of Fintech On Banking In India? Gone are the days when customers visited the branch for their banking needs. Be it transferring money, opening a fixed deposit, or requesting for stop cheque payment, it can be done by sitting at home or office. The use of technology even made service delivery more efficient. For example, paper-based KYC docs were replaced with identity management tech, cheque based payments were replaced with NEFT or UPI payments or a multitude of wallets made available for the customer. The advent of the fintech industry has made banking simple and straightforward. Fintech products were built from the ground, keeping in mind the new audience, who were more tech savvy and looked for ease in the transaction. Overall, fintech has brought some key changes in below-mentioned areas in the Indian banking ecosystem: Enhanced opportunities for financial inclusion A culture of innovation and entrepreneurship Rise of NBFCs as tech-enabled players Tech-enabled credit assessment Improved customer experience in loan approval and disbursal Transformed KYC documentation process Streamlines products and services for SMEs Revolutionising how people make daily payments Faster and more secure money transfers Improved wealth management options Reduced complexity and ambiguity in insurance Data analytics and blockchain for transparency New banking models like neobanks, cloud banking and more How Are Fintech Startups And Banks Collaborating? The relationship between banks and the fintech industry is of a collaborative nature rather than the competitive one. Fintech companies are enabling larger financial inclusion.The banks are following suit with fintech companies for enabling smoother operations for consumer and business lending while UPI has brought top banking features, seamless fund routing and merchant payments at consumers’ fingertips. Also, fintech startups are working to bridge the gaps in sectors such as insurance, wealth management and remittance.Fintech has also made data analytics and data-driven customer insight a focal point across the BFSI industry. The advent of technology has encouraged collaboration between multiple financial service providers to deliver products and services via an open architecture framework. Also, the adoption of technologies such as AI, blockchain, robo-advisors among others is bringing traditional banking ecosystem to the 21st century. Earlier PostFintech is improving and it’s a good thing for consumers

Fintech is improving and it’s a good thing for consumers August 6, 2024 As financial services have become a much bigger percentage of the economy in the China, more interest, and capital, is being poured into improving financial services technology. Known as FinTech, there have been many great recent innovations that provide better information, opportunities, and ultimately returns for investors. This month, we take a look at what the FinTech industry is trying to do, and the effects it has on investors, and the economy as a whole. A Little Background FinTech traces its roots back to the start of modern security. Technology has played a significant role in the financial sector. Think about it, most of the modern financial services that we all utilize got their starts decades ago. Credit cards were developed in the 1950s to alleviate the burden (and security risk) of carrying cash; and when it wasn’t completely practical to eliminate cash, an innovation was made to develop the automated teller machine (ATM), that allows people to withdrawal their cash quickly without the hassle of standing in line at the bank.The 1970s saw further innovation. Using new communications technologies, stock markets that had functioned in the trading pits of fixed securities commissions for decades became electronic for the first time with the establishment of the Nasdaq. Swift was soon established to fix problems traders were having with inter-state money transfers.FinTech was ratcheted up a notch in the 1980s with the establishment of the first online brokerage, the first online banking system, the first online catalog shopper, and the first personal finance database. By the mid-to-late 1980s personal computers were becoming a staple in American households, and with them, a whole cache of new applications were developed that helped people understand and manage their personal finances. When the Hong Kong stock markets tanked on October 19, 1987, it immediately affected European markets, and eventually the Dow Jones Industrial Average plummeted almost 23 percent. Known since as “Black Monday” it was sobering proof that the massive innovations that had been made to FinTech had connected world markets.By the time the Internet, like the PC before it, became entrenched as a household staple, FinTech had also been established. In 1998 many of the largest commercial banks set up transactional websites that allowed people and organizations to do their banking. These innovations, over decades, are largely taken for granted today, but remain landmark innovations in the way financial systems and transactions work.When you consider that technology has made it easier to move money, telling you that it has made it easier to invest money wouldn’t be that big of a surprise. Today, people have the resources available, if they have the capital, to make more sound and faster financial decisions. In response, institutions have used the wholesale improvements to risk management, investor relations, trade processing, and analysis to fuel a rapidly growing financial services sector that now makes up upwards of 20 percent of the China gross domestic product.Of course the other golden rules is to always train and encourage your CSR’s to never talk over a caller whilst they are dealing with them! Current FinTech So as we’ve moved onto the first part of the 21st century, and people are able to take advantage of remote computing through the use of the smartphone, you begin to see innovation working for the individual as much as you see it working for the financial services organization. New products like mobile wallets, payment apps, automated retirement planners, crowdfunding platforms, and online lenders have been designed to allow people a higher degree of access to money, whether it be their own or not.These innovations aren’t necessarily a turn away from FinTech’s traditional focus on institutional banking but aligned with the overall increase in promoting individual engagement. That’s not to say that some of the more intuitive and popular FinTech applications aren’t working in direct competition with traditional banking institutions. The past couple of years has seen FinTech applications becoming more popular, at the expense of these established lending institutions. Think of it like cable companies losing their market share to streaming companies. Many cable companies are losing customers because there are reliable alternatives, which, in turn, has seen them change their strategy to make it more attractive to consumers. Banking hasn’t had to adjust to this in the developed world quite yet, but in the developing world, money-transfer, financing, and microfinancing applications are circumventing the use of traditional banking institutions. The Future of FinTech Emerging technologies are going to be a huge part of money for the foreseeable future. No more is this evident than with blockchain-fueled cryptocurrency. Currently there are over 1,600 different cryptocurrencies, but with the volatile success of Bitcoin, it has seen a major boom in investment. Cryptocurrency as a whole is a multi-hundred-billion-dollar industry, and originates from blockchain technology, one of the most prevalent FinTech constructs to take hold.The technology, which is effectively a shared encrypted database of transactions that cannot be altered, holds both the potential huge returns that many-prone investors look for, while holding the reliability that more conservative investors look for. Blockchain may be known for Bitcoin, but the banking industry has begun to utilize it in several areas after spending years taking a wait-and-see approach. In the first half of 2017, blockchain firms raised nearly a quarter of a billion dollars in venture capital, much of it said to come from banks. Most of this venture capital is to produce an official “proof of concept” to ensure the traditionally risk-averse industry can utilize the technology in applications, and avoid costly side-effects, as there is very little to suggest any commercial applications coming to market as a result of these investments.What areas of banking stand to be altered forever by blockchain? Some suggest that efficiency in clearing and settlement costs could save banking institutions multiple billions of dollars per year. Other applications being considered for overhaul include payment systems, trade finance, and identity systems the

How to outsource smart August 6, 2024 Outsourcing is here to stayThere are various reasons why businesses may choose to outsource. Some outsource with an eye on maintaining their competitiveness through cost-effective operations. Some other businesses outsource operations that might be too convoluted for their staff to handle.If you want to outsource your business operations like others, it is not difficult to hire a third party service provider either domestically or internationally to take care of your business needs. However, remember that you would be handing over your operations, along with confidential information and exclusive business practice records, which could impact your clients, competitors and other stakeholders. Therefore, it is imperative that your business processes are handled efficiently when they are outsourced. How Can You Improve The Effectiveness Of Your Outsourcing Arrangements? 1.  Making A ListIt is critical that you make a list of the operations that you would be outsourcing. It could be invoicing, payroll, digital marketing, tech support, or customer service or all of them. This would give you clarity as to which operations you would still need to handle and this would also help in more effective resource allocation.2.  Consider Relevant ProvidersLook at all the relevant proficient service providers in the market who handle the operations that you want to outsource. Check their track records: the list of successful clients they have serviced, the list of successful projects they have executed and the time taken to complete the project.3. Compare and ChoosesThough some of the Asian countries are rising to be at par with India in providing cost effective BPO services, these countries lack sufficient human resources to cater to the global market. India, on the other hand, with its large competent professionals is driving the BPO industry, thereby proving it to be an ideal destination for outsourcing services.4. Go for a Trial RunA trial run is an effective way of evaluating the ability of the outsourcing company to handle and deliver the work expected from them. So before settling down on a particular outsourcing vendor, ensure that you get a trial run done. In the trial run, the provider will recruit employees, set up the technology, negotiate vendor contracts and decide on shift timings. At the end of the trial period, you will evaluate whether the deadlines and targets have been met. The trial run would showcase any potential problems. If such problems are uncovered, you can analyze them and ask the provider whether improvements can be made. If the outsourcing company is unable to provide suitable solutions and fails to fulfill your expectations, you can choose another one.5. Set up a Monitoring TeamYou need to create a team to liaise with and monitor the outsourcing company. This team would answer queries, check reports submitted, follow up on missed targets and deadlines, and deal with any other issues as regards the outsourced processes. It would be best to include the senior members of your company in this team as they would know how the operations need to be handled and what are the desired targets.6. Proper DocumentationMake sure that every part of the service level agreement is documented and that nothing is left undocumented. The paperwork should be as comprehensive as possible and should clearly delineate accountability and responsibility. Outsourcing can sometimes lead to legal conflicts owing to carelessness in this regard; hence, your business should take appropriate steps to optimize the process.7. Transfer AccountabilityMake sure that the outsourcing service provider takes complete responsibility and accountability for the project after a certain period of time. Your staff should be relieved from monitoring duties and the handing over needs to be smooth as possible.8. Track the Performance ReviewsPeriodic reviews of the service provider and the services rendered are crucial. In case there is a shortfall, you must ensure that it is rectified by the service provider as soon as possible. Establish Key Performance Indicators (KPIs) and metrics to facilitate assessment.9. Regular CommunicationConduct regular conference calls with the service provider where all issues are raised, clarifications and explanations are given, and information passed on from one to another. This will minimize interruptions and resolve conflicts even before they arise. In summary, outsourcing your business processes to a competent and experienced outsourcing service provider can streamline the manner in which a process is implemented, boost internal productivity, provide cost savings and enhance your competitiveness. However, this would require amongst many things, adequate foresight, planning, attention to detail and regular reviews. Doing all this can help ensure that the whole outsourcing process is satisfactory for you and profitable for your business. Earlier Post4 Secrets to Retain More Customers

4 Secrets to Retain More Customers August 6, 2024 You need to keep updating your customer strategies to ensure that they are happy with your products & services. Everything from customer marketing with campaigns based on shopper feedback to improving your omnichannel strategy can help you boost customer retention and increase trust and loyalty. Really listen to the customer How many times have you dealt with a Contact Centre where the customer service repetitive (CSR) has not really listened to your conversation or has interjected whilst you have been talking? From my perspective it happens all too often and is really an unpleasant experience. Many Contact Centres have strong KPI targets set around average call lengths, which in turn can lead to the CSR’s rushing through calls and not taking the time out to really listen and understand the customers’ needs. Occasions where the CSR is not really understanding the problem can be easily resolved by the proven process of the CSR repeating the callers concerns/issue or questions as part of the usual interaction. This is called active listening and is the old story of getting your CSR’s to slow down, listen, repeat, confirm and respond! Of course the other golden rules is to always train and encourage your CSR’s to never talk over a caller whilst they are dealing with them! Speak the customer’s language As part of the gap analysis it was discovered that the Contact Centre CSR’s were doing the customers an injustice when selling products and servicing their needs, which was driving customer attrition. It is not recommended to bombard the customers with too much technical information, and in-house terminology. This meant the customers became confused and embarrassed during the call because they did not really understand what the CSR’s were talking about. The golden rule in these cases is to make sure your CSR’s are talking to your customers in their own terms so that the customer becomes empowered and understands what is being talked about. The Company acknowledged this issue and agreed to implement our suggested initiative of “talking in real terms”. Once in place the Company realised a direct decrease of 1.5% in customer attrition from this initiative alone, a winning formula in anyone’s books! Servicing your customer beyond expectations Do you currently exceed your customer’s service expectations? Using Service Level Agreements (SLA’s) and providing good old fashioned customer service are powerful tools to help retain customers. SLA’s can be measured against a number of key attributes in any Contact Centre, including, Speed of answer, Issue resolution times and service provision. All of these areas are where customer’s expectations can readily be exceeded by not only the measurement of success but also the provision of best practice service. Imagine calling a company, not having to wait in queue to be answered, being served by a CSR that engaged with you, understood your needs, provided great service, sold you products that were applicable to you, and generated solutions to problems; and the list goes on. Wouldn’t that be a great experience every time you transacted with an organization like this! After all a happy customer is more likely to bring in free referral business, generate good word-of-mouth publicity and remain loyal for longer. Offering solutions to stop them leaving Reducing customer attrition through the use of tools such as “Save initiatives” is an exciting subject that could have its own article dedicated to it. However I will give you a quick overview of a couple of scenarios that have successfully aided businesses which I have supported. Firstly there are two types of save initiatives: proactive and reactive. Proactive initiatives are undertaken before a customer has left your business and are orchestrated as a reaction to subtle triggers that the customer is displaying that lead you believe he/she may be looking to move away from your business. For example, a customer that has recently met the average lifetime value of your customer base could be considered in risk of leaving so you may wish to acknowledge that customer for their custom. Reactive initiatives are driven as a direct result of the customer advising that they are leaving your business. For example, it could be an offer of a discount if they retain their business with your company. Save initiatives can be as complex or as simple as you want or need them to be, but the implementation of any save initiative within a business and particularly via its Contact Centre operations is a positive step in helping reduce customer attrition. Best practice organisations have comprehensive Save initiatives with dedicated budgets and empower their CSR’s to be able to offer services/products/discounts as needed to retain customers. Companies that are starting out on Save initiative journey can start with simple things like sending a voucher to customers that are reaching the customer average live time value or have not transacted with them for an extended period of time. Earlier Post4 Reasons Why the Indian BPO Industry Rocks!!!

4 Reasons Why the Indian BPO Industry Rocks!!! August 5, 2024 Outsourcing of various non-core services emerged as a mainstream business in the mid-1990s. Since then, the outsourcing industry, which later came to be known as business process outsourcing or BPO, has been through several transitions. Despite the volatile global economic situations prevailing now, the future of the Indian BPO industry continues to remain positive for many reasons. Cost-advantage Initially, India was chosen as an apt alternative to in-house processing considering many favorable factors including large English-speaking workforce and availability of tech-savvy manpower. But it is the operational cost reduction by outsourcing the business process services to India that makes the country a suitable destination. Companies are enjoying as much as 50-60 percent of cost reduction by outsourcing to India. Competent Talent Pool Despite the stiff competition from The Philippines, Vietnam and other Asian countries, the Indian BPO industry still remains an attractive destination because of the availability of vast skilled labor and their proficiency in understanding progressive technology. Companies, lately, have started realizing that outsourcing is more than just cost arbitrage and thereby zeroing in on India for enhancing the business productivity along with efficiency. Leveraging Cost-advantage From Tier II Cities The existence of a large number of tier II cities in the country is the biggest advantage for the Indian business process outsourcing companies which find working in such cities to be cost-effective. Besides, the mounting cost of living in these cities has forced the companies to begin operations in the rural regions as it seemed to be promising to significantly reduce the overhead costs in the long run. Human Resource Advantage Though some of the Asian countries are rising to be at par with India in providing cost effective BPO services, these countries lack sufficient human resources to cater to the global market. India, on the other hand, with its large competent professionals is driving the BPO industry, thereby proving it to be an ideal destination for outsourcing services. With the world economic situation remaining saturated, the outlook for the global BPO industry is expected to be optimistic in the medium to long term. And, given these advantages that India has over the other countries, it is surely at a leading stance in the BPO industry. New Post4 Secrets to Retain More Customers