Consumers now have easy access to extensive amounts of information to inform their buying decisions. Once a consumer has become a prospect, a marketer’s goal is to assist them through the sales cycle so the prospect can actually make the decision to purchase the product or service.
Traditionally, many companies envisioned consumers as price-sensitive and therefore would focus their marketing and sales strategies mostly on prices. However, consumers are much smarter and more complex now more than ever, and consequently, companies have had to transform their marketing efforts to meet the ever-changing consumer trends. Today, so many factors affect the buying process that it is nothing short of overwhelming. To better understand consumers, it is important for companies to take into account the psychology behind the consumer decision-making process to architect more effective lead management and sales acceleration strategies.
Theories of Choice
Standard economic theory is based on the assumptions that individuals make prudent and logical decisions that provide them with the greatest benefit or satisfaction, or decisions that are in their highest self-interest. Sometimes this is referred to as rational choice theory. [investopedia] This approach generally involves creating an incentive structure to influence consumer decisions and choices.
However, consumers often make choices and decisions that are not necessarily rational, but may be influenced by cognitive bias, the order of product presentation, the framing of incentives, default options, fatigue and many other variables. This approach is often referred to as behavioral economics. [beworks]
Too Much Information
Many companies approach prospects with a strategy of “more is better,” increasing their messaging with the hope that the influx of information and the frequency of interaction will convert the prospect into a customer, or to solidify customer retention. This strategy may be ill conceived, because it creates so much noise that consumers are driven away rather than drawn toward a company’s products or services. [hbr]
John Tierney reported in the New York Times on “Decision Fatigue” which he describes as the mental exhaustion from making decisions and processing choices. Decision fatigue can wear people down, causing them to make impulsive decisions without carefully thinking through consequences, or it can cause them to do nothing due to the energy needed to weigh options.
In his article, Tierney cited an experiment where customers at a German car dealership had to chose from a myriad of car options for the sedans they were purchasing. The customers would carefully weigh choices at the beginning, but when they became fatigued from making decisions, they would settle for the default options – the path of least resistance. The researchers found that if they adjusted the order so that difficult option categories were presented early in the process, the customers then settled for different choices as fatigue set in. When they presented the options in this different order, the customers ended up paying more for expensive cars.
Simplicity for “Stickiness”
A 2012 Harvard Business Review article studied what makes consumers “sticky” or how likely a prospect was to follow through with a purchase, to buy the product again and recommend the product to others. The study was based on extensive surveys and interviews and found that the single biggest factor influencing consumer stickiness was, by far, “decision simplicity”—the ease with which consumers can gather trustworthy information about a product and confidently and efficiently weigh their purchase options.
The easier a prospect can move through the process to a purchase decision for a brand, the higher its decision-simplicity score. Comparing brands with scores in the top quarter and those in the bottom quarter, consumers were 86% more likely to purchase brands they were considering, 9% more likely to repurchase those brands and 115% more likely recommend those brands to others.
In today’s environment with consumers having access to, and being inundated with so much information, it is crucial for a seller to effectively nurture leads in three fundamental ways: (1) by aiding navigation; (2) by building trust; and (3) by simplifying options. Sales acceleration data science and analytics allow a seller to determine where the customer is in the sales cycle and what information the customer needs most to help in the purchase decision. The seller can then maintain consistent contact, with appropriate content, with appropriate frequency and at appropriate times.
Publish Date: August 4, 2015 5:00 AM
Calls are received by the right person or department. The right corresponding information is shown to the agent which makes that appointments are handled quicker and more secure.
Agara is an autonomous virtual voice agent powered by Real-time Voice AI. It is designed to have intelligent conversations with your customers, vendors, and partners without any assistance from human agents. It can handle a wide variety of calls including inbound customer care calls, outbound lead generation calls, appointment scheduling calls, and overdue payment recovery calls.
Agara is available for several industries including banking, insurance, retail, e-commerce, airlines, and telecom. Powered by advanced Real-time Voice AI that understands speech in real-time, automatically determines the right process to follow and guides the caller along in the process with natural conversation.
PH: +1 (512) 333 4634
|3.)||Call Center Studio|
Call Center Studio
Call Center Studio is the world’s first call center built on Google and is one of the most secure and stable systems with some of the industry’s best reporting. It is one of the most full-featured enterprise grade systems (with the most calling features, one of the best call distribution, outbound dialing features and integrations—including IVR, AI Speech Recognition, blended inbound/outbound calling and includes Google’s new Dialogflow and Speech API. Call Center Studio is the absolute easiest to use (with a 10 minute setup), and is the price performance leader with lower equipment cost and less setup time.
PH: +1 512-872-7565
Contact Centre Services
We’re a specialist Contact Centre business and market leaders helping socially focused organisations deliver quality support to their clients and service users. We do this by providing 24/7 helplines, software solutions and consultancy services.
Since launching in 2006, we’ve operated at the sharp end of customer service, supporting some of society’s most vulnerable people. We’ve pioneered in our space to become a specialist in helplines, whilst using the most advanced communication and database technologies available.
Our social mission has remained a constant throughout, providing many meaningful career prospects and growth opportunities to people within our local communities and fur...
|5.)||Jointly International Inc.|
Front Office Solutions
Front office is your Company’s first line of customer interaction and serves as the mirror of your business. Focus on your core business and let our competent staff handle your various front office needs such as:
* Customer Service via chat, email or phone
* Technical Support via chat, email or phone
* Virtual Assistant/Receptionist
* Answering Service
* Lead Generation
* Appointment Setting
* Debt Recover, Collections
PH: +61 7 5660 6284
Contact Center Outsourcing
By catering valuable, usable and enjoyable customer service, businesses can increase their CSAT Score and Customer Retention Rate. We help organizations to provide quality customer service through varied channels like email, phone and live chat. Ensuring quality after-sales support is our USP and we rely on proven approaches to ensure quality customer service.
|What’s your Sales Style?||September 20, 2016 5:00 AM|
|How to Motivate your Under-Performing Sales People||September 2, 2016 5:00 AM|
|How to Become an Expert in Your Industry (and close more sales)||August 24, 2016 5:00 AM|
|How to Simplify Your Sales Message||August 9, 2016 5:00 AM|
|How to Recognize Your Millennial Sales Team||August 3, 2016 5:00 AM|
|5 Steps for Identifying Sales KPIs That Matter||July 28, 2016 5:00 AM|
|Follow Up Emails After Initial Contact [2 Templates]||July 26, 2016 5:00 AM|
|How to Gain Trust of a Prospect During Your First Contact||July 19, 2016 5:00 AM|
|You Should Reach Out to How Many People During The Sales Process?||July 7, 2016 5:00 AM|
|5 KPIs Every Sales Team Should be Keeping Track Of||June 28, 2016 5:00 AM|