« Prev. Post Blog Main Page » Next Post February 12, 2016 — By Don Bergal5 Key Best Practices for Boosting Your Digital Sales ExperienceRefining your Digital Sales experience goes well beyond a digital application form. The following best practices are a guide to some of the elements you need to consider when delivering a digital sales capability and should be core features of any Digital Business Platform that supports your transformation to successfully acquire digital customers.Let Them Apply EVERY consumer and small business product should be available for applying online—no exceptions. Amazon should be the benchmark for doing business through the digital channel. Two lessons to be learnt from Amazon and Jeff Bezos:Allow customers to purchase ANYTHING online. Not just your consumer accounts cards and loans but also wealth management, business banking, and home loans. If Amazon feels there’s a market online for fine art (one of the paintings in Figure 7 costs $245,000), there must be a market for home loans and wealth management. In fact, SoFi and Betterment have proven that this is the case.Once the customer has found what they want, you need to make it effortless to purchase. Amazon introduced and secured a patent on OneClick for the ultimate in effortless purchase experiences (in fact, Apple pays a royalty to Amazon to use the One Click concept in Apple’s online stores). The shopping cart in Amazon has a “Place your order” directive at the top and bottom of each screen. If you scroll to the bottom to check what’s in your cart, the button to complete your transaction is right there.Minimize the Customer’s Effort There is a direct correlation between the effort a customer must invest to complete an application for a financial product and the rate at which they abandon those applications.Avoka has worked with clients to reduce the friction/effort associated with completing applications for bank accounts, credit cards, personal loans and wealth management products and seen abandonment rates significantly reduced—in some cases by over 50%.This is gold! You’ve invested in marketing to get the customer to the point of clicking “Apply Now” and by reducing abandonment you’re realizing a greater return on all that hard work.Capture a Lead for all Abandoned Applications If a customer commences the sales process (i.e. clicks “Apply Now”) that should be considered a genuine expression of interest in your product. If they abandon the application, it doesn’t mean they’re no longer interested. Perhaps they ran out of time, lost their network connection, or thought the application process was arduous.It is worth following up to see if you can help the customer complete the application. To do this, capture their contact information such as first name, last name, phone, and email address as early as practical in the application process and store this information. In the event the application is abandoned, you can follow-up to assist the prospective customer in completing the application.Give an Instant Decision OR Communicate Regularly Where possible give the customer an instant decision or outcome from their application. This will ensure they “stop shopping around”. However, if this is not possible due to technology systems or underwriting processes, at a minimum provide regular communication on the status of the application. First confirm their application’s receipt and inform the customer of what will happen next. Then keep them engaged with regular and positive communications.Use a “Mobile First” Design Completing transactions on smart phones is all about speed. Therefore, minimize the use of keyboard input by utilizing drop down lists and toggle/radio buttons. Also minimize white space and use adaptive design to eliminate unnecessary images/graphics when rendering on a smartphone.Learn more about how Avoka can help you transform your Digital Sales experience! Retail Banking, Commercial Banking, Customer Experience Best Practices, Featured Don BergalDon is CMO, building and leading worldwide marketing at Avoka. He has a successful 25 year record of growing technology businesses in marketing, operations, and sales management, particularly with early stage and high growth companies.