Genesis: Optimising contact centre performance using behavioural economics
Behavioural economics, which studies human decision-making behaviour, proves to be a powerful tool in optimising contact centre performance. Behavioural economics has been used successfully in the contact centre environment to address a range of customer challenges and behaviours across a range of industries. In particular, behavioural economics can be leveraged in the contact centre to increase sales, improve retentions and influence channel-usage.
Behavioural economics, the convergence of microeconomics, psychology and sociology, studies human decision-making behaviour and offers wide application across industries, channels and organisational objectives.
Based on an understanding of the biases and heuristics associated with human decision-making processes, behavioural economics enables us to change customer behaviour by altering the choice architecture (the context of the customer decision). This is achieved by implementing strategic nudges at key decision points in the overall decision-making process.
In this way, understanding behaviour at a deeper level results in small, inexpensive changes that can influence the way people act in powerful ways.
Behavioural economics has proven to be particularly impactful in the contact centre environment. By redesigning contact centre conversations and processes based on the tenets of behavioural economics, overall performance has been shown to improve in material ways. This has proven true for a number of customer behaviour objectives.
Behavioural economics has been used successfully to increase contact centre sales across a wide range of industries and products. Furthermore, the combination of behavioural economics and data analytics has shown to have a material impact on sales performance.
Behavioural economics is also effective In the retentions space. Most notably, the design and implementation of a behaviourally-informed contact centre script proved to have a significant impact on encouraging customers to continue saving for retirement.
Finally, the incorporation of subtle behavioural nudges into contact centre conversations has shown to be useful in encouraging channel-usage, even in the case of strongly engrained, pre-existing customer behaviours.
In light of these successes, behavioural economics has established itself as an immeasurably valuable tool when it comes to contact centre optimisation.
Key Take Aways
- Behavioural economics as a tool to change customer behaviour effectively
- What this looks like in contact centres
- Leveraging this tool in your environment
Speaker: Boitshepo Gaitate
Boitshepo holds a Bachelor’s degree in Economics with majors in Computational & Applied Mathematics and Economics; as well as an Honour’s degree in Economic Science from the University of The Witwatersrand. Boitshepo’s work has focused on improving sales and retention within the telecommunications and insurance industries. Her work has also sought to improve contact centre agents’ ability to upsell and cross-sell products using behavioural economics. Boitshepo’s work within contact centres is considered cutting edge globally and has demonstrated meaningful impact.
About Genesis Analytics
Genesis Analytics, as Africa’s largest economics-focused consultancy, provides advisory services through its 9 areas of specialisation. The Applied Behavioural Economics practice at Genesis Analytics provides evidence-based advice on how to effect large scale consumer behaviour change.