Investment Customer Call-Back Studies


Sales Quality Group has experience conducting both retail banking and investment program customer satisfaction studies. One of our most popular studies is designed specifically for the bank's investment and insurance sales program. Here is a detailed description of this type of study:

During the fall of 1994, Sales Quality Group solicited input from its Investment Program Design Group members in the development of a Post-Sale Customer Call Back Study. The concept was to design a study that would address regulatory concern over establishing a viable customer callback program and, at the same time, generate valuable customer attitude and opinion data on the performance of the investment sales representative and program.

Based on input from Design Group members, Sales Quality Group drafted a “model” post-sale telephone customer survey and then tested it with several bank investment sales programs. Further refinements were made based on beta-test results, and the survey methodology has now been distributed to Design Group members and others for their use. Sales Quality Group believes that this methodology provides a good balance between customer comprehension, customer satisfaction, compliance, and marketing elements.

This survey was conceived as an initial study designed to provide the bank investment program with valuable baseline data on their customer’s understanding of what they bought, why they bought, and their satisfaction with the service they received. Upon completion of an initial study, the script can be modified for use as an on-going call back program through script revisions and the addition of questions like, “Did you receive a confirmation of your trade?” The model post-sale customer survey contains 16 closed-ended questions, 3 open-ended questions, 4 open-ended comment areas, and 5 data elements to be provided by the client institution. The telephone script can, of course, be customized to the client institution’s specifications.

Sales Quality Group’s management report provides a detailed correlation and analysis of all survey elements. Survey results are sorted by product type, by customer demographics (age, sex, prior experience, etc.) and by sales representative in order to give management insight into customer attitudes and opinions, as well as individual representative performance. Sales Quality Group’s normative data will also allow the program to compare customer responses to those of its peers. In addition, Sales Quality Group can generate report cards for each registered representative, summarizing their customers’ individual and aggregate comprehension and satisfaction scores.

In order to obtain statistically valid results, Sales Quality Group generally recommends a minimum sample size of no less than 200 completed calls to recent investment product buyers. Clients will be asked to provide Sales Quality Group with at least three, and preferably four, times as many names as the requested sample size (i.e., 900 - 1,200 names needed to complete 300 survey calls). The study can generally be completed within 6 weeks from receipt of the required customer data from the client.

Interest in this type of study is on the rise because of the high information-to-expense ratio – you can conduct 5 to 7 complete telephone interview shops for the cost of a single in-person mystery shop.

If you would like additional information on Sales Quality Groupís Investment Customer Call-Back Studies, please contact Jim Rensel at (480) 967-7500 or email Bill Gutkowski or Valentina Zeff.


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