Tag Archives: roi

Why Call-Backs Are Important for Every Contact Center [Webinar]

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Why Call-Backs Are Important for Every Contact Center [Webinar]Over the past few years you’ve no doubt heard about the advances in call-back technology, but do you truly understand the ROI and how dramatically it can benefit your contact center?

Find out why an increasing number of contact centers are better handling call-volume spikes, lowering abandonment, and reducing cost-per-call, by using call-back technology. You’ll also hear directly from one call center that seized the opportunity to implement call-backs, and as a result has improved performance and the customer experience.     Continue reading →

How Call-Backs Can Provide Concrete ROI for Your Call Center

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How Call-Backs Can Provide Concrete ROI for Your Call CenterThe best way for a call center to stand out from the competition is by providing an excellent customer experience – we all know this, right? And yet, if you ask consumers what can ruin the call center experience for them, hold time is consistently at the top of the list.

It’s hard to deliver a great experience to callers after they’ve been put on hold. Most will lose patience quickly, resulting in either an angry caller or – worse – an abandoned call. Either way, the result is a poor customer experience, something no company can afford to take lightly. Continue reading →

[Webinar] The ROI of Call-Backs for Your Call Center

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[Webinar] The ROI of Call-Backs for Your Call CenterDid you know that over 60% of consumers feel that even one-minute of hold-time is too much? In an era where customer experience is vital to your success, how can you manage spikes in call volume (and the resulting increase in hold times) in order to maintain customer satisfaction? Simple – listen to your customers! 63% of consumers prefer a call-back over waiting on-hold. The plus side is this is a net positive for the contact center as well! Continue reading →

The ROI of Call-Backs (4 of 4): Smoothing Out Call Spikes

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The ROI of Call-Backs for Your Call CenterThis is the fourth and final post in our series exploring all the ways that adding call-backs to your call center can increase revenue or decrease costs. Here are links to the earlier posts: Part 1: Reducing Abandon Rates, Part 2: Decreasing Handle Time, and Part 3: Reducing Telco Cost. We also had a short post on Erlang calculations (Part 3.5) that’s worth reading if you need a refresher on that topic, since we’ll be using it in this post.

Although we are focusing exclusively on “hard” ROI, one should not discount the value of the increased customer satisfaction that results when you remove the aggravation of hold time. (If you need a reminder of how much callers dislike waiting on hold, just take a moment to scan the tweets at onholdwith.com.)

Today’s post will look at how call-backs can redistribute call traffic in time. This is a very powerful effect, but also the trickiest to illustrate. We can’t tell the story by tracking a single metric, like abandon rate. Instead, we have to build a scenario and watch how changing call volume throughout the day impacts service levels and agent efficiency.

Let’s get started! Continue reading →

The ROI of Call-Backs (1 of 4): Lowering Abandon Rate

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The ROI of Call-Backs: Lowering Abandon RateWhen people think of contact centers offering a call-back instead of putting callers on hold, the first thing that comes to mind is improved customer satisfaction. Consumers hate long hold times, so removing that frustration is obviously going to lead to happier callers. For many Fonolo customers, this is the primary, or even sole, motivation for adding call-backs.

But there’s another angle to this story. When deployed correctly, call-backs can deliver concrete ROI through several paths: lower abandon rate, shorter handle time, reduced telco cost and more consistent call volume. In this series, we’ll devote one post to exploring each benefit.

These posts will be more detailed and analytic than usual, so if you want a more high-level introduction, try 5 Reasons You Need Call-Backs in Your Contact Center. Continue reading →

Whitepaper: 5 Major Ways Social Media has Changed Contact Centers

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5 Major Ways Social Media has Changed Contact CentersA critical shift has occurred in contact center operations. In 2012, for the first time, the percentage of non-call interactions reported by respondents to the CFI Group’s annual satisfaction index reached 30%.

While much of this growth comes in the areas of email, web self-service and chat, social media is having an increasing effect on customer service—both directly and indirectly. Directly, through increased use of social media as a service channel, and indirectly, by taking some of the heat off other first-line service channels.

 

 

 

 

Continue reading →

Quantifying the return on customer experience investments

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Here’s a fascinating study from Watermark Consulting: Return on Customer Experience Investments.

Here’s how they describe the approach:

[we watched] … stock market performance for customer experience leaders and laggards over the past three years…  To identify the leaders and laggards, we used Forrester Research’s 2007 Customer Experience Index study, picking the top ten and bottom ten…  From 2007 through 2009…  the customer experience Leader portfolio outperformed the broader stock market, generating cumulative total returns that were 41% better than the S&P 500 Index and 145% better than the customer experience Laggard portfolio.

They conclude:

Companies that successfully bring great, end-to-end customer experiences to the marketplace are rewarded—by consumers and investors. Their operational excellence and attention to detail, their simple and straightforward communication, their well-equipped and genuinely helpful front-line staff—the sum of these parts pays off in the end, even if the precise impact of individual components is uncertain at best.

Well, if you want “simple and straightforward communication” as well as “well-equipped front-line staff” then I can think of no better option that implementing Fonolo. Delight your callers without making any changes to your call center!

Misnavigation in your call center is a double whammy

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What is misnavigation?

Quick review: A call is considered misnavigated if a caller connects to the wrong agent to handle the request. This can be the result of the user misunderstanding the IVR or simply “zeroing-out” for some other reason. Either way, the first agent has to assess the call, inform the caller that he needs a different agent, perform the internal transfer, log the call and then rejoin the queue. These extra steps add significantly to the overall handle time.

It costs you twice

The first cost is the direct increase in agent cost. See my post “The hidden cost of…”. The second cost comes from decreased customer satisfaction. Frustrated customers have decreased loyalty and lower Net Promoter Scores.

A study conducted by Kingston Communications, shows the level of frustration with phone menu navigation. Respondents were asked what annoyed them most when calling customer service lines: First place (54%), was “overseas staff”. Second place (22%) was “the need to navigate automated responses”.

Great customer service leads to customer satisfaction

Here’s a quote worth remembering:

Great customer service leads to customer satisfaction, which leads to customer loyalty, which leads to company profitability.

– Stephen Brown, Professor, Center for Services Leadership at
Arizona State University’s W.P. Carey School of Business.

 Can you afford not to give your callers a better alternative?

Can you correlate customer experience to a revenue boost? This report says yes

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Most people would agree that improving the customer experience yields a positive impact on your bottom line. That’s part of every presentation I make to prospective users of Fonolo. But assigning a quantitative value to that is always difficult.

Here’s a great report that I just found by Forrester’s Bruce Temkin making just that case. It’s called Customer Experience Boosts Revenue. Temkin analyzed consumer data to figure out how a change in customer experience affects loyalty and how that can affect revenues.

Here are some of the key findings:

  • The revenue change from a 10 point increase in a firm’s Customer Experience Index. It results in a $284 million change for every $10 billion in revenue (average across 12 industries).
  • Some of the industry-specific data:
    • Five largest revenue changes: Hotels ($311 million), credit card providers ($308 million), banks ($305 million),wireless carriers ($305 million), and TV service providers ($302 million).
    • Most change in additional purchases and reduction in churn: Hotels and banks.
    • Most increase from word of mouth: Airlines and wireless carriers.

The bottom line: Customer experience is a great investment.

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