Defining the Most Effective KPIs to Measure Your Business’s Performance

Measuring your business’s performance is the best, most effective way to determine how well your team’s working and what you can do to deliver a customer experience you’re truly proud of.

 

After all, CX is due to become the main brand differentiator by 2020, which means all companies need to at their best. But to measure your performance and grow, you have to define your KPIs first.

And they need to be the right ones to suit your business, or you risk wasting everyone’s valuable time and resources.

There are certain factors you have to consider when deciding your KPIs. Let’s take a look at what these are, and how you can make the most of your metrics to maximize performance.

 Defining-the-Most-Effective-KPIs-to-Measure-Your-Business’s-Performance-

Matching KPIs to your Business

 

No two companies are identical. Even if they sell the same products, have a similar mission and hire from the same talent pool, each business is its own entity. And this individuality must be kept in mind when defining your KPIs to ensure they’re suited to your brand.

One factor to consider is your goals and objectives. This is paramount to any successful KPI formula. What matters most to your company, in terms of customer experience? What are you trying to achieve every single day? Obviously, you want to leave consumers satisfied, but there’s much more to it than that.

Do you want them to feel as your business will do whatever it takes to secure their loyalty, even if it means bending terms & conditions? Do you want agents to build a strong rapport with each customer and make sure they deal with the same employee whenever they get in touch?

These are just a couple of ideas, but they demonstrate how deeply you should think about your objectives and goals when determining metrics.

Your team sizes will affect your KPIs too. For example, if you run a business in a small niche and only need just a few customer service agents, measuring the average backlog or time spent waiting on hold may not be so important.

But you would still need to pay careful attention to the quality of the customer experience, the average handling time of each interaction and Customer Satisfaction / Net Promoter Scores. You have to really understand what drives your business, what makes you stand out from your competition and how you would like customers to perceive your brand.

If you don’t take the time to match your KPIs to your business this way, you could miss major mistakes or areas demanding improvement.

 

Combining Related KPIs to Create Insightful Reports

 

Now we’ve discussed the formula of creating KPIs suited to your business, let’s think about the importance of combining KPIs to come up with proper reports.

Reporting is a crucial component of a successful quality assurance program. Your QA analysts spend hours each day evaluating interactions, gathering data on performance and coming up with strategies to keep improving agents’ work. They need to communicate their findings with agents, team leaders and managers to plan the best, most effective ways to achieve goals.

Reports allow QA analysts to present performance-related information in a readily-accessible, user-friendly format. Management teams will be able to compare the business’s performance with its objectives, and determine what’s gone wrong (if anything) and how it can be fixed.

Metrics can be combined to create insightful reports on various aspects of performance. For example, Active Waiting Calls, Sales Per Agent and Average Handle Time could all feature in a report on agent productivity. Management, team leaders and agents would access this from their QA software’s dashboard to view an instant breakdown of key issues.

On a similar note, Cost Per Call, Cost Per Contact and Sales Per Agent could be combined for a report on expense versus revenue. And Call Abandonment, Customer Satisfaction and Response Rate would make another report with impact.

As you can see, you have plenty of options for combining KPIs relating to specific areas of your performance.

  

Changing Your Choice of KPIs

 

Your business doesn’t have to stick to the same KPIs permanently. It’s perfectly fine to think about changing those you use to measure performance according to altered priorities or circumstances.

Adapting to data is an important aspect of a good quality assurance program. If you find customers left on hold over a certain period of time tend to leave low satisfaction rates, you have to make changes to reduce on-hold lengths and boost those CSAT scores. 

It’s the same with your metrics. Perhaps you find your Average Handle Time has never fluctuated and remains at an optimal level for years, and only actually drops as you hire more agents. In this case, you may find you want to leave this from your performance evaluations for a month or so to focus on a different KPI in its place instead.

Your objectives and goals may fluctuate as your business evolves. Your KPIs must always align with these for maximum impact. Otherwise, you could be channeling your QA analysts’ energy in the wrong directions.

 

The Importance of Visibility with KPIs

 

Everyone in your business should have access to data that relates to their performance. Quality analysts and managers mustn’t be the only people who know what type of experience customers are having, what mistakes are being made and what strategies are in place to improve all that.

The best QA software gives all employees clear visibility on all important data via their dashboard, offering access to reports, scores, progress and more. This helps to cultivate a quality-focused culture and keep staff engaged: the program will be transparent, without any concerns of secrecy.

All KPIs should be collated and centralized in a well-designed dashboard, for simple, convenient access. Agents, team leaders, managers and QA analysts should all be able to communicate, collaborate on ideas to improve performance and understand where they stand at any time through their custom dashboard. PlayVox Performance measurement

 

Conclusion 

Defining the most effective KPIs to measure your business’s performance may take some time, but it’s well worth the effort to ensure you avoid mistakes or oversights.

Your customers have certain expectations and you must know those well enough to make sure they’re met in every single interaction. Measuring performance with the right KPIs can help that happen.

What formula do you have for finding the right KPIs for your company when implementing a quality assurance program? Share your ideas below! 

PlayVox's Team PlayVox's Team

We are a devoted and enthusiastic team that loves sharing knowledge!

    • Twitter
    • Facebook
    • Linkedin