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How Does Investing in an LMS Impact your Revenue and ROI

HR Management for CX, CX Culture

Training is an unavoidable part of any job. Some roles may not necessitate much of it, of course, but learning the proverbial ropes is still essential to ensure employees know exactly what’s expected of them.

Yet actually providing effective training with the power to make a positive impact on your workforce is easier said than done. You might be able to find a few training videos on YouTube or ask newcomers to shadow colleagues for a day, but these may not actually provide all the education employees need to perform at their best.

And that’s paramount in a customer-service environment. Research by Zendesk shows more than half of consumers have stopped doing business with a brand because of bad service, and with so much competition out there, no company can afford to risk their customers’ satisfaction.

Investing in an LMS can help achieve a higher standard of learning in any call center or customer service department, but what impact will it actually have on your revenue and ROI to make it worthwhile?

 

Better Service Means Better Retention Rates

The quality of experience your business delivers matters as much as, if not more than, your products or services.

Sounds like an exaggeration? Data backs it up.

According to a survey, more than 80 percent of consumers care about the way they’re treated as much as what they’re buying. And almost half would actually purchase a product inferior to a competitor’s out of loyalty to your brand. Over 70 percent will even spend more too.

That means you have to prioritize the type of experience your customer service agents are providing. An effective LMS makes this easier for call centers and customer service departments of all sizes, no matter how many employees there may be to train.

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Targeted Training Reduces Wasted Time and Money

Think your business is the only one to toss money at training that leads nowhere? Not so. Believe it or not, a staggering $162 billion was spent on corporate training in 2012, with experts suggesting much of this was wasted due to ineffective management.

Just herding employees into a conference room and subjecting them to hours of cookie-cutter training is something of a gamble. How do you know if it’s actually going to inspire workers and give them valuable advice they can channel into better performance? What if everyone zones out because they just don’t feel engaged? Is it relevant to the team’s specific strengths and weaknesses?

You could end up wasting money. And as we all know, every dollar counts. Investing in an LMS, though, empowers team leaders and managers with the tools to create learning sessions tailored to each employee.

Let’s say one agent’s product knowledge is great but they frequently lose customers before the end of an interaction. Perhaps they need help with engaging people or handling your sales platform better. Or maybe they just don’t have the confidence to take control of an interaction and show initiative.

No amount of generic training will change this. But by actually providing access to learning content focused on overcoming agents’ unique flaws, you can drive each employee to make measurable improvements.

Not only will you be strengthening customer experiences and improving retention rates, you’ll save cash otherwise wasted on ineffective training programs. And that can be channeled into improving other aspects of your operations (upgrading software, hiring more workers etc.) and increase revenue too.

 

Positive Customer Experiences from Trained Agents = Positive Reviews

Social media and review websites have given consumers a louder voice than ever before. It’s much harder for businesses to get away with poor service when so many people can simply share news of their bad experience with (potentially) millions of others.

And consumer reviews have a bigger impact than you may imagine. 91 percent of us read online reviews regularly or occasionally, while a massive 84 percent actually place as much trust in them as a personal recommendation.

Additional research reveals unhappy customers tell between nine and 15 people about a business’s poor service on average, meaning one bad interaction can have a wider effect on your reputation than you expect. Several, on the other hand, can put many prospective new customers off forever.

But using an LMS to create learning content based on quality assurance data and performance results increases your agents’ ability to deliver great service every time. A strong team which resolves problems quickly, treats consumers with respect and maintains a high rate of productivity could help you build (and sustain) an enviable reputation.

As a result, your audience may grow — along with your revenue and ROI.

 

Provide Ongoing Learning for Employees to Maintain Quality and Consistency

Workplace training should be an ongoing process. Just educating customer service agents when they join your company isn’t enough to build a powerhouse team.

You have to monitor their performance, identify flaws and devise learning sessions to address them. As Playvox is cutting-edge QA software with LMS attached, you can track your employees’ learning progress and take appropriate actions based on their results.How-Does-Investing-in-an-LMS-Impact-your-Revenue-and-ROI_1

Following this pattern ensures all training is relevant and founded on hard data, eliminating guesswork and wasted time. If patterns reveal employees’ performance has slipped over time, you can use the LMS to deliver learning sessions designed to get them back on track.

You’ll maintain a higher quality of customer experience over time, as you track performance and results. Customer feedback should be incorporated into your learning program too: no one can tell you what your target buyers want and expect better than they can themselves.

The more consistently you meet customer needs, the more loyalty you’ll earn — and that means better ROI on your LMS.

 

Conclusion

Your customer service agents are on the frontline, representing your business every day. If they lack the product knowledge, soft skills or communication capabilities to deliver a good experience, they could cost you valuable customers.

Investing in an LMS can have a positive impact on your revenue and ROI over time. You’ll equip your managers, team leaders, admins and agents with a streamlined way to manage learning that’s truly relevant.

Your agents will keep growing, your buyers will be happy and your revenue should increase. And you’ll see better ROI on your LMS investment.

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So, what positive experiences have you had with our LMS? What advice would you give to other businesses preparing to use it? Share your thoughts!

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